0001564590-20-056735 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Dec. 08, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001439725
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39659
Entity Registrant Name	BIODESIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3986492
Entity Address, Address Line One	2970 Wilderness Place,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boulder
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	303
Local Phone Number	417-0500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BDSX
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		26,541,317

Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues	$ 9,193	$ 3,942	$ 18,528	$ 16,281
Operating expenses
Direct costs and expenses	3,891	1,503	7,346	4,244
Research and development	2,706	2,359	7,713	7,966
Sales, marketing, general and administrative	7,879	8,212	22,793	24,080
Accretion of contingent consideration	957	896	2,901	2,525
Change in fair value of contingent consideration			(1,944)	663
Total operating expenses	15,433	12,970	38,809	39,478
Loss from operations	(6,240)	(9,028)	(20,281)	(23,197)
Interest expense	(2,658)	(706)	(6,899)	(2,005)
Other income, net	53	133	363	1,001
Net loss	$ (8,845)	$ (9,601)	$ (26,817)	$ (24,201)
Net loss per share, basic and diluted	$ (31.93)	$ (39.35)	$ (99.69)	$ (103.87)
Weighted-average shares outstanding, basic and diluted	277	244	269	233

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 6,348	$ 5,286
Accounts receivable	5,396	5,292
Other current assets	6,405	2,122
Total current assets	18,149	12,700
Non‑current assets
Property and equipment, net	3,005	2,120
Intangible assets, net	13,667	15,092
Deposits	95	90
Goodwill	11,631	11,631
Total non‑current assets	28,398	28,933
Total assets	46,547	41,633
Current liabilities
Accounts payable	3,485	1,717
Accrued liabilities	6,953	4,180
Deferred revenue	5,673	1,283
Convertible notes payable	26,600	12,159
Current portion of note payable	7,202
Put option liability	6,650	3,261
Total current liabilities	56,563	22,600
Non‑current liabilities
Warrant liability	403	329
Other liabilities	392	358
Long‑term notes payable	17,236	23,812
Paycheck protection program note payable	3,099
Contingent consideration	30,071	29,114
Total non‑current liabilities	51,201	53,613
Total liabilities	107,764	76,213
Commitments and contingencies
Convertible Preferred stock
Convertible preferred stock, $0.001 par value, 185,432,719 (2020) and 174,237,067 (2019) authorized; 118,766,273 (2020 and 2019) issued and outstanding; liquidation preference of $202,582 (2020 and 2019)	193,959	193,959
Stockholders' deficit
Common stock, $0.001 par value, 220,000,000 (2020) and 190,000,000 (2019) authorized; 289,508 (2020) and 254,918 (2019) issued and outstanding	2	1
Additional paid‑in capital	2,503	2,324
Accumulated deficit	(257,681)	(230,864)
Total stockholders' deficit	(255,176)	(228,539)
Total liabilities, convertible preferred stock, and stockholders' deficit	$ 46,547	$ 41,633

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, authorized	185,432,719	174,237,067
Convertible preferred stock, issued	118,766,273	118,766,273
Convertible preferred stock, outstanding	118,766,273	118,766,273
Convertible preferred stock, liquidation preference	$ 202,582	$ 202,582
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	220,000,000	190,000,000
Common stock, issued	289,508	254,918
Common stock, outstanding	289,508	254,918

Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series A-3 Convertible Preferred Stock	Series B Convertible Preferred Stock	Series B-1 Convertible Preferred Stock	Series C Convertible Preferred Stock	Series D Convertible Preferred Stock	Series E Convertible Preferred Stock	Series F Convertible Preferred Stock	Series G Convertible Preferred Stock	Series H Convertible Preferred Stock
Balances at Dec. 31, 2018	$ (198,030)	$ 1	$ 2,107	$ (200,138)
Temporary Equity Balance, Shares at Dec. 31, 2018					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	15,228,000
Temporary Equity Balance at Dec. 31, 2018	183,962				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 17,468
Common Stock Balance, Shares at Dec. 31, 2018		215,000
Exercise of stock options	30		30
Exercise of stock options, shares		25,000
Stock‑based compensation	31		31
Issuance of Series H Preferred Stock	9,997														$ 9,997
Issuance of Series H Preferred Stock, shares															8,695,000
Net loss	(7,744)			(7,744)
Balances at Mar. 31, 2019	(205,713)	$ 1	2,168	(207,882)
Temporary Equity Balance, Shares at Mar. 31, 2019					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Mar. 31, 2019	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Mar. 31, 2019		240,000
Balances at Dec. 31, 2018	(198,030)	$ 1	2,107	(200,138)
Temporary Equity Balance, Shares at Dec. 31, 2018					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	15,228,000
Temporary Equity Balance at Dec. 31, 2018	183,962				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 17,468
Common Stock Balance, Shares at Dec. 31, 2018		215,000
Net loss	(24,201)
Balances at Sep. 30, 2019	(222,059)	$ 1	2,279	(224,339)
Temporary Equity Balance, Shares at Sep. 30, 2019					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Sep. 30, 2019	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Sep. 30, 2019		255,000
Balances at Mar. 31, 2019	(205,713)	$ 1	2,168	(207,882)
Temporary Equity Balance, Shares at Mar. 31, 2019					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Mar. 31, 2019	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Mar. 31, 2019		240,000
Exercise of stock options	1	$ 3	1
Stock‑based compensation	49		49
Net loss	(6,856)			(6,856)
Balances at Jun. 30, 2019	(212,519)	$ 1	2,218	(214,738)
Temporary Equity Balance, Shares at Jun. 30, 2019					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Jun. 30, 2019	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Jun. 30, 2019		243,000
Exercise of stock options	16		16
Exercise of stock options, shares		12,000
Stock‑based compensation	45		45
Net loss	(9,601)			(9,601)
Balances at Sep. 30, 2019	(222,059)	$ 1	2,279	(224,339)
Temporary Equity Balance, Shares at Sep. 30, 2019					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Sep. 30, 2019	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Sep. 30, 2019		255,000
Balances at Dec. 31, 2019	$ (228,539)	$ 1	2,324	(230,864)
Temporary Equity Balance, Shares at Dec. 31, 2019	118,766,273				700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Dec. 31, 2019	$ 193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Dec. 31, 2019		255,000
Exercise of stock options	11	$ 1	10
Exercise of stock options, shares		20,000
Net loss	(9,706)			(9,706)
Balances at Mar. 31, 2020	(238,234)	$ 2	2,334	(240,570)
Temporary Equity Balance, Shares at Mar. 31, 2020					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Mar. 31, 2020	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Mar. 31, 2020		275,000
Balances at Dec. 31, 2019	$ (228,539)	$ 1	2,324	(230,864)
Temporary Equity Balance, Shares at Dec. 31, 2019	118,766,273				700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Dec. 31, 2019	$ 193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Dec. 31, 2019		255,000
Exercise of stock options, shares	35,000
Net loss	$ (26,817)
Balances at Sep. 30, 2020	$ (255,176)	$ 2	2,503	(257,681)
Temporary Equity Balance, Shares at Sep. 30, 2020	118,766,273				700,000	266,668	750,000	3,641,817	2,998,852	2,356,596	10,874,876	7,639,556	19,468,203	46,146,517	23,923,188
Temporary Equity Balance at Sep. 30, 2020	$ 193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Sep. 30, 2020		290,000
Balances at Mar. 31, 2020	(238,234)	$ 2	2,334	(240,570)
Temporary Equity Balance, Shares at Mar. 31, 2020					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Mar. 31, 2020	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Mar. 31, 2020		275,000
Stock‑based compensation	55		55
Net loss	(8,266)			(8,266)
Balances at Jun. 30, 2020	(246,445)	$ 2	2,389	(248,836)
Temporary Equity Balance, Shares at Jun. 30, 2020					700,000	267,000	750,000	3,642,000	2,999,000	2,357,000	10,875,000	7,640,000	19,468,000	46,147,000	23,923,000
Temporary Equity Balance at Jun. 30, 2020	193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Jun. 30, 2020		275,000
Exercise of stock options	14		14
Exercise of stock options, shares		15,000
Stock‑based compensation	100		100
Net loss	(8,845)			(8,845)
Balances at Sep. 30, 2020	$ (255,176)	$ 2	$ 2,503	$ (257,681)
Temporary Equity Balance, Shares at Sep. 30, 2020	118,766,273				700,000	266,668	750,000	3,641,817	2,998,852	2,356,596	10,874,876	7,639,556	19,468,203	46,146,517	23,923,188
Temporary Equity Balance at Sep. 30, 2020	$ 193,959				$ 800	$ 400	$ 1,672	$ 9,907	$ 9,551	$ 7,040	$ 41,266	$ 32,736	$ 28,585	$ 34,537	$ 27,465
Common Stock Balance, Shares at Sep. 30, 2020		290,000

Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Series H Convertible Preferred Stock
Issuance costs	$ 3

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (26,817)	$ (24,201)
Adjustments to reconcile net loss to net cash, cash equivalents, and restricted cash used in operating activities
Depreciation and amortization	2,174	2,080
Amortization of convertible notes debt discount	4,389
Stock‑based compensation expense	155	125
Change in fair value of warrant liability	31
Change in contingent consideration	957	3,188
Accrued interest on notes payable and convertible notes payable	1,025	415
Amortization of debt issuance costs	109	109
Provision for doubtful accounts	113
Write off of assets		16
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in acquisitions:
Accounts receivable	(217)	17
Other current assets	(4,283)	14
Other long-term assets	(5)	10
Accounts payable and other accrued liabilities	5,369	1,722
Deferred revenue	4,390	508
Net cash and cash equivalents and restricted cash used in operating activities	(12,610)	(15,997)
Cash flows from investing activities
Purchase of property and equipment	(1,483)	(915)
Patent costs and intangible asset acquisition, net	(151)	(79)
Payments to acquire Oncimmune	(750)
Net cash and cash equivalents and restricted cash used in investing activities	(2,384)	(994)
Cash flows from financing activities
Proceeds from issuance of series H preferred stock		10,000
Proceeds from issuance of convertible notes payable	12,955	10,000
Proceeds from exercise of common stock options	25	45
Proceeds from Paycheck protection program note payable	3,085
Other	(10)	(14)
Net cash and cash equivalents and restricted cash provided by financing activities	16,055	20,031
Net increase in cash and cash equivalents and restricted cash	1,061	3,040
Cash, cash equivalents, and restricted cash ‑ beginning of period	5,469	6,094
Cash, cash equivalents, and restricted cash ‑ end of period	6,530	$ 9,134
Supplemental disclosure of non cash activity
Value of put option recorded at issuance of convertible notes payable	$ 3,389

Condensed Statements of Cash Flows (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement Of Cash Flows [Abstract]
Cash paid for income taxes	$ 0	$ 0
Cash paid for interest	$ 1,400,000	$ 1,300,000

Description of Business and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1 - Description of Business and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

Biodesix, Inc. (the “Company”), formerly Elston Technologies, Inc., was incorporated in Delaware in 2005. The Company’s headquarters are in Colorado, with laboratories in Colorado, Kansas, and Washington. Biodesix is a data-driven diagnostic solutions company leveraging state of the art technologies with its proprietary artificial intelligence platform to discover, develop, and commercialize solutions for clinical unmet needs, with a primary focus in lung disease. In addition to diagnostic tests, the Company provides biopharmaceutical companies with services that include diagnostic research, clinical trial testing, and the discovery, development, and commercialization of companion diagnostics.

In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a global pandemic. This outbreak is causing major disruptions to businesses and markets worldwide as the virus spreads. The COVID-19 pandemic has disrupted, and the Company expects will continue to disrupt, its operations. In addition, the COVID-19 pandemic also has started to negatively affect, and the Company expects will continue to negatively affect, its non-COVID-19 testing-related revenue and its clinical studies. The extent of the effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and governmental, regulatory and private sector responses, all of which are uncertain and difficult to predict. Although the Company is unable to estimate the financial effect of the pandemic, at this time, if the pandemic continues over a long period of time, it could have a material adverse effect on the Company’s business, results of operations, financial condition, and cash flows. The condensed financial statements do not reflect any adjustments as a result of the pandemic.

As of September 30, 2020, the Company has cash and cash equivalents of $6.3 million, accumulated deficit of $257.7 million, and stockholders’ deficit as of $255.2 million. The Company may seek additional funding through private or public equity financings, collaborations, strategic alliances and marketing, distribution or licensing agreements. If the Company is unable to obtain additional funding, the Company will be forced to delay, reduce or eliminate some or all if its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The Company believes that it has sufficient cash and cash equivalents, after considering the proceeds from its initial public offering of $63.0 million in October 2020, to fund its operations at least through twelve months following the issuance of these financial statements.

The Company is subject to various risks and uncertainties frequently encountered by early stage life science companies. Such risks and uncertainties include, but are not limited to, undeveloped technology, strict regulatory requirements and approval of products, a limited operating history, competition from other service providers, dependence on key personnel, the need for ongoing capital to fund operations, and management of rapid growth. To address these risks, the Company must, among other things, successfully develop its customer base, successfully execute its business and marketing strategy, successfully develop its technology, raise capital on acceptable terms to the Company, and attract, retain, and motivate qualified personnel. There can be no guarantee that the Company will be successful in addressing these or other such risks.

(b) Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The accompanying unaudited condensed financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the period ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Management performed an evaluation of the Company’s activities through the date of the filing of this Quarterly Report on Form 10-Q.

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2019, which are included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) on October 29, 2020 under the Securities Act of 1933, as amended (the “Securities Act”).

On October 19, 2020, the Company obtained approval of an amended and restated certificate of incorporation effecting a 0.1684664-for-1 reverse stock split of its issued and outstanding common stock as converted. All common shares, stock options, and per share information presented in these financial statements and notes thereto have been adjusted, where applicable, to reflect the reverse stock split on a retroactive basis for all periods presented. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the reverse stock split.

The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective by the SEC on October 27, 2020, and the Company’s common stock began trading on the Nasdaq Global Market on October 28, 2020. On October 30, 2020, the Company closed its IPO, in which the Company issued and sold 4,000,000 shares of its common stock, at a price to the public of $18.00 per share. The Company received approximately $63.0 million in net proceeds, after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the IPO, all outstanding shares of the Company’s convertible preferred stock and convertible notes payable converted into 21,939,025 shares of common stock. The unaudited condensed financial statements, including share and per share amounts, do not give effect to the IPO or the related conversion of securities into shares of common stock. In addition, the put option liability related to the convertible notes payable was transferred to additional paid-in capital upon the closing of the IPO.

(d) Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Areas of the financial statements where estimates have the most significant effect include the valuation of contingent consideration and purchased technology related to the Company’s business acquisition, valuation of impairment of goodwill and long-lived assets, stock-based compensation, valuation of put option liabilities, and the valuation allowance related to net deferred tax assets. Actual results could differ from those estimates.

(e) Segment Information

The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. All equipment, leasehold improvements, and other fixed assets are physically located within the United States.

(f) Comprehensive Loss

Comprehensive loss is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources. If the Company had comprehensive gains (losses), they would be reflected in the statement of operations and comprehensive loss and as a separate component in the statement of stockholders’ deficit. There were no elements of comprehensive loss during the nine months ended September 30, 2020 and 2019.

(g) Concentration of Risk

The Company is subject to credit risk from its accounts receivable related to services provided to its customers. Reimbursement on behalf of customers covered by Medicare accounted for 61% and 58% of the Company’s non-COVID-19 diagnostic test revenue for the nine months ended September 30, 2020 and 2019, respectively and represented 17% and 18% of the Company’s total accounts receivable as of September 30, 2020 and December 31, 2019, respectively. One services customer represented 10% and 44% of the Company’s total accounts receivable balance as of September 30, 2020 and December 31, 2019, respectively. Two diagnostic test customers represented 35% and 0% of the Company’s total accounts receivable balance as of September 30, 2020 and December 31, 2019, respectively.

(h) Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally

insured limits. Included in cash and cash equivalents are money market funds recorded at $4.8 million at September 30, 2020 and December 31, 2019. These money market funds were measured using Level 1 inputs.

Restricted cash consists of deposits related to the Company’s corporate credit card and a letter of credit related to an operating lease agreement. As of September 30, 2020 and December 31, 2019, the Company had $0.2 million in restricted cash, which was included in other current assets in the accompanying balance sheets.

The majority of the Company’s cash and cash equivalents are deposited with one major financial institution in the United States. Deposits with this institution may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on its deposits of cash and cash equivalents.

(i) Accounts Receivable

The Company provides an allowance for doubtful accounts based on experience and specifically identified risks. Accounts receivable are recorded at carrying value and charged off against the allowance for doubtful accounts when it is determined that recovery is unlikely and cease collection efforts cease.

The Company analyzes trade accounts receivable quarterly and considers historic experience, customer creditworthiness, facts and circumstances specific to outstanding balances, and payment terms when evaluating the adequacy of the allowance for doubtful accounts. The Company recorded an allowance for doubtful accounts of $0.2 million as of September 30, 2020 and December 31, 2019, respectively.

(j) Inventory

Inventories are stated at the lower of cost or net realizable value on a first-in, first-out basis. Inventory consists primarily of supplies, which are consumed when processing tests. The Company does not maintain any finished goods inventory. Inventory balances were $3.2 million and $0.8 million as of September 30, 2020 and December 31, 2019, respectively, and are included in other current assets in the accompanying balance sheets.

(k) Property and Equipment

Property and equipment are stated at cost. Depreciation is provided utilizing the straight‑line method over the estimated useful lives, ranging from three to five years.

(l) Intangible Assets

Intangible assets are stated at cost, net of accumulated amortization and include patents, trademarks, and acquired developed technology. Trademarks have an indefinite life and are not being amortized but are reviewed for impairment on an annual basis and more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. External costs associated with patents are capitalized as long as such efforts are expected to be successful. Upon approval of the patent, the related capitalized costs are amortized over the lesser of the contractual term of the patent or the estimated useful life of 10 years. Acquired developed technology is amortized over a useful life of 9 years.

Intangible assets are reviewed for impairment whenever events or changes in circumstances may affect the recoverability of the intangible assets. Such reviews include an analysis of current results and take into consideration the undiscounted value of projected operating cash flows. See Note 2, Business Combinations, for further information.

(m) Long‑Lived Assets

The Company reviews its long‑lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company looks primarily to the undiscounted future cash flows in its assessment of whether or not long-lived assets have been impaired. The Company has determined that no impairments are necessary for the periods presented.

(n) Deferred Rent

The Company leases office space under non‑cancelable, long‑term operating leases that include scheduled increases in minimum rents and renewal provisions at the option of the Company. The expense associated with leases that have escalating payment terms is recognized on a straight‑line basis over the lease term. Tenant improvement allowances received from a lessor are recorded as a deferred rent liability and recognized evenly as a reduction to rent expense over the remaining lease term. The portion of the deferred rent liability that will reverse in the next 12 months is not significant to the balance sheets; therefore, the entire amount was recorded as non‑current in the accompanying condensed financial statements.

(o) Goodwill

Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill is not amortized and is tested for impairment at the reporting unit level on an annual basis as of December 31 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform a quantitative two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The quantitative two-step goodwill impairment review process compares the fair value of the reporting unit in which goodwill resides to its carrying value. Multiple valuation techniques can be used to assess the fair value of the reporting unit. All these techniques include the use of estimates and assumptions that are inherently uncertain. Changes in these estimates and assumptions could materially affect the determination of fair value or goodwill impairment, or both. The Company assessed qualitative factors to determine whether it is more likely than not that the fair value of goodwill exceeded the carrying value. Based on that assessment, there were no events or circumstances in the nine months ended September 30, 2020 and 2019 to indicate that the fair value of goodwill exceeded its carrying value, and thus a quantitative analysis was not performed.

The Company did not have any goodwill impairments for the three and nine months ended September 30, 2020 and 2019.

(p) Revenue Recognition

Revenue is recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company’s revenue is generated from the following:

•

Diagnostic tests. These services are completed upon the delivery of test results to the prescribing physician, which is considered the performance obligation. The fees for such services are billed either to a third party such as Medicare, medical facilities, commercial insurance payers, or to the patient.

•

Services. These services are generally completed upon the delivery of test results for assay development and testing services, which is considered the performance obligation. Customers for these services are typically large pharmaceutical companies.

For the three and nine months ended September 30, 2020 and 2019, revenue from these services consisted of the following (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Diagnostic tests	$	8,552	$	3,770	$	15,798	$	12,716
Services		641		172		2,730		3,565
Total revenue	$	9,193	$	3,942	$	18,528	$	16,281

Diagnostic test revenue that were reimbursed by Medicare comprised 63% and 57% of non-COVID-19 diagnostic test revenue for the three months ended September 30, 2020 and 2019, respectively. Diagnostic test revenue that were reimbursed by Medicare comprised 61% and 58% of non-COVID-19 diagnostic test revenue for the nine months ended September 30, 2020 and 2019, respectively. Two services customers comprised 53% and 85% of services revenue for the nine months ended September 30, 2020 and 2019, respectively. For the three and nine months ended September 30, 2020, three health care providers comprised 62% and 42% of diagnostic test revenue, respectively.

Revenue from diagnostic tests are recognized when the performance obligation is satisfied, which is when a customer receives results of the Company’s tests, occurring generally upon delivery to the requesting physician. Revenue from services are recognized when the performance obligation is satisfied, which is when a customer receives results of the Company’s tests, occurring generally upon the delivery of test results for assay development and testing services. The Company also provides services to patients with whom the Company does not have contracts as defined in ASC 606, Revenue from Contracts with Customers (ASC 606). The Company recognizes revenue for these patients when contracts as defined in ASC 606 are established at the amount of consideration to which it expects to be entitled or when the Company receives substantially all of the consideration subsequent to the performance obligations being satisfied.

The Company determines the transaction price related to its diagnostic test contracts by considering the nature of the payer and historical price concessions granted to groups of customers. For diagnostic test revenue, the Company estimates the transaction price, which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience, using a portfolio approach as a practical expedient to account for patient contracts as collective groups rather than individually.

(q) Deferred Revenue

Deferred revenue has historically primarily consisted of research, development, and testing services fee payments received in advance. As of September 30, 2020, deferred revenue also includes $3.5 million in a Medicare advance payment on testing services which can either be paid back or earned back starting 1 year from receipt.

(r) Research and Development Expenses and Accrued Research and Development Expenses

Expenditures made for research and development are charged to expense as incurred. External costs consist primarily payments to clinical trial sites, sample acquisition costs and laboratory supplies purchased in connection with the Company’s discovery and preclinical activities, process development and clinical development activities. Internal costs consist primary of employee-related costs, facilities, depreciation and costs related to compliance with regulatory requirements.

The Company estimates and accrues its expenses resulting from its obligations under contracts with vendors and consultants in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s estimates depend on the timeliness and accuracy of the data provided by consultants and vendors regarding the status of each activity. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information received.

(s) Stock‑Based Compensation

The Company accounts for stock‑based compensation arrangements with employees and recognizes compensation expense for stock‑based awards based on the estimated fair value of the awards. Compensation expense for all employee stock‑based awards is based on the estimated grant‑date fair value and recognized as an expense on a straight-line basis over the requisite service period (generally the vesting period).

(t) Income Taxes

The Company recognizes deferred tax assets and liabilities based on the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements and net operating loss carryforwards that will result in taxable or deductible amounts in future years. The Company establishes a valuation allowance for all deferred tax assets to the extent it is more likely than not that a deferred tax asset will not be realized.

(u) Warrant Liability

Freestanding financial instruments that permit the holder to acquire shares that are either puttable by the holder, redeemable or contingently redeemable are required to be reported as liabilities in the financial statements. The issuer must present such liabilities on the balance sheets at their estimated fair values. Changes in fair value of the liability are calculated each reporting period, and any change in value is recognized in operations. The Company has determined that certain warrants issued to investors and lenders, which are exercisable for shares of the Company’s convertible preferred stock, shall be classified as liabilities due to a contingent redemption provision.

(v) Changes in Fair Value of Contingent Consideration

In connection with the purchase transaction with Integrated Diagnostics, Inc. (“Indi”), the Company recorded contingent consideration pertaining to the amounts potentially payable to Indi’s shareholder pursuant to the terms of the asset purchase agreement. The fair value of contingent consideration is assessed at each balance sheet date and changes, if any, to the fair value are recognized as operating expenses within the statements of operations.

The estimated fair value of the contingent consideration is based upon significant assumptions including probabilities of successful achievement of the related milestone event (“Milestone”), the estimated timing in which the Milestone is achieved, and discount rates. The estimated fair value could materially differ from actual values or fair values determined using different assumptions.

(w) Fair Value of Financial Instruments

The carrying amounts of financial instruments, including cash and cash equivalents, receivables, other current assets, accounts payable, and accrued liabilities, approximated fair value as of September 30, 2020 and December 31, 2019 because of the relatively short maturity of these instruments.

The carrying amounts of long‑term notes payable and convertible notes payable issued approximated fair value as of September 30, 2020 and December 31, 2019 because interest rates on these instruments approximate market interest rates.

(x) Business Combinations

The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination by assessing whether or not the Company has acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, the Company accounts for business acquisitions under the acquisition method of accounting as indicated in the Financial Accounts Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, and non-controlling interest in the acquiree based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired.

(y) Deferred Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the unaudited condensed consolidated statement of operations. Upon the IPO closing in October 2020, deferred offering costs were reclassified to additional paid-in capital, representing a reduction in IPO proceeds. As of September 30, 2020 and December 31, 2019, the Company had deferred offering costs of $1.4 million and $0, respectively, which are included in other current assets in the accompanying balance sheets.

(z) Recently Issued Accounting Standards Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC Topic 842). The new guidance maintains two classifications of leases: finance leases, which replace capital leases, and operating leases. Lessees will need to recognize a right-of-use asset and a lease liability on the statement of financial position for those leases previously classified as operating leases under the old guidance. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for direct costs. The accounting standard will be effective for the Company beginning January 1, 2022. The Company is currently evaluating the impact of the lease guidance on the Company’s financial statements.

(aa) Net loss per share

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the convertible preferred stock, common stock options, restricted stock units, preferred stock warrants and convertible debt are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Numerator
Net loss attributable to common stockholders	$	(8,845	)	$	(9,601	)	$	(26,817	)	$	(24,201	)

Denominator
Weighted-average shares outstanding used in computing net loss per share, basic and diluted		277			244			269			233
Net loss per share, basic and diluted	$	(31.93	)	$	(39.35	)	$	(99.69	)	$	(103.87	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive for the three and nine month periods ended September 30, 2020 and 2019 (in thousands):

	Nine months ended September 30,
	2020		2019
Options to purchase common stock		2,843		2,010
Convertible preferred stock		119,257		119,257
Warrants		613		2,440
Restricted stock units		79		26
Convertible debt (1)		20,746		16,240
Total		143,538		139,973

(1)	The number of common shares that convertible debt was assumed to convert to was based on the Company’s estimated common stock price as of September 30, 2020, as determined by the Company’s board of directors (“Board of Directors”) with assistance from a valuation firm.

Business Combinations

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Business Combinations

Note 2 – Business Combinations

Oncimmune Limited

On October 31, 2019, the Company purchased select assets and liabilities from Oncimmune Limited (“Oncimmune”) for total consideration of $1.2 million payable in quarterly installments commencing 30 days following the closing of the transaction. Concurrent with the Oncimmune purchase, the Company acquired an option to license rights within the United States to an additional indication for their product for $9.0 million. This option, which is exclusive to the Company, expires on the earlier of 30 days following Food and Drug Administration approval or December 31, 2020. As of September 30, 2020, (a) the full $1.2 million has been paid-out and (b) the Company notified Oncimmune that it will not exercise this option for expansion of the field of use.

The Company accounted for the transaction as a business combination in accordance with ASC 805. As such, the assets acquired and liabilities assumed were recorded at fair value, with the remaining purchase price recorded as goodwill. The goodwill associated with the acquisition is the result of expected synergies, an increase in future revenue as a result of,the expansion of the technology into additional markets, and lower future operating expenses.

The following summarizes the aggregate consideration paid by the Company and the allocation of the purchase price (in thousands):

Cash	$	1,206
Total fair value of consideration transferred	$	1,206

Deposit	$	6
Inventory		14
Property and equipment		241
Purchase option		121
Goodwill		827
Accrued liabilities		(3	)
	$	1,206

As of December 31, 2019, the Company has finalized its accounting for this business combination.

Integrated Diagnostics, Inc.

On June 30, 2018, the Company purchased select assets and liabilities from Indi for total consideration of $27.6 million, consisting of $8.0 million (10,649,604 shares) of the Company’s Series G Preferred Stock and contingent consideration with an initial fair value of $19.6 million. The 10,649,904 shares issued at closing include 2,129,981 shares that were deposited in an escrow account to be used to satisfy any indemnification obligations of Indi that may arise.

The Company accounted for the transaction as a business combination in accordance with ASC 805. As such, the assets acquired and liabilities assumed were recorded at fair value, with the remaining purchase price recorded as goodwill. The estimated fair values of acquired assets and assumed liabilities were determined by management with the assistance of an independent third party. The goodwill associated with the acquisition is the result of expected synergies, an increase in future revenues as a result of the expansion of the technology into additional markets, as well as lower future operating expenses.

The following summarizes the aggregate consideration paid by the Company and the allocation of the purchase price (in thousands):

Preferred stock issued - 10,694,904 shares	$	7,987
Contingent consideration		19,600
Total fair value of consideration transferred	$	27,587

Prepaid expenses and other assets	$	50
Inventory		394
Property and equipment		316
Technology		16,900
Goodwill		10,804
Liabilities		(877	)
	$	27,587

The acquisition of Indi included a contingent consideration arrangement that requires additional consideration to be paid by the Company to Indi based on the Milestone of the attainment of a three consecutive month gross margin target of $2 million within a seven-year period after the acquisition date. For the six months following the achievement of the Milestone, Indi has the option to require the Company to pay the contingent consideration in cash over eight equal installments due each calendar quarter or to require the issuance of additional shares of Series G preferred stock. The total amount of undiscounted contingent consideration which the Company may be required to pay under the arrangement is $37.0 million. If Indi elects not to exercise these options, the Company has 12 months to settle the contingent consideration in either two equal quarterly cash installments or in 14,959,114 shares of Series G Preferred Stock.

The fair value of $19.6 million contingent consideration recognized on the acquisition date was estimated by management with the assistance of an independent third party. These fair value measurements were based on significant inputs not observable in the market and thus represent Level 3 fair value measurements. See Note 3, Fair Value Accounting, for a discussion of the fair value of the contingent consideration and changes in fair value subsequent to the acquisition date.

Intangible assets acquired, amortization method and estimated useful lives as of June 30, 2018 was as follows (dollars in thousands):

Useful Life

Amortization

Method

Fair Value

Technology

9 years

Straight-line

16,900

The technology acquired from Indi consisted of the technology and related know-how of the XL2 test which Indi had developed. The fair value of the technology was estimated by applying a multi-period excess earnings method. The results of this method are based on significant inputs that are not observable in the market, or Level 3 inputs (see discussion of the fair value hierarchy in Note 3). Key assumptions included (a) projected revenue and related profitable attributable to the acquired technology over the estimated life of the acquired technology and (b) a discount rate of 37.5%.

As of December 31, 2018, the Company had finalized its accounting for this business combination.

Fair Value Accounting

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Accounting

Note 3 - Fair Value Accounting

The Company accounts for certain assets and liabilities that are required to be recorded at fair value under a framework for measuring fair value that requires enhanced disclosures about fair value measurements. This framework requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped based on significant levels of inputs as follows:

Level 1:

Quoted prices in active markets for identical assets or liabilities;

Level 2:

Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or

Level 3:

Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following tables set forth by level, within the fair value hierarchy, the Company's liabilities measured at fair value on a recurring basis (in thousands):

September 30, 2020:
Description	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	403	$	403
Contingent value rights	$	—	$	—	$	—	$	—
Contingent consideration	$	—	$	—	$	30,071	$	30,071
Put option liability	$	—	$	—	$	6,650	$	6,650

December 31, 2019:
Description	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	372	$	372
Contingent value rights	$	—	$	—	$	60	$	60
Contingent consideration	$	—	$	—	$	29,114	$	29,114
Put option liability	$	—	$	—	$	3,261	$	3,261

Due to the unobservable inputs needed to calculate the fair value of these balances, these liabilities are classified as Level 3 liabilities. The following is a reconciliation of the beginning and ending balances for the nine-month period ended September 30, 2020 for assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):

Warrant liability
Beginning balance	$	372
Issuances		—
Exercises		—
Change in fair value		31
Ending balance	$	403

Contingent value rights
Beginning balance	$	60
Issuances		—
Exercises		—
Change in fair value		(60	)
Ending balance	$	—

Put option liability
Beginning balance	$	3,261
Additions		3,389
Ending balance	$	6,650

Contingent consideration
Beginning balance	$	29,114
Additions		—
Changes in fair value		(1,944	)
Accretion		2,901
Payments		—
Ending balance	$	30,071

There were no changes to the valuation methods during the months presented.

See Note 11 for further discussion of preferred stock warrants.

In addition to the shares of Series F Preferred Stock that were issued in January 2016, investors who purchased more than their pro‑rata amount in the financing described above received a calculated number of contingent value rights ("CVRs"), but only to the extent that the total amount raised in the financing exceeded $20,202,323. One CVR represents 0.00375% of the Company's interest in the drug ficlatuzumab (see Note 8). In connection with the Series F financing, the Company issued 3,999 CVRs originally valued at $0.5 million. The initial estimated value of the CVRs were recorded as a liability and as a reduction to the Series F proceeds. Upon receipt by the Company or a milestone, royalty, or any other type of payment from the Company’s ownership rights in the drug, the Company will make a cash payment to the CVR holders equal to 15% of net proceeds, as defined. In addition, the CVRs will be adjusted to their estimated fair values each reporting period. In September 2020, the Company exercised its opt-out right with AVEO (as defined below) for the of payment of 50% of development and regulatory costs for ficlatuzumab which will be effective December 2, 2020. At September 30, 2020, the Company recorded a liability of $0.3 million for the remainder of these development and regulatory costs. The value of these CVRs was $0 as of September 30, 2020.

The put option liability was valued based on the calculated returns as a result of the various discounts included in the Company’s convertible notes payable and the related probability assessments of the various settlement scenarios that the discounts apply to. See Note 5 for further disclosure of the discounts and settlement scenarios.

Contingent Consideration

In connection with the transaction with Indi, the Company recorded contingent consideration pertaining to the amounts potentially payable to Indi's selling shareholders pursuant to the Asset Purchase Agreement (See Note 2). Contingent consideration is measured at fair value and is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant. The Company assesses these estimates on an on-going basis as additional data impacting the assumptions is obtained. Future changes in the fair value of contingent consideration related to updated assumptions and estimates are recognized within the statements of operations.

Contingent consideration may change significantly as development progresses and additional data are obtained, impacting the Company’s assumptions regarding probabilities of successful achievement of related Milestone used to estimate the fair value of the liability and the timing in which they are expected to be achieved. In evaluating the fair value information, considerable judgment is required to interpret the market data used to develop the estimates. The estimates of fair value may not be indicative of the amounts that could be realized in a current market exchange. Accordingly, the use of different market assumptions and/or different valuation techniques could result in materially different fair value estimates. The fair value of the Company's contingent consideration liability was estimated using significant unobservable inputs. The fair value of $19.6 million contingent consideration recognized on the acquisition date was estimated by management with the assistance of an independent third party.

Changes in the fair value measurement each period reflect the passage of time as well as the impact of adjustments, if any, to the likelihood of achieving the specified targets. Contingent consideration is recorded in the balance sheets in long-term liabilities. The change to contingent consideration during the three and nine months ended September 30, 2020 was primarily due to $1.0 million and $2.9 million, respectively, resulting from the accretion of the liability offset by $0 and $1.9 million due to the impact of the deceleration of expected revenue and decreases in expected costs, respectively. The $3.2 million change to the contingent consideration during the nine months ended September 30, 2019 was primarily due to $0.7 million resulting from the impact of the acceleration of expected revenue and decreases in expected costs as a result of events occurring after the acquisition date, as well as $2.5 million resulting from the from the accretion of the liability. For the three months ended September 30, 2019, there was a $0.9 million change to the contingent consideration resulting from the accretion of the liability.

The significant unobservable inputs used in the measurement of fair value of the Company’s contingent consideration are probabilities of successful achievement of the Milestone, the period in which the Milestone is expected to be achieved and discount rates ranging from 12.2% to 13.5%. Significant increases or decreases in any of these inputs would result in a significantly higher or lower fair value measurement.

- Definition

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

+ References + Details

Balance Sheet Disclosures

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Disclosures

Note 4 - Balance Sheet Disclosures

Property and equipment consist of the following (in thousands):

	September 30, 2020			December 31, 2019
Lab equipment	$	5,741		$	4,221
Leasehold improvements		1,778			1,894
Computer equipment		871			869
Furniture and fixtures		424			427
Software		633			503
Construction in process		40			592
		9,487			8,506
Less accumulated depreciation		(6,482	)		(6,386	)
Total property and equipment	$	3,005		$	2,120

Depreciation expense for each of the three and nine months ended September 30, 2020 and 2019 was $$0.2 million and 0.6 million, respectively.

Intangible assets consist of the following (in thousands):

	September 30, 2020			December 31, 2019
Patents	$	1,393		$	1,245
Less accumulated amortization		(475	)		(411	)
	$	918		$	834

Purchased technology	$	16,900		$	16,900
Less accumulated amortization		(4,225	)		(2,817	)
	$	12,675		$	14,083

Purchase option		—		$	121
Less accumulated amortization		—			(17	)
	$	—		$	104

Trademarks (indefinite life)	$	74		$	71

Total intangible assets	$	13,667		$	15,092

The Company recorded amortization expense of $0.5 million and $1.6 million for the three and nine months ended September 30, 2020, respectively, and $0.5 million and $1.5 million for the three and nine months ended September 30, 2019, respectively. Amortization related to the remaining net intangible assets is scheduled to amortize as follows (in thousands):

Year Ending December 31,
Remainder of 2020	$	489
2021		1,944
2022		1,938
2023		1,936
2024		1,927
Thereafter		5,359
Total future amortization expense	$	13,593

Accrued liabilities consist of the following (in thousands):

	September 30, 2020		December 31, 2019
Compensation related accruals	$	2,688	$	1,165
Accrued clinical trial expense		699		620
Other expenses		3,566		2,352
Warrant liability, current		—		43
Total accrued liabilities	$	6,953	$	4,180

Convertible Notes Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Convertible Notes Payable

Note 5 - Convertible Notes Payable

In March 2020, the Company issued $10 million of convertible notes (the “March 2020 Notes”) scheduled to mature in August 2020. In August 2020, the maturity date of this debt was extended to June 30, 2021. The March 2020 Notes were issued in two tranches of $5 million, with the first tranche funded in March 2020 and the second tranche funded in June 2020. Interest on the March 2020 Notes was 3% per annum and is payable in full upon maturity through the conversion to Series H Preferred Stock at 80% of the original issuance price of $1.15 per share. Under the terms of the March 2020 Notes, on or before the maturity date and if the March 2020 Notes are unpaid, the outstanding principal and unpaid accrued interest under the March 2020 Notes shall be automatically converted into, the earlier of, the preferred stock sold at the close of the Company’s next equity financing (“Qualified Financing”) or

common stock in an IPO. The conversion price would be equal to 80% of the price per share paid for the preferred stock in the Qualified Financing or common stock sold in an IPO. The discounts on the automatic conversions created a put option liability that was separated from the March 2020 Notes. The estimated value of the put option liability as of the issuance of the March 2020 Notes was $2.5 million. The put option liability was reflected as a debt discount on the March 2020 Notes which is being amortized over the term of the March 2020 Notes. There was no unamortized debt discount as of September 30, 2020. Following the closing of the IPO in October 2020, the March 2020 Notes automatically converted into 703,503 shares of our common stock at a conversion price of $14.40, which is equal to 80% of the price per share paid for the common stock sold in the IPO.

In December 2019, the Company issued $6 million of convertible notes (the “December 2019 Notes”) that were scheduled to mature in August 2020. In August 2020, the maturity date of this debt was extended to June 30, 2021. The December 2019 Notes were issued in two tranches of $3 million, with the first tranche funded in December 2019 and the second tranche funded in February 2020. Interest on the December 2019 Notes was 3% per annum and payable in full upon maturity through the conversion to Series H Preferred Stock at 80% of the original issuance price of $1.15 per share. Under the terms of the December 2019 Notes, on or before the maturity date and if the December 2019 Notes are unpaid, the outstanding principal and unpaid accrued interest under the December 2019 Notes shall be automatically converted into, the earlier of, the preferred stock sold at the close of the Company’s next Qualified Financing or common stock in an IPO. The conversion price would be equal to 80% of the price per share paid for the preferred stock in the Qualified Financing or common stock sold in an IPO. The discounts on the automatic conversions created a put option liability that was separated from the December 2019 Notes. The estimated value of the put option liability as of the issuance of the December 2019 Notes was $1.5 million for each tranche issued. The put option liability was reflected as a debt discount on the December 2019 Notes which is being amortized over the term of the December 2019 Notes. The unamortized debt discount was $0 and $0.7 million as of September 30, 2020 and December 31, 2019, respectively. Following the closing of the IPO in October 2020, the December 2019 Notes automatically converted into 426,386 shares of our common stock at a conversion price of $14.40, which is equal to 80% of the price per share paid for the common stock sold in the IPO.

In August and September 2019 (the “August 2019 Notes”), the Company issued $10 million of convertible notes that were scheduled to mature in August 2020. In August 2020, the maturity date of this debt was extended to June 30, 2021. Interest on the August 2019 Notes was 3% per annum and payable in full upon maturity through the conversion to Series H Preferred Stock at the original issuance price of $1.15 per share. Under the terms of the August 2019 Notes, on or before the maturity date and if the August 2019 Notes are unpaid, the outstanding principal and unpaid accrued interest under the August 2019 Notes shall be automatically converted into, the earlier of, the preferred stock sold at the close of the Company’s next Qualified Financing or common stock sold in the event of an IPO. The conversion price would be equal to 95% of the price per share paid for the preferred stock in the Qualified Financing or common stock sold in an IPO. The discounts on the automatic conversions created a put option liability that was separated from the August 2019 Notes. The estimated value of the put option liability as of the issuance of the August 2019 Notes was $0.5 million. The put option liability was reflected as a debt discount on the August 2019 Notes which is being amortized over the term of the August 2019 Notes. The unamortized debt discount was $0 and $0.3 million as of September 30, 2020 and December 31, 2019, respectively. Following the closing of the IPO in October 2020, the August 2019 Notes automatically converted into 718,391 shares of our common stock at a conversion price of $14.40, which is equal to 80% of the price per share paid for the common stock sold in the IPO.

In connection with the issuance of the December 2019 Notes, the conversion price on the August 2019 Notes was amended to 80% of the price per share paid for the preferred stock in the Qualified Financing or common stock in an IPO. In addition, the conversion price to Series H preferred stock at the maturity date was amended to be 80% of the Series H original issuance price of $1.15 per share. The changes to the discounts on the conversions of the August 2019 Notes created an increase to the put option liability on the August 2019 Notes of $2 million to a total estimated value of $2.5 million as of December 31, 2019. The increase in the value of the put option liability was reflected as a change in put option in the 2019 statement of operations.

A summary of convertible notes payable is as follows (in thousands):

	September 30, 2020		December 31, 2019
March 2020 Notes	$	10,000	$	—
December 2019 Notes		6,000		3,045
August 2019 Notes		10,000		10,000
Accrued interest		600		114
Unamortized debt discount		—		(1,000	)
	$	26,600	$	12,159

Long-Term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Note 6 – Long-Term Debt

Paycheck Protection Program Note Payable

In April 2020, the Company entered into a loan pursuant to the Paycheck Protection Program under the CARES Act, as administered by the U.S. Small Business Administration (the “SBA”). The loan, in the principal amount of $3.1 million (the “PPP Loan”), was disbursed by JPMorgan Chase Bank (“Lender”) pursuant to a Paycheck Protection Program Promissory Note and Agreement (the “Note and Agreement”).

The PPP Loan matures on the two-year anniversary of the funding date and bears interest at a fixed rate of 1.00% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (as discussed below), will commence after the ten-month anniversary of the funding date. The Company did not provide any collateral or guarantees in connection with the PPP Loan, nor did the Company pay any facility charge to obtain the PPP Loan. The Note and Agreement provides for customary events of default, including those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The Company may prepay the principal of the PPP Loan at any time without incurring any prepayment charges.

All or a portion of the PPP Loan may be forgiven by the SBA and the Lender upon application by the Company. Under the CARES Act, loan forgiveness is available for the sum of documented payroll costs, covered rent payments, and covered utilities during the eight-week period beginning on the approval date of the PPP Loan. For purposes of the CARES Act, payroll costs exclude compensation of an individual employee earning more than $100,000, prorated annually. Not more than 40% of the forgiven amount may be for non-payroll costs. Forgiveness is reduced if full-time headcount declines, or if salaries and wages for employees with salaries of $100,000 or less annually are reduced by more than 25%. The Company cannot assure that the PPP Loan will be forgiven, in whole or in part.

The Company accounts for the PPP Loan as debt in accordance with FASB ASC 470, Debt and accrues interest in accordance with the interest method. If the loan is forgiven in part or in whole, and legal release is received, the Company will reduce the liability by the amount forgiven and record a gain on extinguishment in the statement of operations.

Note Payable

In February 2018, the Company extinguished a Note that originated in 2013 (the “2013 Notes”) through the issuance of new long-term debt with Innovatus Life Sciences Lending Fund (“Innovatus”) (the “2018 Notes”). The lender for the 2018 Notes is also a holder of the Company’s Series G preferred stock.

The initial amount borrowed under the 2018 Notes was $23 million and the maturity date is February 2023. At the time of the issuance of the 2018 Notes, the Company paid a 1% facility fee of $0.2 million and issued a warrant to the private investment company for the purchase of 613,333 shares of Series G preferred stock, which had an initial fair value of $0.3 million. The facility fee and the value of the warrants were recorded as reductions to the carrying value of the 2018 Notes and are being amortized to interest expense over the term of the 2018 Notes. The 2018 Notes bears interest at 10% with 7.5% being paid in cash and 2.5% being added to the principal value of the 2018 Notes through December 31, 2020. The Company is required to make quarterly interest payments beginning in June 2018 and outstanding principal is due in 24 equal installments commencing in March 2021. As of September 30, 2020 and December 31, 2019, the interest added to the principal value of the 2018 Notes was $1.5 million and $1.1 million, respectively.

The loan may be prepaid by the Company at any time, subject to a prepayment penalty of up to 3% of the principal amount, depending on the date of prepayment. Upon payment of the 2018 Notes at maturity or prepayment on any earlier date, unless waived, a 2% back-end facility fee will apply to the amounts paid or prepaid. The 2% fee is being recorded as additional interest expense over the term of the 2018 Notes. The 2018 Notes are senior to all of the Company’s other indebtedness including any contingent consideration payable to Indi.

The 2018 Notes contain customary affirmative covenants, including covenants regarding compliance with applicable laws and regulations, payment of taxes, insurance coverage, notice of certain events, and reporting requirements. Further, the 2018 Notes contain customary negative covenants limiting the ability of the Company to, among other things, to incur future debt, transfer assets except for the ordinary course of business, make acquisitions, make certain restricted payments, and sell assets, subject to certain exceptions. In addition, the 2018 Notes require the Company to comply with a minimum daily liquidity covenant and a rolling monthly revenue requirement. Failure to comply with the covenants and loan requirements may result in early amortization of the loan in a 24- or 36-month payment schedule. As of September 30, 2020, the Company was not in default under the terms of the 2018 Notes.

In accordance with the 2018 Notes, the Company granted the lender a security interest in all of the Company’s assets through a pledge and security agreement, patent security agreement and trademark security agreement, each between the Company and the lender.

Long-term notes payable as of September 30, 2020 and December 31, 2019 was as follows (in thousands):

	2020			2019
2018 Notes	$	24,543		$	24,088
Other		6			12
Final payment fee		238			170
Unamortized debt discount and debt issuance costs		(349	)		(458	)
		24,438			23,812
Less: current maturities		(7,202	)		—
Long-term notes payable	$	17,236		$	23,812

Maturities of long-term obligations as of September 30, 2020 are as follows (in thousands):

Year Ending December 31,
Remainder of 2020	$	—
2021		10,318
2022		12,199
2023		2,270
2024		—
Thereafter	—
	$	24,787

In connection with entering into the 2018 Notes, the Company issued to the lender a warrant to purchase 613,333 shares of Series G convertible preferred stock, at an exercise price of $0.75 per share, subject to adjustment upon specified dilutive issuances. The warrant was immediately exercisable upon issuance and expires on February 23, 2028. The fair value of the warrant on the issuance date of $0.3 million was recorded as a debt discount and as a preferred stock warrant liability.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 - Income Taxes

Since inception, the Company has incurred net taxable losses, and accordingly, no current provision for income taxes has been recorded.

- Definition

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

+ References + Details

Commitments

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments

Note 8 – Commitments

Leases

The Company leases facilities under non‑cancelable operating leases. Rent expense was $1.5 million and $1.6 million for the nine months ended September 30, 2020 and 2019, respectively, and was inclusive of common area maintenance charges.

Future minimum lease payments for operating lease obligations, net of sublease income are as follows as of September 30, 2020 (in thousands):

Year Ending December 31,
Remainder of 2020	$	246
2021		828
2022		729
2023		112
2024		—
Thereafter		—
	$	1,915

Co‑Development Agreement

In April 2014 and amended in October 2016, the Company entered into a worldwide agreement with AVEO Oncology ("AVEO") to develop and commercialize AVEO's hepatocyte growth factor inhibitory antibody ficlatuzumab with the Company's proprietary companion diagnostic test, BDX004, a version of the Company’s serum protein test that is commercially available to help physicians guide treatment decisions for patients with advanced non‑small cell lung cancer ("NSCLC"). Under the terms of the agreement, AVEO will conduct a proof‑of‑concept (“POC”) clinical study of ficlatuzumab for NSCLC in which BDX004 will be used to select clinical trial subjects (the “NSCLC POC Trial”). The Company and AVEO will share equally in the costs of the NSCLC POC Trial, and each will be responsible for 50% of development and regulatory costs associated with all future clinical trials agreed upon by the Company and AVEO. The Company and AVEO continue to conduct POC clinical trials of ficlatuzumab in combination with BDX004 with each responsible for 50% of development and regulatory costs.

In September 2020, the Company exercised its opt-out right with AVEO for the payment of 50% of development and regulatory costs for ficlatuzumab which will be effective December 2, 2020. The Company estimates it has $0.3 million in remaining obligations related to the AVEO agreement as of the opt-out date. Following the effective date, the Company will be entitled to a 10% royalty of net sales of ficlatuzumab and 25% of license income generated from the licensing of ficlatuzumab from AVEO.

Expenses related to this agreement for the three and nine months ended September 30, 2020 and 2019 were approximately $0.3 million and $1.0 million, and $0.7 million and $0.9 million, respectively.

License Agreement

In August 2019, we entered into a non-exclusive license agreement with Bio-Rad Laboratories, Inc. (“Bio-Rad”) (“the Bio-Rad License”). Under the terms of the Bio-Rad License, the Company received a non-exclusive license, without the right to grant sublicenses, to utilize certain of Bio-Rad’s intellectual property, machinery, materials, reagents, supplies and know-how necessary for the performance of Droplet Digital PCR (ddPCR) in cancer detection testing for third parties in the United States. The Company also agreed to purchase all of the necessary supplies and reagents for such testing exclusively from Bio-Rad, pursuant to a separately executed supply agreement (the “Supply Agreement”) with Bio-Rad. As further consideration for the non-exclusive license, the Company agreed to pay a royalty of 2.5% on the net revenue received for the performance of such ddPCR testing collected from third parties. The Bio-Rad License expires in August 2024. Either party may terminate for the other’s uncured material breach or bankruptcy events. Bio-Rad may terminate the Bio-Rad License if the Company does not purchase licensed products under the Supply Agreement for a consecutive twelve-month period or for any material breach by us of the Supply Agreement. The Company incurred royalty expense of $0.1 million and $0 for the nine months ended September 30, 2020 and 2019, respectively, under the Bio-Rad License.

Revenue Share Agreement

As part of the acquisition of Oncimunne, the Company entered into several agreements to govern the relationship between the parties. The Company agreed to a revenue share payment related to an acquired diagnostic test of 8% of recognized revenue for non-screening tests up to an annual minimum volume and 5% thereafter, with an escalating minimum through the first four years of sales. Revenue share expenses of $0 and $0.2 million were incurred for the three and nine months ended September 30, 2020, respectively.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2020

Class Of Stock Disclosures [Abstract]

Convertible Preferred Stock

Note 9 - Convertible Preferred Stock

The following table details, by series, the Company's convertible preferred stock at September 30, 2020 (in thousands, except shares and original issue price):

Series	Shares Authorized		Shares Issued and Outstanding		Defined Original Issue Price		Liquidation Preference
Series H		53,031,883		23,923,188	$	1.15	$	27,512
Series G		76,464,035		46,146,517		0.75		34,610
Series F		19,468,203		19,468,203		1.50		29,202
Series E		13,972,954		7,639,556		5.00		38,198
Series D		11,781,710		10,874,876		4.00		43,499
Series C		2,356,597		2,356,596		3.00		7,070
Series B‑1		2,998,852		2,998,852		3.20		9,596
Series B		3,641,817		3,641,817		2.75		10,015
Series A‑3		750,000		750,000		2.24		1,680
Series A‑2		266,668		266,668		1.50		400
Series A‑1		700,000		700,000		1.14		800
		185,432,719		118,766,273			$	202,582

Series H

In February and March 2019, the Company issued 8,695,621 shares of Series H Preferred Stock at $1.15 per share for total cash proceeds of $10.0 million.

The Company’s convertible preferred stock has been classified as temporary equity in the accompanying balance sheets given that a majority of the Company’s Board of Directors seats are held by convertible preferred stock holders and could cause certain events to occur that are outside of the Company’s control whereby the Company could be obligated to redeem the convertible preferred stock. The Company has not adjusted the carrying values of the convertible preferred stock to the respective liquidation preferences of such shares as the instruments are currently not redeemable and the Company believes it is not probable that the instruments will become redeemable at this point in time. Adjustments to increase the carrying values to the respective liquidation preferences will be made if and when it becomes probable that an event would occur obligating the Company to pay such amounts.

Conversion Rights

The holders of Series A-1, Series A-2, and Series A-3 (collectively, “Series A”); Series B and Series B-1 (collectively, “Combined Series B”); Series C; Series D; Series E; Series F, Series G, and Series H are entitled to convert their shares into common stock at the option of the holder, at any time, into fully paid and non‑assessable shares of common stock. The number of shares of common stock to which a holder of the Series A, Combined Series B, Series C, Series D, Series E, Series F, Series G, and Series H (collectively, “Series Preferred”) can convert is obtained by multiplying the conversion rate that is in effect by the number of shares of Series Preferred being converted. The conversion rate is determined by dividing the original issue price by the applicable conversion price (initially the original issue price for all classes of Series Preferred except Series B‑1, for which the conversion price is initially $2.75). As a result of the reverse stock split effected in October 2020, the conversion rate for the Series Preferred is 0.1684664 per

share. Following the closing of the IPO in October 2020, each share of Series Preferred automatically converted into shares of common stock (based on the then‑effective Series Preferred conversion price).

Dividend Rights

The Series Preferred holders are entitled to receive non‑cumulative cash dividends. The dividends are required to be declared by the Board of Directors and are calculated at an annual rate of 8% of the original issue price of the respective Series Preferred shares. Series Preferred holders have the following order of preference on dividends: Series H holders, Series G holders, Series F holders, Series E holders, Series D holders, Series C holders, Combined Series B holders, Series A holders. The Series A holders have preference over the common stockholders. In the event that dividends are paid on any class of Series Preferred, the Company shall pay an additional dividend on all outstanding shares of a higher preference in a per‑share amount on an as‑if‑converted‑to‑common‑stock basis. In the event dividends are paid on any common stock, the Company shall pay an additional dividend on all outstanding shares of Series Preferred stock in a per‑share amount on an as‑if‑converted‑to‑common‑stock basis.

Voting Rights

The holders of each share of Series Preferred stock have the right to one vote for each share of common stock on an as‑if‑converted basis. When converted, the common stock and Series Preferred stockholders have equal voting and power rights.

As long as any Series Preferred stock remains outstanding, a majority vote of the respective class of holders would be required to amend any provisions of the Company's articles of incorporation or bylaws that would adversely affect them.

Redemption

Series Preferred stockholders are subject to automatic redemption in the consolidation or merger of the Company or sale of all or substantially all of the Company's assets in which the stockholders of the Company immediately prior to the transaction hold less than 50% of the outstanding securities of the surviving entity. Proceeds available for distribution from such transaction will be distributed consistent with a liquidation event.

Liquidation

In accordance with the articles of incorporation, upon a defined event of acquisition or asset transfer, liquidation, dissolution, or winding up of the Company, any amounts that are available for distribution are to be paid out to its stockholders in the following order of preference, in an amount equal to the per‑share original issue price, plus any accrued, declared, and unpaid dividends: Series H holders, Series G holders, Series F holders, Series E holders, Series D holders, Series C holders, Combined Series B holders, Series A holders. If the assets of the Company are insufficient to make payments in full to a class of holders of preferred stock, in the order of preference previously described, then remaining assets shall be distributed among the holders of that class of preferred stock ratably in proportion to the full amounts to which they would otherwise be respectively entitled and the holders of lower preference shares will receive nothing. Upon payment of all preferential amounts required to be paid to the Series Preferred, the holders of common stock and Series Preferred shall be entitled to receive a ratable portion, calculated on an as‑if‑converted basis, of the remaining assets of the Company available for distribution to its stockholders.

Stock Options

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Options

Note 10 – Stock Options

In May 2006, the Company adopted the 2006 Employee, Director, and Consultant Stock Plan (the “2006 Plan’) under which the Company is authorized to grant stock awards to employees, directors, and consultants of the Company. The Company is authorized to grant incentive stock options, non‑statutory stock options, restricted stock awards, restricted stock unit awards, and stock appreciation rights up to 831,389 total shares of stock awards. The award price and vesting terms are determined by the Board of Directors of the Company and evidenced in the award agreement extended to the employee, director, or consultant. The options granted generally terminate ten years from the date of grant and vest over various periods as determined by the Board of Directors of the Company.

In February 2016, the Company adopted the 2016 Equity Incentive Plan (“2016 Plan’) as a successor to and continuation of the 2006 Plan. As of February 2016, no additional stock awards may be granted under the 2006 Plan and any unallocated shares remaining available for issuance pursuant to the exercise of options or issuance or settlement of stock awards not previously granted under the 2006 Plan will cease to be available under the 2006 Plan and will be added to the share reserve of the 2016 Plan and be

immediately available for issuance pursuant to the stock awards granted in the 2016 Plan. In addition, all outstanding stock awards granted under the 2006 Plan will remain subject to the terms of the 2006 Plan unless they expire, terminate or are forfeited, cancelled or otherwise returned to the Company and will immediately be added to the share reserve and become available for issuance under the 2016 Plan.

Under the 2016 Plan, the Company is authorized to grant stock awards to employees, directors, and consultants of the Company. The Company is authorized to grant incentive stock options, non‑statutory stock options, restricted stock awards, restricted stock unit awards, and stock appreciation rights up to 1,431,964 total shares, plus any shares subject to outstanding stock awards granted under the 2006 Plan. The award price and vesting terms are determined by the Board of Directors of the Company and evidenced in the award agreement extended to the employee, director, or consultant. The options granted generally terminate 10 years from the date of grant and vest over various periods as determined by the Board of Directors of the Company.

The following table presents the activity for options and restricted stock units (RSUs) outstanding (in thousands, except for weighted average exercise price and weighted average grant date value per share):

	Stock Options			Weighted Average Exercise Price		RSUs		Weighted Average Grant Date Value Per Share
Outstanding ‑ December 31, 2019		1,916		$	1.73		26	$	0.78
Granted		829			2.67		53		0.78
Forfeited/canceled		(40	)		0.83		—		—
Exercised		(35	)		0.53		—		—
Outstanding ‑ September 30, 2020		2,670		$	2.05		79	$	0.78

The following table presents the composition of options outstanding and exercisable as of September 30, 2020 (in thousands, except price and life):

	Options Outstanding						Options Exercisable
					Life
Exercise Prices	Number		Price*		(years)*		Number		Price*
$0.42 - $0.83		1,922	$	0.65		7.9		711	$	0.65
$2.61 - $3.74		157		3.15		2.7		136		3.38
$4.39 - $4.45		113		4.39		4.0		113		4.39
$6.83		478		6.83		9.2		307		6.83
Total ‑ September 30, 2020		2,670	$	2.05		7.7		1,267	$	2.79

* Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively.

There were 79,000 and 26,000 restricted stock units outstanding at September 30, 2020 and December 31, 2019, respectively, none of which had vested as of September 30, 2020.

Fair Value of Common Stock

Prior to the Company’s IPO, the fair value of the Company’s common stock underlying the stock options was determined by the Board of Directors with assistance from management and, in part, on input from an independent third-party valuation firm. The Board of Directors determines the fair value of common stock by considering a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, the lack of liquidity of the Company’s common stock and the general and industry-specific economic outlook. Subsequent to the Company’s IPO, the fair value of the Company’s common stock is determined based on its closing market price.

The fair value of each option grant is estimated on the date of grant using the Black‑Scholes option pricing model with the following weighted average assumptions for the nine months ended September 30, 2020 (dollars in thousands):

Approximate risk‑free rate		0.50	%
Average expected life		5.63
Dividend yield		—	%
Volatility		77	%
Estimated fair value of total options granted	$	362

The Company estimates volatility based on the historical volatility of its peer group and average expected life based on the review of historical exercise behavior of option grants with similar vesting periods. The expense recorded for options granted under the 2016 Plan is net of estimated forfeitures of 10%.

The following table presents the impact of employee stock-based compensation expense on statements of income line items for the periods indicated (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Research and development	$	10	$	10	$	20	$	25
Sales, marketing, general and administrative		90		35		135		100
Total stock-based compensation expense	$	100	$	45	$	155	$	125

The unrecognized remaining stock‑based compensation balance for shares issued inside of the 2016 Plan was approximately $0.5 million as of September 30, 2020 which will be amortized over the next three years.

As of September 30, 2020, the Company has issued a total of 205,199 stock options outside the 2006 Plan to employees of the Company. These options are issued at the discretion of the Board of Directors of the Company to the Chief Executive Officer and their direct reports who wish to convert all or a portion of their incentive compensation to options. The value of the options at the date of grant was calculated using the Black‑Scholes option pricing model using approximately the same assumptions as in the previous table other than the term, which is approximately five years. As of September 30, 2020, 173,233 options outside of the 2006 Plan are outstanding and exercisable and have a weighted average exercise price of $11.11, a weighted average remaining life of six years, and were fully vested on the grant date. There was no unrecognized remaining stock‑based compensation balance for shares issued outside of the 2006 Plan as of September 30, 2020.

Warrants for Convertible Preferred Stock

9 Months Ended

Sep. 30, 2020

Warrants And Rights Note Disclosure [Abstract]

Warrants for Convertible Preferred Stock

Note 11 – Warrants for Convertible Preferred Stock

The Company has issued warrants to purchase shares of preferred stock in conjunction with the sale of certain preferred shares and certain debt issuances. The grant date fair value and fair value at each reporting date of the warrants was determined using the Black‑Scholes option pricing model with weighted average assumptions relatively consistent with those disclosed for stock options above, other than term, which is the contractual term of the warrant and the use of the exercise price and current estimated fair value of the respective series of preferred stock. The preferred warrants are classified as liabilities on the accompanying balance sheets as the underlying preferred stock has a contingent redemption feature. As these warrants are classified as a liability, they are revalued on each reporting date or exercise date, and any change in value is recorded to change in fair value of the warrant liability in the accompanying statements of operations.

The following table presents the activity for convertible preferred stock warrants outstanding (in thousands, except weighted average exercise price):

	Series E						Series G
	Warrants			Weighted Average Exercise price			Warrants		Weighted Average Exercise price
Outstanding ‑ December 31, 2019		925		$	5.00			613	$	0.75
Granted		—			—			—		—
Forfeited/canceled		(925	)		(5.00	)		—		—
Exercised		—			—			—		—
Outstanding ‑ September 30, 2020		—		$	—			613	$	0.75
Weighted average remaining contractual life at September 30, 2020							7.5 years

Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 12 - Subsequent Events

In October 2020, the Company closed its IPO. See Note 1 (c) for further disclosure.

Description of Business and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Organization and Nature of Operations

(a) Organization and Nature of Operations

Basis of Presentation

(b) Basis of Presentation

Reverse Stock Split and Initial Public Offering

Use of Estimates

(d) Use of Estimates

Segment Information

(e) Segment Information

Comprehensive Loss

(f) Comprehensive Loss

Concentration of Risk

(g) Concentration of Risk

Cash, Cash Equivalents, and Restricted Cash

(h) Cash, Cash Equivalents, and Restricted Cash

Accounts Receivable

(i) Accounts Receivable

Inventory

(j) Inventory

Property and Equipment

(k) Property and Equipment

Property and equipment are stated at cost. Depreciation is provided utilizing the straight‑line method over the estimated useful lives, ranging from three to five years.

Intangible Assets

(l) Intangible Assets

Long Lived Assets

(m) Long‑Lived Assets

Deferred Rent

(n) Deferred Rent

Goodwill

(o) Goodwill

The Company did not have any goodwill impairments for the three and nine months ended September 30, 2020 and 2019.

Revenue Recognition

(p) Revenue Recognition

The Company’s revenue is generated from the following:

•

For the three and nine months ended September 30, 2020 and 2019, revenue from these services consisted of the following (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Diagnostic tests	$	8,552	$	3,770	$	15,798	$	12,716
Services		641		172		2,730		3,565
Total revenue	$	9,193	$	3,942	$	18,528	$	16,281

Deferred Revenue

(q) Deferred Revenue

Research and Development Expenses and Accrued Research and Development Expenses

(r) Research and Development Expenses and Accrued Research and Development Expenses

Stock Based Compensation

(s) Stock‑Based Compensation

Income Taxes

(t) Income Taxes

Warrant Liability

(u) Warrant Liability

Changes in Fair Value of Contingent Consideration

(v) Changes in Fair Value of Contingent Consideration

Fair Value of Financial Instruments

(w) Fair Value of Financial Instruments

Business Combinations

(x) Business Combinations

Deferred Offering Costs

(y) Deferred Offering Costs

Recently Issued Accounting Standards Not Yet Adopted

(z) Recently Issued Accounting Standards Not Yet Adopted

Net Loss per Share

(aa) Net loss per share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Numerator
Net loss attributable to common stockholders	$	(8,845	)	$	(9,601	)	$	(26,817	)	$	(24,201	)

Denominator
Weighted-average shares outstanding used in computing net loss per share, basic and diluted		277			244			269			233
Net loss per share, basic and diluted	$	(31.93	)	$	(39.35	)	$	(99.69	)	$	(103.87	)

	Nine months ended September 30,
	2020		2019
Options to purchase common stock		2,843		2,010
Convertible preferred stock		119,257		119,257
Warrants		613		2,440
Restricted stock units		79		26
Convertible debt (1)		20,746		16,240
Total		143,538		139,973

(1)	The number of common shares that convertible debt was assumed to convert to was based on the Company’s estimated common stock price as of September 30, 2020, as determined by the Company’s board of directors (“Board of Directors”) with assistance from a valuation firm.

Description of Business and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Revenue from Services

For the three and nine months ended September 30, 2020 and 2019, revenue from these services consisted of the following (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Diagnostic tests	$	8,552	$	3,770	$	15,798	$	12,716
Services		641		172		2,730		3,565
Total revenue	$	9,193	$	3,942	$	18,528	$	16,281

Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Numerator
Net loss attributable to common stockholders	$	(8,845	)	$	(9,601	)	$	(26,817	)	$	(24,201	)

Denominator
Weighted-average shares outstanding used in computing net loss per share, basic and diluted		277			244			269			233
Net loss per share, basic and diluted	$	(31.93	)	$	(39.35	)	$	(99.69	)	$	(103.87	)

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

	Nine months ended September 30,
	2020		2019
Options to purchase common stock		2,843		2,010
Convertible preferred stock		119,257		119,257
Warrants		613		2,440
Restricted stock units		79		26
Convertible debt (1)		20,746		16,240
Total		143,538		139,973

(1)	The number of common shares that convertible debt was assumed to convert to was based on the Company’s estimated common stock price as of September 30, 2020, as determined by the Company’s board of directors (“Board of Directors”) with assistance from a valuation firm.

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Summary of Aggregate Consideration Paid by Company and Allocation of Purchase Price

The following summarizes the aggregate consideration paid by the Company and the allocation of the purchase price (in thousands):

Cash	$	1,206
Total fair value of consideration transferred	$	1,206

Deposit	$	6
Inventory		14
Property and equipment		241
Purchase option		121
Goodwill		827
Accrued liabilities		(3	)
	$	1,206

The following summarizes the aggregate consideration paid by the Company and the allocation of the purchase price (in thousands):

Preferred stock issued - 10,694,904 shares	$	7,987
Contingent consideration		19,600
Total fair value of consideration transferred	$	27,587

Prepaid expenses and other assets	$	50
Inventory		394
Property and equipment		316
Technology		16,900
Goodwill		10,804
Liabilities		(877	)
	$	27,587

Summary of Intangible Assets Acquired Amortization Method And Estimated Useful Lives

Intangible assets acquired, amortization method and estimated useful lives as of June 30, 2018 was as follows (dollars in thousands):

Useful Life

Amortization

Method

Fair Value

Technology

9 years

Straight-line

16,900

Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth by level, within the fair value hierarchy, the Company's liabilities measured at fair value on a recurring basis (in thousands):

September 30, 2020:
Description	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	403	$	403
Contingent value rights	$	—	$	—	$	—	$	—
Contingent consideration	$	—	$	—	$	30,071	$	30,071
Put option liability	$	—	$	—	$	6,650	$	6,650

December 31, 2019:
Description	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	372	$	372
Contingent value rights	$	—	$	—	$	60	$	60
Contingent consideration	$	—	$	—	$	29,114	$	29,114
Put option liability	$	—	$	—	$	3,261	$	3,261

Schedule of Unobservable Inputs to Calculate Fair Value of Liabilities Classified as Level 3 Liabilities

Warrant liability
Beginning balance	$	372
Issuances		—
Exercises		—
Change in fair value		31
Ending balance	$	403

Contingent value rights
Beginning balance	$	60
Issuances		—
Exercises		—
Change in fair value		(60	)
Ending balance	$	—

Put option liability
Beginning balance	$	3,261
Additions		3,389
Ending balance	$	6,650

Contingent consideration
Beginning balance	$	29,114
Additions		—
Changes in fair value		(1,944	)
Accretion		2,901
Payments		—
Ending balance	$	30,071

Balance Sheet Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):

	September 30, 2020			December 31, 2019
Lab equipment	$	5,741		$	4,221
Leasehold improvements		1,778			1,894
Computer equipment		871			869
Furniture and fixtures		424			427
Software		633			503
Construction in process		40			592
		9,487			8,506
Less accumulated depreciation		(6,482	)		(6,386	)
Total property and equipment	$	3,005		$	2,120

Schedule of Intangible Assets

Intangible assets consist of the following (in thousands):

	September 30, 2020			December 31, 2019
Patents	$	1,393		$	1,245
Less accumulated amortization		(475	)		(411	)
	$	918		$	834

Purchased technology	$	16,900		$	16,900
Less accumulated amortization		(4,225	)		(2,817	)
	$	12,675		$	14,083

Purchase option		—		$	121
Less accumulated amortization		—			(17	)
	$	—		$	104

Trademarks (indefinite life)	$	74		$	71

Total intangible assets	$	13,667		$	15,092

Schedule of Amortization Related to Remaining Net Intangible Assets Schedule to Amortize

Amortization related to the remaining net intangible assets is scheduled to amortize as follows (in thousands):

Year Ending December 31,
Remainder of 2020	$	489
2021		1,944
2022		1,938
2023		1,936
2024		1,927
Thereafter		5,359
Total future amortization expense	$	13,593

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	September 30, 2020		December 31, 2019
Compensation related accruals	$	2,688	$	1,165
Accrued clinical trial expense		699		620
Other expenses		3,566		2,352
Warrant liability, current		—		43
Total accrued liabilities	$	6,953	$	4,180

Convertible Notes Payable (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Convertible Notes Payable

A summary of convertible notes payable is as follows (in thousands):

	September 30, 2020		December 31, 2019
March 2020 Notes	$	10,000	$	—
December 2019 Notes		6,000		3,045
August 2019 Notes		10,000		10,000
Accrued interest		600		114
Unamortized debt discount		—		(1,000	)
	$	26,600	$	12,159

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Long-term Notes Payable

Long-term notes payable as of September 30, 2020 and December 31, 2019 was as follows (in thousands):

	2020			2019
2018 Notes	$	24,543		$	24,088
Other		6			12
Final payment fee		238			170
Unamortized debt discount and debt issuance costs		(349	)		(458	)
		24,438			23,812
Less: current maturities		(7,202	)		—
Long-term notes payable	$	17,236		$	23,812

Summary of Maturities of Long-term Obligations

Maturities of long-term obligations as of September 30, 2020 are as follows (in thousands):

Year Ending December 31,
Remainder of 2020	$	—
2021		10,318
2022		12,199
2023		2,270
2024		—
Thereafter	—
	$	24,787

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Commitments (Tables)

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments for Operating Lease Obligations, Net of Sublease Income

Future minimum lease payments for operating lease obligations, net of sublease income are as follows as of September 30, 2020 (in thousands):

Year Ending December 31,
Remainder of 2020	$	246
2021		828
2022		729
2023		112
2024		—
Thereafter		—
	$	1,915

Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2020

Class Of Stock Disclosures [Abstract]

Schedule of Convertible Preferred Stock

The following table details, by series, the Company's convertible preferred stock at September 30, 2020 (in thousands, except shares and original issue price):

Series	Shares Authorized		Shares Issued and Outstanding		Defined Original Issue Price		Liquidation Preference
Series H		53,031,883		23,923,188	$	1.15	$	27,512
Series G		76,464,035		46,146,517		0.75		34,610
Series F		19,468,203		19,468,203		1.50		29,202
Series E		13,972,954		7,639,556		5.00		38,198
Series D		11,781,710		10,874,876		4.00		43,499
Series C		2,356,597		2,356,596		3.00		7,070
Series B‑1		2,998,852		2,998,852		3.20		9,596
Series B		3,641,817		3,641,817		2.75		10,015
Series A‑3		750,000		750,000		2.24		1,680
Series A‑2		266,668		266,668		1.50		400
Series A‑1		700,000		700,000		1.14		800
		185,432,719		118,766,273			$	202,582

Stock Options (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity for Options and Restricted Stock Units (RSUs) Outstanding

	Stock Options			Weighted Average Exercise Price		RSUs		Weighted Average Grant Date Value Per Share
Outstanding ‑ December 31, 2019		1,916		$	1.73		26	$	0.78
Granted		829			2.67		53		0.78
Forfeited/canceled		(40	)		0.83		—		—
Exercised		(35	)		0.53		—		—
Outstanding ‑ September 30, 2020		2,670		$	2.05		79	$	0.78

Composition of Options Outstanding and Exercisable

The following table presents the composition of options outstanding and exercisable as of September 30, 2020 (in thousands, except price and life):

	Options Outstanding						Options Exercisable
					Life
Exercise Prices	Number		Price*		(years)*		Number		Price*
$0.42 - $0.83		1,922	$	0.65		7.9		711	$	0.65
$2.61 - $3.74		157		3.15		2.7		136		3.38
$4.39 - $4.45		113		4.39		4.0		113		4.39
$6.83		478		6.83		9.2		307		6.83
Total ‑ September 30, 2020		2,670	$	2.05		7.7		1,267	$	2.79

* Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively.

Summary of Weighted Average Assumptions

Approximate risk‑free rate		0.50	%
Average expected life		5.63
Dividend yield		—	%
Volatility		77	%
Estimated fair value of total options granted	$	362

Impact of Employee Stock-based Compensation Expense

The following table presents the impact of employee stock-based compensation expense on statements of income line items for the periods indicated (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Research and development	$	10	$	10	$	20	$	25
Sales, marketing, general and administrative		90		35		135		100
Total stock-based compensation expense	$	100	$	45	$	155	$	125

Warrants for Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2020

Warrants And Rights Note Disclosure [Abstract]

Summary of Activity for Convertible Preferred Stock Warrants Outstanding

The following table presents the activity for convertible preferred stock warrants outstanding (in thousands, except weighted average exercise price):

	Series E						Series G
	Warrants			Weighted Average Exercise price			Warrants		Weighted Average Exercise price
Outstanding ‑ December 31, 2019		925		$	5.00			613	$	0.75
Granted		—			—			—		—
Forfeited/canceled		(925	)		(5.00	)		—		—
Exercised		—			—			—		—
Outstanding ‑ September 30, 2020		—		$	—			613	$	0.75
Weighted average remaining contractual life at September 30, 2020							7.5 years

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 30, 2020 USD ($) $ / shares shares	Oct. 19, 2020	Oct. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents				$ 6,348,000		$ 6,348,000		$ 5,286,000
Accumulated deficit				257,681,000		257,681,000		230,864,000
Stockholders’ deficit				255,176,000	$ 222,059,000	$ 255,176,000	$ 222,059,000	228,539,000	$ 246,445,000	$ 238,234,000	$ 212,519,000	$ 205,713,000	$ 198,030,000
Number of operating segments \| segment						1
Comprehensive loss						$ 0	0
Allowance for doubtful accounts				200,000		200,000		200,000
Impairment of long-lived assets						0	0
Goodwill impairments loss				0	$ 0	0	$ 0
Deferred revenue				5,673,000		$ 5,673,000		1,283,000
Patent
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life						10 years
Developed Technology
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life						9 years
Minimum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful Lives						3 years
Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful Lives						5 years
Other Current Assets
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Restricted cash				200,000		$ 200,000		200,000
Inventory balances				3,200,000		3,200,000		800,000
Deferred offering costs				1,400,000		1,400,000		0
Money Market Funds
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents				4,800,000		4,800,000		$ 4,800,000
Testing Services
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Deferred revenue				$ 3,500,000		$ 3,500,000
Accounts Receivable \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						17.00%		18.00%
Accounts Receivable \| Diagnostic Tests \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						61.00%	58.00%
Diagnostic Test Revenue \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				63.00%	57.00%	61.00%	58.00%
Customer One \| Accounts Receivable \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						10.00%		44.00%
Customer One \| Accounts Receivable \| Diagnostic Tests \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						35.00%		0.00%
Two Service Customers \| Service Revenue \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						53.00%	85.00%
Health Care Provider \| Diagnostic Test Revenue \| Customer Concentration Risk
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				62.00%		42.00%
IPO
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Reverse stock split, description						0.1684664-for-1
IPO \| Subsequent Event
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Net proceeds	$ 63,000,000.0		$ 63,000,000.0
Reverse stock split ratio		0.1684664
Shares of common stock issued and sold \| shares	4,000,000
Common stock price per share \| $ / shares	$ 18.00
Convertible preferred stock and convertible notes payable converted into shares of common stock \| shares	21,939,025

Description of Business and Summary of Significant Accounting Policies - Summary of Revenue from Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 9,193	$ 3,942	$ 18,528	$ 16,281
Diagnostic Tests
Disaggregation Of Revenue [Line Items]
Revenues	8,552	3,770	15,798	12,716
Services
Disaggregation Of Revenue [Line Items]
Revenues	$ 641	$ 172	$ 2,730	$ 3,565

- Definition

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

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+ Details

Description of Business and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator
Net loss attributable to common stockholders	$ (8,845)	$ (8,266)	$ (9,706)	$ (9,601)	$ (6,856)	$ (7,744)	$ (26,817)	$ (24,201)
Denominator
Weighted-average shares outstanding, basic and diluted	277			244			269	233
Net loss per share, basic and diluted	$ (31.93)			$ (39.35)			$ (99.69)	$ (103.87)

- Definition

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

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+ Details

Description of Business and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	143,538	139,973
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	119,257	119,257
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	2,843	2,010
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	613	2,440
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	79	26
Convertible Debt
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	20,746	16,240

Business Combinations - Additional Information (Details) $ in Thousands			9 Months Ended
	Oct. 31, 2019 USD ($)	Jun. 30, 2018 USD ($) Installment shares	Sep. 30, 2020 USD ($)
Oncimmune Limited
Business Acquisition [Line Items]
Total consideration amount	$ 1,206		$ 1,200
Business acquisition description			quarterly installments commencing 30 days following the closing of the transaction.
Cash	1,206
Integrated Diagnostics, Inc
Business Acquisition [Line Items]
Total consideration amount		$ 27,587
Business acquisition description			requires additional consideration to be paid by the Company to Indi based on the Milestone of the attainment of a three consecutive month
Cash		$ 8,000
Preferred stock issued \| shares		10,694,904
Contingent consideration fair value		$ 19,600
Shares issued \| shares		10,649,904
Shares deposited in an escrow account \| shares		2,129,981
Business acquisition contingent consideration gross margin target		$ 2,000
Business acquisition contingent consideration gross margin target period		7 years
Contingent consideration number of installments \| Installment		8
Undiscounted contingent consideration payment		$ 37,000
Fair value of contingent consideration recognized		$ 19,600
Acquired technology discount rate		37.50%
Integrated Diagnostics, Inc \| Series G Convertible Preferred Stock
Business Acquisition [Line Items]
Business acquisition description			. If Indi elects not to exercise these options, the Company has 12 months to settle the contingent consideration
Preferred stock issued \| shares		10,649,604
Contingent consideration number of installments \| Installment		2
Contingent consideration shares \| shares		14,959,114
License Rights \| Oncimmune Limited \| United States
Business Acquisition [Line Items]
Payments to acquire license rights	$ 9,000

Business Combinations - Summary of Aggregate Consideration Paid by Company and Allocation of Purchase Price (Details) - USD ($) $ in Thousands			9 Months Ended
	Oct. 31, 2019	Jun. 30, 2018	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 11,631	$ 11,631
Oncimmune Limited
Business Acquisition [Line Items]
Cash	$ 1,206
Total fair value of consideration transferred	1,206		$ 1,200
Deposit	6
Inventory	14
Property and equipment	241
Purchase option	121
Goodwill	827
Accrued liabilities	(3)
Total	$ 1,206
Integrated Diagnostics, Inc
Business Acquisition [Line Items]
Cash		$ 8,000
Preferred stock issued - 10,694,904 shares		7,987
Contingent consideration		19,600
Total fair value of consideration transferred		27,587
Prepaid expenses and other assets		50
Inventory		394
Property and equipment		316
Technology		16,900
Goodwill		10,804
Liabilities		(877)
Total		$ 27,587

Business Combinations - Summary of Aggregate Consideration Paid by Company and Allocation of Purchase Price Parenthetical (Details)	Jun. 30, 2018 shares
Integrated Diagnostics, Inc
Business Acquisition [Line Items]
Preferred stock issued	10,694,904

Business Combinations - Summary of Intangible Assets Acquired Amortization Method And Estimated Useful Lives (Details) - Integrated Diagnostics, Inc - Technology $ in Thousands	Jun. 30, 2018 USD ($)
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	9 years
Amortization Method	Straight-line
Fair Value	$ 16,900

Fair Value Accounting - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Warrant Liability
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities	$ 403	$ 372
Contingent Value Rights
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities		60
Contingent Consideration
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities	30,071	29,114
Put Option Liability
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities	6,650	3,261
Level 3 \| Warrant Liability
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities	403	372
Level 3 \| Contingent Value Rights
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities		60
Level 3 \| Contingent Consideration
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities	30,071	29,114
Level 3 \| Put Option Liability
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Total liabilities	$ 6,650	$ 3,261

Fair Value Accounting - Schedule of Unobservable Inputs to Calculate Fair Value of Liabilities Classified as Level 3 Liabilities (Details) - Level 3 - Fair Value, Recurring $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Warrant Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 372
Change in fair value	31
Ending balance	403
Contingent Value Rights
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	60
Change in fair value	(60)
Put Option Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	3,261
Additions	3,389
Ending balance	6,650
Contingent Consideration
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	29,114
Change in fair value	(1,944)
Accretion	2,901
Ending balance	$ 30,071

Fair Value Accounting - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2020	Jan. 31, 2016	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2018
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in contingent consideration					$ 957,000	$ 3,188,000
Minimum
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of probabilities of contingent consideration successful achievement milestone discount rates range					12.20%
Maximum
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of probabilities of contingent consideration successful achievement milestone discount rates range					13.50%
Integrated Diagnostics, Inc
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration recognized on acquisition date							$ 19,600,000
Change in contingent consideration resulting from the accretion of the liability offset			$ 1,000,000.0		$ 2,900,000
Change in contingent consideration due to the impact of the deceleration of expected revenue and decreases in expected costs			0		1,900,000
Change in contingent consideration						3,200,000
Change in contingent consideration resulting from the impact of the acceleration of expected revenue and decreases in expected costs						700,000
Change in contingent consideration resulting from accretion of liability				$ 900,000		$ 2,500,000
Series F Preferred Stock
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Calculated number of contingent value rights received by investors, if financing raised exceed the amount		$ 20,202,323
Contingent value rights shares		3,999
Contingent value rights	$ 0	$ 500,000	0		0
Net proceeds percentage of cash payment to the CVR holders		15.00%
Development and regulatory costs payable	$ 300,000		$ 300,000		$ 300,000
Drug Ficlatuzumab \| Series F Preferred Stock
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent value right, percentage multiplier		0.00375%
AVEO Oncology \| Series F Preferred Stock
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of development and regulatory costs exercised using opt-out right	50.00%

Balance Sheet Disclosures- Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 9,487	$ 8,506
Less accumulated depreciation	(6,482)	(6,386)
Total property and equipment	3,005	2,120
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,741	4,221
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,778	1,894
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	871	869
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	424	427
Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	633	503
Construction in Process
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 40	$ 592

Balance Sheet Disclosures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 0.2	$ 0.2	$ 0.6	$ 0.6
Amortization expense	$ 0.5	$ 0.5	$ 1.6	$ 1.5

Balance Sheet Disclosures- Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 13,593
Trademarks (indefinite life)	74	$ 71
Total intangible assets	13,667	15,092
Patent
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,393	1,245
Less accumulated amortization	(475)	(411)
Finite-lived intangible assets, net	918	834
Purchased Technology
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	16,900	16,900
Less accumulated amortization	(4,225)	(2,817)
Finite-lived intangible assets, net	$ 12,675	14,083
Purchase Option
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		121
Less accumulated amortization		(17)
Finite-lived intangible assets, net		$ 104

Balance Sheet Disclosures - Schedule of Amortization Related to Remaining Net Intangible Assets Schedule to Amortize (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Balance Sheet Related Disclosures [Abstract]
Remainder of 2020	$ 489
2021	1,944
2022	1,938
2023	1,936
2024	1,927
Thereafter	5,359
Finite-lived intangible assets, net	$ 13,593

Balance Sheet Disclosures - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Compensation related accruals	$ 2,688	$ 1,165
Accrued clinical trial expense	699	620
Other expenses	3,566	2,352
Warrant liability, current		43
Total accrued liabilities	$ 6,953	$ 4,180

Convertible Notes Payable - Additional Information (Details) - USD ($)	1 Months Ended						2 Months Ended
	Oct. 31, 2020	Aug. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020
Short Term Debt [Line Items]
Estimated value of put option liability						$ 3,261,000		$ 6,650,000
March 2020 Notes
Short Term Debt [Line Items]
Convertible notes payable				$ 10,000,000
Convertible notes, maturity date				Aug. 31, 2020
Extended debt instrument date		Jun. 30, 2021
Interest rate				3.00%
Percentage of conversion price per share of preferred stock				80.00%
Estimated value of put option liability				$ 2,500,000
Unamortized debt discount								0
March 2020 Notes \| Subsequent Event
Short Term Debt [Line Items]
Debt instrument converted to common stock	703,503
Percentage of conversion price per share of common stock	80.00%
March 2020 Notes \| Subsequent Event \| Common Stock
Short Term Debt [Line Items]
Conversion price	$ 14.40
March 2020 Notes \| Series H Convertible Preferred Stock
Short Term Debt [Line Items]
Conversion rate				80.00%
Conversion price				$ 1.15
March 2020 Notes \| First Tranche
Short Term Debt [Line Items]
Convertible notes payable				$ 5,000,000
March 2020 Notes \| Second Tranche
Short Term Debt [Line Items]
Convertible notes payable			$ 5,000,000
December 2019 Notes
Short Term Debt [Line Items]
Convertible notes payable						$ 6,000,000
Convertible notes, maturity date						Aug. 31, 2020
Extended debt instrument date		Jun. 30, 2021
Interest rate						3.00%
Percentage of conversion price per share of preferred stock						80.00%
Estimated value of put option liability						$ 1,500,000
Unamortized debt discount						$ 700,000		$ 0
December 2019 Notes \| Subsequent Event
Short Term Debt [Line Items]
Debt instrument converted to common stock	426,386
Percentage of conversion price per share of common stock	80.00%
December 2019 Notes \| Subsequent Event \| Common Stock
Short Term Debt [Line Items]
Conversion price	$ 14.40
December 2019 Notes \| Series H Convertible Preferred Stock
Short Term Debt [Line Items]
Conversion rate						80.00%
Conversion price						$ 1.15
December 2019 Notes \| First Tranche
Short Term Debt [Line Items]
Convertible notes payable						$ 3,000,000
December 2019 Notes \| Second Tranche
Short Term Debt [Line Items]
Convertible notes payable					$ 3,000,000
August 2019 Notes
Short Term Debt [Line Items]
Convertible notes payable							$ 10,000,000
Convertible notes, maturity date							Aug. 31, 2020
Extended debt instrument date		Jun. 30, 2021
Interest rate							3.00%
Percentage of conversion price per share of preferred stock						80.00%	95.00%
Estimated value of put option liability						$ 2,500,000	$ 500,000
Unamortized debt discount						300,000	$ 0
Increase to put option liability						$ 2,000,000
August 2019 Notes \| Subsequent Event
Short Term Debt [Line Items]
Debt instrument converted to common stock	718,391
Percentage of conversion price per share of common stock	80.00%
August 2019 Notes \| Subsequent Event \| Common Stock
Short Term Debt [Line Items]
Conversion price	$ 14.40
August 2019 Notes \| Series H Convertible Preferred Stock
Short Term Debt [Line Items]
Conversion rate						80.00%
Conversion price						$ 1.15	$ 1.15

Convertible Notes Payable - Summary of Convertible Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Short Term Debt [Line Items]
Convertible notes payable	$ 26,600	$ 12,159
Accrued interest	600	114
Unamortized debt discount		(1,000)
March 2020 Notes
Short Term Debt [Line Items]
Convertible notes payable	10,000
December 2019 Notes
Short Term Debt [Line Items]
Convertible notes payable	6,000	3,045
August 2019 Notes
Short Term Debt [Line Items]
Convertible notes payable	$ 10,000	$ 10,000

Long-Term Debt - Additional Information (Details) - USD ($)	1 Months Ended		9 Months Ended
	Apr. 30, 2020	Feb. 28, 2018	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Facility fee amount			$ 238,000	$ 170,000
PPP Loan
Debt Instrument [Line Items]
Loan description			The PPP Loan matures on the two-year anniversary of the funding date and bears interest at a fixed rate of 1.00% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (as discussed below), will commence after the ten-month anniversary of the funding date. The Company did not provide any collateral or guarantees in connection with the PPP Loan, nor did the Company pay any facility charge to obtain the PPP Loan.
PPP Loan \| Interest-bearing Deposits
Debt Instrument [Line Items]
Interest rate	1.00%
PPP Loan \| CARES Act
Debt Instrument [Line Items]
Loan principle amount	$ 3,100,000
Percentage for non-payroll costs	40.00%
Upper limit of employee salary to reduce forgiveness	$ 100,000
Percentage of upper limit of employee salary to reduce forgiveness	25.00%
PPP Loan \| CARES Act \| Minimum
Debt Instrument [Line Items]
Payroll costs excludes compensation of an employee	$ 100,000
2018 Notes
Debt Instrument [Line Items]
Loan principle amount		$ 23,000,000	$ 24,543,000	24,088,000
Interest rate		10.00%
Maturity date, description			Feb. 28, 2023
Percentage of facility fee		1.00%
Facility fee amount		$ 200,000
Fair value of warrants issued		$ 300,000
Percentage of interest rate, paid in cash		7.50%
Percentage of interest rate added to principal value of notes payable		2.50%
Frequency of periodic payment			The Company is required to make quarterly interest payments beginning in June 2018 and outstanding principal is due in 24 equal installments commencing in March 2021
Interest added to principal value			$ 1,500,000	$ 1,100,000
Debt instrument, prepayment penalty		3.00%
Debt instrument, back-end facility fee		2.00%
Debt instrument, additional interest expense fee		2.00%
Debt instrument, default amount			$ 0
2018 Notes \| Series G Convertible Preferred Stock
Debt Instrument [Line Items]
Warrant issued to purchase shares		613,333
Exercise price		$ 0.75
2018 Notes \| Minimum
Debt Instrument [Line Items]
Early amortization of loan payment schedule		24 months
2018 Notes \| Maximum
Debt Instrument [Line Items]
Early amortization of loan payment schedule		36 months

Long-Term Debt - Summary of Long-term Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Feb. 28, 2018
Debt Instrument [Line Items]
Other	$ 6	$ 12
Facility fee amount	238	170
Unamortized debt discount and debt issuance costs	(349)	(458)
Notes payable, total	24,438	23,812
Less: current maturities	(7,202)
Long‑term notes payable	17,236	23,812
2018 Notes
Debt Instrument [Line Items]
2018 Notes	$ 24,543	$ 24,088	$ 23,000
Facility fee amount			$ 200

Long-Term Debt - Summary of Maturities of Long-term Obligations (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Maturities Of Long Term Debt [Abstract]
2021	$ 10,318
2022	12,199
2023	2,270
Long-term debt	$ 24,787

Income Taxes - Additional Information (Details)	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2020 USD ($)
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0

- Definition

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

+ References + Details

Commitments - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 02, 2020	Sep. 30, 2020	Aug. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 31, 2016
Loss Contingencies [Line Items]
Rent expense						$ 1,500	$ 1,600
Research and development				$ 2,706	$ 2,359	$ 7,713	7,966
Revenue Share Agreement \| Oncimmune Limited
Loss Contingencies [Line Items]
Percentage of revenue share payment related to acquired diagnostic test recognized revenue for non-screening tests						8.00%
Minimum annual volume percentage thereafter						5.00%
Period of escalations of sales						through the first four years of sales
Revenue share expenses				0		$ 200
Bio-Rad License
Loss Contingencies [Line Items]
Percentage of royalty payments on net revenue			2.50%
License expiry date			2024-08
Royalty expense						100	0
AVEO Oncology
Loss Contingencies [Line Items]
Research and development				$ 300	$ 700	$ 1,000	$ 900
AVEO Oncology \| Scenario
Loss Contingencies [Line Items]
Remaining estimated obligation	$ 300
AVEO Oncology \| NSCLC POC Trial
Loss Contingencies [Line Items]
Responsible percentage of development and regulatory costs								50.00%
Ficlatuzumab \| AVEO Oncology
Loss Contingencies [Line Items]
Percentage of development and regulatory costs exercised using opt-out right		50.00%
Ficlatuzumab \| AVEO Oncology \| Scenario
Loss Contingencies [Line Items]
Percentage of royalty payments on net sales	10.00%
Percentage of license income generated from licensing	25.00%
BDX004 \| Ficlatuzumab \| AVEO Oncology \| POC Clinical Trials
Loss Contingencies [Line Items]
Responsible percentage of development and regulatory costs								50.00%

Commitments - Summary of Future Minimum Lease Payments for Operating Lease Obligations, Net of Sublease Income (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
Remainder of 2020	$ 246
2021	828
2022	729
2023	112
Total	$ 1,915

Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Shares Authorized	185,432,719			174,237,067
Shares Issued	118,766,273			118,766,273
Shares Outstanding	118,766,273			118,766,273
Defined Original Issue Price	$ 0.001			$ 0.001
Liquidation Preference	$ 202,582			$ 202,582
Series H
Class Of Stock [Line Items]
Shares Authorized	53,031,883
Shares Issued	23,923,188						8,695,621	8,695,621
Shares Outstanding	23,923,188	23,923,000	23,923,000	23,923,000	23,923,000	23,923,000	23,923,000		15,228,000
Defined Original Issue Price	$ 1.15						$ 1.15	$ 1.15
Liquidation Preference	$ 27,512
Series G
Class Of Stock [Line Items]
Shares Authorized	76,464,035
Shares Issued	46,146,517
Shares Outstanding	46,146,517	46,147,000	46,147,000	46,147,000	46,147,000	46,147,000	46,147,000		46,147,000
Defined Original Issue Price	$ 0.75
Liquidation Preference	$ 34,610
Series F Preferred Stock
Class Of Stock [Line Items]
Shares Authorized	19,468,203
Shares Issued	19,468,203
Shares Outstanding	19,468,203	19,468,000	19,468,000	19,468,000	19,468,000	19,468,000	19,468,000		19,468,000
Defined Original Issue Price	$ 1.50
Liquidation Preference	$ 29,202
Series E
Class Of Stock [Line Items]
Shares Authorized	13,972,954
Shares Issued	7,639,556
Shares Outstanding	7,639,556	7,640,000	7,640,000	7,640,000	7,640,000	7,640,000	7,640,000		7,640,000
Defined Original Issue Price	$ 5.00
Liquidation Preference	$ 38,198
Series D
Class Of Stock [Line Items]
Shares Authorized	11,781,710
Shares Issued	10,874,876
Shares Outstanding	10,874,876	10,875,000	10,875,000	10,875,000	10,875,000	10,875,000	10,875,000		10,875,000
Defined Original Issue Price	$ 4.00
Liquidation Preference	$ 43,499
Series C
Class Of Stock [Line Items]
Shares Authorized	2,356,597
Shares Issued	2,356,596
Shares Outstanding	2,356,596	2,357,000	2,357,000	2,357,000	2,357,000	2,357,000	2,357,000		2,357,000
Defined Original Issue Price	$ 3.00
Liquidation Preference	$ 7,070
Series B‑1
Class Of Stock [Line Items]
Shares Authorized	2,998,852
Shares Issued	2,998,852
Shares Outstanding	2,998,852	2,999,000	2,999,000	2,999,000	2,999,000	2,999,000	2,999,000		2,999,000
Defined Original Issue Price	$ 3.20
Liquidation Preference	$ 9,596
Series B
Class Of Stock [Line Items]
Shares Authorized	3,641,817
Shares Issued	3,641,817
Shares Outstanding	3,641,817	3,642,000	3,642,000	3,642,000	3,642,000	3,642,000	3,642,000		3,642,000
Defined Original Issue Price	$ 2.75
Liquidation Preference	$ 10,015
Series A‑3
Class Of Stock [Line Items]
Shares Authorized	750,000
Shares Issued	750,000
Shares Outstanding	750,000	750,000	750,000	750,000	750,000	750,000	750,000		750,000
Defined Original Issue Price	$ 2.24
Liquidation Preference	$ 1,680
Series A‑2
Class Of Stock [Line Items]
Shares Authorized	266,668
Shares Issued	266,668
Shares Outstanding	266,668	267,000	267,000	267,000	267,000	267,000	267,000		267,000
Defined Original Issue Price	$ 1.50
Liquidation Preference	$ 400
Series A‑1
Class Of Stock [Line Items]
Shares Authorized	700,000
Shares Issued	700,000
Shares Outstanding	700,000	700,000	700,000	700,000	700,000	700,000	700,000		700,000
Defined Original Issue Price	$ 1.14
Liquidation Preference	$ 800

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Mar. 31, 2019 USD ($) $ / shares shares	Feb. 28, 2019 USD ($) $ / shares shares	Sep. 30, 2020 $ / shares shares	Sep. 30, 2019 USD ($)	Dec. 31, 2019 $ / shares shares
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			118,766,273		118,766,273
Convertible preferred stock, par value			$ 0.001		$ 0.001
Proceeds from issuance of series H preferred stock \| $				$ 10,000
Conversion of stocks, description			The holders of Series A-1, Series A-2, and Series A-3 (collectively, “Series A”); Series B and Series B-1 (collectively, “Combined Series B”); Series C; Series D; Series E; Series F, Series G, and Series H are entitled to convert their shares into common stock at the option of the holder, at any time, into fully paid and non‑assessable shares of common stock. The number of shares of common stock to which a holder of the Series A, Combined Series B, Series C, Series D, Series E, Series F, Series G, and Series H (collectively, “Series Preferred”) can convert is obtained by multiplying the conversion rate that is in effect by the number of shares of Series Preferred being converted. The conversion rate is determined by dividing the original issue price by the applicable conversion price (initially the original issue price for all classes of Series Preferred except Series B‑1, for which the conversion price is initially $2.75). As a result of the reverse stock split effected in October 2020, the conversion rate for the Series Preferred is 0.1684664 per share. Following the closing of the IPO in October 2020, each share of Series Preferred automatically converted into shares of common stock (based on the then‑effective Series Preferred conversion price).
Preferred stock, voting rights			one vote for each share of common stock on an as‑if‑converted basis.
Preferred stock, redemption terms			Series Preferred stockholders are subject to automatic redemption in the consolidation or merger of the Company or sale of all or substantially all of the Company's assets in which the stockholders of the Company immediately prior to the transaction hold less than 50% of the outstanding securities of the surviving entity.
Maximum
Class Of Stock [Line Items]
Percentage of outstanding share holders required for automatic stock conversion			50.00%
Reverse Stock Split
Class Of Stock [Line Items]
Preferred stock conversion rate			0.1684664
Series H Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares	8,695,621	8,695,621	23,923,188
Convertible preferred stock, par value	$ 1.15	$ 1.15	$ 1.15
Proceeds from issuance of series H preferred stock \| $	$ 10,000	$ 10,000
Preferred stock dividends rate			8.00%
Series B-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			2,998,852
Convertible preferred stock, par value			$ 3.20
Preferred stock conversion price			$ 2.75
Series G Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			46,146,517
Convertible preferred stock, par value			$ 0.75
Preferred stock dividends rate			8.00%
Series F Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			19,468,203
Convertible preferred stock, par value			$ 1.50
Preferred stock dividends rate			8.00%
Series E Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			7,639,556
Convertible preferred stock, par value			$ 5.00
Preferred stock dividends rate			8.00%
Series D Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			10,874,876
Convertible preferred stock, par value			$ 4.00
Preferred stock dividends rate			8.00%
Series C Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, issued \| shares			2,356,596
Convertible preferred stock, par value			$ 3.00
Preferred stock dividends rate			8.00%
Combined Series B
Class Of Stock [Line Items]
Preferred stock dividends rate			8.00%
Series A
Class Of Stock [Line Items]
Preferred stock dividends rate			8.00%

Stock Options - Additional Information (Details) - USD ($)	1 Months Ended		9 Months Ended
	Feb. 29, 2016	May 31, 2006	Sep. 30, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term			5 years 7 months 17 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units outstanding			79,000	26,000
Restricted stock units vested			0
2006 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted termination period		10 years
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted termination period	10 years
Additional stock awards granted	0
Net of estimated forfeitures percentage			10.00%
Unrecognized remaining stock based compensation balance			$ 500,000
Amortization period			3 years
Stock Options Outside 2006 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized remaining stock based compensation balance			$ 0
Stock options issued			205,199
Expected term			5 years
Options outstanding and exercisable			173,233
Weighted average exercise price			$ 11.11
Weighted average remaining life			6 years
Maximum \| 2006 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized		831,389
Maximum \| 2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	1,431,964

Stock Options - Summary of Activity for Options and Restricted Stock Units (RSUs) Outstanding (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Outstanding ‑ December 31, 2019 \| shares	1,916
Stock Options, Granted \| shares	829
Stock Options, Forfeited/canceled \| shares	(40)
Stock Options, Exercised \| shares	(35)
Stock Options, Outstanding ‑ September 30, 2020 \| shares	2,670
Weighted Average Exercise Price, Outstanding ‑ December 31, 2019 \| $ / shares	$ 1.73
Weighted Average Exercise Price, Granted \| $ / shares	2.67
Weighted Average Exercise Price, Forfeited/canceled \| $ / shares	0.83
Weighted Average Exercise Price, Exercised \| $ / shares	0.53
Weighted Average Exercise Price, Outstanding ‑ September 30, 2020 \| $ / shares	$ 2.05
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs, Outstanding ‑ December 31, 2019 \| shares	26
RSUs, Granted \| shares	53
RSUs, Outstanding ‑ September 30, 2020 \| shares	79
Weighted Average Grant Date Value Per Share, Outstanding ‑ December 31, 2019 \| $ / shares	$ 0.78
Weighted Average Grant Date Value Per Share, Granted \| $ / shares	0.78
Weighted Average Grant Date Value Per Share, Outstanding ‑ September 30, 2020 \| $ / shares	$ 0.78

Stock Options - Composition of Options Outstanding and Exercisable (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Options Outstanding, Number \| shares	2,670
Option Outstanding, Price	$ 2.05
Options Outstanding, Life (years)	7 years 8 months 12 days
Options Exercisable, Number \| shares	1,267
Options Exercisable, Price	$ 2.79
$0.42 - $0.83
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Prices, Lower Range Limit	0.42
Exercise Prices, Upper Range Limit	$ 0.83
Options Outstanding, Number \| shares	1,922
Option Outstanding, Price	$ 0.65
Options Outstanding, Life (years)	7 years 10 months 24 days
Options Exercisable, Number \| shares	711
Options Exercisable, Price	$ 0.65
$2.61 - $3.74
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Prices, Lower Range Limit	2.61
Exercise Prices, Upper Range Limit	$ 3.74
Options Outstanding, Number \| shares	157
Option Outstanding, Price	$ 3.15
Options Outstanding, Life (years)	2 years 8 months 12 days
Options Exercisable, Number \| shares	136
Options Exercisable, Price	$ 3.38
$4.39 - $4.45
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Prices, Lower Range Limit	4.39
Exercise Prices, Upper Range Limit	$ 4.45
Options Outstanding, Number \| shares	113
Option Outstanding, Price	$ 4.39
Options Outstanding, Life (years)	4 years
Options Exercisable, Number \| shares	113
Options Exercisable, Price	$ 4.39
$6.83
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Prices	$ 6.83
Options Outstanding, Number \| shares	478
Option Outstanding, Price	$ 6.83
Options Outstanding, Life (years)	9 years 2 months 12 days
Options Exercisable, Number \| shares	307
Options Exercisable, Price	$ 6.83

Stock Options - Summary of Weighted Average Assumptions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Approximate risk‑free rate	0.50%
Average expected life	5 years 7 months 17 days
Volatility	77.00%
Estimated fair value of total options granted	$ 362

Stock Options - Impact of Employee Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 100	$ 45	$ 155	$ 125
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	10	10	20	25
Sales, Marketing, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 90	$ 35	$ 135	$ 100

Warrants for Convertible Preferred Stock - Summary of Activity for Convertible Preferred Stock Warrants Outstanding (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Series E Convertible Preferred Stock Warrants
Class Of Warrant Or Right [Line Items]
Outstanding ‑ December 31, 2019, warrants \| shares	925
Forfeited/canceled, warrants \| shares	(925)
Weighted average exercise price, Outstanding ‑ December 31, 2019 \| $ / shares	$ 5.00
Weighted average exercise price, Forfeited/canceled \| $ / shares	$ (5.00)
Series G Convertible Preferred Stock Warrants
Class Of Warrant Or Right [Line Items]
Outstanding ‑ December 31, 2019, warrants \| shares	613
Outstanding ‑ September 30, 2020, warrants \| shares	613
Weighted average remaining contractual life at September 30, 2020	7 years 6 months
Weighted average exercise price, Outstanding ‑ December 31, 2019 \| $ / shares	$ 0.75
Weighted average exercise price,Outstanding ‑ September 30, 2020 \| $ / shares	$ 0.75