$SGHT
Sight Sciences, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016878 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $18.68M $17.23M $14.88M
YoY Change 42.56% 37.45% 72.33%
Cost Of Revenue $2.928M $2.736M $3.033M
YoY Change 42.0% 18.7% 31.81%
Gross Profit $15.75M $14.49M $11.85M
YoY Change 42.67% 41.67% 87.05%
Gross Profit Margin 84.32% 84.12% 79.62%
Selling, General & Admin $31.54M $31.43M $28.40M
YoY Change 51.71% 76.98% 95.15%
% of Gross Profit 200.27% 216.87% 239.66%
Research & Development $6.053M $5.926M $5.646M
YoY Change 41.46% 67.12% 64.13%
% of Gross Profit 38.43% 40.89% 47.65%
Depreciation & Amortization $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 100.0%
% of Gross Profit 1.27% 1.38% 1.69%
Operating Expenses $37.59M $37.36M $34.04M
YoY Change 49.96% 75.34% 89.22%
Operating Profit -$21.85M -$22.86M -$22.19M
YoY Change 55.7% 106.43% 90.4%
Interest Expense $1.131M $1.065M $1.046M
YoY Change 0.8% -1.57% -3.51%
% of Operating Profit
Other Income/Expense, Net $766.0K $95.00K -$15.00K
YoY Change -138.28% -101.75% -102.72%
Pretax Income -$22.21M -$23.83M -$23.25M
YoY Change 29.48% 35.47% 90.79%
Income Tax $19.00K $9.000K $9.000K
% Of Pretax Income
Net Earnings -$22.23M -$23.84M -$23.26M
YoY Change 29.47% 35.36% 90.06%
Net Earnings / Revenue -119.02% -138.39% -156.33%
Basic Earnings Per Share -$0.46 -$0.50 -$0.49
Diluted Earnings Per Share -$0.46 -$499.8K -$489.0K
COMMON SHARES
Basic Shares Outstanding 47.83M 47.59M 47.59M
Diluted Shares Outstanding 47.91M 47.70M 47.57M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $199.8M $220.1M $238.6M
YoY Change -26.4% 518.74% 393.69%
Cash & Equivalents $199.8M $220.1M $238.6M
Short-Term Investments
Other Short-Term Assets $4.411M $2.035M $2.693M
YoY Change -1.83% -13.73% 158.94%
Inventory $5.520M $4.940M $4.082M
Prepaid Expenses
Receivables $12.59M $10.47M $9.949M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $222.3M $237.5M $255.3M
YoY Change -22.75% 401.22% 343.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.568M $1.717M $1.714M
YoY Change 10.42% 21.09% 8.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.0K $236.0K $191.0K
YoY Change 10.99% -93.19% -86.45%
Total Long-Term Assets $2.891M $3.203M $3.280M
YoY Change -10.05% -37.39% 9.48%
TOTAL ASSETS
Total Short-Term Assets $222.3M $237.5M $255.3M
Total Long-Term Assets $2.891M $3.203M $3.280M
Total Assets $225.2M $240.7M $258.6M
YoY Change -22.61% 358.48% 327.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.239M $2.725M $3.074M
YoY Change 76.13% -15.48% 2.13%
Accrued Expenses $4.350M $3.525M $3.518M
YoY Change 69.33% -10.05% -44.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $17.39M $14.20M $12.00M
YoY Change 68.55% 17.71% 29.06%
LONG-TERM LIABILITIES
Long-Term Debt $33.16M $32.98M $32.82M
YoY Change 2.07% 2.11% 2.16%
Other Long-Term Liabilities $1.751M $1.809M $1.862M
YoY Change -22.97% -77.68% -27.86%
Total Long-Term Liabilities $34.91M $34.79M $34.68M
YoY Change 0.43% -13.89% -0.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.39M $14.20M $12.00M
Total Long-Term Liabilities $34.91M $34.79M $34.68M
Total Liabilities $52.30M $48.99M $46.68M
YoY Change 16.02% -6.63% 6.08%
SHAREHOLDERS EQUITY
Retained Earnings -$222.3M -$200.1M -$176.3M
YoY Change 62.14% 66.89%
Common Stock $395.3M $391.9M $388.2M
YoY Change 3.19% 14931.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $172.9M $191.8M $211.9M
YoY Change
Total Liabilities & Shareholders Equity $225.2M $240.7M $258.6M
YoY Change -22.61% 358.48% 327.19%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$22.23M -$23.84M -$23.26M
YoY Change 29.47% 35.36% 90.06%
Depreciation, Depletion And Amortization $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 100.0%
Cash From Operating Activities -$20.19M -$18.31M -$21.97M
YoY Change 22.29% 47.19% 70.68%
INVESTING ACTIVITIES
Capital Expenditures -$272.0K -$342.0K $227.0K
YoY Change -5.23% 29.06% 118.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$272.0K -$342.0K -$227.0K
YoY Change -5.23% 29.06% 118.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 186.0K 158.0K 92.00K
YoY Change -99.93% -392.59% -143.81%
NET CHANGE
Cash From Operating Activities -20.19M -18.31M -21.97M
Cash From Investing Activities -272.0K -342.0K -227.0K
Cash From Financing Activities 186.0K 158.0K 92.00K
Net Change In Cash -20.28M -18.49M -22.10M
YoY Change -108.6% 44.95% 67.64%
FREE CASH FLOW
Cash From Operating Activities -$20.19M -$18.31M -$21.97M
Capital Expenditures -$272.0K -$342.0K $227.0K
Free Cash Flow -$19.92M -$17.96M -$22.19M
YoY Change 22.77% 47.59% 71.06%

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299000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
13000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
599000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1594000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
176000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
186000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-40271000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25306000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
569000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
369000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-569000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-369000
sght Payments Of Stock Issuance Costs Related To Initial Public Offering
PaymentsOfStockIssuanceCostsRelatedToInitialPublicOffering
0
sght Payments Of Stock Issuance Costs Related To Initial Public Offering
PaymentsOfStockIssuanceCostsRelatedToInitialPublicOffering
471000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
250000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
207000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
250000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-264000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-40590000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-25939000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260687000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61511000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
220097000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35572000
us-gaap Interest Paid Net
InterestPaidNet
1548000
us-gaap Interest Paid Net
InterestPaidNet
1548000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
279000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
181000
sght Unpaid Initial Public Offering Costs In Accounts Payable And Accrued Liabilities
UnpaidInitialPublicOfferingCostsInAccountsPayableAndAccruedLiabilities
0
sght Unpaid Initial Public Offering Costs In Accounts Payable And Accrued Liabilities
UnpaidInitialPublicOfferingCostsInAccountsPayableAndAccruedLiabilities
2764000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Note 1. Company and Nature of Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:6.5pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:6.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of Business</span></p><p style="margin-left:10.373%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:6.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Sight Sciences, Inc. (the “Company”) was incorporated in the State of Delaware in 2010 and is headquartered in Menlo Park, California. The Company is an ophthalmic medical device company focused on the development and commercialization of surgical and nonsurgical technologies for the treatment of prevalent eye diseases.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Initial Public Offering</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In July 2021, the Company closed its initial public offering (“IPO”) of its common stock in which the Company issued and sold </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of its common stock, and sold an additional </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1,500,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock upon the full exercise of the underwriters’ option to purchase additional shares of the Company's common stock. These sales occurred at the initial public offering price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">24.00</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per share. The Company received net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">252.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million from the IPO, after deducting underwriting discounts and commissions of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">19.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million and offering costs of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">4.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">25,534,404</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock. Further, all outstanding redeemable convertible preferred stock warrants were converted into warrants to purchase </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">659,028</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In connection with the Company’s IPO, in July 2021, the Company’s certificate of incorporation was amended and restated to provide for </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">200,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> authorized shares of common stock with a par value of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">0.001</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per share and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> authorized shares of preferred stock with a par value of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">0.001</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per share.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Significant Risks and Uncertainties</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Since inception, the Company has incurred losses and negative cash flows from operations. As of June 30, 2022, the Company had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">200.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million and recorded a net loss of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">47.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million for the six months then ended and expects to incur future additional losses. If the Company’s revenue levels from its products are not sufficient or if the Company is unable to secure additional funding when desired, the Company may need to delay the development of its products and scale back its business and operations.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least 12 months from the issuance of its financial statements. Any failure to generate sufficient revenues, achieve planned gross margins, or control operating costs could require the Company to raise additional capital through equity or debt financing. Such additional financing may not be available on acceptable terms, or at all, and could require the Company to modify, delay, or abandon some of its planned future expansion or expenditures or reduce some of its ongoing operating costs, which could harm its business, operating results, financial condition, and ability to achieve its intended business objectives.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The ongoing COVID-19 pandemic has impacted, and is expected to continue to impact, demand for the Company's products, which are used in procedures and therapies that are considered elective. COVID-19 may also, directly or indirectly, have an unfavorable impact on other areas of the Company's business including, but not limited to, supply chain, sales, third party manufacturing, research and development costs and clinical studies. The full effect of the COVID-19 pandemic on the Company's financial condition and results of operations remains highly uncertain and cannot be predicted with confidence, and will depend on certain developments, including the duration and severity of the COVID-19 pandemic and its potential variants. The impact on the Company's customers and suppliers and the range of governmental and community reactions to the pandemic are uncertain. The Company may continue to experience reduced customer demand or constrained supply that could materially adversely impact business, financial condition, results of operations, liquidity and cash flows in future periods.</span></p>
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
252200000
us-gaap Net Income Loss
NetIncomeLoss
-47100000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, the fair value of the redeemable convertible preferred stock warrants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations.</span></p>
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3258000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2658000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1541000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1204000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1717000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1454000
CY2022Q2 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
400000
CY2021Q2 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
300000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3525000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2726000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
556000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
510000
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
266000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
275000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
839000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
655000
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5186000
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
4166000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
753000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1040000
CY2022Q2 sght Interest Payable Non Current
InterestPayableNonCurrent
1018000
CY2021Q4 sght Interest Payable Non Current
InterestPayableNonCurrent
841000
CY2022Q2 sght Other Non Current Liabilities
OtherNonCurrentLiabilities
38000
CY2021Q4 sght Other Non Current Liabilities
OtherNonCurrentLiabilities
38000
CY2022Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1809000
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1919000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1500000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1359
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
35000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
35000000
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2016000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2344000
CY2022Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
32984000
CY2021Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
32656000
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
32984000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
32656000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1458000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
17500000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
16042000
CY2022Q2 sght Long Term Debt Maturity After Year Three
LongTermDebtMaturityAfterYearThree
0
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
35000000
CY2021Q1 us-gaap Area Of Land
AreaOfLand
10823
CY2021Q1 sght Lease Commencement Date
LeaseCommencementDate
2021-08-01
CY2021Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P37M
CY2021Q1 sght Total Base Rent Under Lease Agreement
TotalBaseRentUnderLeaseAgreement
1600000
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CY2022Q2 us-gaap Operating Lease Expense
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us-gaap Employee Benefits And Share Based Compensation
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CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2022Q2 us-gaap Other Nonoperating Income Expense
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-29781000

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