2023 Q2 Form 10-Q Financial Statement
#000095017023023425 Filed on May 22, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $1.964M | $2.078M | $7.234M |
YoY Change | -66.77% | -71.27% | 4.0% |
Cost Of Revenue | $4.869M | $3.995M | $6.205M |
YoY Change | -4.17% | -35.62% | 7.17% |
Gross Profit | -$2.905M | -$1.917M | $1.029M |
YoY Change | -450.0% | -286.3% | -12.05% |
Gross Profit Margin | -147.91% | -92.25% | 14.22% |
Selling, General & Admin | $6.296M | $7.299M | $9.230M |
YoY Change | -19.53% | -20.92% | 48.8% |
% of Gross Profit | 896.99% | ||
Research & Development | $3.850M | $4.471M | $6.656M |
YoY Change | -52.02% | -32.83% | 55.88% |
% of Gross Profit | 646.84% | ||
Depreciation & Amortization | $267.0K | $300.0K | $300.0K |
YoY Change | 33.5% | 0.0% | -25.0% |
% of Gross Profit | 29.15% | ||
Operating Expenses | $10.15M | $11.77M | $15.89M |
YoY Change | -35.98% | -25.91% | 156.1% |
Operating Profit | -$13.05M | -$13.69M | -$14.86M |
YoY Change | -13.1% | -7.88% | 53.13% |
Interest Expense | $1.541M | $1.522M | $1.650M |
YoY Change | 14.49% | -7.76% | 62.88% |
% of Operating Profit | |||
Other Income/Expense, Net | $6.704M | -$4.278M | -$1.638M |
YoY Change | -322.35% | 161.17% | 70.98% |
Pretax Income | -$6.347M | -$17.97M | -$16.50M |
YoY Change | -64.81% | 8.91% | 54.74% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$6.347M | -$17.97M | -$16.50M |
YoY Change | -64.81% | 8.91% | 54.74% |
Net Earnings / Revenue | -323.17% | -864.53% | -228.02% |
Basic Earnings Per Share | -$0.08 | -$1.32 | -$4.86 |
Diluted Earnings Per Share | -$0.08 | -$1.32 | -$97.11K |
COMMON SHARES | |||
Basic Shares Outstanding | 24.89M | 20.28M | 3.397M |
Diluted Shares Outstanding | 80.92M | 13.63M | 3.397M |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $16.08M | $10.12M | $19.39M |
YoY Change | 21.74% | -47.81% | -41.8% |
Cash & Equivalents | $16.10M | $10.12M | $9.397M |
Short-Term Investments | $9.989M | ||
Other Short-Term Assets | $2.100M | $2.549M | $4.584M |
YoY Change | -32.17% | -44.39% | 68.53% |
Inventory | $4.337M | $4.936M | $5.172M |
Prepaid Expenses | |||
Receivables | $1.349M | $1.323M | $4.361M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $23.87M | $18.93M | $33.50M |
YoY Change | -3.37% | -43.51% | -24.86% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $4.572M | $4.801M | $4.778M |
YoY Change | 2.81% | 0.48% | 13.71% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $49.00K | $35.00K | $1.286M |
YoY Change | -68.59% | -97.28% | 94.85% |
Total Long-Term Assets | $13.26M | $13.81M | $15.54M |
YoY Change | -11.02% | -11.13% | -38.98% |
TOTAL ASSETS | |||
Total Short-Term Assets | $23.87M | $18.93M | $33.50M |
Total Long-Term Assets | $13.26M | $13.81M | $15.54M |
Total Assets | $37.13M | $32.73M | $49.04M |
YoY Change | -6.25% | -33.25% | -29.99% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $2.234M | $3.131M | $3.385M |
YoY Change | -57.29% | -7.5% | -13.43% |
Accrued Expenses | $10.40M | $5.162M | $8.950M |
YoY Change | 33.01% | -42.32% | 46.87% |
Deferred Revenue | $265.0K | $149.0K | |
YoY Change | 86.62% | ||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $50.57M | ||
YoY Change | |||
Total Short-Term Liabilities | $66.06M | $17.83M | $12.67M |
YoY Change | 400.73% | 40.68% | 21.86% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $50.11M | $48.26M |
YoY Change | -100.0% | 3.84% | 5.23% |
Other Long-Term Liabilities | $7.497M | $14.68M | $13.76M |
YoY Change | 59.21% | 6.69% | 277.5% |
Total Long-Term Liabilities | $7.497M | $64.79M | $62.02M |
YoY Change | 59.21% | 4.47% | 1601.43% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $66.06M | $17.83M | $12.67M |
Total Long-Term Liabilities | $7.497M | $64.79M | $62.02M |
Total Liabilities | $73.55M | $82.62M | $74.69M |
YoY Change | 310.89% | 10.61% | 5.76% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$558.5M | -$552.2M | -$488.7M |
YoY Change | 10.22% | 12.99% | 12.71% |
Common Stock | $522.1M | $502.3M | |
YoY Change | 11.27% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$36.40M | -$49.90M | -$25.65M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $37.13M | $32.73M | $49.04M |
YoY Change | -6.25% | -33.25% | -29.99% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$6.347M | -$17.97M | -$16.50M |
YoY Change | -64.81% | 8.91% | 54.74% |
Depreciation, Depletion And Amortization | $267.0K | $300.0K | $300.0K |
YoY Change | 33.5% | 0.0% | -25.0% |
Cash From Operating Activities | -$12.39M | -$12.94M | -$14.44M |
YoY Change | 24.42% | -10.39% | 65.84% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $33.00K | $120.0K | $29.00K |
YoY Change | -122.3% | 313.79% | -85.28% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Cash From Investing Activities | -$33.00K | -$120.0K | -$29.00K |
YoY Change | -100.34% | 313.79% | -101.14% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 18.39M | 11.85M | 1.202M |
YoY Change | 368.94% | 885.69% | 2167.92% |
NET CHANGE | |||
Cash From Operating Activities | -12.39M | -12.94M | -14.44M |
Cash From Investing Activities | -33.00K | -120.0K | -29.00K |
Cash From Financing Activities | 18.39M | 11.85M | 1.202M |
Net Change In Cash | 5.967M | -1.212M | -13.27M |
YoY Change | 56.41% | -90.87% | 117.44% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$12.39M | -$12.94M | -$14.44M |
Capital Expenditures | $33.00K | $120.0K | $29.00K |
Free Cash Flow | -$12.42M | -$13.06M | -$14.47M |
YoY Change | 26.63% | -9.74% | 62.49% |
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|
3397103 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3397103 | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-12903000 | |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
2552000 | |
CY2022Q1 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
231000 | |
CY2022Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-7000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-16495000 | |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-25651000 | |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-39655000 | |
CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1833000 | |
CY2023Q1 | ttoo |
Stock Issued During Period Value Issuance Of Common Stock And Pre Funded Warrant Upon Public Offering Net
StockIssuedDuringPeriodValueIssuanceOfCommonStockAndPreFundedWarrantUponPublicOfferingNet
|
4031000 | |
CY2023Q1 | ttoo |
Stock Issued During Period Value Issuance Of Common Stock Warrant Upon Cashless Exercises
StockIssuedDuringPeriodValueIssuanceOfCommonStockWarrantUponCashlessExercises
|
938000 | |
CY2023Q1 | ttoo |
Stock Issued During Period Value Issuance Of Common Stock Upon Pre Funded Warrant Exercises
StockIssuedDuringPeriodValueIssuanceOfCommonStockUponPreFundedWarrantExercises
|
2000 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-17965000 | |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-49886000 | |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-17965000 | |
CY2022Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-16495000 | |
CY2023Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
256000 | |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
286000 | |
CY2023Q1 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
321000 | |
CY2022Q1 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
294000 | |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1833000 | |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2552000 | |
CY2023Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-770000 | |
CY2023Q1 | ttoo |
Change In Fair Value Of Derivative Warrant Liability
ChangeInFairValueOfDerivativeWarrantLiability
|
-1304000 | |
CY2023Q1 | ttoo |
Issuance Costs Related To Common Stock Warrants
IssuanceCostsRelatedToCommonStockWarrants
|
682000 | |
CY2023Q1 | us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
-3000 | |
CY2023Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
526000 | |
CY2022Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
543000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-840000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-773000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-138000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1476000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
949000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1534000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1833000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
553000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-2211000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
502000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-1000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-161000 | |
CY2023Q1 | ttoo |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-320000 | |
CY2022Q1 | ttoo |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-278000 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-12940000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-14441000 | |
CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
120000 | |
CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
29000 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-120000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-29000 | |
CY2022Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
230000 | |
CY2023Q1 | ttoo |
Proceeds From Issuance Initial Public Offering Net Of Issuance Costs
ProceedsFromIssuanceInitialPublicOfferingNetOfIssuanceCosts
|
10918000 | |
CY2023Q1 | ttoo |
Proceeds From Secondary Offering Net Of Issuance Costs
ProceedsFromSecondaryOfferingNetOfIssuanceCosts
|
930000 | |
CY2022Q1 | ttoo |
Proceeds From Secondary Offering Net Of Issuance Costs
ProceedsFromSecondaryOfferingNetOfIssuanceCosts
|
1432000 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
11848000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1202000 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1212000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-13268000 | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
11880000 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
23796000 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
10668000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
10528000 | |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
1009000 | |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
1106000 | |
CY2023Q1 | ttoo |
Transfer Of T2 Owned Instruments And Components To From Inventory
TransferOfT2OwnedInstrumentsAndComponentsToFromInventory
|
-298000 | |
CY2022Q1 | ttoo |
Transfer Of T2 Owned Instruments And Components To From Inventory
TransferOfT2OwnedInstrumentsAndComponentsToFromInventory
|
-271000 | |
CY2023Q1 | ttoo |
Cashless Exercise Of Common Stock Warrants
CashlessExerciseOfCommonStockWarrants
|
-938000 | |
CY2023Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
136000 | |
CY2022Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
134000 | |
CY2023Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
10117000 | |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
9397000 | |
CY2023Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
551000 | |
CY2022Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
1131000 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
10668000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
10528000 | |
CY2023Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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", serif;min-width:fit-content;">1. Nature of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">T2 Biosystems, Inc. and its subsidiary (the “Company,” “we,” or “T2”) have operations based in Lexington, Massachusetts. T2 Biosystems, Inc. was incorporated on April 27, 2006 as a Delaware corporation. The Company is an in vitro diagnostics company that has developed an innovative and proprietary technology platform that offers a rapid, sensitive and simple alternative to existing diagnostic methodologies. The Company has developed a broad set of applications aimed at lowering mortality rates, improving patient outcomes and reducing the cost of healthcare by helping medical professionals make targeted treatment decisions earlier. The Company's technology enables rapid detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, cerebral spinal fluid and urine, and can detect cellular targets at limits of detection as low as one colony forming unit per milliliter (“CFU/mL”). We are currently targeting a range of critically underserved healthcare conditions, focusing initially on those for which a rapid diagnosis will serve an important dual role – saving lives and reducing costs. The Company's current development efforts primarily target sepsis and Lyme disease, which are areas of significant unmet medical need in which existing therapies could be more effective with improved diagnostics.</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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", serif;min-width:fit-content;">Liquidity and Going Concern</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">At March 31, 2023</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", serif;min-width:fit-content;">, the Company had cash, cash equivalents, and restricted cash of $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">10.7</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", serif;min-width:fit-content;"> million, an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">552.2</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", serif;min-width:fit-content;"> million, stockholders’ deficit of $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">49.9</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", serif;min-width:fit-content;"> million and has experienced cash outflows from operating activities since its inception. The future success of the Company is dependent on its ability to successfully commercialize its products, obtain regulatory clearance for and successfully launch its future product candidates, obtain additional capital and ultimately attain profitable operations. Historically, the Company has primarily funded its operations through public equity and private debt financings. In Febru</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", serif;min-width:fit-content;">ary 2023, we raised $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">12.0</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", serif;min-width:fit-content;"> million through a co</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", serif;min-width:fit-content;">mmon stock and warrants sale (Note 7).</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Company is subject to a number of risks similar to other early commercial stage life science companies, including, but not limited to commercially launching the Company’s products, development and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional capital.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Company’s T2Dx Instrument and T2Candida and T2Bacteria Panels are authorized for use in the United States by the Food and Drug Administration, or FDA. In June 2020 the FDA extended Emergency Use Authorization, or EUA, to the Company’s T2SARS-CoV-2 Panel. The Company believes the FDA will rescind the EUA for all COVID-19 diagnostic tests, and has indicated that it will provide a 180 day transition period. The COVID-19 pandemic has impacted and may continue to impact the Company’s operations as the pandemic shifts to an endemic health threat. Customers have begun to reduce their purchases of the Company’s COVID-19 test and the Company has not forecasted any COVID-19 test sales in 2023.</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Company has a significant development contract with the Biomedical Advanced Research and Development Authority (“BARDA”) and should BARDA reduce, cancel or not grant additional milestone projects, the Company’s ability to continue its future product development may be hindered.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Company believes that its cash, cash equivalents, and restricted cash of $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">10.7</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", serif;min-width:fit-content;"> million at March 31, 2023 will not be sufficient to fund its current operating plan through the second quarter of 2023. Certain elements of the Company's operating plan cannot be considered probable, and in order to support the business, the Company initiated a process to explore a range of strategic alernatives focused on maximizing values. </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", serif;min-width:fit-content;">Under ASC 205-40, the future receipt of potential funding from co-development partners and other resources cannot be considered probable at this time because none of the plans are entirely within the Company’s control.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">As part of a strategic restructuring program, to preserve capital and be in a better position to explore all strategic alternatives while continuing to support customers and advance pipeline development, the Company initiated a reduction in force </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", serif;min-width:fit-content;">of nearly </span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">30</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", serif;min-width:fit-content;">% of the workforce</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", serif;min-width:fit-content;"> on May 19, 2023.</span><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", serif;min-width:fit-content;"> </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", serif;min-width:fit-content;">Additionally, the Company is focused on pursuing alternative strategic options, including an acquisition, merger, reverse merger, other business combination, sale of assets or licensing. The Company is also exploring additional equity financing and converting our outstanding indebtedness into equity. Failure to secure any of these strategic options prior to the third quarter of 2023 will significantly impair the Company's ability to continue operating its business and the Company may be forced to cease operations, commence bankruptcy cases, or otherwise wind down business.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Term Loan Agreement with CRG Servicing LLC (“CRG”), as administrative agent and collateral agent (the "Term Loan Agreement") (Note 6) has a minimum liquidity covenant which requires the Company to maintain a minimum cash balance of $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">5.0</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", serif;min-width:fit-content;"> million. In February 2022, CRG, the lenders party thereto and the Company amended the Term Loan Agreement, extending the interest only period and maturity to December 30, 2023. In November 2022, CRG amended the Term Loan Agreement, extending the interest only period and maturity to </span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;"><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", serif;min-width:fit-content;">December 30, 2024</span></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", serif;min-width:fit-content;">. On May 15, 2023, the Company notified CRG that it was not in compliance with the minimum liquidity covenant as of May 12, 2023 and on May 19, 2023, the Company, the lenders party thereto and CRG entered into a waiver and consent with respect to the Term Loan Agreement, reducing the minimum liquidity covenant to $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">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", serif;min-width:fit-content;"> until December 31, 2023.</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Nasdaq Stock Market LLC (“Nasdaq”) has $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">1.00</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", serif;min-width:fit-content;"> minimum bid price and $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">35</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", serif;min-width:fit-content;"> million minimum market value rules. Since 2021, the </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", serif;min-width:fit-content;">Company has failed to comply with Nasdaq listing requirements but subsequently regained compliance for certain markets.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">On November 22, 2022, the Company received notice from the Nasdaq indicating that the Company was in violation of the $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">35</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", serif;min-width:fit-content;"> million minimum market value rule. The Company has until May 22, 2023, to regain compliance which includes a closing market value of $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">35</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", serif;min-width:fit-content;"> million or more for a minimum of ten consecutive business days. If compliance in not achieved by May 22, 2023, the Company believes the Nasdaq will notify the Company that its securities are subject to delisting. In the event the Company receives such a delisting notice, the Company intends to apply to the Nasdaq Hearings Panel for an extension to the compliance period or appeal to a Nasdaq Hearings Panel.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">On March 30, 2023, the Company received a letter from the Nasdaq indicating that, for the last thirty consecutive business days, the bid price for its common stock had closed below the minimum $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">1.00</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", serif;min-width:fit-content;"> per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). Under Nasdaq rules, the Company has 180 calendar days (September 26, 2023) to regain compliance by increasing the stock price to over $</span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;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", serif;min-width:fit-content;">1.00</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", serif;min-width:fit-content;">. Absent significant appreciation in the Company’s stock price, the Company plans to submit an appeal to receive a </span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;"><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", serif;min-width:fit-content;">180</span></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", serif;min-width:fit-content;">-day extension to regain compliance, and believes that the receipt of an extension is probable, given the current market dynamics and hundreds of companies in similar situations. To earn the extension, the Company will likely be required to provide a plan that could include certain commitments including a potential reverse stock split.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt include raising additional funding, earning payments pursuant to the Company’s contract with BARDA, delaying certain research projects and capital expenditures and eliminating certain future operating expenses in order to fund operations at reduced levels for the Company to continue as a going concern for a period of 12 months from the date these condensed consolidated financial statements are issued. Management has concluded the likelihood that its plan to successfully obtain sufficient funding from one or more of these sources or adequately reduce expenditures, while reasonably possible, is less than probable. Accordingly, the Company has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of issuance of these financial statements. Even if we are able to complete the actions described in this paragraph or otherwise generate incremental liquidity, we may be forced to sell material assets or seek additional capital or be required to commence proceedings under Chapter 11 of the U.S. Bankruptcy Code. See Part II, Item 1A—“Risk Factors” in this Quarterly Report on Form 10-Q.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.</span></p> | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
10700000 | |
CY2023Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-552200000 | |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-49900000 | |
CY2023Q1 | ttoo |
Gross Proceeds From Issuance Of Common Stock And Warrants
GrossProceedsFromIssuanceOfCommonStockAndWarrants
|
12000000.0 | |
CY2023Q1 | ttoo |
Cash Cash Equivalents Marketable Securities And Restricted Cash
CashCashEquivalentsMarketableSecuritiesAndRestrictedCash
|
10700000 | |
CY2023Q1 | ttoo |
Minimum Market Value Of Listed Securities
MinimumMarketValueOfListedSecurities
|
35000000 | |
CY2022Q4 | ttoo |
Minimum Market Value Of Listed Securities
MinimumMarketValueOfListedSecurities
|
35000000 | |
CY2023Q1 | ttoo |
Number Of Extension Days To Regain Compliance
NumberOfExtensionDaysToRegainCompliance
|
P180D | |
CY2023Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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", serif;min-width:fit-content;">Reclassification</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on the Company's reported total revenues, expenses, net loss, current assets, total assets, current liabilities, total liabilities, stockholders' equity (deficit) or cash flows. No reclassifications of prior period balances were material to the consolidated financial statements.</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", serif;min-width:fit-content;"> </span></p> | |
CY2023Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | |
CY2023Q1 | us-gaap |
Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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", serif;min-width:fit-content;">Guarantees</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while each such officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification is the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make is unlimited; however, the Company has directors’ and officers’ liability insurance coverage that limits its exposure and enables the Company to recover a portion of any future amounts paid.</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">The Company leases office, laboratory and manufacturing space under noncancelable operating leases. The Company has standard indemnification arrangements under the leases that require it to indemnify the landlords against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation or nonperformance of any covenant or condition of the Company’s leases. See Note 13 for a discussion about the Billerica, Massachusetts lease.</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">In the ordinary course of business, the Company enters into indemnification agreements with certain suppliers and business partners where the Company has certain indemnification obligations limited to the costs, expenses, fines, suits, claims, demands, liabilities and actions directly resulting from the Company’s gross negligence or willful misconduct, and in certain instances, breaches, violations or nonperformance of covenants or conditions under the agreements.</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", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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", serif;min-width:fit-content;">As of March 31, 2023 and December 31, 2022</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", serif;min-width:fit-content;">, the Company had not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.</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", serif;min-width:fit-content;"> </span></p> | |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2078000 | |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
7234000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
200000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
|
The Company expects to recognize 53% of this amount as revenue within one year and the remainder within three years. | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
|
0.53 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
|
P1Y | |
CY2023Q1 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
200000 | |
CY2022Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
200000 | |
CY2023Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
100000 | |
CY2022Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
1105000 | |
CY2023Q1 | us-gaap |
Inventory Net
InventoryNet
|
4936000 | |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
4285000 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
19242000 | |
CY2023Q1 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
1900000 | |
CY2022Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
1100000 | |
CY2022Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
1088000 | |
CY2023Q1 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
1858000 | |
CY2023Q1 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
2571000 | |
CY2022Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
2004000 | |
CY2023Q1 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
1674000 | |
CY2022Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
1176000 | |
CY2023Q1 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
691000 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
18790000 | |
CY2023Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
14441000 | |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
14257000 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4801000 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4533000 | |
CY2023Q1 | us-gaap |
Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
|
1000000.0 | |
CY2022Q4 | us-gaap |
Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
|
800000 | |
CY2023Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
300000 | |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
300000 | |
CY2023Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2270000 | |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2930000 | |
CY2023Q1 | ttoo |
Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
|
826000 | |
CY2022Q4 | ttoo |
Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
|
1097000 | |
CY2023Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
604000 | |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1626000 | |
CY2023Q1 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
996000 | |
CY2022Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
1009000 | |
CY2023Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
466000 | |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
607000 | |
CY2023Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
5162000 | |
CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
7269000 | |
CY2023Q1 | ttoo |
Debt Instrument Carrying Amount Including Paid In Kind Interest Before Unamortized Discount And Issuance Costs
DebtInstrumentCarryingAmountIncludingPaidInKindInterestBeforeUnamortizedDiscountAndIssuanceCosts
|
53453000 | |
CY2022Q4 | ttoo |
Debt Instrument Carrying Amount Including Paid In Kind Interest Before Unamortized Discount And Issuance Costs
DebtInstrumentCarryingAmountIncludingPaidInKindInterestBeforeUnamortizedDiscountAndIssuanceCosts
|
53453000 | |
CY2023Q1 | ttoo |
Debt Instrument Unaccrued Paid In Kind Interest
DebtInstrumentUnaccruedPaidInKindInterest
|
3211000 | |
CY2022Q4 | ttoo |
Debt Instrument Unaccrued Paid In Kind Interest
DebtInstrumentUnaccruedPaidInKindInterest
|
3647000 | |
CY2023Q1 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
134000 | |
CY2022Q4 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
155000 | |
CY2023Q1 | us-gaap |
Notes Payable
NotesPayable
|
50108000 | |
CY2022Q4 | us-gaap |
Notes Payable
NotesPayable
|
49651000 | |
CY2023Q1 | us-gaap |
Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
|
9018519 | |
CY2023Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | us-gaap |
Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
|
12000000.0 | |
CY2023Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1100000 | |
CY2023Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
CY2023Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
400000000 | |
CY2023Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | ttoo |
Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
|
1 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
300000 | |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
600000 | |
CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1796000 | |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2545000 | |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
20580347 | |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
478204 |