2021 Q4 Form 10-K Financial Statement

#000156459022011526 Filed on March 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $6.980M $28.06M $7.790M
YoY Change -10.4% 54.76% 153.83%
Cost Of Revenue $5.362M $20.70M $7.480M
YoY Change -28.32% 0.11% 107.2%
Gross Profit $1.618M $7.355M $310.0K
YoY Change 421.94% -388.43% -157.41%
Gross Profit Margin 23.18% 26.21% 3.98%
Selling, General & Admin $6.544M $28.53M $4.600M
YoY Change 42.26% 37.22% -39.04%
% of Gross Profit 404.45% 387.86% 1483.87%
Research & Development $5.353M $21.80M $4.040M
YoY Change 32.5% 28.85% -5.59%
% of Gross Profit 330.84% 296.41% 1303.23%
Depreciation & Amortization $270.0K $1.300M $390.0K
YoY Change -30.77% -23.98% -23.53%
% of Gross Profit 16.69% 17.68% 125.81%
Operating Expenses $11.90M $50.33M $8.630M
YoY Change 37.86% 33.46% -27.02%
Operating Profit -$10.28M -$42.97M -$8.320M
YoY Change 23.55% 3.91% -32.72%
Interest Expense -$1.860M $6.586M -$1.600M
YoY Change 16.25% 19.35% -5.33%
% of Operating Profit
Other Income/Expense, Net -$5.000K -$6.268M $10.00K
YoY Change -150.0% 15.18% -50.0%
Pretax Income -$12.14M -$49.24M -$9.910M
YoY Change 22.54% 5.22% -29.42%
Income Tax
% Of Pretax Income
Net Earnings -$12.14M -$49.24M -$9.910M
YoY Change 22.54% 5.22% -29.42%
Net Earnings / Revenue -173.98% -175.5% -127.21%
Basic Earnings Per Share -$15.50
Diluted Earnings Per Share -$73.05K -$310.0K -$66.86K
COMMON SHARES
Basic Shares Outstanding 3.177M
Diluted Shares Outstanding 3.177M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.24M $32.24M $42.19M
YoY Change -23.58% -23.58% 282.5%
Cash & Equivalents $22.25M $22.25M $16.79M
Short-Term Investments $9.996M $9.996M $25.40M
Other Short-Term Assets $3.110M $3.110M $2.660M
YoY Change 16.92% 16.92% 84.72%
Inventory $3.909M $3.909M $3.636M
Prepaid Expenses
Receivables $5.134M $5.134M $5.099M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $44.39M $44.39M $53.58M
YoY Change -17.15% -17.14% 183.59%
LONG-TERM ASSETS
Property, Plant & Equipment $4.675M $14.44M $3.771M
YoY Change 23.97% -2.49% -35.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $10.00M
YoY Change -100.0% -100.0%
Other Assets $153.0K $1.704M $136.0K
YoY Change 12.5% 146.96% -33.98%
Total Long-Term Assets $16.15M $16.15M $25.49M
YoY Change -36.67% -36.69% 165.81%
TOTAL ASSETS
Total Short-Term Assets $44.39M $44.39M $53.58M
Total Long-Term Assets $16.15M $16.15M $25.49M
Total Assets $60.54M $60.54M $79.08M
YoY Change -23.44% -23.45% 177.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.832M $2.832M $2.058M
YoY Change 37.61% 37.48% -45.16%
Accrued Expenses $8.338M $8.338M $7.512M
YoY Change 11.0% 11.03% -32.97%
Deferred Revenue $518.0K $230.0K
YoY Change 125.22% -19.3%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $11.69M $11.69M $9.800M
YoY Change 19.27% 19.27% -83.82%
LONG-TERM LIABILITIES
Long-Term Debt $47.79M $47.79M $45.24M
YoY Change 5.64% 5.64%
Other Long-Term Liabilities $4.577M $13.96M $3.350M
YoY Change 36.63% -8.85% 74.48%
Total Long-Term Liabilities $4.577M $61.75M $3.350M
YoY Change 36.63% 1.97% 74.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.69M $11.69M $9.800M
Total Long-Term Liabilities $4.577M $61.75M $3.350M
Total Liabilities $16.27M $73.44M $13.15M
YoY Change 23.69% 4.4% -78.96%
SHAREHOLDERS EQUITY
Retained Earnings -$472.2M -$423.0M
YoY Change 11.64% 12.44%
Common Stock $459.3M $431.7M
YoY Change 6.4% 26.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.90M -$12.90M $8.726M
YoY Change
Total Liabilities & Shareholders Equity $60.54M $60.54M $79.08M
YoY Change -23.44% -23.45% 177.6%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$12.14M -$49.24M -$9.910M
YoY Change 22.54% 5.22% -29.42%
Depreciation, Depletion And Amortization $270.0K $1.300M $390.0K
YoY Change -30.77% -23.98% -23.53%
Cash From Operating Activities -$9.842M -$38.87M -$8.750M
YoY Change 12.48% -10.05% -13.54%
INVESTING ACTIVITIES
Capital Expenditures -$199.0K $460.0K -$370.0K
YoY Change -46.22% -42.79% 1750.0%
Acquisitions
YoY Change
Other Investing Activities $10.00M $25.25M $6.750M
YoY Change 48.15% -171.21%
Cash From Investing Activities $9.801M $24.79M $6.370M
YoY Change 53.86% -168.37% -31950.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 239.0K 20.54M 110.0K
YoY Change 117.27% -76.01% -97.78%
NET CHANGE
Cash From Operating Activities -9.842M -38.87M -8.750M
Cash From Investing Activities 9.801M 24.79M 6.370M
Cash From Financing Activities 239.0K 20.54M 110.0K
Net Change In Cash 198.0K 6.452M -2.270M
YoY Change -108.72% 5.24% -56.18%
FREE CASH FLOW
Cash From Operating Activities -$9.842M -$38.87M -$8.750M
Capital Expenditures -$199.0K $460.0K -$370.0K
Free Cash Flow -$9.643M -$39.33M -$8.380M
YoY Change 15.07% -10.64% -17.03%

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CY2020 ttoo Transfer Of T2 Owned Instruments And Components To From Inventory
TransferOfT2OwnedInstrumentsAndComponentsToFromInventory
478000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9602000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
41000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Business</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 <span style="font-style:italic;">in vitro</span> 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. Our 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”). The Company’s initial development efforts target the detection of pathogens that cause sepsis, which is an area of significant unmet medical need in which existing therapies could be more effective with improved diagnostics. </p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Going Concern</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At December 31, 2021, the Company had cash, cash equivalents, marketable securities and restricted cash of $33.8 million, an accumulated deficit of $472.2 million, stockholders’ deficit of $12.9 million, and has experienced cash outflows from operating activities over the past years. 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 funded its operations primarily through its August 2014 initial public offering, its December 2015 public offering, its September 2016 private investment in public equity (“PIPE”) financing, its September 2017 public offering, its June 2018 public offering, its July 2019 establishment of an Equity Distribution Agreement and Equity Purchase Agreement (Note 7), its March 2021 establishment of an Equity Distribution Agreement (Note 7), private placements of redeemable convertible preferred stock and through debt financing arrangements. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.68%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.68%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The COVID-19 pandemic has impacted and may continue to impact operations. The Company has established protocols for continued manufacturing, distribution and servicing of its products with safe social distancing and personal protective equipment measures and for remote work for certain employees not essential to on-site operations. To date these measures have been mostly successful but may not continue to function should the pandemic escalate and impact personnel. In 2020, the Company’s hospital customers restricted the sales team’s access to their facilities and as a result, the Company had significantly reduced sales and general and administrative staffing levels at the beginning of the COVID-19 pandemic to reduce expenses. The Company has since hired sales, marketing and medical and clinical affairs personnel. Although the Company did not see any material impact to accounts receivable during the period ended December 31, 2021, the Company’s exposure may increase if its customers continue to be adversely affected by the COVID-19 pandemic, including as a result of the spread of variants of the virus. Customers may reduce their purchases of products, depending on their needs and cash flow, which could negatively impact revenue. The Company has a significant development contract with BARDA and should BARDA reduce, cancel or not grant additional milestone projects, the Company’s ability to continue its future product development may be impacted. The ability of the Company’s shipping carriers to deliver products to customers may be disrupted. The Company has reviewed its suppliers and quantities of key materials and believes that it has sufficient stocks and alternate sources of critical materials including personal protective equipment should the supply chains become disrupted, although raw materials and plastics for the manufacturing of reagents and consumables are in high demand, and interruptions in supply are difficult to predict. As further described in Note 5, at the onset of the pandemic, the Company believed the pandemic’s impact on its sales would affect the recoverability of the value of T2-owned instruments and components. In early 2020, the COVID-19 pandemic also caused the Company to reassess its build plan and evaluate its inventories accordingly, which resulted in an additional charge to cost of product revenue for excess inventories.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.68%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since FDA authorization was obtained to market the T2Dx Instrument, T2Candida Panel, and T2Bacteria Panel, and EUA was issued for the T2SARS-CoV-2 Panel, the Company has incurred significant commercialization expenses related to product sales, marketing, manufacturing and distribution. The Company may seek to fund its operations through public equity, private equity or debt financings, as well as other sources. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed, on favorable terms, or at all. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations, financial condition and the Company’s ability to develop and commercialize the T2Dx Instrument, T2Candida, T2Bacteria, T2SARS-CoV-2, and other product candidates.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of Accounting Standards Codification (“ASC”) 205-40, <span style="font-style:italic;">Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</span>, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its cash, cash equivalents, marketable securities and restricted cash of $33.8 million at December 31, 2021 will not be sufficient to fund its current operating plan at least one year from issuance of these financial statements unless additional funds are raised. Certain elements of our operating plan cannot be considered probable. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Term Loan Agreement with CRG Servicing LLC (“CRG”) (Note 6) has certain covenants which require the Company to achieve certain annual revenue targets, whereby the Company is required to pay double the amount of any shortfall as an acceleration of principal payments, and maintain a minimum cash balance of $5.0 million. In June 2021, the Company achieved the revenue target for the twenty-four month period ended December 31, 2021.There can be no assurances that it will continue to be in compliance with the cash covenant in future periods without additional funding. In February 2022, the CRG amended the Term Loan Agreement, extending the interest only period and maturity to December 30, 2023. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s stock has been trading under $1.00. <span style="color:#000000;">On November 5, 2021, the Company received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). </span>Under Nasdaq rules, the Company has 180 days (May 4, 2022) to regain compliance by increasing the stock price to over $1.00. The Company plans to regain compliance by executing on its operating plans to organically drive the share price to compliance. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 the 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 consolidated financial statements.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;"> </p>
CY2021Q4 ttoo Cash Cash Equivalents Marketable Securities And Restricted Cash
CashCashEquivalentsMarketableSecuritiesAndRestrictedCash
33800000
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-12900000
CY2021Q4 ttoo Cash Cash Equivalents Marketable Securities And Restricted Cash
CashCashEquivalentsMarketableSecuritiesAndRestrictedCash
33800000
CY2021Q4 ttoo Minimum Bid Price Of Common Stock
MinimumBidPriceOfCommonStock
1.00
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the accounts receivable allowance, the excess and obsolete inventory, the net realizable value of inventory, the fair value of its stock options, as well as restricted stock units that have market conditions, deferred tax valuation allowances, revenue recognition, expenses relating to research and development contracts, accrued expenses, the fair value of a derivative liability, the fair value of warrants and classification of the value of instrument raw material and work-in-process inventory between inventory and property and equipment. The Company bases its estimates on historical experience and other market‑specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</p>
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2021 us-gaap Contract With Customer Liability Revenue Recognized
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500000
CY2021Q4 ttoo Number Of Financial Institutions
NumberOfFinancialInstitutions
2
CY2020Q4 ttoo Number Of Financial Institutions
NumberOfFinancialInstitutions
2
CY2021 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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10000000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
9996000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
35389000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
35398000
CY2021 us-gaap Capitalized Contract Cost Amortization
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100000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
698000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
754000
CY2021 us-gaap Lease Cost
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3099000
CY2020 us-gaap Lease Cost
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2699000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
10000000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
9996000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
25387000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
25396000
CY2020Q4 ttoo Available For Sale Securities Debt Maturities After One Through Two Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsAmortizedCost
10002000
CY2020Q4 ttoo Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
10002000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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10000000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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9996000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
35389000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
35398000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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0
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1591000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1496000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
953000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1374000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1365000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
766000
CY2021Q4 us-gaap Inventory Net
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3909000
CY2020Q4 us-gaap Inventory Net
InventoryNet
3636000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28058000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q4 us-gaap Revenue Remaining Performance Obligation
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300000
CY2021 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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The Company expects to recognize 97% of this amount as revenue within one year and the remainder within two years.
CY2021Q4 us-gaap Revenue Remaining Performance Obligation Percentage
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0.97
CY2021Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
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CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
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ProductionRelatedImpairmentsOrCharges
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CY2021 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0
CY2021 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
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0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Guarantees</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2021 and 2020, 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.</p>
CY2021Q4 us-gaap Property Plant And Equipment Gross
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20107000
CY2020Q4 us-gaap Property Plant And Equipment Gross
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18028000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15432000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4675000
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1400000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1300000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3687000
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1250000
CY2020Q4 ttoo Accrued Research And Development Expenses Current
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751000
CY2021Q4 us-gaap Accrued Professional Fees Current
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384000
CY2020Q4 us-gaap Accrued Professional Fees Current
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421000
CY2021Q4 us-gaap Interest Payable Current
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974000
CY2020Q4 us-gaap Interest Payable Current
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940000
CY2021Q4 us-gaap Operating Lease Liability Current
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1174000
CY2020Q4 us-gaap Operating Lease Liability Current
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1151000
CY2021Q4 us-gaap Other Accrued Liabilities Current
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869000
CY2020Q4 us-gaap Other Accrued Liabilities Current
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620000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8338000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7512000
CY2021Q4 ttoo Long Term Debt Maturities Repayments Of Principal And Interest In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInNextTwelveMonths
49364000
CY2021Q4 ttoo Debt Instrument Carrying Amount Including Paid In Kind Interest Before Unamortized Discount And Issuance Costs
DebtInstrumentCarryingAmountIncludingPaidInKindInterestBeforeUnamortizedDiscountAndIssuanceCosts
49364000
CY2021Q4 ttoo Debt Instrument Unaccrued Paid In Kind Interest
DebtInstrumentUnaccruedPaidInKindInterest
1287000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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287000
CY2021Q4 us-gaap Notes Payable
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CY2021 us-gaap Debt Instrument Maturity Date
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2022-12-30
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10000000
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PreferredStockParOrStatedValuePerShare
0.001
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1
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
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CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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166400892
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
148078974
CY2021Q2 us-gaap Common Stock Shares Authorized
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200000000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-49241000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
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CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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158861418
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
121331464
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.31
CY2020 us-gaap Earnings Per Share Basic And Diluted
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-0.39
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
75749000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
84797000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
72404000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3029000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3345000
CY2021Q4 ttoo Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
2587000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
2401000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
1945000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.048
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.064
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.028
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.020
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.001
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.001
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.027
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.014
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
-0.003
CY2021 ttoo Effective Income Tax Rate Reconciliation Tax Credits Limitations On Credits And Net Operating Losses
EffectiveIncomeTaxRateReconciliationTaxCreditsLimitationsOnCreditsAndNetOperatingLosses
-0.001
CY2020 ttoo Effective Income Tax Rate Reconciliation Tax Credits Limitations On Credits And Net Operating Losses
EffectiveIncomeTaxRateReconciliationTaxCreditsLimitationsOnCreditsAndNetOperatingLosses
0.001
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.252
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.270
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
73372000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
61551000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2783000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1428000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3183000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3546000
CY2021Q4 ttoo Deferred Tax Assets Start Up Expenditures
DeferredTaxAssetsStartUpExpenditures
2392000
CY2020Q4 ttoo Deferred Tax Assets Start Up Expenditures
DeferredTaxAssetsStartUpExpenditures
2672000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3305000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3382000
CY2021Q4 ttoo Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
2791000
CY2020Q4 ttoo Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
3170000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
87826000
CY2020Q4 ttoo Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
2994000
CY2021Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
442000
CY2020Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
351000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
12400000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
12600000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.119
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.119
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2345000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2290000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2358000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2331000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1893000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3957000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15174000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4641000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10533000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9766000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11034000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9766000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11034000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1174000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1151000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9359000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10533000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10533000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11684000
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
192000
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
163000
CY2021 dei Auditor Firm
AuditorFirmId
243

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