10-Q Filing

908 DEVICES INC. CIK: 1555279 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-065579`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	mass-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 34 Cash Flow Statement 66 Stockholders Equity 16

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$159.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.96M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.37M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.83M	USD	Point-in-time
Unbilled receivables	`ContractWithCustomerAssetNetCurrent`	$47.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Unbilled receivables	`ContractWithCustomerAssetNetCurrent`	$55.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventory	`InventoryNet`	$6.82M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventory	`InventoryNet`	$4.57M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.70M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.27M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$300.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.30M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockValueOutstanding`	$27.27M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockValueOutstanding`	$27.30M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$60.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$162.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$170.97M	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.03M	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.29M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$966.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$850.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$723.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.80M	USD	Point-in-time
Total assets	`Assets`	$178.83M	USD	Point-in-time
Total assets	`Assets`	$171.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.01M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.04M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$3.10M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$3.32M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.23M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.19M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$500.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.83M	USD	Point-in-time
Long-term debt, net of discount and current portion	`LongTermDebtNoncurrent`	$14.33M	USD	Point-in-time
Long-term debt, net of discount and current portion	`LongTermDebtNoncurrent`	$15.00M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$5.84M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$5.53M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$8.47M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$8.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$194.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$194.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$39.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$38.44M	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,297,871 shares and 27,273,095 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,297,871 shares and 27,273,095 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$217.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$217.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-84.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$139.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$133.31M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-66.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-63.17M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$178.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$171.75M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.54M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.00M	USD	1 Quarter
Cost of revenue:	`CostOfRevenue`	$1.90M	USD	1 Quarter
Cost of revenue:	`CostOfRevenue`	$2.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.96M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.75M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.71M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.86M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.72M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.81M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.76M	USD	1 Quarter
Interest expense	`InterestExpense`	$376.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$241.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$39.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$91.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-202.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-285.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$12.80M	USD	Annual
Accretion of redeemable convertible preferred stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$30.00K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.09M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.00M	USD	1 Quarter
Net loss per share attributable to common stockholders, basic	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Net loss per share attributable to common stockholders, basic	`EarningsPerShareBasic`	$-0.60	USD	1 Quarter
Net loss per share attributable to common stockholders, diluted	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Net loss per share attributable to common stockholders, diluted	`EarningsPerShareDiluted`	$-0.60	USD	1 Quarter
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	27.29M	shares	1 Quarter
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.99M	shares	1 Quarter
Weighted average common shares outstanding, diluted	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	27.29M	shares	1 Quarter
Weighted average common shares outstanding, diluted	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	4.99M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-6.09M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$159.23M	USD	Point-in-time
Net loss	`ProfitLoss`	$-2.97M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.96M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$60.00K	USD	Point-in-time
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$137.00K	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.02M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.91M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.23M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.66M	USD	Point-in-time
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$205.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$66.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$339.00K	USD	1 Quarter
Change in fair value of preferred stock warrant liability	`FairValueAdjustmentOfWarrants`	$23.00K	USD	1 Quarter
Noncash interest expense and loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-16.00K	USD	1 Quarter
Noncash interest expense and loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-168.00K	USD	1 Quarter
Provision for inventory obsolescence	`InventoryWriteDown`	$-29.00K	USD	1 Quarter
Provision for inventory obsolescence	`InventoryWriteDown`	$42.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-2.46M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-987.00K	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInContractWithCustomerAsset`	$294.00K	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInContractWithCustomerAsset`	$8.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.47M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.01M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.40M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-61.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$4.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.04M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-151.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-787.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-138.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$101.00K	USD	1 Quarter
Right-of-use operating lease assets	`IncreaseDecreaseInRightOfUseOperatingAssets`	$-276.00K	USD	1 Quarter
Right-of-use operating lease assets	`IncreaseDecreaseInRightOfUseOperatingAssets`	$-254.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-259.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-292.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.17M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.63M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$91.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-91.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.00K	USD	1 Quarter
Proceeds from issuance of common stock upon option exercise	`ProceedsFromStockOptionsExercised`	$3.00K	USD	1 Quarter
Proceeds from issuance of common stock upon option exercise	`ProceedsFromStockOptionsExercised`	$27.00K	USD	1 Quarter
Payments of public offering costs	`PaymentsOfStockIssuanceCosts`	$576.00K	USD	1 Quarter
Proceeds from issuance of revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfLongTermDebt`	$15.00M	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$17.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-566.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.00K	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.21M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.26M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.91M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.91M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.66M	USD	Point-in-time
Transfers of inventory to property and equipment	`TransfersOfInventoryToPropertyAndEquipment`	$244.00K	USD	1 Quarter
Accretion of redeemable convertible preferred stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$30.00K	USD	1 Quarter
Debt issuance costs in accounts payable and accrued expenses	`DebtIssuanceCostsInAccountsPayableAndAccruedExpenses`	$22.00K	USD	1 Quarter
Operating assets arising from operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$16.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning of period	`StockholdersEquity`	$139.04M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$133.31M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$-66.09M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$-63.17M	USD	Point-in-time
Accretion of redeemable convertible preferred stock to redemption value	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$30.00K	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$27.00K	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$339.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$66.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$12.80M	USD	Annual
Balance, end of period	`StockholdersEquity`	$139.04M	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$133.31M	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$-66.09M	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$-63.17M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.