10-K Filing

908 DEVICES INC. CIK: 1555279 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001558370-22-003363`
Period End Date	20211231
Filing Date	20220311
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	mass-20211231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 33 Cash Flow Statement 74 Stockholders Equity 19

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.75M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$25.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$159.23M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.07M	USD	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
Accounts receivable, net of allowance for doubtful accounts of $1,750 and $25, respectively	`AccountsReceivableNetCurrent`	$16.38M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,750 and $25, respectively	`AccountsReceivableNetCurrent`	$6.83M	USD	Point-in-time
Inventory	`InventoryNet`	$7.92M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$4.57M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$347.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.53M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$170.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$252.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$5.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.27M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.08M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.29M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.08M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$850.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.27M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.23M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$723.00K	USD	Point-in-time
Total assets	`Assets`	$178.83M	USD	Point-in-time
Total assets	`Assets`	$260.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.04M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$6.96M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$3.10M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$5.16M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.34M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.19M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$500.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.83M	USD	Point-in-time
Long-term debt, net of discount and current portion	`LongTermDebtNoncurrent`	$15.00M	USD	Point-in-time
Long-term debt, net of discount and current portion	`LongTermDebtNoncurrent`	$14.33M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$4.51M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$5.84M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$8.59M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$11.96M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$194.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$46.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$39.79M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 31,077,004 shares and 27,273,095 shares issued and outstanding at December 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; 31,077,004 shares and 27,273,095 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$31.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$315.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$217.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-100.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$139.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$214.60M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-63.17M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$260.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$178.83M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$26.89M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$42.21M	USD	Annual
Cost of revenue	`CostOfRevenue`	$18.97M	USD	Annual
Cost of revenue	`CostOfRevenue`	$11.97M	USD	Annual
Gross profit	`GrossProfit`	$14.92M	USD	Annual
Gross profit	`GrossProfit`	$23.23M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$8.23M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$13.07M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$32.23M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.50M	USD	Annual
Total operating expenses	`OperatingExpenses`	$45.30M	USD	Annual
Total operating expenses	`OperatingExpenses`	$20.74M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-22.07M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.82M	USD	Annual
Interest expense	`InterestExpense`	$486.00K	USD	Annual
Interest expense	`InterestExpense`	$976.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-6.03M	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$386.00K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-100.00K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-7.00M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-12.82M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-22.17M	USD	Annual
Accretion of redeemable convertible preferred stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$90.00K	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-22.17M	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.91M	USD	Annual
Net loss per share attributable to common stockholders, basic	`EarningsPerShareBasic`	$-0.79	USD	Annual
Net loss per share attributable to common stockholders, basic	`EarningsPerShareBasic`	$-2.35	USD	Annual
Net loss per share attributable to common stockholders, diluted	`EarningsPerShareDiluted`	$-0.79	USD	Annual
Net loss per share attributable to common stockholders, diluted	`EarningsPerShareDiluted`	$-2.35	USD	Annual
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.49M	shares	Annual
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	27.96M	shares	Annual
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.49M	shares	Annual
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.96M	shares	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$159.23M	USD	Point-in-time
Net loss	`ProfitLoss`	$-22.17M	USD	Annual
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.07M	USD	Point-in-time
Net loss	`ProfitLoss`	$-12.82M	USD	Annual
Restricted cash included in prepaid expenses and other current assets	`RestrictedCashCurrent`	$60.00K	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$224.13M	USD	Point-in-time
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$831.00K	USD	Annual
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$925.00K	USD	Annual
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
Stock-based compensation expense	`ShareBasedCompensation`	$525.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$2.50M	USD	Annual
Change in fair value of preferred stock warrant liability	`FairValueAdjustmentOfWarrants`	$6.14M	USD	Annual
Change in fair value of commercial services agreement liability-related party	`FairValueAdjustmentOfRelatedPartyCommercialServicesAgreementLiability`	$-750.00K	USD	Annual
Noncash interest expense and loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-178.00K	USD	Annual
Noncash interest expense and loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-63.00K	USD	Annual
Provision for inventory obsolescence	`InventoryWriteDown`	$191.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$100.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$1.73M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$11.28M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.82M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$4.48M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-223.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-78.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.12M	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$476.00K	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$212.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.98M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.75M	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$5.43M	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$9.63M	USD	Annual
Right-of-use operating lease assets	`IncreaseDecreaseInRightOfUseOperatingAssets`	$-1.05M	USD	Annual
Right-of-use operating lease assets	`IncreaseDecreaseInRightOfUseOperatingAssets`	$-1.12M	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-1.19M	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-1.08M	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$194.00K	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-194.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.13M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-29.08M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$737.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-737.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.00K	USD	Annual
Proceeds from public offerings, net of underwriting discounts and commissions	`ProceedsFromIssuanceInitialPublicOffering`	$139.03M	USD	Annual
Proceeds from public offerings, net of underwriting discounts and commissions	`ProceedsFromIssuanceInitialPublicOffering`	$94.75M	USD	Annual
Payments of public offering costs	`PaymentsOfStockIssuanceCosts`	$840.00K	USD	Annual
Payments of public offering costs	`PaymentsOfStockIssuanceCosts`	$1.90M	USD	Annual
Proceeds from issuance of common stock upon option exercise	`ProceedsFromStockOptionsExercised`	$852.00K	USD	Annual
Proceeds from issuance of common stock upon option exercise	`ProceedsFromStockOptionsExercised`	$53.00K	USD	Annual
Proceeds from borrowings on revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$30.00M	USD	Annual
Repayment of borrowings on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$15.00M	USD	Annual
Repayment of notes payable	`RepaymentsOfUnsecuredDebt`	$15.00M	USD	Annual
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$39.00K	USD	Annual
Proceeds from Paycheck Protection Program loan	`ProceedsFromPaycheckProtectionProgramLoan`	$2.20M	USD	Annual
Repayment of Paycheck Protection Program loan	`RepaymentOfPaycheckProtectionProgramLoan`	$2.20M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$94.72M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$137.19M	USD	Annual
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$141.31M	USD	Annual
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$64.91M	USD	Annual
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$224.13M	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 end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$224.13M	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
Public offering costs included in accounts payable and accrued expenses	`PublicOfferingCostsIncludedInAccountsPayableAndAccruedExpenses`	$576.00K	USD	Annual
Public offering costs included in accounts payable and accrued expenses	`PublicOfferingCostsIncludedInAccountsPayableAndAccruedExpenses`	$112.00K	USD	Annual
Transfers of inventory to property and equipment	`TransfersOfInventoryToPropertyAndEquipment`	$346.00K	USD	Annual
Transfers of inventory to property and equipment	`TransfersOfInventoryToPropertyAndEquipment`	$940.00K	USD	Annual
Accretion of redeemable convertible preferred stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$90.00K	USD	Annual
Conversion of convertible preferred stock to common stock upon initial public offering	`ConversionOfStockAmountConverted1`	$71.11M	USD	Annual
Reclassification of warrant liability to equity upon initial public offering	`ReclassificationOfWarrantLiabilityToEquity`	$6.87M	USD	Annual
Cash paid for interest	`InterestPaidNet`	$913.00K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$366.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Stock issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$2.47M	USD	Annual
Stock issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$376.00K	USD	Annual
Beginning balance	`StockholdersEquity`	$139.04M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$214.60M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-63.17M	USD	Point-in-time
Accretion of redeemable convertible preferred stock to redemption value	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$90.00K	USD	Annual
Conversion of preferred stock to common stock upon initial public offering	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$71.11M	USD	Annual
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$136.56M	USD	Annual
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$94.38M	USD	Annual
Conversion of preferred stock warrants into common stock warrants upon initial public offering	`AdjustmentsToAdditionalPaidInCapitalConversionOfPreferredStockWarrantsToCommonStockWarrants`	$6.87M	USD	Annual
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$852.00K	USD	Annual
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$53.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.50M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$525.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-12.82M	USD	Annual
Net loss	`NetIncomeLoss`	$-22.17M	USD	Annual
Ending balance	`StockholdersEquity`	$139.04M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$214.60M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-63.17M	USD	Point-in-time

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