0001346302-20-000070 | 10-Q | XBRL Viewer | Xeris Pharmaceuticals INC

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DEI Document - $ / shares		9 Months Ended
DEI Document - $ / shares	Oct. 31, 2020	Sep. 30, 2020
Document and Entity Information [Abstract]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Sep. 30, 2020
Document Transition Report		false
Entity File Number		001-38536
Entity Registrant Name		XERIS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		20-3352427
Entity Address, Address Line One		180 N. LaSalle Street,
Entity Address, Address Line Two		Suite 1600
Entity Address, City or Town		Chicago
Entity Address, State or Province		IL
Entity Address, Postal Zip Code		60601
City Area Code		844
Local Phone Number		445-5704
Title of 12(b) Security		Common Stock, par value $0.0001 per share
Trading Symbol		XERS
Security Exchange Name		NASDAQ
Entity Current Reporting Status		Yes
Entity Central Index Key		0001346302
Current Fiscal Year End Date		--12-31
Entity Filer Category		Accelerated Filer
Entity Small Business		true
Entity Emerging Growth Company		true
Entity Ex Transition Period		false
Entity Shell Company		false
Document Fiscal Year Focus		2020
Document Fiscal Period Focus		Q3
Amendment Flag		false
Entity Common Stock, Shares Outstanding	48,976,434
Entity Interactive Data Current		Yes
Entity Listing, Par Value Per Share	$ 0.0001

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 37,886	$ 19,519
Short-term Investments	103,857	56,030
Trade accounts receivable, net	11,928	4,693
Other accounts receivable, net	262	946
Inventory	5,633	2,176
Prepaid expenses and other current assets	3,660	4,119
Total current assets	163,226	87,483
Investments	0	13,231
Property and equipment, net	6,928	7,853
Other assets	232	420
Total assets	170,386	108,987
Current Liabilities
Accounts payable	4,694	5,603
Other accrued liabilities	11,822	18,119
Accrued trade discounts and rebates	5,758	1,375
Accrued returns reserve	3,171	1,957
Other current liabilities	1,582	284
Total current liabilities	27,027	27,338
Long-term debt, net of unamortized debt issuance costs	119,391	58,305
Other liabilities	9,632	8,908
Total liabilities	156,050	94,551
Commitments and Contingencies (Note 8)
Stockholders' Equity
Preferred Stock, par value $0.0001	0	0
Common stock, par value $0.0001	5	3
Additional paid in capital	329,803	260,635
Accumulated deficit	(315,528)	(246,245)
Accumulated other comprehensive income	56	43
Total stockholders' equity	14,336	14,436
Total liabilities and stockholders' equity	$ 170,386	$ 108,987

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheets Parenthetical - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position Parenthetical [Abstract]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par Value Per Share	$ 0.0001	$ 0.0001
Common Shares, Par Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	46,664,503	27,214,523
Preferred Stock, Shares Issued	0	0

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 9,404	$ 0	$ 13,066	$ 0
Grant and other income	44	313	197	858
Cost of goods sold	2,832	0	5,921	0
Gross profit	6,616	313	7,342	858
Operating expenses
Research and development	3,876	15,518	15,811	48,018
Selling, general and administrative	16,484	14,877	55,734	42,419
Total operating expenses	20,360	30,395	71,545	90,437
Loss from operations	(13,744)	(30,082)	(64,203)	(89,579)
Other income (expense)
Interest and other income	232	657	943	2,173
Interest expense	2,328	(3,507)	(6,069)	(5,632)
Change in fair value of warrants	(160)	96	(64)	540
Total other income (expense)	(2,256)	(2,754)	(5,190)	(2,919)
Net loss before benefit from income taxes	(16,000)	(32,836)	(69,393)	(92,498)
Benefit from income taxes	0	0	(110)	0
Net loss	(16,000)	(32,836)	(69,283)	(92,498)
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	(125)	(23)	1	97
Foreign currency translation adjustments	17	0	12	0
Comprehensive loss	$ (16,108)	$ (32,859)	$ (69,270)	$ (92,401)
Net loss per common share - basic and diluted	$ (0.35)	$ (1.22)	$ (1.78)	$ (3.58)
Weighted average common shares outstanding, basic and diluted	46,145,116	26,942,591	38,995,707	25,810,113

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Issued		20,808,366
Common Stock, Value, Issued		$ 2
Additional paid in capital			$ 196,121
Accumulated other comprehensive income				$ (52)
Accumulated deficit					$ (120,665)
Stockholders' Equity Attributable to Parent	$ 75,406
Net loss	(25,277)				(25,277)
Issuance of common stock upon public offering, shares		5,996,775
Issuance of common stock upon equity offering, value	55,632	$ 1	55,631
Exercise and vesting of stock options, shares		72,797
Exercise and vesting of stock options, value	128		128
Stock-based compensation	1,147		1,147
Exercise of warrants, shares		2,271
Exercise of warrants, value	13		13
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	51			51
Net loss	(92,498)
Issuance of common stock upon conversion of debt	0
Common Stock, Shares, Issued		26,880,209
Common Stock, Value, Issued		$ 3
Additional paid in capital			253,040
Accumulated other comprehensive income				(1)
Accumulated deficit					(145,942)
Stockholders' Equity Attributable to Parent	107,100
Net loss	(34,385)				(34,385)
Exercise and vesting of stock options, shares		30,235
Exercise and vesting of stock options, value	70		70
Stock-based compensation	1,701		1,701
Issuance of common stock through employee stock purchase plan, shares		24,229
Issuance of common stock through employee stock purchase plan, value	236		236
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	69			69
Common Stock, Shares, Issued		26,934,673
Common Stock, Value, Issued		$ 3
Additional paid in capital			255,047
Accumulated other comprehensive income				68
Accumulated deficit					(180,327)
Stockholders' Equity Attributable to Parent	74,791
Net loss	(32,836)				(32,836)
Issuance of common stock upon equity offering, value	(119)		(119)
Exercise and vesting of stock options, shares		18,746
Exercise and vesting of stock options, value	44		44
Stock-based compensation	1,794		1,794
Exercise of warrants, shares		770
Exercise of warrants, value	5		5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(23)			(23)
Common Stock, Shares, Issued		26,954,189
Common Stock, Value, Issued		$ 3
Additional paid in capital			256,771
Accumulated other comprehensive income				45
Accumulated deficit					(213,163)
Stockholders' Equity Attributable to Parent	$ 43,656
Common Stock, Shares, Issued	27,214,523	27,214,523
Common Stock, Value, Issued	$ 3	$ 3
Additional paid in capital	260,635		260,635
Accumulated other comprehensive income	43			43
Accumulated deficit	(246,245)				(246,245)
Stockholders' Equity Attributable to Parent	14,436
Net loss	(29,184)
Issuance of common stock upon public offering, shares		10,299,769
Issuance of common stock upon equity offering, value	39,845	$ 1	39,844
Exercise and vesting of stock options, shares		5,296
Exercise and vesting of stock options, value	10		10
Stock-based compensation	2,008		2,008
Vesting of restricted stock units and related repurchases		21,449
Vesting of restricted stock units and related repurchases, value	(63)		(63)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	17			17
Net loss	(69,283)
Issuance of common stock upon conversion of debt	$ 1,060
Issuance of common stock through employee stock purchase plan, shares	170,201
Common Stock, Shares, Issued		37,541,037
Common Stock, Value, Issued		$ 4
Additional paid in capital			302,434
Accumulated other comprehensive income				60
Accumulated deficit					(275,429)
Stockholders' Equity Attributable to Parent	$ 27,069
Net loss	(24,099)				(24,099)
Issuance of common stock upon public offering, shares		7,400,000
Issuance of common stock upon equity offering, value	18,779	$ 1	18,778
Exercise and vesting of stock options, shares		40,094
Exercise and vesting of stock options, value	72		72
Stock-based compensation	2,071		2,071
Issuance of common stock through employee stock purchase plan, shares		170,201
Issuance of common stock through employee stock purchase plan, value	385		385
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	104			104
Common Stock, Shares, Issued		45,151,332
Common Stock, Value, Issued		$ 5
Additional paid in capital			323,740
Accumulated other comprehensive income				164
Accumulated deficit					(299,528)
Stockholders' Equity Attributable to Parent	24,381
Net loss	(16,000)
Issuance of common stock upon public offering, shares		1,110,000
Issuance of common stock upon equity offering, value	$ 2,890		2,890
Issuance of common stock upon conversion of convertible notes, shares	367,317	367,317
Issuance of common stock upon conversion of debt	$ 1,060		1,060
Exercise and vesting of stock options, shares		35,854
Exercise and vesting of stock options, value	59		59
Stock-based compensation	2,054		2,054
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (108)			(108)
Common Stock, Shares, Issued	46,664,503	46,664,503
Common Stock, Value, Issued	$ 5	$ 5
Additional paid in capital	329,803		$ 329,803
Accumulated other comprehensive income	56			$ 56
Accumulated deficit	(315,528)				$ (315,528)
Stockholders' Equity Attributable to Parent	$ 14,336

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (69,283)	$ (92,498)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,021	698
Amortization of investments	(53)	(608)
Amortization of debt issuance costs	707	767
Stock-based compensation	6,133	4,642
Loss on extinguishment of debt	443	2,324
Change in fair value of warrants	64	(540)
Changes in operating assets and liabilities
Trade accounts receivable	(7,235)	0
Other accounts receivable	684	1,873
Prepaid expenses and other current assets	495	(234)
Inventory	(3,457)	0
Accounts payable	(909)	812
Other accrued liabilities	(6,485)	7,192
Accrued trade discounts and rebates	4,383	0
Accrued returns reserve	1,214	0
Other	2,589	798
Net cash used in operating activities	(69,689)	(74,774)
Cash flows from investing activities
Capital expenditures	(152)	(863)
Purchases of investments	(91,408)	(75,975)
Sales and maturities of investments	56,906	83,496
Net cash (used in) provided by investing activities	(34,654)	6,658
Cash flows from financing activities
Proceeds from equity offerings	65,891	59,970
Payments of equity offering costs	(4,292)	(4,458)
Proceeds from issuance of debt	91,339	60,000
Payments of debt	(25,089)	(35,000)
Payments of debt issuance costs	(5,546)	(2,340)
Proceeds from employee stock purchase plan shares	385	236
Proceeds from exercise of stock awards	113	152
Repurchase of common stock withheld for taxes	(63)	0
Net cash provided by financing activities	122,738	78,560
Effect of Exchange Rate on Cash and Cash Equivalents	(28)	0
Increase in cash and cash equivalents	18,367	10,444
Cash and cash equivalents, beginning of period	19,519	45,716
Cash and cash equivalents, end of period	37,886	56,160
Supplemental schedule of cash flow information
Cash paid for interest	3,677	2,812
Supplemental schedule of non-cash investing and financing activities
Noncash tenant improvement allowance	0	5,508
Stock Issued During Period, Value, Conversion of Convertible Securities	1,060	0
Accrued debt issuance costs	299	1,841
Accrued public equity offering costs	$ 38	$ 138

Note 1. Organization and Nature of the Business	9 Months Ended
Note 1. Organization and Nature of the Business	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and Nature of the Business Nature of business Xeris Pharmaceuticals, Inc. ("Xeris" or the "Company") is a specialty pharmaceutical company that was incorporated in Delaware in 2005. Xeris is dedicated to the development of ready-to-use injectable and infusible drug formulations that address important unmet medical needs, are easier to use by patients, caregivers and health practitioners, and reduce costs for payors and the healthcare system. Since its inception, the Company has devoted substantially all of its resources to research and development initiatives, undertaking preclinical studies of its product candidates, conducting clinical trials of its most advanced product candidates, organizing and staffing the Company, raising capital and commercializing its first product, Gvoke®, which was approved by the FDA in September 2019. Gvoke delivers ready-to-use glucagon via a commercially available pre-filled syringe or auto-injector for the treatment of severe hypoglycemia, a potentially life-threatening condition. The Company commercially launched Gvoke pre-filled syringe ("Gvoke PFS") in November 2019 and auto-injector ("Gvoke HypoPen®") in July 2020. The Company has financed its operations primarily through the issuance of its common stock, convertible preferred stock and other equity instruments, and debt financing. For the nine months ended September 30, 2020, the Company generated $13.1 million in revenues from product sales. The Company has incurred operating losses since inception and has an accumulated deficit of $315.5 million as of September 30, 2020. The Company expects to continue to incur net losses for at least the next 12 months. Based on the Company’s current operating plans and existing working capital at September 30, 2020, the Company believes its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months. The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of its products and any future products, if and when approved, successful development of its product candidates, the development of new technological innovations by its competitors, and protection of intellectual property. The ongoing global outbreak of the novel coronavirus disease (“COVID-19”) has resulted in significant governmental measures being implemented to control the spread of the virus, and while we cannot predict their scope and severity, these developments and measures could materially and adversely affect our business, our results of operations and our financial condition. We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and are taking steps to minimize its impact on our business. However, the extent to which COVID-19 impacts our business, results of operations or financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 or the effectiveness of actions taken to contain the pandemic or treat its impact, among others. Furthermore, if we or any of the third parties with whom we engage were to experience shutdowns or other business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on our business, results of operations and financial condition. Basis of presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, such financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and its results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on March 12, 2020. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Basis of Consolidation These condensed consolidated financial statements include the financial statements of Xeris Pharmaceuticals, Inc. and its subsidiary, Xeris Pharmaceuticals Australia Pty Ltd. All intercompany transactions have been eliminated.

Note 2. Summary of Significant Accounting Policies	9 Months Ended
Note 2. Summary of Significant Accounting Policies	Sep. 30, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Refer to the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a discussion of the Company's accounting policies. New accounting pronouncements Recently issued accounting pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2023. Early adoption is permitted, but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference LIBOR or other reference rates that are expected to be discontinued because of reference rate reform. The amendments in this update are effective through December 31, 2022. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard eliminates certain exceptions in the current guidance related to the approach for intraperiod tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as further updated by ASU 2018-19, 2019-04, 2019-05, 2019-10 and 2020-03. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. The FASB has recently extended the effective date of this standard for certain companies. This standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on its balance sheet.

Note 3. Inventory

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure

The components of inventories consisted of the following (in thousands):


	September 30, 2020		December 31, 2019

Raw materials	$	2,805	$	1,321
Work in process	1,381		662
Finished goods	1,447		193
Inventory	$	5,633	$	2,176

Inventory reserves were $1.5 million and $0 at September 30, 2020 and December 31, 2019, respectively.

Note 4. Other accrued liabilities

9 Months Ended

Sep. 30, 2020

Accrued Expenses [Abstract]

Other accrued liabilities

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	September 30, 2020		December 31, 2019

Accrued employee costs	$	6,356	$	6,818
Accrued marketing and selling costs	812		1,973
Accrued research and development costs	769		7,062

Accrued restructuring charges	587		—

Accrued interest expense	1,387		449
Accrued other costs	1,911		1,817
Other accrued liabilities	$	11,822	$	18,119

Note 5. Long-Term Debt

9 Months Ended

Sep. 30, 2020

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

Long-term Debt

Convertible Senior Notes

In June 2020, the Company completed a public offering of $86.3 million aggregate principal amount of the Company's 5.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes which was exercised in full in July 2020. The Company incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. The Company used $20.0 million and $4.2 million of the net proceeds from the sale to prepay a portion of the principal amount on the Term A Loan (as defined below) and the remaining amount of borrowings outstanding under the PPP Loan (as defined below), respectively.

The Convertible Notes are governed by the terms of a base indenture for senior debt securities, as supplemented by the first supplemental indenture thereto, each dated as of June 30, 2020, by and between the Company and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at the rate of 5.00% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021, to holders of record at the close of business on the preceding January 1 and July 1, respectively. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of Convertible Notes may convert their Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The conversion rate for the Convertible Notes will initially be 326.7974 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $3.06 per share of common stock, and is subject to adjustment under the terms of the Convertible Notes. In the event of certain circumstances, the Company will increase the conversion rate, provided that the conversion rate will not exceed 367.6470 shares of the Company's common stock per $1,000 principal amount of Convertible Notes.

In the third quarter of 2020, $1.1 million in principal amount of Convertible Notes were converted into 367,317 shares of the Company’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes.

The Convertible Notes are senior, unsecured obligations and are equal in right of payment with the Company's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of its subsidiaries.

Senior Secured Loan Facility

In February 2018, the Company entered into the Loan and Security Agreement, dated as of February 28, 2018 (as amended, the “Original Loan Agreement”), with Oxford Finance LLC, as the collateral agent and a lender (“Oxford”), and Silicon Valley Bank, as a lender (“SVB”, and together with Oxford, the “Lenders”), which provided for a senior secured loan facility of up to an aggregate principal amount of $45.0 million. The first tranche of $20.0 million was drawn down in February 2018 (the "2018 Term A Loan"). The second tranche was $15.0 million and was drawn down in September 2018 (the "2018 Term B Loan"). The Company also issued warrants to the Lenders to purchase common stock, which is further discussed in Note 7, "Warrants."

In September 2019, the Company entered into an Amended and Restated Loan and Security Agreement (the "Loan Agreement") with the Lenders which amended and restated the Original Loan Agreement in its entirety. The Loan Agreement provided for the Lenders to extend up to $85.0 million in term loans to the Company in three tranches. The initial tranche of $60.0 million (the “Term A Loan”) was drawn down in September 2019. Additional tranches of $15.0 million (the “Term B Loan”) and $10 million (the “Term C Loan”) will become available to the Company if certain revenue targets are achieved prior to March 31, 2021 and June 30, 2021, respectively. In conjunction with the execution of the Loan Agreement, the 2018 Term A Loan and 2018 Term B Loan were repaid and the final payment fee of $2.3 million was paid.

Effective April 21, 2020, the Company entered into that certain First Amendment to the Amended and Restated Loan and Security Agreement with the Lenders (the “First Amendment”) to amend the Loan Agreement to allow the Company to incur indebtedness

under the U.S. Small Business Administration (the “SBA”) Paycheck Protection Program (the “PPP”) enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) in the amount of $5.1 million (the “PPP Loan”).

On June 30, 2020, the Company entered into that certain Second Amendment to the Amended and Restated Loan and Security Agreement with the Lenders (the "Second Amendment") to amend the Loan Agreement to provide for the Lenders’ consent to and allow for the Company's underwritten public offering of the Company's 5.00% Convertible Senior Notes due 2025 and permit the Company to prepay its PPP Loan in full. The Second Amendment also provided for the extension of the interest-only payment period through December 31, 2021, after which the term loans will be payable in 30 equal monthly installments. However, if the Company achieves a certain revenue milestone prior to January 1, 2022, then the period for interest-only payments is extended through September 30, 2022, after which the term loans will be payable in 21 equal monthly installments. In addition the Second Amendment further provided for an extension of the maturity date from June 1, 2023 to June 1, 2024. After repayment, no loans may be re-borrowed.

Pursuant to the Second Amendment, the Company prepaid a portion of the Term A Loan equal to the sum of (i) $20.0 million, plus all accrued and unpaid interest as of the date of the Second Amendment, (ii) the applicable final payment fee of $0.6 million, (iii) the applicable prepayment fee of $0.3 million and (iv) all outstanding Lenders’ expenses as of the date of the Second Amendment. Additionally, the Company is required to maintain a minimum balance of $5.0 million in unrestricted cash at SVB at all times and to pay an amendment fee of up to $0.1 million at the earliest to occur of the maturity date, acceleration of any term loan, or prepayment of any term loan amount.

All of the loans incurred and continue to incur interest at a floating per annum rate in an amount equal to the sum of 6.25% plus the greater of (a) 2.43% and (b) the thirty-day U.S. Dollar LIBOR rate. For the period from the funding date of the Term A Loan through and including September 30, 2020, the interest rate was 8.68%. The Company incurred total debt issuance costs of $1.9 million related to the Loan Agreement, which were being amortized to interest expense over the life of the loan using the effective interest method. In conjunction with the prepayment noted above, unamortized debt issuance costs of $0.4 million associated with the amount prepaid were written off. This write-off and the $0.3 million prepayment fee were recorded as a loss on extinguishment of debt. The remaining balance of unamortized debt issuance costs related to the Loan Agreement and the additional debt issuance costs incurred in conjunction with the Second Amendment have been reflected as a direct reduction to the loan balance and are being amortized to interest expense over the remaining life of the loan using the effective interest method.

On August 5, 2020, the Company entered into that certain Third Amendment to the Amended and Restated Loan and Security Agreement with the Lenders (the “Third Amendment) to amend the Loan Agreement (as amended, supplemented or otherwise modified from time to time, including by that certain First Amendment, Second Amendment and Third Amendment, collectively, the (“Amended Loan Agreement”) to (i) amend the definition of “Permitted Indebtedness” to include a new standby letter of credit in the amount of $0.4 million issued to the landlord for the Company’s leased real property located at 1375 West Fulton Market in Chicago, Illinois and (ii) permit the sale of certain equipment related to the relocation of the Company’s research and development laboratory from San Diego to Chicago.

Pursuant to the Amended Loan Agreement, the Company has provided a first priority security interest in substantially all of the Company’s assets, including intellectual property, subject to certain limited exceptions.

The Amended Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder, but not less than $2.0 million of the outstanding principal at any time. The Company is subject to a prepayment fee equal to 1.50% of the principal amount being prepaid. Also, a final payment fee of 3.0% multiplied by the amount to be repaid is due upon the earliest to occur of the maturity date of the Amended Loan Agreement, the acceleration of the amounts outstanding under the Amended Loan Agreement or prepayment of such borrowings and is recorded in other liabilities on the condensed consolidated balance sheets.

The Amended Loan Agreement contains customary representations and warranties, events of default (including an event of default upon a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

Paycheck Protection Program Loan

In April 2020, the Company entered into the SBA PPP Note with SVB (the “PPP Lender”) for the PPP Loan in the amount of $5.1 million, enabled by the CARES Act to retain employees, maintain payroll and make lease and utility payments in accordance with the relevant terms and conditions of the CARES Act. The Company repaid $0.9 million of the PPP Loan in May 2020 and the remaining $4.2 million on June 30, 2020.

The components of debt are as follows (in thousands):


	September 30, 2020		December 31, 2019

Senior secured loan facility	$	40,000	$	60,000
Convertible Notes	85,126		—


Less: unamortized debt issuance costs	(5,735)		(1,695)
Long-term debt, net of unamortized debt issuance costs	$	119,391	$	58,305

The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility and the Convertible Notes (in thousands):


2020	$	—
2021	—
2022	5,714
2023	22,857
2024	11,429
2025	85,126
	$	125,126

For the three months ended September 30, 2020, the Company recognized interest expense of $2.3 million of which $0.3 million was related to the amortization of debt issuance costs. For the nine months ended September 30, 2020, the Company recognized interest expense of $6.1 million of which $0.7 million was related to a loss on extinguishment of debt and $0.7 million was related to the amortization of debt issuance costs. For the three months ended September 30, 2019, the Company recognized interest expense of $3.5 million of which $0.3 million was related to the amortization of debt issuance costs. For the nine months ended September 30, 2019, the Company recognized interest expense of $5.6 million of which $0.8 million was related to the amortization of debt issuance costs. Included in the prior year interest expense is a loss on extinguishment of debt of $2.3 million relating to the write-off of the remaining balance of unamortized debt issuance costs associated with the Original Loan Agreement.

Note 6. Stockholders' Equity	9 Months Ended
Note 6. Stockholders' Equity	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity Note Disclosure	Stockholders' Equity The Company’s authorized shares of stock of 160.0 million are divided into 150.0 million shares of common stock, par value $0.0001 per share, and 10.0 million shares of preferred stock, par value $0.0001 per share. At September 30, 2020 none of the 10.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on its common stock during the periods presented. In February 2019, the Company completed an equity offering of its common stock pursuant to a registration statement on Form S-1, as amended. The Company sold an aggregate of 5,996,775 shares of common stock at a price of $10.00 per share, including 116,775 shares of common stock pursuant to the exercise of the underwriters' option to purchase additional shares. Net proceeds from the equity offering were $55.5 million after deducting underwriting discounts and commissions as well as other public offering expenses. In February 2020, the Company completed an equity offering of its common stock pursuant to a shelf registration statement on Form S-3, which was filed on August 6, 2019 and declared effective by the SEC on August 21, 2019. The Company sold an aggregate of 10,299,769 shares of common stock at a price of $4.15 per share, including 1,299,769 shares pursuant to the underwriters’ option to purchase additional shares of common stock. Net proceeds from the equity offering were approximately $39.9 million after deducting underwriting discounts and commissions as well as other public offering expenses. In June 2020, the Company completed an equity offering of its common stock pursuant to the shelf registration statement noted above. The Company sold an aggregate of 8,510,000 shares of common stock at a price of $2.72 per share, including 1,110,000 shares pursuant to the underwriters' option to purchase additional shares which was fully exercised in July 2020. Net proceeds from the equity offering were approximately $21.6 million after deducting underwriting discounts and commissions as well as other public offering expenses. In the third quarter of 2020, $1.1 million principal amount of Convertible Notes were converted into 367,317 shares of the Company’s common stock. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. The Company then pays the minimum statutory withholding taxes in cash. During the nine months ended September 30, 2020, 31,250 RSUs vested for which 9,801 shares were withheld to cover the minimum statutory withholding taxes of $0.1 million.

Note 7. Warrants

9 Months Ended

Sep. 30, 2020

Warrants [Abstract]

Other Liabilities Disclosure

Warrants

In 2014 the Company issued 19,931 warrants (the “2014 Warrants”) to certain investors. The 2014 Warrants allow each holder to purchase one share of common stock for $5.912. Of the 2014 Warrants, 18,512 warrants were exercised and 1,419 expired. There are no 2014 Warrants outstanding as of September 30, 2020.

As part of the Original Loan Agreement discussed in Note 5, "Long-term Debt," the Lenders received warrants concurrent with the borrowing. The warrants represent a right for the lender to purchase shares of the Company’s common stock at an exercise price of $11.169 per share. The Company issued 53,720 warrants (the "2018 Term A Warrants") upon the drawdown of the 2018 Term A Loan in February 2018, and the Company issued 40,292 warrants (the "2018 Term B Warrants") upon the drawdown of the 2018 Term B Loan in September 2018. There have been no exercises of 2018 Term A Warrants or 2018 Term B Warrants.

Because the warrants are a freestanding instrument, indexed to the Company's stock, they do not meet the criteria for equity classification. Therefore, the warrants are classified as liabilities and subject to remeasurement at each reporting period until they are exercised, expired, or otherwise settled.

The Company recognized gains (losses) of $1,000, $(92,000) and $(69,000) upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended September 30, 2020. The Company recognized gains of $8,000, $50,000 and $38,000 upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended September 30, 2019. The Company recognized gains (losses) of $4,000, $(39,000) and $(29,000) upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the nine months ended September 30, 2020. The Company recognized gains of $76,000, $265,000 and $199,000 upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the nine months ended September 30, 2019.

As of September 30, 2020, the following warrants were outstanding:


	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	94,012

Note 8. Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company has non-cancellable operating leases for office and laboratory space, which expire at various times through 2033. The non-cancellable lease agreements provide for monthly lease payments, which increase during the term of each lease agreement.

In the third quarter of 2020, the Company signed a lease to occupy a research and development laboratory site in Chicago, Illinois in conjunction with the Company's plan to relocate such activities from the current San Diego site in the fourth quarter of 2020. The future minimum lease payments of the new lease are approximately $0 in 2020, $0 in 2021, $0.5 million in 2022, $0.7 million in 2023, $0.7 million in 2024, and $7.2 million in 2025 and thereafter. In conjunction with the new lease, the Company has assigned its lease for the San Diego site to a third party, beginning in the fourth quarter of 2020. Such assignment releases the Company from any further minimum lease payment obligations for that site.

Future minimum lease payments under operating leases at September 30, 2020 are as follows (in thousands):


2020	$	425
2021	1,277
2022	1,813
2023	2,031
2024	1,981
Thereafter	15,654
Total minimum lease payments	$	23,181

Total rent expense under these operating leases was approximately $0.6 million for each of the three months ended September 30, 2020 and 2019, and approximately $1.7 million for each of the nine months ended September 30, 2020 and 2019.

As of September 30, 2020, we had unused letters of credit of $1.5 million which were issued primarily to secure leases.

Litigation

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of September 30, 2020, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company.

Restructuring and Related Activities

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

Restructuring Costs

In the third quarter of 2020, the Company commenced a plan to relocate its research and development laboratory from San Diego to Chicago. The costs associated with the plan include employee termination and relocation benefits, and other facility exit costs. The Company expects to incur total restructuring costs of approximately $2.3 million related to the plan. Costs of $0.8 million were incurred in the three months ended September 30, 2020, of which $0.4 million is included in research and development expenses, $0.3 million is included in selling, general and administrative expenses, and $0.1 million is included in costs of goods sold in the condensed consolidated statements of operations and comprehensive loss. The Company anticipates that the restructuring will be substantially complete by the end of 2021. The restructuring reserve is included in other accrued liabilities in the condensed consolidated balance sheet.

The following table summarizes the initial restructuring reserve and the payments made during the three months ended September 30, 2020 (in thousands):


	Employee Termination and Relocation Costs		Other		Total
Initial Reserve	$	657	$	121	$	778
Payments	(75)		(116)		(191)
Balance accrued at September 30, 2020	$	582	$	5	$	587

Note 10. Stock Compensation Plan

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the “2011 Plan”) and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards.

The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants).

The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. On January 1, 2020 and 2019, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 1,088,580 shares and 835,728 shares, respectively. As of September 30, 2020, there were 237,346 shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined by the ESPP administrator. On January 1, 2020 and 2019, the number of shares of common stock available for issuance under the

ESPP increased by 272,145 shares and 208,932 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. The Company issued 170,201 shares at a price of $2.26 per share on June 30, 2020. As of September 30, 2020, there were 430,269 shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company intends to use this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercial launch of Gvoke and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of September 30, 2020, there were 414,084 shares of common stock available for future issuance under the Inducement Plan.

Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two, three or four years after the grant date and expire ten years from the grant date.

The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to its IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date.

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Nine Months Ended September 30,
	2020	2019
Expected term (years)	5.9	6.1
Risk-free interest rate	0.42%	1.55%
Expected volatility	69.85%	59.30%
Expected dividends	—	—

Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the nine months ended September 30, 2020 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2020	4,428,985	$	9.40	8.19
Granted	1,452,918	5.17
Exercised and vested	(81,244)	1.70
Forfeited	(410,579)	9.22
Expired	(57,457)	10.16
Outstanding - September 30, 2020	5,332,623	$	8.37	7.87
Exercisable - September 30, 2020	2,565,373	$	7.87	6.88
Vested and expected to vest as of September 30, 2020	5,082,077	$	8.36	7.81

The weighted average fair value of awards granted during the nine months ended September 30, 2020 was $3.12 per share. The total intrinsic value of options exercised during the nine months ended September 30, 2020 was $0.2 million. As of September 30, 2020, the aggregate intrinsic value of awards vested and expected to vest was $6.8 million.

At September 30, 2020, there was a total of $13.2 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.22 years.

On January 31, 2020, the Company granted 572,500 restricted stock unit (RSU) awards to certain key employees. A summary of outstanding RSU awards and the activity for the nine months ended September 30, 2020 was as follows:


	Units	Weighted Average Grant Date Fair Value
Unvested balance - January 1, 2020	125,000	$	13.88
Granted	572,500	6.37
Vested	(31,250)	13.88
Forfeited	(5,000)	6.37
Unvested balance - September 30, 2020	661,250	$	7.43

RSUs are measured based on the fair market value of the underlying stock on the date of grant and vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period. As of September 30, 2020, there was $3.8 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted average remaining vesting period of 2.34 years.

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of goods sold	$	37	$	—	$	113	$	—
Research and development	303		279		913		774
Selling, general and administrative	1,714		1,515		5,107		3,868
Total stock-based compensation expense	$	2,054	$	1,794	$	6,133	$	4,642

Note 11. Fair Value Measurement

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below takes into account the market for its financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of September 30, 2020 and December 31, 2019 (in thousands):


	Total as of September 30, 2020		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	37,886	$	37,886	$	—	$	—

Investments:
U.S. government securities	73,570		73,570		—		—
Corporate securities	16,114		—		16,114		—

Commercial paper	14,173		—		14,173		—
Total investments	$	103,857	$	73,570	$	30,287	$	—

Liabilities
Warrant liabilities	$	214	$	—	$	—	$	214


	Total as of December 31, 2019		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	19,519	$	19,519	$	—	$	—

Investments:
U.S. government securities	32,175		32,175		—		—
Corporate securities	22,164		—		22,164		—
Commercial paper	14,922		—		14,922		—
Total investments	$	69,261	$	32,175	$	37,086	$	—

Liabilities
Warrant liabilities	$	150	$	—	$	—	$	150

The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock.

The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands):



Balance at December 31, 2019	$	150



Change in fair value of warrants	64
Balance at September 30, 2020	$	214

There were no transfers between any of the levels of the fair value hierarchy during the three and nine months ended September 30, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 12. Available-for-Sale Investments

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

The Company classifies its investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of September 30, 2020, consist of U.S. Treasury and agency bonds and corporate entity commercial paper and securities, all with maturities of more than three months but less than one year at the date of purchase. Debt securities as of September 30, 2020 had an average remaining maturity of 0.5 years. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income in the condensed consolidated balance sheets. Refer to Note 11, "Fair Value Measurements," for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s available-for-sale investments by major security type as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:

Commercial paper	$	14,173	$	—	$	—	$	14,173
Corporate securities	16,061		63		(10)		16,114
U.S. government securities	73,581		27		(38)		73,570
Total available-for-sale investments	$	103,815	$	90	$	(48)	$	103,857


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
Commercial paper	$	14,922	$	—	$	—	$	14,922
Corporate securities	22,146		20		(2)		22,164
U.S. government securities	32,152		23		—		32,175
Total available-for-sale investments	$	69,220	$	43	$	(2)	$	69,261

The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three and nine months ended September 30, 2020 and 2019, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months, and the Company does not anticipate any material losses upon maturity of these investments.

Note 13. Net Loss Per Common Share

9 Months Ended

Sep. 30, 2020

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Earnings Per Share [Text Block]

Net Loss Per Common ShareBasic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the outstanding shares of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of September 30,
	2020	2019
Shares to be issued upon conversion of Convertible Notes	27,818,955	—
Vested and unvested stock options	5,332,623	4,332,514
Restricted stock units	661,250	125,000
Warrants	94,012	95,431
Total anti-dilutive securities excluded from EPS computation	33,906,840	4,552,945

Note 3. Inventory (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The components of inventories consisted of the following (in thousands):


	September 30, 2020		December 31, 2019

Raw materials	$	2,805	$	1,321
Work in process	1,381		662
Finished goods	1,447		193
Inventory	$	5,633	$	2,176

Note 4. Other accrued liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Accrued Expenses [Abstract]

Other accrued liabilities

Other accrued liabilities consisted of the following (in thousands):


	September 30, 2020		December 31, 2019

Accrued employee costs	$	6,356	$	6,818
Accrued marketing and selling costs	812		1,973
Accrued research and development costs	769		7,062

Accrued restructuring charges	587		—

Accrued interest expense	1,387		449
Accrued other costs	1,911		1,817
Other accrued liabilities	$	11,822	$	18,119

Note 5. Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments

The components of debt are as follows (in thousands):


	September 30, 2020		December 31, 2019

Senior secured loan facility	$	40,000	$	60,000
Convertible Notes	85,126		—


Less: unamortized debt issuance costs	(5,735)		(1,695)
Long-term debt, net of unamortized debt issuance costs	$	119,391	$	58,305

Schedule of Maturities of Long-term Debt

The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility and the Convertible Notes (in thousands):


2020	$	—
2021	—
2022	5,714
2023	22,857
2024	11,429
2025	85,126
	$	125,126

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Note 7. Warrants (Tables)

9 Months Ended

Sep. 30, 2020

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of September 30, 2020, the following warrants were outstanding:


	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	94,012

Note 8. Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under operating leases at September 30, 2020 are as follows (in thousands):


2020	$	425
2021	1,277
2022	1,813
2023	2,031
2024	1,981
Thereafter	15,654
Total minimum lease payments	$	23,181

Restructuring and Related Activities (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the initial restructuring reserve and the payments made during the three months ended September 30, 2020 (in thousands):


	Employee Termination and Relocation Costs		Other		Total
Initial Reserve	$	657	$	121	$	778
Payments	(75)		(116)		(191)
Balance accrued at September 30, 2020	$	582	$	5	$	587

Note 10. Stock Compensation Plan (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of goods sold	$	37	$	—	$	113	$	—
Research and development	303		279		913		774
Selling, general and administrative	1,714		1,515		5,107		3,868
Total stock-based compensation expense	$	2,054	$	1,794	$	6,133	$	4,642

Stock-based Compensation Assumptions Used in Black-Scholes Option Valuation Model

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Nine Months Ended September 30,
	2020	2019
Expected term (years)	5.9	6.1
Risk-free interest rate	0.42%	1.55%
Expected volatility	69.85%	59.30%
Expected dividends	—	—

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the nine months ended September 30, 2020 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2020	4,428,985	$	9.40	8.19
Granted	1,452,918	5.17
Exercised and vested	(81,244)	1.70
Forfeited	(410,579)	9.22
Expired	(57,457)	10.16
Outstanding - September 30, 2020	5,332,623	$	8.37	7.87
Exercisable - September 30, 2020	2,565,373	$	7.87	6.88
Vested and expected to vest as of September 30, 2020	5,082,077	$	8.36	7.81


	Units	Weighted Average Grant Date Fair Value
Unvested balance - January 1, 2020	125,000	$	13.88
Granted	572,500	6.37
Vested	(31,250)	13.88
Forfeited	(5,000)	6.37
Unvested balance - September 30, 2020	661,250	$	7.43

Note 11. Fair Value Measurement Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



Balance at December 31, 2019	$	150



Change in fair value of warrants	64
Balance at September 30, 2020	$	214

There were no transfers between any of the levels of the fair value hierarchy during the three and nine months ended September 30, 2020.

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of September 30, 2020 and December 31, 2019 (in thousands):


	Total as of September 30, 2020		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	37,886	$	37,886	$	—	$	—

Investments:
U.S. government securities	73,570		73,570		—		—
Corporate securities	16,114		—		16,114		—

Commercial paper	14,173		—		14,173		—
Total investments	$	103,857	$	73,570	$	30,287	$	—

Liabilities
Warrant liabilities	$	214	$	—	$	—	$	214


	Total as of December 31, 2019		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	19,519	$	19,519	$	—	$	—

Investments:
U.S. government securities	32,175		32,175		—		—
Corporate securities	22,164		—		22,164		—
Commercial paper	14,922		—		14,922		—
Total investments	$	69,261	$	32,175	$	37,086	$	—

Liabilities
Warrant liabilities	$	150	$	—	$	—	$	150

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Note 12. Available-for-Sale Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table represents the Company’s available-for-sale investments by major security type as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:

Commercial paper	$	14,173	$	—	$	—	$	14,173
Corporate securities	16,061		63		(10)		16,114
U.S. government securities	73,581		27		(38)		73,570
Total available-for-sale investments	$	103,815	$	90	$	(48)	$	103,857


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
Commercial paper	$	14,922	$	—	$	—	$	14,922
Corporate securities	22,146		20		(2)		22,164
U.S. government securities	32,152		23		—		32,175
Total available-for-sale investments	$	69,220	$	43	$	(2)	$	69,261

Note 13. Net Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of September 30,
	2020	2019
Shares to be issued upon conversion of Convertible Notes	27,818,955	—
Vested and unvested stock options	5,332,623	4,332,514
Restricted stock units	661,250	125,000
Warrants	94,012	95,431
Total anti-dilutive securities excluded from EPS computation	33,906,840	4,552,945

Note 1. Organization and Nature of the Business Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 315,528		$ 315,528		$ 246,245
Net sales	$ 9,404	$ 0	$ 13,066	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (a)
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+ Details

Note 3. Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 2,805	$ 1,321
Work in process	1,381	662
Finished goods	1,447	193
Inventory	5,633	2,176
Inventory Valuation Reserves	$ 1,500	$ 0

Note 4. Other accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued Expenses [Abstract]
Accrued employee costs	$ 6,356	$ 6,818
Accrued marketing and selling costs	812	1,973
Accrued research and development costs	769	7,062
Accrued restructuring charges	587	0
Accrued interest expense	1,387	449
Accrued other costs	1,911	1,817
Other accrued liabilities	$ 11,822	$ 18,119

Note 5. Long-Term Debt Debt, Future Principal Payments (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Debt Disclosure [Abstract]
Long-term Debt	$ 125,126

Note 5. Long-Term Debt Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended			9 Months Ended
Note 5. Long-Term Debt Narrative (Details) - USD ($)	Jun. 30, 2020	May 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 07, 2020	Apr. 21, 2020	Dec. 31, 2019	Sep. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 125,126,000			$ 125,126,000
Prepayment allowed per debt agreement			$ 2,000,000.0			$ 2,000,000.0
Prepayment penalty percentage						1.50%
Final payment fee percentage			3.00%			3.00%
Interest expense			$ 2,328,000		$ (3,507,000)	$ (6,069,000)	$ (5,632,000)
Long-term debt, net of unamortized debt issuance costs			119,391,000			119,391,000				$ 58,305,000
Amortization of debt issuance costs						707,000	767,000
Loss on extinguishment of debt						443,000	2,324,000
Unamortized Debt Issuance Expense			(5,735,000)			(5,735,000)				(1,695,000)
Long-term Debt Obligations, 2020			0			0
Long-term Debt Obligations, 2021			0			0
Long-term Debt Obligations, 2022			5,714,000			5,714,000
Long-term Debt Obligations, 2023			22,857,000			22,857,000
Long-term Debt Obligations, 2024			11,429,000			11,429,000
Long-term Debt Obligations, 2025			85,126,000			85,126,000
Convertible notes purchased, due to exercise of underwriter option								$ 11,300,000
Principal amount of convertible notes converted			1,100,000
Unused letters of credit			1,500,000			1,500,000
Chicago Fulton Market [Member]
Debt Instrument [Line Items]
Unused letters of credit			$ 400,000			$ 400,000
2018 Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity												$ 45,000,000.0
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 85,000,000.0		85,000,000.0
Debt Instrument, Interest Rate, Stated Percentage			6.25%			6.25%
Debt Instrument, Basis Spread on Variable Rate						2.43%
Interest rate, greater of stated percentage and (a) 2.43% or (b) thirty-day LIBOR			8.68%			8.68%
2018 Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount												$ 20,000,000.0
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Fee					2.3 million
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											$ 15,000,000.0
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 40,000,000		$ 60,000,000.0	$ 40,000,000	60,000,000.0			60,000,000
Period debt payments are interest only				30
Debt Issuance Costs, Gross			1,900,000			1,900,000
Repayments of Notes Payable				$ 20,000,000.0
Final payment fee settled at closing				600,000
Prepayment fee settled at closing				300,000
Minimum cash balance to be held with lender						5,000,000.0
Amendment fee to be settled at maturity			100,000			100,000
Write-off of unamortized debt issuance costs due to prepayment of note				400,000
Write-off of prepayment fee due to prepayment of note				$ 300,000
Term C Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			10,000,000			10,000,000
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			15,000,000.0			15,000,000.0
Period debt payments are interest only				21
PPP Loan [Member]
Debt Instrument [Line Items]
Notes Payable									$ 5,100,000
Repayments of Notes Payable	$ 4,200,000	$ 900,000		$ 4,200,000
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 85,126,000			$ 85,126,000		86,300,000		$ 0
Debt Issuance Costs, Gross								$ 5,100,000
Cash interest per annum on convertible notes	5.00%		5.00%	5.00%		5.00%
Debt Instrument, Convertible, Conversion Price			$ 3.06			$ 3.06
Initial conversion rate for Convertible Notes						326.7974
Maximum conversion rate of Convertible Notes						367.6470
Per principal amount of Convertible Notes						$ 1,000
Debt [Member]
Debt Instrument [Line Items]
Interest expense			$ (2,300,000)		(3,500,000)	(6,100,000)	(5,600,000)
Amortization of debt issuance costs			$ 300,000		$ 300,000	700,000	800,000
Loss on extinguishment of debt						$ 700,000	$ 2,300,000

Note 6. Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Jul. 15, 2020	Jun. 29, 2020	Mar. 31, 2020	Feb. 14, 2020	Dec. 31, 2019	Feb. 19, 2019
Equity [Abstract]
Common Stock, Shares Authorized	150,000,000			150,000,000					150,000,000
Preferred Stock, Shares Authorized	10,000,000			10,000,000					10,000,000
Common Shares, Par Value Per Share	$ 0.0001			$ 0.0001					$ 0.0001
Preferred Stock, Par Value Per Share	$ 0.0001			$ 0.0001					$ 0.0001
Total common stock and preferred stock authorized shares	160,000,000.0			160,000,000.0
Common Stock, Shares, Issued	46,664,503			46,664,503		8,510,000		10,299,769	27,214,523	5,996,775
Shares Issued, Price Per Share						$ 2.72		$ 4.15		$ 10.00
Common shares issued, due to exercise of underwriter option					1,110,000		1,299,769			116,775
Net proceeds from issuance of public offering	$ 21,600	$ 39,900	$ 55,500
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				9,801
Statutory withholding taxes on vesting and settlement of RSUs				$ 100
Restricted stock units vested and settled during period				31,250
Issuance of common stock upon conversion of convertible notes, shares	367,317
Principal amount of convertible notes converted	$ 1,100

Note 7. Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Class of Warrant or Right [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	33,906,840	4,552,945
2014 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5.912
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	53,720
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	40,292
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding	94,012
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	94,012	95,431

Note 7. Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended	23 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2014	Aug. 20, 2020
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ (160)	$ 96		$ (64)	$ 540
2014 Warrants [Member]
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares						19,931
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5.912			$ 5.912
Class of warrants, exercised							18,512
Change in fair value of warrants	$ 1	8		$ 4	76
Class of warrants, expired	1,419
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares			53,720
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169			$ 11.169
Warrants outstanding	53,720			53,720
Change in fair value of warrants	$ (92)	$ 50		$ (39)	265
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares		40,292
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169			$ 11.169
Warrants outstanding	40,292			40,292
Change in fair value of warrants	$ (69)	$ 38		$ (29)	$ 199

Note 8. Commitments and Contingencies Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining future minimum lease payments, 2020	$ 425,000	$ 425,000
Remaining future minimum lease payments, 2021	1,277,000	1,277,000
Remaining future minimum lease payments, 2022	1,813,000	1,813,000
Remaining future minimum lease payments, 2023	2,031,000	2,031,000
Remaining future minimum lease payments, 2024	1,981,000	1,981,000
Remaining future minimum lease payments, 2025 and thereafter	15,654,000	15,654,000
Operating Leases, Future Minimum Payments Due	23,181,000	23,181,000
Rent Expense, operating leases	600,000	1,700,000
Unused letters of credit	1,500,000	1,500,000
Other Commitments [Line Items]
Remaining future minimum lease payments, 2020	425,000	425,000
Remaining future minimum lease payments, 2021	1,277,000	1,277,000
Remaining future minimum lease payments, 2022	1,813,000	1,813,000
Remaining future minimum lease payments, 2023	2,031,000	2,031,000
Remaining future minimum lease payments, 2024	1,981,000	1,981,000
Remaining future minimum lease payments, 2025 and thereafter	15,654,000	15,654,000
Chicago Fulton Market [Member]
Commitments and Contingencies Disclosure [Abstract]
Remaining future minimum lease payments, 2020	0	0
Remaining future minimum lease payments, 2021	0	0
Remaining future minimum lease payments, 2022	500,000	500,000
Remaining future minimum lease payments, 2023	700,000	700,000
Remaining future minimum lease payments, 2024	700,000	700,000
Remaining future minimum lease payments, 2025 and thereafter	7,200,000	7,200,000
Unused letters of credit	400,000	400,000
Other Commitments [Line Items]
Remaining future minimum lease payments, 2020	0	0
Remaining future minimum lease payments, 2021	0	0
Remaining future minimum lease payments, 2022	500,000	500,000
Remaining future minimum lease payments, 2023	700,000	700,000
Remaining future minimum lease payments, 2024	700,000	700,000
Remaining future minimum lease payments, 2025 and thereafter	$ 7,200,000	$ 7,200,000

Note 9. Restructuring costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	$ (191)
Accrued restructuring charges	587	$ 0
Restructuring Charges	778
Restructuring and Related Cost, Expected Cost	2,300
Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	400
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	300
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	100
Employee Severance
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	(75)
Accrued restructuring charges	582
Restructuring Charges	657
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	(116)
Accrued restructuring charges	5
Restructuring Charges	$ 121

Note 10. Stock Compensation Plan Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 10 months 24 days	6 years 1 month 6 days
Risk-free interest rate	0.42%	1.55%
Expected volatility	69.85%	59.30%
Expected dividends	0.00%	0.00%

Note 10. Stock Compensation Plan Employee Stock Award Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense from restricted stock units	$ 3,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	572,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 7.43	$ 13.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	661,250	125,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(31,250)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	13.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 6.37
Vested and unvested stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,332,623
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		4,428,985
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 8.37	$ 9.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	7 years 10 months 13 days	8 years 2 months 8 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,452,918
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.17
Exercise and vesting of stock options, shares	(81,244)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 1.70
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(410,579)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 9.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(57,457)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 10.16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	2,565,373
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 7.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	6 years 10 months 17 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	5,082,077
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 8.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	7 years 9 months 21 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 4 months 2 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(5,000)

Note 10. Stock Compensation Plan Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,054	$ 1,794	$ 6,133	$ 4,642
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			200
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	303	279	913	774
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	1,714	1,515	5,107	3,868
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 37	$ 0	$ 113	$ 0

Note 10. Stock Compensation Plan Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 13,200,000
Least amount of annual increase of shares available for issuance	386,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 200,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 19 days
Unrecognized expense from restricted stock units	$ 3,800,000
Issuance of common stock through employee stock purchase plan, shares	170,201
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased	$ 2.26
Stock Option Two Year Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 4 months 2 days
Stock Option Three Year Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	414,084
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			193,000
Percentage shares available for issuance automatically increase annually	1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	272,145	208,932
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	430,269
Maximum employee payroll deduction percentage	15.00%
Common stock value, tax limit on employee stock purchase plan	$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
2011 Stock Option Issuance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					4,714,982
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,822,000
Percentage shares available for issuance automatically increase annually	4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,088,580	835,728
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	237,346

Note 11. Fair Value Measurement Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 37,886		$ 37,886		$ 19,519
Investments	103,857		103,857		69,261
Warrants liabilities	214		214		150
Change in fair value of warrants	160	$ (96)	$ 64	$ (540)
Share-based Payment Arrangement, Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value			$ 3.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	6,800		$ 6,800
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	37,886		37,886		19,519
Investments	73,570		73,570		32,175
Warrants liabilities	0		0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0		0
Investments	30,287		30,287		37,086
Warrants liabilities	0		0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0		0
Investments	0		0		0
Warrants liabilities	214		214		150
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	73,570		73,570		32,175
U.S. government securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	73,570		73,570		32,175
U.S. government securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0		0
U.S. government securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0		0
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,114		16,114		22,164
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0		0
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,114		16,114		22,164
Corporate securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	14,173		14,173		14,922
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0		0
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	14,173		14,173		14,922
Commercial paper \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0		$ 0		$ 0

Note 12. Available-for-Sale Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities Maturities Period	6 months
Available-for-sale securities, Amortized Cost	$ 103,815	$ 69,220
Available-for-sale Securities, Gross Unrealized Gains	90	43
Available-for-sale Securities, Gross Unrealized Losses	48	2
Investments	103,857	69,261
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	30,287	37,086
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	73,570	32,175
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	14,173	14,922
Available-for-sale Securities, Gross Unrealized Gains	0	0
Available-for-sale Securities, Gross Unrealized Losses	0	0
Investments	14,173	14,922
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	14,173	14,922
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	0	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	16,061	22,146
Available-for-sale Securities, Gross Unrealized Gains	63	20
Available-for-sale Securities, Gross Unrealized Losses	10	(2)
Investments	16,114	22,164
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	16,114	22,164
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	0	0
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	73,581	32,152
Available-for-sale Securities, Gross Unrealized Gains	27	23
Available-for-sale Securities, Gross Unrealized Losses	38	0
Investments	73,570	32,175
U.S. government securities \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	0	0
U.S. government securities \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	$ 73,570	$ 32,175

Note 13. Net Loss Per Common Share (Details) - shares	9 Months Ended
Note 13. Net Loss Per Common Share (Details) - shares	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	33,906,840	4,552,945
Shares to be issued upon conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	27,818,955	0
Vested and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,332,623	4,332,514
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	661,250	125,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	94,012	95,431