0001564590-22-008556 | 10-K | XBRL Viewer

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STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue
Product and service revenue	$ 29,493	$ 22,781
Lease	4,966	3,601
Total revenue	34,459	26,382
Cost of revenue (exclusive of amortization)
Total cost of revenue	16,626	12,307
Operating expenses
Selling, general and administrative expenses	23,887	23,768
Research and development expenses	12,358	7,553
Amortization of intangible assets	1,240	1,256
Operating loss	(19,652)	(18,502)
Other income (expense)
Interest expense		(1,340)
Other income, net	51	68
Net loss attributable to common stockholders	$ (19,601)	$ (19,774)
Net loss per share attributable to common stockholders
Basic and diluted	$ (2.09)	$ (4.28)
Weighted-average number of shares used in calculation of net loss per share:
Basic and diluted	9,374	4,621
Product
Revenue
Product and service revenue	$ 26,246	$ 19,831
Cost of revenue (exclusive of amortization)
Total cost of revenue	11,845	8,303
Service
Revenue
Product and service revenue	3,247	2,950
Cost of revenue (exclusive of amortization)
Total cost of revenue	3,406	2,868
Lease
Cost of revenue (exclusive of amortization)
Total cost of revenue	$ 1,375	$ 1,136

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 31,637	$ 40,599
Accounts receivable, net of allowance of $47 and $19, respectively	4,638	2,012
Notes receivable, net of allowance of $61 and $9, respectively	350	444
Inventories	6,488	13,473
Prepaid and other current assets	1,700	1,857
Total current assets	44,813	58,385
Property and equipment, net	756	832
Equipment under lease, net	6,690	3,583
Notes and other receivables, long-term, net of allowance of $2 and $9, respectively	121	452
Intangible assets, net	10,870	12,110
Other assets	3,215	3,758
Total assets	66,465	79,120
Current liabilities:
Accounts payable	2,694	2,481
Accrued liabilities	4,604	4,570
Deferred revenue	904	923
Operating lease liabilities	512	493
Total current liabilities	8,714	8,467
Long-term operating lease liabilities	2,803	3,314
Other long-term liabilities	69	129
Total liabilities	11,586	11,910
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding at December 31, 2021 and 2020
Common stock, par value $0.01 per share, 150,000 shares authorized at December 31, 2021 and 2020; 10,990 and 10,933 shares issued and outstanding at December 31, 2021 and 2020, respectively	110	109
Additional paid-in capital	132,363	125,094
Accumulated deficit	(77,594)	(57,993)
Total stockholders’ equity	54,879	67,210
Total liabilities and stockholders’ equity	$ 66,465	$ 79,120

BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance	$ 47	$ 19
Notes receivable, allowance	61	9
Notes and other receivables, long-term, allowance	$ 2	$ 9
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	10,990,000	10,933,000
Common stock, shares outstanding	10,990,000	10,933,000

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (19,601)	$ (19,774)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,524	1,309
Amortization of intangible assets	1,240	1,256
Non-cash operating lease cost	517	505
Provision for expected credit losses	74	22
Write-down of inventory	320	8
Loss on disposal of property and equipment	133	27
Stock-based compensation expense	6,866	9,045
Changes in operating assets and liabilities:
Accounts receivable	(2,654)	1,332
Prepaid and other current assets	157	(1,239)
Inventories	2,333	(8,697)
Accounts payable	213	910
Accrued liabilities	75	871
Other	(166)	634
Net cash used in operating activities	(8,969)	(13,791)
Cash flows from investing activities
Purchase of property and equipment	(354)	(366)
Proceeds from sale of property and equipment		40
Net cash used in investing activities	(354)	(326)
Cash flows from financing activities
Contributions from PDL		2,366
Distributions to PDL		(1,862)
Proceeds from notes payable due to related party		12,400
Sale of common stock to PDL		16,431
Capital contribution from PDL		20,666
Proceeds from issuance of common stock under employee stock purchase plan	361
Net cash provided by financing activities	361	50,001
Net (decrease) increase in cash and cash equivalents	(8,962)	35,884
Cash and cash equivalents at beginning of the year	40,599	4,715
Cash and cash equivalents at end the year	31,637	40,599
Supplemental cash flow information
Cash paid for interest		478
Cash paid for taxes	19
Supplemental schedule of non-cash investing and financing activities
Transfer from Inventories to Equipment under lease, net	$ 4,332	3,280
Phantom stock liability settled with common stock		783
Modification of phantom stock-based awards		306
Common stock issued to extinguish Series A Preferred Stock		37,246
Common stock issued to extinguish note payable due to related party		$ 32,633

STATEMENT OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance at Dec. 31, 2019	$ (30,553)	$ (34)	$ 11	$ 7,621	$ (38,185)	$ (34)
Beginning Balance, Shares at Dec. 31, 2019			1,070
Accounting Standards Update Extensible List	us-gaap:AccountingStandardsUpdate201613Member
Impact from recapitalization transactions	$ 69,879		$ 62	69,817
Impact from recapitalization transactions, Shares			6,221
Sale of common stock to PDL	16,431		$ 15	16,416
Sale of common stock to PDL, Shares			1,496
Capital contribution from PDL	20,666			20,666
Issuance of common stock, net of cancellations			$ 21	(21)
Issuance of common stock, net of cancellations,Shares			2,146
Stock-based compensation under the 2020 Plan	8,849			8,849
Contributions from PDL	2,518			2,518
Distributions to PDL	(1,861)			(1,861)
Settlement of phantom stock-based awards	783			783
Modification of phantom stock-based awards	306			306
Net loss	(19,774)				(19,774)
Ending Balance at Dec. 31, 2020	67,210		$ 109	125,094	(57,993)
Ending Balance, Shares at Dec. 31, 2020			10,933
Issuance of common stock under the 2020 ESPP	361		$ 1	360
Issuance of common stock under the 2020 ESPP, Shares			57
Stock-based compensation under the 2020 Plan	6,909			6,909
Net loss	(19,601)				(19,601)
Ending Balance at Dec. 31, 2021	$ 54,879		$ 110	$ 132,363	$ (77,594)
Ending Balance, Shares at Dec. 31, 2021			10,990

Overview and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

Overview and Organization

LENSAR, Inc. (“LENSAR” or the “Company”) is a global medical device business focused on the design, development and commercialization of advanced technology for the treatment of cataracts and management of astigmatisms to achieve improved vision outcomes for patients. The Company’s revenue is derived from the sale and lease of the LENSAR Laser System, which may include equipment, a consumable referred to as the Patient Interface Device (“PID”), procedure licenses, training, installation, limited warranty and maintenance agreements through extended warranty.

In September 2020, the Company’s former parent entity, PDL BioPharma, Inc. (“PDL”) announced its plans to pursue a separation and distribution of its medical device segment, which was solely comprised of its majority-owned subsidiary, LENSAR. On October 1, 2020, the previously planned spin-off was completed in the form of a dividend involving the distribution of substantially all outstanding shares of LENSAR common stock owned by PDL to holders of PDL common stock (“Spin-Off” or the “Distribution”). The Distribution was made to PDL’s stockholders of record as of the close of business on September 22, 2020 (the “Record Date”) and such stockholders received 0.075879 shares of LENSAR common stock for one PDL common share held as of close of business on the Record Date. Prior to the Distribution, PDL owned approximately 81.5% of LENSAR common stock. Following the completion of the distribution, PDL did not own any equity interest in LENSAR. LENSAR became an independent public company whose stock is listed and trading under the symbol “LNSR” on the Nasdaq Stock Market (“Nasdaq”).

In September 2020, the Company amended its amended and restated certificate of incorporation to effect a one-for-nine reverse stock split of the Company’s common stock. The par value of the Company’s common stock and the total number of shares of common stock that the Company is authorized to issue remained unchanged.

All issued and outstanding shares of common stock, other common stock share numbers, equity awards and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.

The Company has incurred recurring losses and operating cash outflows since its inception and as of December 31, 2021 had an accumulated deficit of $77,594. The Company expects to continue to incur losses and cash outflows from operating activities for the foreseeable future. In addition, the Company’s results of operations, financial condition and cash flows have been adversely affected by the COVID-19 pandemic, including supply chain shortages and price increases. The extent to which the COVID-19 outbreak will further negatively impact the Company’s business or operating results cannot be determined with certainty at this time. In geographies in which the Company or its customers, partners and service providers operate, health concerns as well as political or governmental developments in response to COVID-19 could result in further economic, social or labor instability or prolonged contractions in the industries in which the Company’s customers or partners operate, slow the sales process, result in customers not purchasing or renewing the Company’s products or failing to make payments, and could otherwise have a material adverse effect on the Company’s business and results of operations and financial condition. The Company has also experienced some supply chain disruptions, unavailability, and increased costs of various component parts needed for the LENSAR Laser System and ALLY Adaptive Cataract Treatment System (“ALLY” or “ALLY system”) as a result of COVID-19, including increasing lead times required for the ordering of component parts to ensure timely delivery. To date, the Company has maintained sufficient inventory to mitigate adverse impact from such disruptions and unavailability; however, the Company is continuing to monitor developments with respect to such disruptions and their potential impact on the Company’s business, results of operations and financial condition.

During 2020, PDL and the Company entered into a series of recapitalization transactions and capital contribution transactions as described below. Management believes the Company’s cash and cash equivalents on hand provide sufficient liquidity to meet the Company’s projected obligations for a period of at least twelve months from the date of issuance of these financial statements. As the Company gets closer to the planned commercial launch of the ALLY system anticipated to be in the second half of 2022, it expects annual revenue and selling, general and administrative expenses to increase from current levels. Clearance of the ALLY system and its subsequent anticipated launch in 2022

is contingent on the regulatory review and discretion of the U.S. Food and Drug Administration (“FDA”) and is not entirely within the Company’s control.

The Company expects cash and cash equivalents, together with cash generated from the sale and lease of products, to be sufficient to operate through the anticipated clearance and launch of ALLY and into 2023. The Company’s liquidity needs will be largely determined by the success of its operations regarding the successful commercialization of its existing products and the progression, clearance and launch of ALLY in the future. The Company expects it will need to raise additional capital through equity or debt financings or from other sources to continue its operations beyond 2023. The Company may issue securities, including common stock, preferred stock, warrants, and/or debt securities through private placement transactions or registered public offerings in the future. The Company’s ability to raise additional funds will depend, among other factors, on financial, economic and market conditions, many of which are outside of the Company’s control and the Company may be unable to raise financing when needed, or on terms favorable to the Company. If the necessary funds are not available from these sources, the Company may have to delay, reduce or suspend the scope of its sales and marketing efforts, research and development activities, or other components of its operations.

Description of the Recapitalization Transactions and Capital Contributions

In July 2020, the Company amended and restated its certificate of incorporation to, among other things, (a) increase the number of shares of common stock ($0.01 par value per share) the Company is authorized to issue to 150,000 shares and (b) issue to PDL a total of 3,415 shares of the Company’s common stock in exchange for the extinguishment of all 30 shares of the Company’s Series A Preferred Stock, including any accrued and unpaid dividends thereon (the “Series A Preferred Stock Recapitalization”).

In July 2020, the Company and PDL entered into a contribution and exchange agreement whereby the Company issued to PDL a total of 2,806 shares of the Company’s common stock in exchange for the extinguishment of the $32,600 outstanding that the Company owed PDL under the loan agreement (the “Note Payable Recapitalization”).

The Series A Preferred Stock Recapitalization, together with the Note Payable Recapitalization, is defined as the “Recapitalization Transactions”. The Recapitalization Transactions resulted in the issuance of 6,221 shares of common stock with a fair value of $67,188 to extinguish an aggregate of $69,879 carrying value of liabilities recognized for the Series A Preferred Stock inclusive of accumulated dividend and loans outstanding under the loan agreement inclusive of accrued interest, resulting in an approximate $2,691 extinguishment gain recorded in additional paid-in capital during the year ended December 31, 2020. The estimated fair value of the common stock was determined by the board of directors, with input from management. In the absence of a public trading market for the common stock, the Company developed an estimate of the fair value of the common stock based on the information known as of the date of the Recapitalization Transactions, upon a review of any recent events and their potential impact on the estimated fair value, and valuations from an independent third-party valuation firm. Valuations of the Company’s common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, or the Practice Aid. In evaluating the fair value of common stock, the Company first established the enterprise value of the Company using generally accepted valuation methodologies including discounted cash flow analysis, comparable public company analysis and comparable acquisitions analysis. Then the Company allocated the equity value among the fully diluted shares outstanding as a result of the Recapitalization Transactions.

In July 2020, the Company issued an additional 740 shares of common stock to PDL in exchange for $8,000 in cash (the “Capital Contribution”).

In August 2020, the Company received cash of $29,000 from PDL (the “Additional Capital Contribution”). The Company issued 747 shares of common stock to PDL in exchange for $8,334. The remaining $20,666 was a cash contribution from PDL.

In September 2020, the Company issued an additional nine shares of additional common stock to PDL in exchange for $97 in cash.

Basis of Presentation

These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”).

Prior to the Spin-Off, these financial statements were prepared on a stand-alone basis derived from the consolidated financial statements and accounting records of PDL and are presented as if LENSAR had been operating as a stand-alone company for all years presented. These financial statements exclude the assets, liabilities, revenue and expenses directly attributable to LENSAR’s wholly-owned subsidiary, PDL Investment Holdings, LLC (“PDLIH”). On August 20, 2020, the Company distributed 100% of its ownership interest in its wholly-owned subsidiary, PDLIH, to PDL. This distribution did not result in U.S. Federal or State income tax effects due to an election made by the Company and PDL following the Company’s separation from PDL under Internal Revenue Code (“IRC”) Section 336(e), which provides for a recharacterization of the distribution of stock as a deemed sale of assets for tax purposes. This election was made following the Spin-Off of all outstanding shares of LENSAR common stock owned by PDL to holders of PDL common stock.

For periods following the Spin-Off, these financial statements were prepared on a stand-alone basis from the Company’s accounting records.

During the periods prior to the Spin-Off presented in these financial statements, the operations of the Company were included in the consolidated U.S. federal and state income tax returns filed by PDL. Income tax expense and other income tax related information contained in the financial statements for those periods are presented on a separate return basis as if the Company had filed its own tax returns. For income tax purposes, LENSAR and PDL jointly made an election under IRC Section 336(e), which provides for a recharacterization of the Distribution of stock as a deemed sale of assets. This election was made following the Spin-Off and was effective as of October 2, 2020. As a result of this election, LENSAR’s research and development credits and net operating losses remained with PDL, and LENSAR recorded a tax-basis step up adjustment to reflect the fair value of all assets and liabilities on the date of the Spin-Off for tax purposes. In periods following the Spin-Off, LENSAR will file federal and state tax returns separate from PDL. The deferred income taxes of the Company as presented in these financial statements for periods prior to the Spin-Off, including tax attributes such as net operating losses or credit carryforwards, may not be indicative of the deferred tax assets available to the Company. For periods following the Spin-Off, tax attributes and deferred tax assets are indicative of LENSAR’s status as a separate Company for federal and state tax return filing purposes. See Note 13, Income Taxes, for more information.

Prior to the Spin-Off, the assets, liabilities, revenue and expenses directly attributable to the Company’s operations have been reflected in these financial statements on a historical cost basis, as included in the consolidated financial statements of PDL. The statements of operations include expenses for certain corporate support functions that were provided by PDL such as administration and organizational oversight; including employee benefits, finance and accounting, treasury and risk management, professional and legal services, among others. These expenses have been allocated to the Company on the basis of direct usage when identifiable, with the remainder allocated on a proportional basis of expenses of the Company and PDL. Management of the Company and PDL considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. These allocations may not be reflective of the expenses that would have been incurred had the Company operated as a separate, unaffiliated entity apart from PDL. Actual costs that would have been incurred if LENSAR had been a stand-alone, public company would depend on multiple factors, including the chosen organizational structure and strategic decisions made in various areas, including information technology and infrastructure. Following its separation on October 1, 2020, the Company performs these functions using its own resources or purchased services. For an interim period through March 2021, however, some of these functions were provided by PDL as the Company entered into a transition service agreement with PDL in connection with the separation.

The Company was historically funded as part of PDL’s treasury program prior to the Spin-Off. Cash and restricted cash managed through bank accounts legally owned by PDL at the corporate level were not attributable to the Company for any of the periods presented. Only cash and restricted cash legally owned by the Company are reflected in the balance sheets. All significant transactions between the Company and PDL were considered to be effectively

settled for cash at the time the transaction was recorded, unless otherwise noted. Such transfers of cash to and from PDL have been included in these financial statements as a component of equity in the balance sheets and as a financing activity in the statements of cash flows, unless otherwise noted.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities, and cost allocations from PDL. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates.

The COVID-19 pandemic continues to directly and indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, reserves and allowances. The Company continues to monitor developments that are highly uncertain, including supply chain disruptions and price increases, as well as the economic impact on domestic and international suppliers, customers, and markets. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its current expected credit losses, the carrying value of the Company's intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of December 31, 2021 and through the date of this report. As a result of these assessments, there were no impairments or material increases in expected credit losses or valuation allowances that impacted the Company's financial statements as of and for the years ended December 31, 2021 and 2020. However, the Company's future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the financial statements in future reporting periods.

As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment as the CODM reviews financial information presented on an entity-wide basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As of December 31, 2021 and 2020, 89% and 100% of long-lived assets were in the United States, respectively. Revenue is attributed to a geographic region based on the location of the customer.

Cash and Cash Equivalents

The Company considers all highly liquid investments with initial maturities of three months or less at the date of purchase to be cash equivalents. The Company places its cash and cash equivalents with high credit quality financial institutions and, by policy, limits the amount of credit exposure in any one financial instrument.

Accounts Receivable

The Company had $110 and $37 for allowance for credit losses as of December 31, 2021 and 2020, respectively. The Company makes estimates of the collectability of accounts receivable. In doing so, the Company analyzes historical bad debt trends, customer credit worthiness, current economic trends, changes in customer payment patterns, and possible impact of current conditions and reasonable forecasts not already reflected in historical loss information when evaluating the adequacy of the allowance for credit losses. Amounts are charged off against the allowance for credit losses when the Company determines that recovery is unlikely, and the Company ceases collection efforts.

Fair Value Measurement

The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories:

•

Level 1—based on quoted market prices in active markets for identical assets and liabilities.

•

Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable.

Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

The carrying value of the Company’s cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates fair value based on the associated credit risk.

Inventory

Inventory, which consists of raw materials, work-in-process and finished goods, is stated at the lower of cost or net realizable value. The Company determines cost using standard costs which approximates actual costs determined on the first-in, first-out basis. Inventory levels are analyzed periodically and written down to their net realizable value if they have become obsolete, have a cost basis in excess of expected net realizable value or are in excess of expected requirements. The Company analyzes current and future product demand relative to the remaining product shelf life to identify potential excess inventory. The Company builds demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance and patient usage. The Company classifies inventory as current on the balance sheets when the Company expects inventory to be consumed for commercial use within the next twelve months.

Intangible Assets

Intangible assets with finite useful lives consist primarily of acquired product rights, acquired technology, and customer relationships. Acquired product rights and acquired technology are amortized on a straight-line basis over their estimated useful lives of 15 to 20 years. Customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years, based on the method that better represents the economic benefits to be obtained. The estimated useful lives associated with finite-lived intangible assets are consistent with the estimated lives of the associated products and may be modified when circumstances warrant. Such assets are reviewed for impairment when events or circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. The Company did not record any impairment of its intangible assets for the years ended December 31, 2021 and 2020.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives:

Leasehold improvements		Lesser of useful life or term of lease
Manufacturing equipment		3-5 years
Computer and office equipment		3 years
Transportation equipment		3 years
Furniture and fixtures		7 years
Software		3 years

Equipment Under Lease

Equipment under lease is related to LENSAR Laser Systems which are leased to customers instead of sold. Equipment under operating lease is stated at cost less accumulated depreciation and is classified as Equipment under lease, net on the balance sheets. Depreciation is computed using the straight-line method over an estimated useful life of the greater of the lease term or five years to ten years.

Revenue Recognition

The reported results reflect the application of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company adopted ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not substantially completed as of the date of adoption. ASC Topic 340-40, Contracts with customers (“ASC 340”) was adopted on the same date and using the same methodology as ASC 606.

Policy Elections and Practical Expedients Taken

Upon the Company’s adoption of ASC 606, the Company applied the following policy elections:

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

The Company has elected to apply the practical expedient that allows an entity to not adjust the promised amount of consideration in customer contracts for the effect of a significant financing component when the period between the transfer of product and services and payment of the related consideration is less than one year.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of product revenue. Shipping and handling costs for the years ended December 31, 2021 and 2020 were $245 and $90, respectively.

General

In accordance with ASC 606, revenue is recognized from the sale of products and services when the Company transfers control of such promised products and services. The amount of revenue recognized reflects the consideration to which LENSAR expects to be entitled to receive in exchange for these products and services. A five-step model is utilized to achieve the core principle and includes the following steps: (1) identify the customer contract; (2) identify the contract’s performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when the performance obligations are satisfied.

LENSAR principally derives its revenue from the sale and lease of the LENSAR Laser System and the sale of other related products and services, including PIDs, procedure licenses, and extended warranty service agreements. Most customers are on pre-paid or 30-day payment terms, depending on the product purchased. Typically, returns are not allowed.

Judgment is required to determine the level of interdependency between the LENSAR Laser System and the sale of other related products and services. For bundled packages, which include the sale or lease of a LENSAR Laser System

and provision of other products and services, the Company accounts for individual products and services separately if they are distinct—i.e., if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it on its own or with other resources that are readily available to the customer. The LENSAR Laser System, training and installation services are one performance obligation. The other products and services, including PIDs, procedure licenses, and extended warranty services, which are either sold together with the LENSAR Laser System or on a standalone basis, are all accounted for as separate performance obligations. The transaction price of bundled packages is allocated to each performance obligation on a relative standalone selling price basis. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, the Company estimates the selling price using available observable information.

The Company recognizes revenue as the performance obligations are satisfied by transferring control of the product or service to a customer, as described below.

Product Revenue. The Company recognizes revenue for the sale of the following products at a point in time:

Equipment. The Company’s LENSAR Laser System sales are recognized as Product revenue when the Company transfers control of the system. This usually occurs after the customer signs a contract, LENSAR installs the system, and LENSAR performs the requisite training for use of the system for direct customers. LENSAR Laser System sales to distributors are recognized as revenue upon shipment as they do not require training and installation.

PID and Procedure Licenses. The LENSAR Laser System requires both a PID and a procedure license to perform each procedure. The Company recognizes Product revenue for PIDs when the Company transfers control of the PID. The Company recognizes Product revenue for procedure licenses at the point in time when control of the procedure license is transferred to the customer. A procedure license represents a one-time right to utilize the LENSAR Laser System surgical application in connection with a surgery procedure. For the sale of PIDs and procedure licenses, the Company may offer volume discounts to certain customers. To determine the amount of revenue that should be recognized at the time control over these products transfers to the customer, the Company estimates the average per unit price, net of discounts.

Service Revenue. The Company offers an extended warranty that provides additional maintenance services beyond the standard limited warranty. The Company recognizes Service revenue from the sale of extended warranties over the warranty period on a ratable basis as the Company stands ready to provide services as needed. Customers have the option of renewing the warranty period, which is considered a new and separate contract.

Lease Revenue. For LENSAR Laser System operating leases, the Company recognizes lease revenue over the length of the lease in accordance with ASC Topic 842, Leases, (“ASC 842”). For additional information regarding accounting for leases, see the Leases section within this footnote below and Note 5, Leases.

Contract Costs

The Company offers a variety of commission plans to the Company’s salesforce. Certain compensation under these plans is earned by sales representatives solely as a result of obtaining a customer contract. These are considered incremental costs of obtaining a contract and are eligible for capitalization under ASC Topic 340-40, Other Assets and Deferred Costs – Contracts with Customers, to the extent they are recoverable. Incremental costs of obtaining a contract are deferred over the period the related revenue is recognized and the Company has elected not to defer costs related to goods or services to be delivered over a period that is one year or less.

Significant Financing Component

The Company provides extended payment terms to certain customers that represent a significant financing component. The Company adjusts the amount of promised consideration for the time value of money using its discount rate and recognizes interest income separate from the revenue recognized on contracts with customers.

Limited Warranty Obligations

The Company offers limited warranties on the Company’s products which provide the customer assurance that the product will function as the parties intended because it complies with agreed-upon specifications; therefore, these assurance-type warranties are not treated as a separate revenue performance obligation and are accounted for as guarantees under U.S. GAAP. The Company regularly reviews its warranty liability and updates these balances based on historical warranty cost trends.

Concentrations of Customers

For the year ended December 31, 2021, two customers accounted for 16%, and 13% of the Company’s revenue, respectively, and three customers accounted for 37%, 13%, and 10% of the Company’s accounts receivable, net as of December 31, 2021. For the year ended December 31, 2020, three customers each accounted for 12% of the Company’s revenue, respectively, and two customers accounted for 11% and 10% of the Company’s accounts receivable, net as of December 31, 2020, respectively.

Research and Development

The Company expenses research and development costs as incurred. Research and development expenses consist primarily of engineering, product development, clinical studies to develop and support the Company’s products, regulatory expenses, and other costs associated with products and technologies that are in development. Research and development expenses include employee compensation, including stock-based compensation, supplies, consulting, prototypes, testing, materials, travel expenses, and depreciation. Until future commercialization of the ALLY system is considered probable and the future economic benefit is expected to be realized the Company recognizes pre-launch inventory costs as research and development expenses.

Income Taxes

The Company is subject to U.S. federal, state, and local corporate income taxes at the entity level. Prior to the Spin-Off, the Company’s losses were included with PDL’s consolidated U.S. federal and state income tax returns. Subsequent to the Spin-Off, income taxes as presented in the Company’s financial statements reflect our status as a separate Company, filing federal and state income tax returns on a stand-alone basis.

The provision for income taxes is determined using the asset and liability approach. Tax laws require items to be included in tax filings at different times than the items are reflected in the financial statements. A current liability is recognized for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are adjusted for enacted changes in tax rates and tax laws in the year in which such laws are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision.

Leases

The Company adopted ASC Topic 842, Leases, on January 1, 2019 using the modified retrospective method for all leases not substantially completed as of the date of adoption. The cumulative impact of the adoption of ASC 842 was not material, therefore, the Company did not record any adjustments to retained earnings. As a result of adopting ASC 842, the Company recorded operating lease right-of-use (“ROU”) assets of $1,390 and operating lease liabilities of $1,424, primarily related to the corporate office lease, based on the present value of the future lease payments on the date of adoption. Changes to lessor accounting focused on conforming with certain changes made to lessee accounting

and the recently adopted revenue recognition guidance. The adoption of ASC 842 did not materially change how the Company accounts for lessor arrangements.

The Company determines if an arrangement is a lease or contains an embedded lease at inception if it contains the right to control the use of an identified asset under a leasing arrangement with an initial term greater than 12 months. The Company determines whether a contract conveys the right to control the use of an identified asset for a period of time if the contract contains both the right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset.

Policy Elections and Practical Expedients Taken

The Company has lease arrangements with lease and non-lease components, which are accounted for separately.

For leases that commenced before the effective date of ASC 842, the Company elected the practical expedients to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases.

For short term leases, defined as leases with a lease term of 12 months or less, the Company elected to not recognize an associated lease liability and ROU asset. Lease payments for short term leases are expensed on a straight-line basis over the lease term.

The Company has a policy to exclude from the consideration in a lessor contract all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected by the Company from a lessee.

Lessee Arrangements

Lessee operating right of use assets are included in Other assets in the Company’s balance sheet. Lessee operating lease liabilities are included in Other current liabilities and Long-term operating lease liabilities in the Company’s balance sheet. The Company does not have lessee financing leases.

Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The Company uses the implicit rate when readily determinable at lease inception. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date, including the lease term and the Company’s credit risk, in determining the present value of lease payments. The Company’s remaining lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis as operating expense in the statements of operations over the lease term.

For lease arrangements with lease and non-lease components where the Company is the lessee, the Company separately accounts for lease and non-lease components, which consists primarily of common area maintenance services. Non-lease components are expensed as incurred.

Lessor Arrangements

The Company leases equipment to customers under operating leases. Leases are generally not cancellable until after an initial term and may or may not require the customer to purchase a minimum number of procedures and consumables throughout the contract term.

For lease arrangements with lease and non-lease components where the Company is the lessor, the Company allocates the contract’s transaction price (including discounts) to the lease and non-lease components on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. Lease elements generally include a LENSAR Laser System, while non-lease elements generally

include extended warranty services, PIDs and procedure licenses. The stand-alone selling prices for the extended warranty services, PIDs and procedure licenses are determined based on the prices at which the Company separately sells such products and services. The LENSAR Laser System stand-alone selling prices are determined using the expected cost plus a margin approach. Allocation of the transaction price is determined at the inception of the lease arrangement. The Company’s leases primarily consist of leases with fixed lease payments. For those leases with variable lease payments, the variable lease payment is typically based upon use of the leased equipment or the purchase of procedure licenses and consumables used with the leased equipment. Non-lease components are accounted for under ASC 606. For additional information regarding ASC 606, see Note 3, Revenue from Contracts with Customers.

Some leases include options to extend the leases on a month-to-month basis if the customer does not notify the Company of the intention to return the equipment at the end of the lease term. The Company typically does not offer options to terminate the leases before the end of the lease term. A new contract is generated if a customer intends to continue using the equipment under the initial term and the new contract term is not included in the initial lease term.

In determining whether a transaction should be classified as a sales-type or operating lease, the Company considers the following criteria at lease commencement: (1) whether title of the system transfers automatically or for a nominal fee by the end of the lease term, (2) whether the present value of the minimum lease payments equals or exceeds substantially all of the fair value of the leased system, (3) whether the lease term is for the major part of the remaining economic life of the leased system, (4) whether the lease grants the lessee an option to purchase the leased system that the lessee is reasonably certain to exercise, and (5) whether the underlying system is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. If any of these criteria are met, the lease is classified as a sales-type lease. If none of these criteria are met the lease is classified as an operating lease. For the years ended December 31, 2021 and 2020, the Company does not have any sales-type leases.

For operating leases, rental income is recognized on a straight-line basis over the lease term as lease revenue. The cost of customer-leased equipment is recorded within equipment under lease, net in the balance sheets and depreciated over the equipment’s estimated useful life. Depreciation expense associated with the leased equipment under operating lease arrangements is reflected in cost of lease in the statements of operations. Some of the Company’s operating leases include a purchase option for the customer to purchase the leased asset at the end of the lease arrangement, subject to a new contract. The purchase price does not qualify as a bargain purchase option. The Company manages its risk on its investment in the equipment through pricing and the term of the leases. Lessees do not provide residual value guarantees on leased equipment. Equipment returned to the Company may be leased or sold to other customers. Initial direct costs, recorded in prepaid and other current assets, are deferred and recognized over the lease term.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation, (“ASC 718”). Stock-based compensation is measured at the grant date based on the fair value of the award and is generally expensed over the requisite service period. Stock-based compensation expense is recognized using a straight-line attribution method over the requisite service period, except for portions of awards subject to performance conditions, which will be recognized ratably over the service period for each separate performance vesting tranche once it is probable the performance condition will be met. The Company made accounting policy elections to account for modifications to the requisite service period using the bifurcated approach and to account for forfeitures as they occur.

See Note 12, Stock-Based Compensation, for a discussion of stock-based compensation plans.

Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740, Income Taxes, and also clarifies and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have an effect on the financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

Note 3. Revenue from Contracts with Customers

Disaggregation of Revenue

The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021		2020
United States	$	15,004	$	11,604
South Korea		4,380		3,077
Europe		5,805		3,588
Asia (excluding South Korea)		3,855		4,193
Other		449		319
Total¹	$	29,493	$	22,781

1	The table above does not include lease revenue of $4,966 and $3,601 for the years ended December 31, 2021 and 2020, respectively. Refer to Note 5, Leases.

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers:

		As of December 31,
	Classification	2021		2020
Accounts receivable, current	Accounts receivable, net	$	4,638	$	2,012
Notes receivable, current	Notes receivable, net	$	350	$	444
Notes receivable, long-term	Notes and other receivables, long-term, net	$	121	$	452
Contract liability, current	Deferred revenue	$	904	$	923
Contract liability, non-current	Other long-term liabilities	$	66	$	128

Accounts Receivables, Net—Accounts receivables, net, include amounts billed and due from customers. The amounts due are stated at their net estimated realizable value and are classified as current or noncurrent based on the timing of when the Company expects to receive payment. Most customers are on pre-paid or 30-day payment terms, depending on the product purchased. The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer credit worthiness, historical payment experience, the age of outstanding receivables, collateral to the extent applicable and reflects the possible impact of current conditions and reasonable forecasts not already reflected in historical loss information.

The following table summarizes the activity in the allowance for accounts receivable:

	Amount
Accounts receivable, allowance for credit losses as of January 1, 2020	$	—
Impact of adoption of ASC 326		15
Change in provision for credit losses		24
Write-offs		(20	)
Accounts receivable, allowance for credit losses as of December 31, 2020		19
Change in provision for credit losses		28
Write-offs		—
Accounts receivable, allowance for credit losses as of December 31, 2021	$	47

Notes Receivables, Net—Notes receivable, net includes amounts billed and due from customers under extended payment terms with a significant financing component. Interest rates on notes receivable range from 5.0% to 5.75%. The Company recorded interest income on notes receivable during the years ended December 31, 2021 and 2020 of $34 and $54 in other income, net in its statements of operations.

The following table summarizes the activity in the allowance for notes receivable:

	Amount
Notes receivable, allowance for credit losses as of January 1, 2020	$	—
Impact of adoption of ASC 326	19
Change in provision for credit losses		(1	)
Write-offs		—
Notes receivable, allowance for credit losses as of December 31, 2020		18
Change in provision for credit losses		45
Write-offs		—
Notes receivable, allowance for credit losses as of December 31, 2021	$	63

Maturities of notes receivables, net under extended payment terms with a significant financing component as of December 31, 2021 are as follows:

Fiscal Year	Amount
2022	$	350
2023		126
2024 and thereafter		—
Total undiscounted cash flows		476
Present value of notes receivable		534
Difference between undiscounted and discounted cash flows	$	(58	)

Contract Liabilities—The Company’s contract liabilities consist of deferred revenue related to services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies deferred revenue as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of deferred revenue is included in other long-term liabilities in the Company’s balance sheets.

The following table provides information about contract liabilities from contracts with customers:

	Amount
Contract liabilities as of December 31, 2019	$	895
Billings not yet recognized as revenue		880
Beginning contract liabilities recognized as revenue		(724	)
Contract liabilities at December 31, 2020		1,051
Billings not yet recognized as revenue		798
Beginning contract liabilities recognized as revenue		(879	)
Contract liabilities at December 31, 2021	$	970

Transaction Price Allocated to Future Performance Obligations

At December 31, 2021, the revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $6,641. The Company expects to satisfy its remaining performance obligations over the next five years, with $4,477 to be satisfied in the next twelve months, $1,674 to be satisfied in the next two years, and $490 to be satisfied thereafter. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected lengths of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for the products delivered or services performed.

Costs to Obtain Contracts

The following table provides information about the costs to obtain contracts associated with contracts with customers for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021			2020
Beginning balance	$	109		$	190
Additions		509			379
Amortization		(575	)		(460	)
Ending balance	$	43		$	109

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 4. Inventories

Inventory balances were as follows:

	As of December 31,
	2021		2020
Finished Goods	$	4,319	$	10,551
Work-in-process		173		319
Raw Materials		1,996		2,603
Total	$	6,488	$	13,473

Write downs of inventories to net realizable value amounted to $264 and $8 for the years ended December 31, 2021 and 2020, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 5. Leases

Lessee Arrangements

The Company has an operating lease for a corporate office. In August 2020, the Company amended the lease to extend through November 30, 2027 commencing on September 1, 2020. The lease amendment constitutes a modification as it extends the original lease term, which requires evaluation of the remeasurement of the lease liability and corresponding right-of-use-asset. The reassessment resulted in continuing to classify the lease as an operating lease and remeasurement of the lease liability on the basis of the extended lease term and the incremental borrowing rate at the effective date of modification of 10%. The Company’s operating lease has a remaining lease term of 5.9 years as of December 31, 2021, and contains an option to extend the lease for five years.

The components of lease expense are as follows:

	Year Ended December 31,
	2021		2020
Operating lease cost	$	578	$	543
Short-term lease cost		30		9
Total lease cost	$	608	$	552

Supplemental cash flow information related to leases, including the lease modification, is as follows:

	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	522	$	413
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases	$	—	$	3,320

The following table presents the lease balances within the balance sheet, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases:

		As of December 31,
Operating Leases	Classification	2021			2020
Operating lease ROU assets	Other assets	$	3,151		$	3,668

Operating lease liabilities, current	Other current liabilities	$	512		$	493
Operating lease liabilities, long-term	Long-term operating lease liabilities		2,803			3,314
Total operating lease liabilities		$	3,315		$	3,807

Weighted-average remaining lease term		5.9 years			6.9 years
Weighted-average discount rate			10.00	%		10.00	%

Maturities of operating lease liabilities as of December 31, 2021 are as follows:

Fiscal Year	Amount
2022	$	537
2023		551
2024		567
2025		582
2026		598
Thereafter		562
Total operating lease payments		3,397
Less: imputed interest		(82	)
Total operating lease liabilities	$	3,315

Lessor Arrangements

The Company has operating leases for the LENSAR Laser System, which occur primarily in the United States. The Company’s leases have remaining lease terms of less than one year to four years. Lease revenue for the years ended December 31, 2021 and 2020 was as follows:

	Year ended December 31,
	2021		2020
Lease revenue	$	4,966	$	3,601

Equipment under lease is as follows:

	As of December 31,
	2021			2020
Equipment under lease	$	13,488		$	9,343
Less accumulated depreciation		(6,798	)		(5,760	)
Equipment under lease, net	$	6,690		$	3,583

Depreciation expense on equipment under lease amounted to $1,214 and $1,037 for the years ended December 31, 2021 and 2020, respectively.

Maturities of operating lease payments as of December 31, 2021 are as follows:

Fiscal Year	Amount
2022	$	2,146
2023		570
2024		100
2025		35
2026		23
Thereafter		—
Total undiscounted cash flows	$	2,874

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Note 6. Property and Equipment

The following table provides details of property and equipment, net:

	As of December 31,
	2021			2020
Leasehold improvements	$	112		$	112
Manufacturing equipment		940			269
Computer and office equipment		102			107
System and laser		1,219			1,452
Software		56			—
Furniture and fixtures		50			50
Transportation equipment		38			38
Total		2,517			2,028
Less accumulated depreciation		(1,945	)		(1,876	)
Construction in progress		184			680
Property and equipment, net	$	756		$	832

Depreciation expense on property and equipment amounted to $310 and $272 for the years ended December 31, 2021 and 2020, respectively. The Company recognizes molds and tools that suppliers use in producing certain products under a long-term supply arrangement in construction in progress while the molds are under construction. When the molds are completed, they are transferred to property and equipment. The assets capitalized amounted to $662 and $680 as of December 31, 2021 and 2020, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 7. Intangible Assets

The components of intangible assets were as follows:

	As of December 31, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships ^1,2	$	4,292	$	(1,685	)	$	2,607	$	4,292	$	(1,326	)	$	2,966
Acquired technology ^1,3		11,500		(3,275	)		8,225		11,500		(2,508	)		8,992
Acquired trademarks ¹		570		(532	)		38		570		(418	)		152
	$	16,362	$	(5,492	)	$	10,870	$	16,362	$	(4,252	)	$	12,110

Certain intangible assets were established upon PDL’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained.

²	LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years.

³	LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years.

Amortization expense for the years ended December 31, 2021 and 2020 was $1,240 and $1,256, respectively.

Based on the intangible assets recorded at December 31, 2021, and assuming no subsequent additions to or impairment of the underlying assets, the remaining amortization expense is expected to be as follows:

Fiscal Year	Amount
2022	$	1,149
2023		1,097
2024		1,085
2025		1,074
2026		1,064
Thereafter		5,401
Total remaining estimated amortization expense	$	10,870

Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Accrued Liabilities

Note 8. Accrued Liabilities

Accrued liabilities consist of the following:

	As of December 31,
	2021		2020
Compensation	$	3,375	$	2,971
Professional services		526		1,271
Warranty		45		79
Other		658		249
Total	$	4,604	$	4,570

Series A Preferred Stock

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Series A Preferred Stock

Note 9. Series A Preferred Stock

The Company authorized and issued 30 shares of Series A preferred stock, par value $0.01, to PDL in May 2017. The Series A preferred stock has an aggregate liquidation preference of $30,000 (“stated value”), plus all accumulated and unpaid dividends (whether or not declared). Dividends on each share of preferred stock initially accrued on an annual

basis at a rate of 15.00% per annum of the stated value, and subsequently decreased to 5.0% per annum of the stated value effective January 1, 2019 as amended in December 2018.

Dividends were to be payable when and if declared by the board of directors. No dividends were declared by the board of directors from the time of issuance to the Series A Preferred Stock Recapitalization.

The Series A Preferred Stock was accounted for as a liability on the Company’s balance sheets because it was mandatorily redeemable. Upon completion of the Series A Preferred Stock Recapitalization, the Company does not currently have any shares of Series A Preferred Stock outstanding. See Note 1, Overview and Basis of Presentation, for more information on the Series A Preferred Stock Recapitalization. Interest expense recognized on the Series A Preferred Stock was $0 and $829 for the years ended December 31, 2021 and 2020, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10. Commitments and Contingencies

Purchase Obligation

LENSAR entered into various supply agreements for the manufacture and supply of certain components. The supply agreements commit LENSAR to a minimum purchase obligation of approximately $4,568 over the next 12 months. LENSAR expects to meet these requirements.

Royalty and Milestone Payments

In connection with the exclusive license of certain intellectual property the Company could be required to make milestone payments in the amount of $2,400, which are contingent upon the regulatory approval and commercialization of ALLY. In addition, the Company acquired certain intellectual property, which would result in additional royalty payments at a rate of 3% of certain revenue generated from ALLY.

Legal Matters

The medical device market in which LENSAR participates is largely technology driven. As a result, intellectual property rights, particularly patents and trade secrets, play a significant role in product development and differentiation. The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Management believes that there are currently no claims or legal actions that would reasonably be expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows.

Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity (Deficit)

Note 11. Stockholders’ Equity

Common Stock

The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock. No cash dividend was declared on common stock during the years ended December 31, 2021 and 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

Stock-Based Incentive Plans

The 2020 Plan

On July 9, 2020, the Board of Directors approved the LENSAR Inc. 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan provides for the grant of stock options, restricted stock, restricted stock unit awards and other stock-based awards to recipients.

The amount and terms of grants are determined by the Company’s Board of Directors or a duly authorized committee thereof. Participants must pay the Company, or make provisions to pay, any required withholding taxes by the date of the event creating the tax liability. Participants may satisfy the tax liability in cash or in stock. A total of 3,333 shares of common stock were initially reserved for issuance pursuant to the 2020 Plan. The number of shares available for issuance under the 2020 Plan includes an annual increase on the first day of each fiscal year beginning fiscal 2021, equal to the lesser of (i) 5% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Board of Directors. As of December 31, 2021 the Company has reserved 3,880 shares of common stock for issuance under the 2020 Plan.

A summary of the shares available for issuance under the 2020 Plan is as follows:

	Number of Shares
Balance at December 31, 2020		1,188
Authorized		547
Granted/Awarded		(674	)
Cancelled		21
Balance at December 31, 2021		1,082

Stock Options

The exercise price of incentive stock options (“ISOs”) and nonqualified stock options (“NSOs”) shall not be less than 100% of the fair market value on the grant date of the option and the term may not exceed 10 years. The exercise price of ISOs granted to a 10% stockholder shall not be less than 110% of the estimated fair market value on the grant date of the option and the term may not exceed five years. To date, options have a term of 10 years and generally vest over one to four years from the grant date.

Option award activity under the 2020 Plan is set forth below:

	Options Outstanding
	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		—		$	—		—	$	—
Options granted		674		$	7.59
Options exercised		—		$	—
Options cancelled		(21	)	$	8.27
Outstanding at December 31, 2021		653		$	7.57		9.3	$	—

Vested and expected to vest at December 31, 2021		653		$	7.57		9.3	$	—
Vested and exercisable at December 31, 2021		94		$	7.70		9.4	$	—

The weighted average grant date fair value of options granted during the year ended December 31, 2021 was $4.85. The total fair value of options vested during the year ended December 31, 2021 was approximately $466. Total unrecognized compensation expense of $2,180 related to stock options will be recognized over a weighted average period of 2.6 years.

The Company estimated the fair value of stock-options using the Black-Scholes option pricing model. The fair value of employee and non-employee stock options is being amortized on a straight-line basis over the requisite service

period of the awards. The fair value of employee and non-employee stock options was estimated using the following assumptions for the year ended December 31, 2021:

		Year Ended December 31,
		2021
Risk-free interest rate		0.6 - 1.3%
Expected term (years)		6
Expected volatility		72 - 73%
Dividends		0.0%

Expected term: The expected term for the Company’s stock-based compensation awards was based on an index of the expected terms of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the expected term of its awards.

Risk-free interest rate: The risk-free interest rate was based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected term.

Expected volatility: The expected volatility for the Company’s stock-based compensation awards was based on an index of the historical volatilities of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the volatility of its common stock.

Expected dividend yield: The Company does not intend to pay dividends for the foreseeable future. Accordingly, the Company used a dividend yield of zero in the assumptions.

Restricted Stock Awards

Restricted stock has the same rights as other issued and outstanding shares of the Company’s common stock. The compensation expense related to these awards is determined using the fair market value of the Company’s common stock on the date of the grant. Under the Company’s restricted stock plans, restricted stock awards typically vest over three years and compensation expense associated with these awards is recognized on a straight-line basis over the vesting period.

Restricted stock award activity under the 2020 Plan is set forth below:

	2021
	Number of Units			Weighted- average grant- date fair value per share
Non-vested at beginning of year		2,050		$	10.30
Granted		—		$	—
Vested		(718	)	$	10.31
Cancelled		—		$	—
Non-vested at end of year		1,332		$	10.29

The total fair value of restricted stock awards vested during the years ended December 31, 2021 and 2020 was $7,406 and $970, respectively.

The weighted-average grant date fair value for restricted stock awards granted under the 2020 Plan for the year ended December 31, 2020 was $10.30. No restricted stock awards were granted under the 2020 Plan during the year ended December 31, 2021.

At December 31, 2021, there was approximately $7,493 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 1.6 years. The number of restricted stock awards that are expected to vest are as follows: 338 in the quarter ending March 31, 2022; 140 in the quarter ending June 30, 2022; 113 in the quarter ending September 30, 2022; 113 in the quarter ending December 31, 2022; 237 in the quarter ending March 31, 2023; 136 in the quarter ending June 30, 2023; 180 in the quarter ending September 30, 2023; and 75 in the quarter ending December 31, 2023. These are based on restricted stock awards outstanding at December 31, 2021 and assumes the requisite service period is fulfilled for all awards outstanding. Actual vesting in future periods may vary from those reflected above.

2020 Employee Stock Purchase Plan

In September 2020, the Board of Directors approved the LENSAR Inc. 2020 Employee Stock Purchase Plan (the “2020 ESPP”), under which eligible employees are permitted to purchase common stock at a discount through payroll deductions. A total of 340 shares of common stock are reserved for issuance and will be increased on the first day of each fiscal year, beginning in 2022, by an amount equal to the lesser of (i) 1.0% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (ii) a lesser amount as determined by the Board of Directors. The price of the common stock purchased will be the lower of 85% of the fair market value of the common stock at the beginning of an offering period or at the end of a purchase period. The 2020 ESPP is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the IRC.

As of December 31, 2021, 57 shares of common stock have been issued to employees participating in the 2020 ESPP and 283 shares were available for future issuance under the 2020 ESPP.

The grant date fair value of the shares to be issued under the Company’s 2020 ESPP was estimated using the Black-Scholes valuation model.

Phantom Stock Plan

LENSAR had a phantom stock plan under which it granted phantom stock units to LENSAR directors and employees. In connection with the Company’s issuance of stock awards under the 2020 Plan, all remaining outstanding awards under the Phantom Stock Plan were cancelled in 2020, and no further awards are outstanding under such plan.

The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan, the 2020 ESPP and the Phantom Stock Plan in the Company’s statements of operations:

	Year Ended December 31,
	2021		2020
Cost of revenue—product	$	216	$	303
Cost of revenue—service		122		165
Selling, general and administrative expenses		5,914		7,529
Research and development expenses		614		876
Total	$	6,866	$	8,873

Total unrecognized stock-based compensation expense is expected to be amortized as follows:

Fiscal Year	Amount
2022	$	5,607
2023		3,497
2024		470
2025		99
2026		—
Thereafter		—
Total unrecognized stock-based compensation expense	$	9,673

The amounts included in this table are based on restricted stock awards and stock options outstanding at December 31, 2021 and assumes the requisite service period is fulfilled for all awards outstanding. Actual stock-based compensation expense in future periods may vary from those reflected in the table.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

Prior to the Spin-off, the Company was included in the consolidated federal tax return of PDL. Subsequent to the Spin-Off, the Company is no longer included in the consolidated federal tax return of PDL and files separate tax returns starting for the year ended December 31, 2020. The provision for income taxes for the years ended December 31, 2021 and 2020 reflects the impact of the Spin-Off and the Company’s status as a separate company for federal and state income tax filing purposes.

For financial reporting purposes, loss before income taxes includes the following components:

	Years Ended December 31,
	2021			2020
United States	$	(19,601	)	$	(19,774	)
Foreign		—			—
Total	$	(19,601	)	$	(19,774	)

The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following:

	Year Ended December 31,
	2021		2020
Current income tax expense (benefit)
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total current		—		—
Deferred income tax (benefit)
Federal		—		—
State		—		—
Foreign		—		—
Total deferred		—		—
Total provision	$	—	$	—

A reconciliation of the income tax provision computed using the U.S. statutory federal income tax rate compared to the income tax provision included in the statements of operations is as follows:

	Year Ended December 31,
	2021			2020
Tax at U.S. statutory rate on income before income taxes	$	(4,116	)	$	(4,153	)
Change in valuation allowance		3,930			1,573
State taxes		(684	)		(210	)
Section 162(m)		310			—
Stock-based compensation		559			68
(Income)/Loss taxable in period under the separate return method		—			2,719
Other		1			3
Total	$	—		$	—

Deferred tax assets and liabilities are determined based on the differences between financial reporting and income tax bases of assets and liabilities, as well as net operating loss carryforwards, and are measured using the enacted tax rates

and laws in effect when the differences are expected to reverse. The significant components of the Company’s net deferred tax assets and liabilities are as follows:

	Year Ended December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	4,417		$	496
Intangible assets		6,287			6,541
Stock-based compensation		1,675			1,886
Other		639			170
Total deferred tax assets		13,018			9,093
Valuation allowance		(13,014	)		(9,084	)
Total deferred tax assets, net of valuation allowance		4			9
Deferred tax liabilities:
Other		(4	)		(9	)
Total deferred tax liabilities		(4	)		(9	)
Net deferred tax assets	$	—		$	—

The deferred tax assets associated with net operating losses included in the table above for the years ended December 31, 2021 and 2020 reflect the net operating losses the Company expects to generate on its separate federal and state income tax returns subsequent to the Spin-Off.

As of December 31, 2021 and 2020, the Company maintained federal net operating loss carryforwards of $15,993 and $1,972, respectively. As of December 31, 2021 and 2020, the Company also maintained state net operating loss carryforwards of $13,502 and $1,532, respectively. The federal net operating losses generated during the period ended December 31, 2020 after the Spin-Off and during the year ended December 31, 2021 may only be utilized to offset 80% of taxable income annually and may be carried forward indefinitely. The state net operating losses generated after the Spin-Off will begin to expire in the year 2028 if not utilized.

As of December 31, 2021, the Company determined that it was more likely than not that certain deferred tax assets would not be realized in the near future and maintained a $13,014 valuation allowance against deferred tax assets. The net change in total valuation allowance between the years ended December 31, 2021 and 2020, was an increase of $3,930. The Company’s designation was based on its review and analysis of all the available evidence as of the balance sheet date, both positive and negative.

A reconciliation of the Company’s unrecognized tax benefits, excluding accrued interest and penalties, is as follows:

	Year Ended December 31,
	2021		2020
Balance at the beginning of the year	$	—	$	2,255
Decreases related to prior year tax positions		—		—
Increases related to tax positions from prior fiscal years		—		—
Increases related to tax positions taken during current fiscal year		—		—
Decreases related to the Spin-Off		—		(2,255	)
Balance at the end of the year	$	—	$	—

The Company periodically evaluates its exposures associated with its tax filing positions. At this time, the Company does not anticipate a material change in the unrecognized tax benefits that would affect the effective tax rate or deferred tax assets or valuation allowances over the next 12 months.

The U.S. federal income tax returns for which the Company filed as part of the PDL consolidated group are subject to examination for tax years 2017 forward. Certain of the Company’s state and local returns are subject to examination by authorities for tax years 2010 forward. The Company’s income tax returns for periods separate from our consolidation with PDL are subject to examination by U.S. federal, state and local tax authorities for tax years 2020

forward. The Company is not currently under examination in any significant tax jurisdictions. Interest and penalties associated with unrecognized tax benefits accrued on the balance sheet were $0 as of December 31, 2021 and 2020.

In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020, and the American Rescue Plan Act, which was enacted on March 11, 2021, in the U.S., include measures to assist companies, including temporary changes to income and non-income-based tax laws. The Company will monitor additional guidance and impact that the CARES Act, American Rescue Plan Act, and other potential legislation may have on its income taxes.

The provision for income taxes is determined using the asset and liability approach. Tax laws require items to be included in tax filings at different times than the items are reflected in the Consolidated Financial Statements. A current liability is recognized for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are adjusted for enacted changes in tax rates and tax laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

Note 14. Net Loss per Share

The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations:

	Year Ended December 31,
	2021			2020
Net loss attributable to common stockholders	$	(19,601	)	$	(19,774	)
Weighted average number of shares of common stock		9,374			4,621
Basic and diluted net loss per share	$	(2.09	)	$	(4.28	)

The Company applied the two-class method for calculating net loss per share. The two-class method is an allocation of losses between the holders of common stock and the Company’s participating securities. Net loss attributable to common stockholders is computed by deducting the dividends accumulated for the period on the Series A Preferred Stock from the Company’s net loss. Interest expense on the Series A Preferred Stock is computed using the effective interest method. The adjustment, if any, to the net loss is the portion of the cumulative dividends in excess of the interest expense on the Series A Preferred Stock. There were no adjustments for cumulative dividends in excess of the interest expense on the Series A Preferred Stock for the years ended December 31, 2021 and 2020.

The Company’s basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

As the Company has reported a net loss for all periods presented, basic and diluted net loss per share attributable to common stockholders are the same for those periods. The Company excluded 1,332 shares of underlying unvested restricted stock awards and 653 outstanding stock options for the year ended December 31, 2021 and 2,050 shares of underlying unvested restricted stock awards and 0 outstanding stock options for the year ended December 31, 2020 from its net loss per diluted share calculations because their effect was anti-dilutive.

The anti-dilutive weighted-average shares excluded from the net loss per share diluted shares calculations were:

	Year Ended December 31,
	2021		2020
Restricted stock awards		1,142		843
Outstanding stock options		491		—
Total		1,633		843

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Note 15. Related Party Transactions

In the ordinary course of business, the Company entered into transactions with PDL.

Corporate Allocations

The Company’s Financial Statements include expenses of $0 and $3,387 for the years ended December 31, 2021 and 2020, respectively, allocated to the Company by PDL for corporate support functions that were provided by PDL such as administration and organizational oversight; including employee benefits, finance and accounting, treasury and risk management, professional and legal services, among others. Allocated costs were included within selling, general and administrative expenses in the accompanying statements of operations. A portion of these allocated costs related to certain cross charges that were historically cash settled and included in the statements of cash flows as operating activities. As of December 31, 2021 and 2020, $0 corporate allocation costs were outstanding.

No costs related to the separation of LENSAR incurred by PDL have been allocated to the Company for the years ended December 31, 2021 and 2020.

Note Payable to Related Party

In May 2017, the Company entered into a loan agreement with PDL. Under the loan agreement, the maximum aggregate principal amount that LENSAR could draw from the loan agreement was $25,600. On April 15, 2020, the Company and PDL, upon mutual agreement, increased the credit limit that LENSAR could draw from PDL under the loan agreement by $7,000 to a total of $32,600. LENSAR drew an additional $12,400 under the loan agreement during the year ended December 31, 2020. Immediately before the Note Payable Recapitalization, the Company had drawn the full amount under the amended loan agreement. The interest expense incurred during the years ended December 31, 2021 and 2020 was $0 and $511, respectively, and is included in interest expense.

As of December 31, 2021, the Company does not have a Note payable due to related party. See Note 1, Overview and Basis of Presentation, for more information on the Note Payable Recapitalization.

Series A Preferred Stock

Refer to Note 9, Series A Preferred Stock.

Agreements with PDL

In connection with the completion of the Spin-Off, the Company entered into several agreements with PDL, each dated September 30, 2020, that, among other things, provide a framework for the Company’s relationship with PDL after the Distribution, including the following (collectively, the “Spin Agreements”):

•

Separation and Distribution Agreement: The Separation and Distribution Agreement set forth the agreements between PDL and the Company regarding the principal transactions necessary to separate the Company from PDL. It also set forth other agreements that govern certain aspects of the relationship with PDL after the completion of the Spin-Off. In general, neither the Company nor PDL will make any representations or warranties regarding the transactions contemplated by the Separation and Distribution Agreement or the respective businesses, assets, liabilities, condition or prospects of PDL or the Company.

•

Transition Services Agreement: The Transition Services Agreement provides that for a limited time, PDL is to provide services (through various separate work streams) to LENSAR on an interim basis, ranging in duration from two to nine months, with the majority of such services being provided for a duration of six months. The support functions include accounting and other financial functions. The agreed upon charges for such services are either (i) generally intended to allow PDL to recover all out-of-pocket costs and expenses, along with a pre-determined mark-up of such out-of-pocket costs and expenses or (ii) where available, a benchmark market based rate for the service.

•

Tax Matters Agreement: The Tax Matters Agreement generally governs the respective rights, responsibilities and obligations of LENSAR and PDL with respect to tax liabilities and benefits, tax attributes, the preparation

F-30

and filing of tax returns, the control of audits and other tax proceedings and certain other matters regarding taxes.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

The Company submitted an application for 510(k) clearance of the ALLY system to the FDA for the femtosecond laser aspect of ALLY as the first stage of a planned, two part commercial release strategy. This submission was accepted for substantive review by the FDA in February 2022. The Company plans to submit an additional 510(k) application seeking clearance for the phacoemulsification features within the integrated ALLY system later in 2022. Subject to FDA clearance, the Company expects to begin commercialization of the ALLY system in the second half of 2022. Commercialization of the ALLY system will be in a controlled launch and the ALLY system will have the phacoemulsification features integrated as part of the system; however, these features will not be activated for use until the Company receives FDA clearance on these aspects of the combined system from the planned second 510(k) submission to occur late in 2022.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Accounting Estimates

Segments

Cash and Cash Equivalents

Accounts Receivable

Fair Value Measurement

•

Level 1—based on quoted market prices in active markets for identical assets and liabilities.

•

Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable.

Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

Inventory

Intangible Assets

Property and Equipment

Leasehold improvements		Lesser of useful life or term of lease
Manufacturing equipment		3-5 years
Computer and office equipment		3 years
Transportation equipment		3 years
Furniture and fixtures		7 years
Software		3 years

Equipment Under Lease

Revenue Recognition

Policy Elections and Practical Expedients Taken

Upon the Company’s adoption of ASC 606, the Company applied the following policy elections:

General

The Company recognizes revenue as the performance obligations are satisfied by transferring control of the product or service to a customer, as described below.

Product Revenue. The Company recognizes revenue for the sale of the following products at a point in time:

Contract Costs

Significant Financing Component

Limited Warranty Obligations

Concentrations of Customers

Research and Development

Income Taxes

Lessee Arrangements

Leases

and the recently adopted revenue recognition guidance. The adoption of ASC 842 did not materially change how the Company accounts for lessor arrangements.

Policy Elections and Practical Expedients Taken

The Company has lease arrangements with lease and non-lease components, which are accounted for separately.

Lessee Arrangements

Lessor Arrangements

Stock-Based Compensation

See Note 12, Stock-Based Compensation, for a discussion of stock-based compensation plans.

Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Depreciation is Computed using Straight-Line Method over Useful Lives

Leasehold improvements		Lesser of useful life or term of lease
Manufacturing equipment		3-5 years
Computer and office equipment		3 years
Transportation equipment		3 years
Furniture and fixtures		7 years
Software		3 years

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Product and Service Revenue Disaggregated by Geographic Region

	Year Ended December 31,
	2021		2020
United States	$	15,004	$	11,604
South Korea		4,380		3,077
Europe		5,805		3,588
Asia (excluding South Korea)		3,855		4,193
Other		449		319
Total¹	$	29,493	$	22,781

The table above does not include lease revenue of $4,966 and $3,601 for the years ended December 31, 2021 and 2020, respectively. Refer to Note 5, Leases.

Summary of Information about Receivables and Contract Liabilities from Contracts with Customers

The following table provides information about receivables and contract liabilities from contracts with customers:

		As of December 31,
	Classification	2021		2020
Accounts receivable, current	Accounts receivable, net	$	4,638	$	2,012
Notes receivable, current	Notes receivable, net	$	350	$	444
Notes receivable, long-term	Notes and other receivables, long-term, net	$	121	$	452
Contract liability, current	Deferred revenue	$	904	$	923
Contract liability, non-current	Other long-term liabilities	$	66	$	128

The following table provides information about contract liabilities from contracts with customers:

	Amount
Contract liabilities as of December 31, 2019	$	895
Billings not yet recognized as revenue		880
Beginning contract liabilities recognized as revenue		(724	)
Contract liabilities at December 31, 2020		1,051
Billings not yet recognized as revenue		798
Beginning contract liabilities recognized as revenue		(879	)
Contract liabilities at December 31, 2021	$	970

Summary of Allowance for Accounts Receivable

The following table summarizes the activity in the allowance for accounts receivable:

	Amount
Accounts receivable, allowance for credit losses as of January 1, 2020	$	—
Impact of adoption of ASC 326		15
Change in provision for credit losses		24
Write-offs		(20	)
Accounts receivable, allowance for credit losses as of December 31, 2020		19
Change in provision for credit losses		28
Write-offs		—
Accounts receivable, allowance for credit losses as of December 31, 2021	$	47

Summary of Allowance for Notes Receivable

The following table summarizes the activity in the allowance for notes receivable:

	Amount
Notes receivable, allowance for credit losses as of January 1, 2020	$	—
Impact of adoption of ASC 326	19
Change in provision for credit losses		(1	)
Write-offs		—
Notes receivable, allowance for credit losses as of December 31, 2020		18
Change in provision for credit losses		45
Write-offs		—
Notes receivable, allowance for credit losses as of December 31, 2021	$	63

Summary of Maturities of Notes Receivables Net Under Extended Payment Terms

Maturities of notes receivables, net under extended payment terms with a significant financing component as of December 31, 2021 are as follows:

Fiscal Year	Amount
2022	$	350
2023		126
2024 and thereafter		—
Total undiscounted cash flows		476
Present value of notes receivable		534
Difference between undiscounted and discounted cash flows	$	(58	)

Summary of Costs to Obtain Customer Contracts

The following table provides information about the costs to obtain contracts associated with contracts with customers for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021			2020
Beginning balance	$	109		$	190
Additions		509			379
Amortization		(575	)		(460	)
Ending balance	$	43		$	109

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory balances were as follows:

	As of December 31,
	2021		2020
Finished Goods	$	4,319	$	10,551
Work-in-process		173		319
Raw Materials		1,996		2,603
Total	$	6,488	$	13,473

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense are as follows:

	Year Ended December 31,
	2021		2020
Operating lease cost	$	578	$	543
Short-term lease cost		30		9
Total lease cost	$	608	$	552

Summary of Supplemental Cash Flow Information Related to Company Leases Including Lease Modification

Supplemental cash flow information related to leases, including the lease modification, is as follows:

	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	522	$	413
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases	$	—	$	3,320

Summary of Operating Lease liabilities

The following table presents the lease balances within the balance sheet, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases:

		As of December 31,
Operating Leases	Classification	2021			2020
Operating lease ROU assets	Other assets	$	3,151		$	3,668

Operating lease liabilities, current	Other current liabilities	$	512		$	493
Operating lease liabilities, long-term	Long-term operating lease liabilities		2,803			3,314
Total operating lease liabilities		$	3,315		$	3,807

Weighted-average remaining lease term		5.9 years			6.9 years
Weighted-average discount rate			10.00	%		10.00	%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2021 are as follows:

Fiscal Year	Amount
2022	$	537
2023		551
2024		567
2025		582
2026		598
Thereafter		562
Total operating lease payments		3,397
Less: imputed interest		(82	)
Total operating lease liabilities	$	3,315

Schedule of Lease Revenue

. Lease revenue for the years ended December 31, 2021 and 2020 was as follows:

	Year ended December 31,
	2021		2020
Lease revenue	$	4,966	$	3,601

Schedule of Equipment Under Lease

Equipment under lease is as follows:

	As of December 31,
	2021			2020
Equipment under lease	$	13,488		$	9,343
Less accumulated depreciation		(6,798	)		(5,760	)
Equipment under lease, net	$	6,690		$	3,583

Maturities of Operating Lease Payments

Maturities of operating lease payments as of December 31, 2021 are as follows:

Fiscal Year	Amount
2022	$	2,146
2023		570
2024		100
2025		35
2026		23
Thereafter		—
Total undiscounted cash flows	$	2,874

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table provides details of property and equipment, net:

	As of December 31,
	2021			2020
Leasehold improvements	$	112		$	112
Manufacturing equipment		940			269
Computer and office equipment		102			107
System and laser		1,219			1,452
Software		56			—
Furniture and fixtures		50			50
Transportation equipment		38			38
Total		2,517			2,028
Less accumulated depreciation		(1,945	)		(1,876	)
Construction in progress		184			680
Property and equipment, net	$	756		$	832

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Components of Intangible Assets

The components of intangible assets were as follows:

	As of December 31, 2021							As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships ^1,2	$	4,292	$	(1,685	)	$	2,607	$	4,292	$	(1,326	)	$	2,966
Acquired technology ^1,3		11,500		(3,275	)		8,225		11,500		(2,508	)		8,992
Acquired trademarks ¹		570		(532	)		38		570		(418	)		152
	$	16,362	$	(5,492	)	$	10,870	$	16,362	$	(4,252	)	$	12,110

²	LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years.

³	LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years.

Schedule of Impairment of Underlying Assets, Remaining Amortization Expense

Fiscal Year	Amount
2022	$	1,149
2023		1,097
2024		1,085
2025		1,074
2026		1,064
Thereafter		5,401
Total remaining estimated amortization expense	$	10,870

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:

	As of December 31,
	2021		2020
Compensation	$	3,375	$	2,971
Professional services		526		1,271
Warranty		45		79
Other		658		249
Total	$	4,604	$	4,570

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Shares Available for Issuance Under 2020 Plan

A summary of the shares available for issuance under the 2020 Plan is as follows:

	Number of Shares
Balance at December 31, 2020		1,188
Authorized		547
Granted/Awarded		(674	)
Cancelled		21
Balance at December 31, 2021		1,082

Summary of Option Award Activity

Option award activity under the 2020 Plan is set forth below:

	Options Outstanding
	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		—		$	—		—	$	—
Options granted		674		$	7.59
Options exercised		—		$	—
Options cancelled		(21	)	$	8.27
Outstanding at December 31, 2021		653		$	7.57		9.3	$	—

Vested and expected to vest at December 31, 2021		653		$	7.57		9.3	$	—
Vested and exercisable at December 31, 2021		94		$	7.70		9.4	$	—

Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions

The fair value of employee and non-employee stock options was estimated using the following assumptions for the year ended December 31, 2021:

		Year Ended December 31,
		2021
Risk-free interest rate		0.6 - 1.3%
Expected term (years)		6
Expected volatility		72 - 73%
Dividends		0.0%

Summary of Restricted Stock Award Activity

Restricted stock award activity under the 2020 Plan is set forth below:

	2021
	Number of Units			Weighted- average grant- date fair value per share
Non-vested at beginning of year		2,050		$	10.30
Granted		—		$	—
Vested		(718	)	$	10.31
Cancelled		—		$	—
Non-vested at end of year		1,332		$	10.29

Summary of Total Stock-Based Compensation Expense Recognized

The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan, the 2020 ESPP and the Phantom Stock Plan in the Company’s statements of operations:

	Year Ended December 31,
	2021		2020
Cost of revenue—product	$	216	$	303
Cost of revenue—service		122		165
Selling, general and administrative expenses		5,914		7,529
Research and development expenses		614		876
Total	$	6,866	$	8,873

Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized

Total unrecognized stock-based compensation expense is expected to be amortized as follows:

Fiscal Year	Amount
2022	$	5,607
2023		3,497
2024		470
2025		99
2026		—
Thereafter		—
Total unrecognized stock-based compensation expense	$	9,673

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

For financial reporting purposes, loss before income taxes includes the following components:

	Years Ended December 31,
	2021			2020
United States	$	(19,601	)	$	(19,774	)
Foreign		—			—
Total	$	(19,601	)	$	(19,774	)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following:

	Year Ended December 31,
	2021		2020
Current income tax expense (benefit)
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total current		—		—
Deferred income tax (benefit)
Federal		—		—
State		—		—
Foreign		—		—
Total deferred		—		—
Total provision	$	—	$	—

Schedule of Reconciliation of Income Tax Provision Computed using U.S. Statutory Federal Income Tax Rate

A reconciliation of the income tax provision computed using the U.S. statutory federal income tax rate compared to the income tax provision included in the statements of operations is as follows:

	Year Ended December 31,
	2021			2020
Tax at U.S. statutory rate on income before income taxes	$	(4,116	)	$	(4,153	)
Change in valuation allowance		3,930			1,573
State taxes		(684	)		(210	)
Section 162(m)		310			—
Stock-based compensation		559			68
(Income)/Loss taxable in period under the separate return method		—			2,719
Other		1			3
Total	$	—		$	—

Schedule of Components of Net Deferred Tax Assets and Liabilities

The significant components of the Company’s net deferred tax assets and liabilities are as follows:

	Year Ended December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	4,417		$	496
Intangible assets		6,287			6,541
Stock-based compensation		1,675			1,886
Other		639			170
Total deferred tax assets		13,018			9,093
Valuation allowance		(13,014	)		(9,084	)
Total deferred tax assets, net of valuation allowance		4			9
Deferred tax liabilities:
Other		(4	)		(9	)
Total deferred tax liabilities		(4	)		(9	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits, excluding accrued interest and penalties, is as follows:

	Year Ended December 31,
	2021		2020
Balance at the beginning of the year	$	—	$	2,255
Decreases related to prior year tax positions		—		—
Increases related to tax positions from prior fiscal years		—		—
Increases related to tax positions taken during current fiscal year		—		—
Decreases related to the Spin-Off		—		(2,255	)
Balance at the end of the year	$	—	$	—

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share

The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations:

	Year Ended December 31,
	2021			2020
Net loss attributable to common stockholders	$	(19,601	)	$	(19,774	)
Weighted average number of shares of common stock		9,374			4,621
Basic and diluted net loss per share	$	(2.09	)	$	(4.28	)

Schedule of Anti-Dilutive Weighted Average Shares Excluded From Net Loss Per Share Diluted Shares Calculation

The anti-dilutive weighted-average shares excluded from the net loss per share diluted shares calculations were:

	Year Ended December 31,
	2021		2020
Restricted stock awards		1,142		843
Outstanding stock options		491		—
Total		1,633		843

Overview and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended			12 Months Ended
	Oct. 01, 2020	Sep. 30, 2020 USD ($) shares	Aug. 31, 2020 USD ($) shares	Jul. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Aug. 20, 2020
Overview And Basis Of Presentation [Line Items]
Distribution, record date	Sep. 22, 2020
Stockholders' equity, reverse stock split		one-for-nine reverse stock split
Stockholders' equity, reverse stock split, ratio		0.111111111
Accumulated deficit					$ (57,993)	$ (77,594)
Common stock, par value \| $ / shares				$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized \| shares				150,000,000	150,000,000	150,000,000
Extinguishment of debt				$ 32,600
Impact from recapitalization transactions				$ 69,879	$ 69,879
Gain on extinguishment					2,691
Additional capital contribution, shares \| shares		9,000		740,000
Capital contribution from PDL		$ 97		$ 8,000	$ 20,666
Financial Support, Capital Contributions
Overview And Basis Of Presentation [Line Items]
Additional capital contribution, shares \| shares			747,000
Capital contribution from PDL			$ 29,000
Issuance of common stock			8,334
Stock issued during period, remaining cash contribution amount			$ 20,666
Common Stock
Overview And Basis Of Presentation [Line Items]
Impact from recapitalization transactions, Shares \| shares					6,221,000
Fair value of debt				$ 67,188
Impact from recapitalization transactions					$ 62
Additional capital contribution, shares \| shares					2,146,000
Issuance of common stock					$ 21
Series A Preferred Stock
Overview And Basis Of Presentation [Line Items]
Number of shares exchanged \| shares				30,000
PDL BioPharma, Inc
Overview And Basis Of Presentation [Line Items]
Shares distribution ratio to PDL shareholders	7.5879%
Shares issued in exchange for extinguishment of Preferred stock \| shares				3,415,000
PDL BioPharma, Inc \| Common Stock
Overview And Basis Of Presentation [Line Items]
Common stock shares issued in exchange for extinguishment of debt \| shares				2,806,000
Impact from recapitalization transactions, Shares \| shares				6,221,000
PDL BioPharma, Inc \| LENSAR
Overview And Basis Of Presentation [Line Items]
Percentage of common stock owned						81.50%
PDL BioPharma, Inc \| PDLIH
Overview And Basis Of Presentation [Line Items]
Distribution of ownership interest in its wholly owned subsidiary							100.00%

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment Customer	Dec. 31, 2020 USD ($) Customer	Jan. 01, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Long-lived assets in United States	89.00%	100.00%
Allowance for credit losses	$ 110,000	$ 37,000
Acquired intangible assets weighted average amortization period	15 years
Impairment of intangible assets	$ 0	0
Accounts receivables payment terms	30 days
Operating lease right-of-use assets	$ 3,151,000	3,668,000
Long-term operating lease liabilities	$ 2,803,000	$ 3,314,000
Customer Concentration Risk \| Revenue Benchmark
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	2	3
Customer Concentration Risk \| Revenue Benchmark \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.00%	12.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer Two
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	13.00%	12.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer Three
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		12.00%
Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	3	2
Customer Concentration Risk \| Accounts Receivable \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	37.00%	11.00%
Customer Concentration Risk \| Accounts Receivable \| Customer Two
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	13.00%	10.00%
Customer Concentration Risk \| Accounts Receivable \| Customer Three
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%
Shipping and Handling
Summary Of Significant Accounting Policies [Line Items]
Cost of revenue	$ 245,000	$ 90,000
Accounting Standards Update 2014-09
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2018
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Operating lease right-of-use assets			$ 1,390,000
Long-term operating lease liabilities			$ 1,424,000
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Operating leases, estimated useful life	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Operating leases, estimated useful life	10 years
Maximum \| Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating leases, estimated useful life	12 months
Acquired Product Rights and Technology \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Acquired Product Rights and Technology \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired intangible assets weighted average amortization period	20 years
Customer Relationships
Summary Of Significant Accounting Policies [Line Items]
Acquired intangible assets weighted average amortization period	10 years
Customer Relationships \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful life	20 years

Summary of Significant Accounting Policies - Schedule of Depreciation is Computed using Straight-Line Method over Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	Lesser of useful life or term of lease
Manufacturing Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Manufacturing Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Computer and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Transportation Equipment
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Software
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years

Revenue From Contracts With Customers - Summary of Product and Service Revenue Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 29,493	$ 22,781
United States
Disaggregation Of Revenue [Line Items]
Product and service revenue	15,004	11,604
South Korea
Disaggregation Of Revenue [Line Items]
Product and service revenue	4,380	3,077
Europe
Disaggregation Of Revenue [Line Items]
Product and service revenue	5,805	3,588
Asia (Excluding South Korea)
Disaggregation Of Revenue [Line Items]
Product and service revenue	3,855	4,193
Other
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 449	$ 319

- 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.

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+ Details

Revenue From Contracts With Customers - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contracts With Customers [Line Items]
Lease revenue	$ 4,966	$ 3,601
Accounts receivables payment terms	30 days
Revenue remaining performance obligation amount	$ 6,641
Other Income, Net
Revenue From Contracts With Customers [Line Items]
Interest income on notes receivable	$ 34	$ 54
Minimum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	5.00%
Maximum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	5.75%

Revenue From Contracts With Customers - Summary of Information about Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Contract Balances [Line Items]
Accounts receivable, current	$ 4,638	$ 2,012
Notes receivable, current	350	444
Notes receivable, long-term	121	452
Contract liability, current	904	923
Notes and Other Receivables, Long-Term, Net
Schedule Of Contract Balances [Line Items]
Notes receivable, long-term	121	452
Deferred Revenue
Schedule Of Contract Balances [Line Items]
Contract liability, current	904	923
Other Long-Term Liabilities
Schedule Of Contract Balances [Line Items]
Contract liability, non-current	$ 66	$ 128

Revenue From Contracts With Customers - Summary of Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 19	$ 0
Accounting Standards Update Extensible List		us-gaap:AccountingStandardsUpdate201613Member
Change in provision for credit losses	28	$ 24
Write-offs	0	(20)
Ending balance	$ 47	19
Cumulative Effect, Period of Adoption, Adjustment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance		$ 15

- Definition

Indicates amendment to accounting standards.

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-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(1)

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(2)

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(01)

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details

Revenue From Contracts With Customers - Summary of Allowance for Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balance	$ 18
Accounting Standards Update Extensible List		us-gaap:AccountingStandardsUpdate201613Member
Change in provision for credit losses	45	$ (1)
Ending balance	$ 63	18
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balance		$ 19

- Definition

Indicates amendment to accounting standards.

+ References

+ Details

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Revenue From Contracts With Customers - Summary of Maturities of Notes Receivables Net Under Extended Payment Terms (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
2022	$ 350
2023	126
Total undiscounted cash flows	476
Present value of notes receivable	534
Difference between undiscounted and discounted cash flows	$ (58)

Revenue From Contracts With Customers - Schedule of Information About Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Beginning balance	$ 1,051	$ 895
Billings not yet recognized as revenue	798	880
Beginning contract liabilities recognized as revenue	(879)	(724)
Ending balance	$ 970	$ 1,051

Revenue From Contracts With Customers - Additional Information (Details 1) $ in Thousands	Dec. 31, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 6,641
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 4,477
Revenue remaining performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 1,674
Revenue remaining performance obligation expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 490
Revenue remaining performance obligation expected timing of satisfaction period	1 year

Revenue From Contracts With Customers - Summary of Costs to Obtain Customer Contracts (Details) - Cost to Obtain Customer Contracts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Beginning balance	$ 109	$ 190
Additions	509	379
Amortization	(575)	(460)
Ending balance	$ 43	$ 109

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Net [Abstract]
Finished Goods	$ 4,319	$ 10,551
Work-in-process	173	319
Raw Materials	1,996	2,603
Total	$ 6,488	$ 13,473

Inventories - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventory Net [Abstract]
Write downs of inventories to net realizable value	$ 264	$ 8

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee and Lessor Lease Description [Line Items]
Lease expiration date	Nov. 30, 2027
Incremental borrowing rate	10.00%
Lessee, operating leases, remaining lease terms	5 years 10 months 24 days
Lessee, operating lease, renewal term	5 years
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Depreciation expense on equipment under lease	$ 1,214	$ 1,037
Minimum
Lessee and Lessor Lease Description [Line Items]
Lessor, operating leases, remaining lease terms	1 year
Maximum
Lessee and Lessor Lease Description [Line Items]
Lessor, operating leases, remaining lease terms	4 years

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 578	$ 543
Short-term lease cost	30	9
Total lease cost	$ 608	$ 552

Leases - Summary of Supplemental Cash Flow Information Related to Company Leases Including Lease Modification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 522	$ 413
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		$ 3,320

Leases - Summary of Operating Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 3,151	$ 3,668
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating lease liabilities, current	$ 512	$ 493
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities, long-term	$ 2,803	$ 3,314
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligations	us-gaap:LongTermDebtAndCapitalLeaseObligations
Total operating lease liabilities	$ 3,315	$ 3,807
Weighted-average remaining lease term	5 years 10 months 24 days	6 years 10 months 24 days
Weighted-average discount rate	10.00%	10.00%

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 537
2023	551
2024	567
2025	582
2026	598
Thereafter	562
Total operating lease payments	3,397
Less: imputed interest	(82)
Total operating lease liabilities	$ 3,315	$ 3,807

Leases - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Lease revenue	$ 4,966	$ 3,601

Leases - Schedule of Equipment Under Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Equipment under lease	$ 13,488	$ 9,343
Less accumulated depreciation	(6,798)	(5,760)
Equipment under lease, net	$ 6,690	$ 3,583

Leases - Maturities of Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 2,146
2023	570
2024	100
2025	35
2026	23
Total undiscounted cash flows	$ 2,874

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,517	$ 2,028
Less accumulated depreciation	(1,945)	(1,876)
Property and equipment, net	756	832
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	112	112
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment	940	269
Computer and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment	102	107
System and Laser
Property Plant And Equipment [Line Items]
Property and equipment	1,219	1,452
Software
Property Plant And Equipment [Line Items]
Property and equipment	56
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	50	50
Transportation Equipment
Property Plant And Equipment [Line Items]
Property and equipment	38	38
Construction in Progress
Property Plant And Equipment [Line Items]
Construction in progress	$ 184	$ 680

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Depreciation	$ 1,524	$ 1,309
Construction in Progress
Property Plant And Equipment [Line Items]
Assets capitalized amount	662	680
Property and Equipment
Property Plant And Equipment [Line Items]
Depreciation	$ 310	$ 272

Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,362	$ 16,362
Accumulated Amortization	(5,492)	(4,252)
Net Carrying Amount	10,870	12,110
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,292	4,292
Accumulated Amortization	(1,685)	(1,326)
Net Carrying Amount	2,607	2,966
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,500	11,500
Accumulated Amortization	(3,275)	(2,508)
Net Carrying Amount	8,225	8,992
Acquired Trademarks
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	570	570
Accumulated Amortization	(532)	(418)
Net Carrying Amount	$ 38	$ 152

Intangible Assets - Components of Intangible Assets (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	10 years
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Maximum \| Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	20 years

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,240	$ 1,256

Intangible Assets - Schedule of Impairment of Underlying Assets, Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2022	$ 1,149
2023	1,097
2024	1,085
2025	1,074
2026	1,064
Thereafter	5,401
Net Carrying Amount	$ 10,870	$ 12,110

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Compensation	$ 3,375	$ 2,971
Professional services	526	1,271
Warranty	45	79
Other	658	249
Total	$ 4,604	$ 4,570

Series A Preferred Stock - Additional Information (Details) - Series A Preferred Stock - USD ($)		1 Months Ended	12 Months Ended
	Jan. 01, 2019	May 31, 2017	Dec. 31, 2021	Dec. 31, 2020
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Preferred shares authorized		30,000
Preferred shares issued		30,000
Preferred shares ,par value		$ 0.01
Aggregate liquidation preference of preferred shares		$ 30,000,000
Accrued dividend percentage of preferred shares	5.00%	15.00%
Dividends declared			$ 0
Preferred stock, interest expense			$ 0	$ 829,000

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Contingent milestone payments	$ 2,400
Additional royalty payments rate	3.00%
Supply Agreement
Commitments And Contingencies Disclosure [Line Items]
Purchase obligation	$ 4,568

Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock voting rights	The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock
Cash dividend declared on common stock	$ 0	$ 0

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 09, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jul. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted			$ 4.85
Total fair value of options vested			$ 466
Total unrecognized compensation expense			$ 2,180
Total unrecognized compensation expense, weighted-average period of recognition			2 years 7 months 6 days
Dividends			0.00%
Common stock, shares authorized			150,000,000	150,000,000									150,000,000
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			283,000
Percentage of outstanding shares of common stock		1.00%
Exercise price of option on fair value (as a percent)		85.00%
Common stock, shares authorized		340,000
Shares of common stock have been issued to employees			57
Incentive Stock Options \| Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Total unrecognized compensation expense, weighted-average period of recognition			1 year 7 months 6 days
Total fair value of restricted stock awards vested			$ 7,406	$ 970
Weighted-average grant date fair value				$ 10.30
Number of stock awards granted			0
Total unrecognized compensation expense			$ 7,493
Restricted Stock Awards \| Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock awards are expected to vest					75,000	180,000	136,000	237,000	113,000	113,000	140,000	338,000
Minimum \| Incentive Stock Options And Nonqualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Minimum \| Incentive Stock Options And Nonqualified Stock Options \| Share-based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of option on fair value (as a percent)			100.00%
Minimum \| Incentive Stock Options \| Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of option on fair value (as a percent)			110.00%
Maximum \| Incentive Stock Options And Nonqualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of contract			10 years
Vesting period			4 years
Maximum \| Incentive Stock Options And Nonqualified Stock Options \| Share-based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of contract			10 years
Maximum \| Incentive Stock Options \| Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of contract			5 years
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	3,333,000		3,880,000
Percentage of outstanding shares of common stock	5.00%

Stock-Based Compensation - Summary of Shares Available for Issuance Under 2020 Plan (Details) - 2020 Incentive Award Plan	12 Months Ended
	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance	1,188,000
Authorized	547,000
Granted/Awarded	(674,000)
Cancelled	21,000
Balance	1,082,000

Stock-Based Compensation - Summary of Option Award Activity (Details) - 2020 Incentive Award Plan	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, Number of Shares \| shares	674,000
Options cancelled, Number of Shares \| shares	(21,000)
Outstanding at end of period, Number of shares \| shares	653,000
Vested and expected to vest at December 31, 2021, Number of Shares \| shares	653,000
Vested and exercisable at December 31, 2021, Number of Shares \| shares	94,000
Options granted, Weighted Average Exercise Price \| $ / shares	$ 7.59
Options cancelled, Weighted Average Exercise Price \| $ / shares	8.27
Outstanding at end of period, Weighted Average Exercise Price \| $ / shares	7.57
Vested and expected to vest at December 31, 2021, Weighted Average Exercise Price \| $ / shares	7.57
Vested and exercisable at December 31, 2021, Weighted Average Exercise Price \| $ / shares	$ 7.70
Outstanding at December 31, 2021, Weighted Average Remaining Contractual Term (in Years)	9 years 3 months 18 days
Vested and expected to vest at December 31, 2021, Weighted Average Remaining Contractual Term (in Years)	9 years 3 months 18 days
Vested and exercisable at December 31, 2021, Weighted Average Remaining Contractual Term (in Years)	9 years 4 months 24 days

Stock-Based Compensation - Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate, minimum	0.60%
Risk-free interest rate, maximum	1.30%
Expected term (years)	6 years
Expected volatility, minimum	72.00%
Expected volatility, maximum	73.00%
Dividends	0.00%

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of Units	0
Granted, Weighted-average grant-date fair value per share		$ 10.30
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of year, Number of Units	2,050,000
Vested, Number of Units	(718,000)
Non-vested at end of the period, Number of Units	1,332,000	2,050,000
Non-vested at beginning of year, Weighted-average grant-date fair value per share	$ 10.30
Vested, Weighted-average grant-date fair value per share	10.31
Non-vested at ending of year, Weighted-average grant-date fair value per share	$ 10.29	$ 10.30

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,866	$ 8,873
Cost of Revenue \| Product
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	216	303
Cost of Revenue \| Service
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	122	165
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,914	7,529
Research and Development Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 614	$ 876

Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
2022	$ 5,607
2023	3,497
2024	470
2025	99
Total unrecognized stock-based compensation expense	$ 9,673

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ (19,601)	$ (19,774)
Total	$ (19,601)	$ (19,774)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Reconciliation of Income Tax Provision Computed using U.S. Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax at U.S. statutory rate on income before income taxes	$ (4,116)	$ (4,153)
Change in valuation allowance	3,930	1,573
State taxes	(684)	(210)
Section 162(m)	310
Stock-based compensation	559	68
(Income)/Loss taxable in period under the separate return method		2,719
Other	$ 1	$ 3

Income Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 4,417	$ 496
Intangible assets	6,287	6,541
Stock-based compensation	1,675	1,886
Other	639	170
Total deferred tax assets	13,018	9,093
Valuation allowance	(13,014)	(9,084)
Total deferred tax assets, net of valuation allowance	4	9
Deferred tax liabilities:
Other	(4)	(9)
Total deferred tax liabilities	$ (4)	$ (9)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Valuation allowance against deferred tax assets	$ 13,014,000	$ 9,084,000
Increase in deferred tax assets valuation allowance	3,930,000	3,930,000
Accrued interest and penalties associated with unrecognized tax benefits	0	0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 15,993,000	1,972,000
Operating loss carryforwards, limitations on use	The federal net operating losses generated during the period ended December 31, 2020 after the Spin-Off and during the year ended December 31, 2021 may only be utilized to offset 80% of taxable income annually and may be carried forward indefinitely.
Maximum utilization percentage on taxable income	80.00%
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 13,502,000	$ 1,532,000
Operating loss carryforwards begin to expire year	2028

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 2,255
Decreases related to the Spin-Off	$ (2,255)

Net Loss per Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (19,601)	$ (19,774)
Weighted average number of shares of common stock	9,374	4,621
Basic and diluted net loss per share	$ (2.09)	$ (4.28)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Net Loss per Share - Additional Information (Details) - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share Basic [Line Items]
Cumulative dividends in excess of interest expense on Series A Preferred Stock	$ 0	$ 0
Restricted Stock Awards
Earnings Per Share Basic [Line Items]
Shares excluded from the calculation of net loss per diluted share	1,332	2,050
Stock Options
Earnings Per Share Basic [Line Items]
Shares excluded from the calculation of net loss per diluted share	653	0

Net Loss per Share - Schedule of Anti-Dilutive Weighted Average Shares Excluded From Net Loss Per Share Diluted Shares Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	1,633	843
Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	1,142	843
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	491

Related Party Transactions - Additional Information (Details) - USD ($)		12 Months Ended
	Apr. 15, 2020	Dec. 31, 2021	Dec. 31, 2020	May 31, 2017
Related Party Transaction [Line Items]
Proceeds from note payable due to related party			$ 12,400,000
PDL BioPharma, Inc
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 0	3,387,000
Expense related to allocation of corporate costs		0	0
Costs associated with spin-off transaction		0	0
Maximum aggregate principal amount	$ 32,600,000			$ 25,600,000
Line of credit limit increased amount	$ 7,000,000
Proceeds from note payable due to related party			12,400,000
Interest expense		$ 0	$ 511,000

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

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