0000950170-24-024807 | 10-K | XBRL Viewer

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Overview and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Overview And Basis Of Presentation [Line Items]
Accumulated deficit	$ (111,891)	$ (97,508)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,539	$ 6,611
Sales \| Product
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	10
Cost of Sales \| Product
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	289	219
Cost of Sales \| Service
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	168	126
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,495	5,648
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 577	$ 618

Intangible Assets - Schedule of Impairment of Underlying Assets, Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 1,125
2025	1,234
2026	1,224
2027	1,215
2028	1,008
Thereafter	5,219
Net Carrying Amount	$ 11,025	$ 12,122

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (14,383)	$ (19,914)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,418	2,258
Amortization of intangible assets	1,097	1,148
Non-cash operating lease cost	534	521
Provision for expected credit losses	1	36
Write-down of inventory	66	50
Loss on disposal of property and equipment	7	11
Stock-based compensation expense	5,539	6,611
Change in fair value of warrant liabilities	2,852
Amortization on investments, net	(12)
Changes in operating assets and liabilities:
Accounts receivable	2,057	(1,440)
Notes receivable	(980)	(180)
Prepaid and other current assets	(1,305)	637
Inventories	(7,461)	(6,889)
Accounts payable	(1,417)	2,729
Accrued liabilities	892	96
Deferred revenue	915	(174)
Operating lease liabilities	(539)	(512)
Other	60	156
Net cash used in operating activities	(9,659)	(14,856)
Cash flows from investing activities
Purchase of property and equipment	(236)	(115)
Purchase of investments	(3,920)
Net cash used in investing activities	(4,156)	(115)
Cash flows from financing activities
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs	13,882
Proceeds from issuance of warrants	5,605
Proceeds from issuance of common stock under employee stock purchase plan	327	408
Net settlement of stock-based compensation awards	(52)
Payment of contingent consideration		(2,400)
Net cash provided by (used in) financing activities	19,762	(1,992)
Net increase (decrease) in cash and cash equivalents	5,947	(16,963)
Cash and cash equivalents at beginning of the year	14,674	31,637
Cash and cash equivalents at end the year	20,621	14,674
Supplemental cash flow information
Cash paid for taxes	18	3
Supplemental schedule of non-cash investing and financing activities
Transfer from Inventories to Equipment under lease, net	3,938	1,553
Transfer from (to) Inventories to (from) Property and equipment, net	(491)	$ 34
Accrued offering costs	$ (135)

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 5. Inventories

Inventory balances were as follows:


	As of December 31,
	2023		2022
Finished Goods	$	4,936	$	4,002
Work-in-process		2,395		797
Raw Materials		8,358		6,941
Total	$	15,689	$	11,740

Write downs of inventories to net realizable value amounted to $66 and $50 for the years ended December 31, 2023 and 2022, respectively.

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - 2020 Incentive Award Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of Units	546
Non-vested at end of the period, Number of Units	483
Granted, Weighted-average grant-date fair value per share	$ 2.73
Non-vested at ending of year, Weighted-average grant-date fair value per share	$ 3.04
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of year, Number of Units	86
Granted, Number of Units		86
Non-vested at end of the period, Number of Units		86
Non-vested at beginning of year, Weighted-average grant-date fair value per share	$ 6.33
Granted, Weighted-average grant-date fair value per share		$ 6.33
Non-vested at ending of year, Weighted-average grant-date fair value per share		$ 6.33

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Amount of pre-change NOL carryforwards	$ 25,741,000
Valuation allowance against deferred tax assets	17,871,000	$ 16,331,000
Increase in deferred tax assets valuation allowance	1,540,000	1,540,000
Accrued interest and penalties associated with unrecognized tax benefits	$ 0	0
United States
Income Taxes [Line Items]
Amortization period	5 years
Non-US
Income Taxes [Line Items]
Amortization period	15 years
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 32,452,000	23,935,000
Operating loss carryforwards, limitations on use	The federal net operating losses generated during years ended December 31, 2023 and 2022 (and not Section 382 limited; see below) may only be utilized to offset 80% of taxable income annually and may be carried forward indefinitely. The state net operating loss carryforwards generated will begin expiring in the year 2028, if not utilized.
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 22,612,000	$ 18,724,000

Stock-Based Compensation - Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate, minimum	3.50%	1.50%
Risk-free interest rate, maximum	4.70%	4.20%
Expected term (years)	6 years	6 years
Expected volatility		70.00%
Expected volatility, minimum	57.00%
Expected volatility, maximum	70.00%
Dividends	0.00%	0.00%

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Leasehold improvements	$	112		$	112
Manufacturing equipment		987			1,001
Computer and office equipment		97			102
System and laser		1,295			1,204
Software		293			240
Furniture and fixtures		50			50
Transportation equipment		38			38
Total		2,872			2,747
Less accumulated depreciation		(2,381	)		(2,239	)
Construction in progress		188			55
Property and equipment, net	$	679		$	563

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, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (14,383)	$ (19,914)
Weighted average number of shares of common stock basic	10,971	10,159
Weighted average number of shares of common stock diluted	10,971	10,159
Basic net loss per share	$ (1.31)	$ (1.96)
Diluted net loss per share	$ (1.31)	$ (1.96)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Section S99
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 589	$ 579
Short-term lease cost	49	37
Total lease cost	$ 638	$ 616

Revenue From Contracts With Customers - Summary of Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 56	$ 47
Change in provision for credit losses	6	26
Write-offs		(17)
Ending balance	$ 62	$ 56

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, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Beginning balance	$ 4	$ 43
Additions	611	350
Amortization	(580)	(389)
Ending balance	$ 35	$ 4

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, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax at U.S. statutory rate on income before income taxes	$ (3,020)	$ (4,182)
Change in valuation allowance	1,540	3,317
State taxes	(376)	(369)
Section 162(m)	248	363
Stock-based compensation	191	170
Deferred adjustment	773	706
Warrant expense	599
Other	$ 45	$ (5)

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Finished Goods	$ 4,936	$ 4,002
Work-in-process	2,395	797
Raw Materials	8,358	6,941
Total	$ 15,689	$ 11,740

Net Loss per Share - Schedule of Antidilutive Securities Excluded From Calculation of Diluted Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Series A Redeemable Convertible Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	7,940
Series A Warrants and Series B Warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	4,367
Restricted Stock Awards and Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	483	708
Outstanding Stock Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	1,974	1,202

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation	$ 3,974	$ 3,348
Professional services	419	437
Customer advances	34	171
Warranty	324	120
Accrued offering costs	188
Other	778	624
Total	$ 5,717	$ 4,700

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
United States	$	(14,383	)	$	(19,914	)
Foreign		—			—
Total	$	(14,383	)	$	(19,914	)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2023 and 2022 consisted of the following:


	Year Ended December 31,
	2023		2022
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,
	2023			2022
Tax at U.S. statutory rate on income before income taxes	$	(3,020	)	$	(4,182	)
Change in valuation allowance		1,540			3,317
State taxes		(376	)		(369	)
Section 162(m)		248			363
Stock-based compensation		191			170
Deferred adjustment		773			706
Warrant expense		599			—
Other		45			(5	)
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,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	1,836		$	5,855
Net operating loss carryforwards - Section 382 limited		6,195			—
Intangible assets		5,530			5,866
Capitalization of research and experimentation expenses		3,211			2,533
Stock-based compensation		727			1,150
Fixed assets		165			272
Other		1,257			658
Total deferred tax assets		18,921			16,334
Valuation allowance		(17,871	)		(16,331	)
Total deferred tax assets, net of valuation allowance		1,050			3
Deferred tax liabilities:
Section 481(a) adjustment		(670	)		—
Other		(380	)		(3	)
Total deferred tax liabilities		(1,050	)		(3	)
Net deferred tax assets	$	—		$	—

Leases - Summary of Operating Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 2,141	$ 2,630
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating lease liabilities, current	$ 559	$ 531
Operating lease liabilities, long-term	1,750	2,272
Total operating lease liabilities	$ 2,309	$ 2,803
Weighted-average remaining lease term	3 years 10 months 24 days	4 years 10 months 24 days
Weighted-average discount rate	10.00%	10.00%

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee and Lessor Lease Description [Line Items]
Lease expiration date	Nov. 30, 2027
Incremental borrowing rate	10.00%
Lessee, operating leases, remaining lease terms	3 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	$ 2,052	$ 1,916
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	5 years

Fair Value of Financial Instruments (Additional Information) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets measured at fair value	$ 18,096,000	$ 0
Liabilities measured at fair value	8,457,000	$ 0
Fair value transfers between levels	$ 0

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 6. 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 3.9 years as of December 31, 2023, and contains an option to extend the lease for five years. The Company also has an operating lease for office equipment.

The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022
Operating lease cost	$	589	$	579
Short-term lease cost		49		37
Total lease cost	$	638	$	616

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


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	560	$	537
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases	$	46	$	—

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	2023			2022
Operating lease ROU assets	Other assets	$	2,141		$	2,630

Operating lease liabilities, current	Operating lease liabilities	$	559		$	531
Operating lease liabilities, long-term	Long-term operating lease liabilities		1,750			2,272
Total operating lease liabilities		$	2,309		$	2,803

Weighted-average remaining lease term		3.9 years			4.9 years
Weighted-average discount rate			10.00	%		10.00	%

Maturities of operating lease liabilities as of December 31, 2023 are as follows:


Fiscal Year	Amount
2024		575
2025		591
2026		607
2027		571
2028		3
Total operating lease payments		2,347
Less: imputed interest		(38	)
Total operating lease liabilities	$	2,309

Lessor Arrangements

The Company has operating leases for LENSAR Laser Systems and ALLY Systems, which occur primarily in the United States. The Company’s leases have remaining lease terms of less than one year to five years. Lease revenue for the years ended December 31, 2023 and 2022 was as follows:


	Year ended December 31,
	2023		2022
Lease revenue	$	6,448	$	5,915

Equipment under lease is as follows:


	As of December 31,
	2023			2022
Equipment under lease	$	16,969		$	14,771
Less accumulated depreciation		(9,510	)		(8,455	)
Equipment under lease, net	$	7,459		$	6,316

Depreciation expense on equipment under lease amounted to $2,052 and $1,916 for the years ended December 31, 2023 and 2022, respectively.

Maturities of operating lease payments as of December 31, 2023 are as follows:


Fiscal Year	Amount
2024		1,179
2025		517
2026		167
2027		52
2028		17
Total undiscounted cash flows	$	1,932

Revenue From Contracts With Customers - Summary of Information about Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Contract Balances [Line Items]
Accounts receivable, current	$ 4,001	$ 6,040
Notes receivable, current	323	200
Notes receivable, long-term	1,279	442
Contract liability, current	1,349	768
Deferred revenue, current	1,349	768
Notes and Other Receivables, Long-Term, Net
Schedule Of Contract Balances [Line Items]
Notes receivable, long-term	1,279	442
Prepaid and Other Current Assets
Schedule Of Contract Balances [Line Items]
Contract asset, current	982	332
Other Long-Term Liabilities
Schedule Of Contract Balances [Line Items]
Deferred revenue, non-current	350	17
Contract liability, non-current	$ 220	$ 150

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity (Deficit)

Note 13. 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, 2023 and 2022.

The Company currently has an effective shelf registration statement on Form S-3 (No. 333-255136), which was filed with the SEC on April 8, 2021 (the “Registration Statement”), under which the Company may offer from time to time in one or more offerings any combination of common and preferred stock, debt securities, depositary shares, warrants, purchase contracts and units of up to $100.0 million in the aggregate. The Company also simultaneously entered into a sales agreement providing for the offering, issuance and sale by the Company of up to an aggregate $35.0 million of its common stock from time to time in “at-the-market” (“ATM”) offerings under the Registration Statement. During the year ended December 31, 2022, the Company sold 2 shares of its common stock, pursuant to ATM offerings, at a weighted average sales price of $6.46 per share. Proceeds from the sale were offset by offering costs and commissions associated with the transactions. No shares were sold under the ATM during the year ended December 31, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,383)	$ (19,914)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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+ Details

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets
Total assets	$ 18,096,000	$ 0
Liabilities
Warrant derivative liabilities	8,457,000
Total liabilities	8,457,000	$ 0
Money market funds
Assets
Total assets	11,171,000
U.S. treasury bills
Assets
Total assets	5,942,000
Certificates of deposit
Assets
Total assets	983,000
Level 1
Assets
Total assets	18,096,000
Level 1 \| Money market funds
Assets
Total assets	11,171,000
Level 1 \| U.S. treasury bills
Assets
Total assets	5,942,000
Level 1 \| Certificates of deposit
Assets
Total assets	983,000
Level 3
Liabilities
Warrant derivative liabilities	8,457,000
Total liabilities	$ 8,457,000

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	As of December 31,
	2023		2022
Compensation	$	3,974	$	3,348
Professional services		419		437
Customer advances		34		171
Warranty		324		120
Accrued offering costs		188		—
Other		778		624
Total	$	5,717	$	4,700

Warrant Liabilities - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	May 31, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants to purchase aggregate shares of common stock	4,367
Warrant liability percentage of floor on volatility input		100.00%
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total		$ 20,000
Proceeds from issuance of warrants		5,605
Proceeds from issuance of series A redeemable convertible preferred stock		$ 14,395
Series A Warrants
Class of Warrant or Right [Line Items]
Percentage of warrants	50.00%
Exercise price of warrants	$ 2.45
Series B Warrants
Class of Warrant or Right [Line Items]
Percentage of warrants	50.00%
Exercise price of warrants	$ 3.0625

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non-Rule 10b5-1 Arr Modified Flag	false

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 and liabilities, the recognition and measurement of current and deferred income tax assets and liabilities, and the valuation of warrant liabilities. 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.

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, 2023 and 2022, 95% and 92% 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. Cash equivalents consist primarily of amounts invested in money market funds and U.S. Treasury bills that are stated at fair value, based on quoted market prices.

Investments

Investments consist of money market funds, U.S. treasury bills and certificates of deposit. The Company’s investments are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments, and long-term investments. Management determines the appropriate classification of the investments at the time they are purchased and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months are considered long-term investments.

Changes in unrealized gains or losses of investments are recorded in other comprehensive income on the statements of operations. The Company regularly reviews its investments for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of investments in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. The cost of investments sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized within other income, net in the statements of operations, and an allowance for credit loss is recorded on the balance sheets. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive loss, net of tax as a separate component of stockholders’ equity.

Concentration of Credit Risk, Credit Losses, and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and investments. The primary objectives for the Company’s investment portfolio are the preservation of capital and the maintenance of liquidity. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and investments and issuers of investments. The Company manages its credit risk by holding its cash, cash equivalents and investments in large financial institutions within the U.S. In addition, the Company’s investment policy limits investments to certain types of instruments such as money market funds, debt securities issued by the U.S. government and its agencies, corporate debt securities, commercial paper as well as asset-backed securities, and places restrictions on the credit ratings, maturities and concentration by type and issuer. Furthermore, the Company limits the amount of credit exposure in any one financial instrument. The Company has not experienced any losses on its deposits of cash, cash equivalents and investments.

Accounts Receivable

The Company had $95 and $69 for allowance for credit losses as of December 31, 2023 and 2022, 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.

Derivative Financial Instruments

The Company evaluates financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Warrants issued by the Company that do not meet the criteria for equity treatment are recorded as liabilities. We do not use financial instruments or derivatives for any trading purposes.

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.

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, 2023 and 2022.

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
Research and development equipment		3-8 years
Manufacturing equipment		3-5 years
Computer and office equipment		3 years
Transportation equipment		3-5 years
Furniture and fixtures		7 years
Software		3 years

Equipment Under Lease

Equipment under lease is related to 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 Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Policy Elections and Practical Expedients Taken

The Company applies 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, 2023 and 2022 were $198 and $157, respectively.

General

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 the Company 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.

The Company principally derives its revenue from the sale and lease of systems 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 system and the sale of other related products and services. For bundled packages, which include the sale or lease of a 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 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 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 and ALLY System sales are recognized as Product revenue when the Company transfers control of the system. This usually occurs after the customer signs a contract, the Company installs the system, and the Company performs the requisite training for use of the system for direct customers. System sales to distributors are recognized as revenue upon shipment as they do not require training and installation.

PID and Procedure Licenses. The systems require 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 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 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 6, 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, 2023, one customer accounted for 10% of the Company’s revenue and no customers accounted for 10% or more of the Company’s accounts receivable, net as of December 31, 2023. For the year ended December 31, 2022, one customer accounted for 10% of the Company’s revenue and no customers accounted for 10% or more of the Company’s accounts receivable, net as of December 31, 2022.

Related Parties

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. A party is considered to be related to the Company if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which the Company may deal if one party to a transaction controls, or can significantly influence, the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Transactions involving related parties cannot be presumed to be conducted on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

In May 2023, the Company completed the Private Placement with NR-GRI Partners, LP (“NR-GRI”), an affiliate of North Run Capital, LP (“North Run”). Pursuant to the terms of the Private Placement, Thomas B. Ellis and Todd B. Hammer, co-managing partners of North Run, joined the Company’s Board of Directors following the Company’s 2023 Annual Meeting of Stockholders. Refer to Note 10, Warrant Liabilities, and Note 12, Redeemable Convertible Preferred Stock, for more details related to the Private Placement.

The Company entered into an international distribution agreement with a company owned by a current employee in India. The Company established the distributor relationship to gain regulatory and operational efficiencies, as well as to establish consistent operations with all other international markets where it conducts business. During the year ended December 31, 2023, the Company began transitioning transactions with customers in India to the distributor. As of the initiation of this transition and through the year ended December 31, 2023, the Company recognized $202

in product revenue, $103 in cost of product sales, and $184 in selling, general and administrative expenses associated with its Indian operations. There were no amounts due from, or due to, the distributor at December 31, 2023.

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. Research and development expenses for the year ended December 31, 2022 included $3.4 million of ALLY System inventory costs. Following the Company's receipt of 510(k) clearance for the ALLY System from the FDA in June 2022, all ALLY System inventory costs were capitalized to inventory.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs includes design and production costs, including website development, written media campaigns, and other items. Advertising costs of $617 and $465 were expensed during the years ended December 31, 2023 and 2022, respectively.

Income Taxes

The Company is subject to U.S. federal, state, and local corporate income taxes at the entity level.

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.

Under Sections 382 and 383 of the Code, certain substantial changes in the Company’s ownership may result in a limitation on the amount of tax deductions related to its assets and attributes that may be used in future years. During the second quarter of 2023, the Company experienced a change in control event resulting from the Securities Purchase Agreement (the “SPA”), triggering the application of Section 382. The Company computed and applied limitations of tax deductions in the income tax provision computation for the year ended December 31, 2023, however, these limitations do not have a material impact on the financial statements. Due to the existence of the valuation allowance, future changes in the Company’s deferred taxes will not impact its effective tax rate or balance sheet.

Leases

The Company accounts for leasing arrangements in accordance with ASC Topic 842. 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 right of use (“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 Operating lease 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 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 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, 2023 and 2022, 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 14, Stock-Based Compensation, for a discussion of stock-based compensation plans.

Earnings (Loss) per Share

Basic earnings (loss) per common share is calculated by dividing the earnings (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted earnings (loss) per share is computed by dividing the earnings (loss) attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted earnings (loss) per share calculation, Series A Redeemable Convertible Preferred Stock, Series A Warrants, and Series B Warrants, stock options, restricted stock awards, and restricted stock units are considered to be potentially dilutive securities. Basic and diluted earnings (loss) attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company considers Series A Redeemable Convertible Preferred Stock, Series A Warrants, and Series B Warrants to be participating securities, because holders of such instruments participate in the event a dividend is paid on common stock. The holder of the Series A Redeemable Convertible Preferred Stock, Series A Warrants and Series B Warrants does not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders and for periods in which the Company has reported a net loss, diluted loss per common share is the same as basic loss per common share.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s annual financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. The Company is currently evaluating the impact of this standard on the financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, which requires (1) disclosure of specific categories in the rate reconciliation and (2) additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of certain disaggregated information about income taxes paid, income from continuing operations before income tax expense (benefit) and income tax expense (benefit). The standard is effective for the Company’s annual financial statements for the year ending December 31, 2025. The Company is currently evaluating the impact of this standard on the financial statements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Accounting Estimates

Segments

Cash and Cash Equivalents

Investments

Concentration of Credit Risk, Credit Losses, and Other Risks and Uncertainties

Accounts Receivable

Derivative Financial Instruments

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
Research and development equipment		3-8 years
Manufacturing equipment		3-5 years
Computer and office equipment		3 years
Transportation equipment		3-5 years
Furniture and fixtures		7 years
Software		3 years

Equipment Under Lease

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Policy Elections and Practical Expedients Taken

The Company applies 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

Related Parties

Research and Development

Advertising Costs

Income Taxes

The Company is subject to U.S. federal, state, and local corporate income taxes at the entity level.

Lessee Arrangements

Leases

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

Earnings (Loss) per Share

Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets

The components of intangible assets were as follows:


	As of December 31, 2023							As of December 31, 2022
	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	$	(2,360	)	$	1,932	$	4,292	$	(2,028	)	$	2,264
Acquired technology 1,3,4		13,900		(4,807	)		9,093		13,900		(4,042	)		9,858
Acquired trademarks 1		570		(570	)		—		570		(570	)		—
	$	18,762	$	(7,737	)	$	11,025	$	18,762	$	(6,640	)	$	12,122

1 Certain intangible assets were established upon PDL BioPharma, Inc.’s (“PDL”) 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 The Company 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 The Company 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.

4 In 2019, the Company acquired certain intellectual property from a third party. Pursuant to the Company’s agreement with the third party, the Company made milestone payments of $2,400 during the year ended December 31, 2022, which were contingent upon regulatory approval and commercialization of the ALLY System. The intangible assets will be amortized on a straight-line basis over a period of 15 years.

Schedule of Impairment of Underlying Assets, Remaining Amortization Expense

Based on the intangible assets recorded at December 31, 2023, 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
2024		1,125
2025		1,234
2026		1,224
2027		1,215
2028		1,008
Thereafter		5,219
Total remaining estimated amortization expense	$	11,025

Stockholders' Equity - Additional Information (Details) - USD ($)		12 Months Ended
	Apr. 08, 2021	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
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
Maximum value of common and preferred stock and other securities issuable	$ 100,000,000
ATM offerings
Class of Stock [Line Items]
Sales of shares of common stock		0	2
Weighted average sales price			$ 6.46
ATM offerings \| Maximum
Class of Stock [Line Items]
Aggregate amount offered, issuance and sale by the Company	$ 35,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

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, 2023	Dec. 31, 2022
Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	5,695	2,078
Series A Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	7,940
Series A Redeemable Convertible Preferred Stock \| Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	3,002
Series A Warrants \| Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	165
Restricted Stock Awards and Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	483	708
Restricted Stock Awards and Units \| Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	720	929
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	1,974	1,202
Outstanding Stock Options \| Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	1,808	1,149

Revenue From Contracts With Customers - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue From Contracts With Customers [Line Items]
Lease revenue	$ 6,448	$ 5,915
Accounts receivables payment terms	30 days
Interest income on notes receivable	$ 85	$ 17
Revenue remaining performance obligation amount	$ 23,679
Minimum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	5.80%
Maximum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	7.80%

Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 8. Intangible Assets

The components of intangible assets were as follows:


	As of December 31, 2023							As of December 31, 2022
	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	$	(2,360	)	$	1,932	$	4,292	$	(2,028	)	$	2,264
Acquired technology 1,3,4		13,900		(4,807	)		9,093		13,900		(4,042	)		9,858
Acquired trademarks 1		570		(570	)		—		570		(570	)		—
	$	18,762	$	(7,737	)	$	11,025	$	18,762	$	(6,640	)	$	12,122

3 The Company 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, 2023 and 2022 was $1,097 and $1,148, respectively.


Fiscal Year	Amount
2024		1,125
2025		1,234
2026		1,224
2027		1,215
2028		1,008
Thereafter		5,219
Total remaining estimated amortization expense	$	11,025

Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
2024	$ 2,069
2025	1,006
2026	215
2027	7
Total unrecognized stock-based compensation expense	$ 3,297

Revenue From Contracts With Customers - Summary of Product and Service Revenue Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 35,716	$ 29,443
United States
Disaggregation Of Revenue [Line Items]
Product and service revenue	25,262	18,776
South Korea
Disaggregation Of Revenue [Line Items]
Product and service revenue	257	2,180
Europe
Disaggregation Of Revenue [Line Items]
Product and service revenue	5,585	4,409
Asia (Excluding South Korea)
Disaggregation Of Revenue [Line Items]
Product and service revenue	3,836	3,576
Other
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 776	$ 502

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases - Summary of Supplemental Cash Flow Information Related to Company Leases Including Lease Modification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 560	$ 537
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases	$ 46

Warrant Liabilities - Summary of Estimated Fair Value Assumptions of Warrant Liabilities (Details)		12 Months Ended
	May 18, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Risk-free interest rate	3.70%	3.80%
Expected term (years)	5 years	4 years 4 months 24 days
Expected volatility	55.00%	55.00%
Dividends	0.00%	0.00%

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue
Product and service revenue	$ 35,716	$ 29,443
Lease	6,448	5,915
Total revenue	42,164	35,358
Cost of revenue (exclusive of amortization)
Total cost of revenue	21,057	15,403
Operating expenses
Selling, general and administrative expenses	26,100	27,170
Research and development expenses	6,139	11,814
Amortization of intangible assets	1,097	1,148
Operating loss	(12,229)	(20,177)
Other (expense) income
Change in fair value of warrant liabilities	(2,852)
Other income, net	698	263
Net loss	(14,383)	(19,914)
Other comprehensive gain
Change in unrealized gain on investments	4
Net loss and comprehensive loss	$ (14,379)	$ (19,914)
Net loss per common share:
Basic	$ (1.31)	$ (1.96)
Diluted	$ (1.31)	$ (1.96)
Weighted-average number of shares used in calculation of net loss per common share:
Basic	10,971	10,159
Diluted	10,971	10,159
Product
Revenue
Product and service revenue	$ 31,643	$ 25,959
Cost of revenue (exclusive of amortization)
Total cost of revenue	13,902	8,910
Service
Revenue
Product and service revenue	4,073	3,484
Cost of revenue (exclusive of amortization)
Total cost of revenue	5,064	4,552
Lease
Cost of revenue (exclusive of amortization)
Total cost of revenue	$ 2,091	$ 1,941

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 9. Accrued Liabilities

Accrued liabilities consist of the following:


	As of December 31,
	2023		2022
Compensation	$	3,974	$	3,348
Professional services		419		437
Customer advances		34		171
Warranty		324		120
Accrued offering costs		188		—
Other		778		624
Total	$	5,717	$	4,700

Stock-Based Compensation - Summary of Shares Available for Issuance Under 2020 Plan (Details) - 2020 Incentive Award Plan - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance	1,002,000	1,082,000
Authorized	555,000	549,000
Granted/Awarded	(1,380,000)	(678,000)
Cancelled	117,000	49,000
Balance	294,000	1,002,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,872	$ 2,747
Less accumulated depreciation	(2,381)	(2,239)
Property and equipment, net	679	563
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	112	112
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment	987	1,001
Computer and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment	97	102
System and Laser
Property Plant And Equipment [Line Items]
Property and equipment	1,295	1,204
Software
Property Plant And Equipment [Line Items]
Property and equipment	293	240
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	$ 188	$ 55

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (14,383)	$ (19,914)
Total	$ (14,383)	$ (19,914)

- 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
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss per Share

Note 16. 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,
	2023			2022
Net loss attributable to common stockholders	$	(14,383	)	$	(19,914	)
Weighted average number of shares of common stock		10,971			10,159
Basic and diluted net loss per share	$	(1.31	)	$	(1.96	)

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 the following amounts of equity securities from its net loss per diluted share calculations for the periods presented because their effect was anti-dilutive:


	Year Ended December 31,
	2023		2022
Series A Redeemable Convertible Preferred Stock		7,940		—
Series A Warrants and Series B Warrants		4,367		—
Restricted stock awards and units		483		708
Outstanding stock options		1,974		1,202

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


	Year Ended December 31,
	2023		2022
Series A Redeemable Convertible Preferred Stock		3,002		—
Series A Warrants		165		—
Restricted stock awards and units		720		929
Outstanding stock options		1,808		1,149
Total		5,695		2,078

STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2021	$ 54,879		$ 110	$ 132,363	$ (77,594)
Beginning Balance, Shares at Dec. 31, 2021			10,990,000
Issuance of common stock under the 2020 ESPP	408		$ 1	407
Issuance of common stock under the 2020 ESPP, Shares			107,000
Issuance of common stock under the ATM offering, net of offering costs, shares			2,000
Stock-based compensation under the 2020 Plan	6,611			6,611
Restricted stock awards cancelled			(6,000)
Net Income (Loss)	$ (19,914)				(19,914)
Ending Balance, Shares at Dec. 31, 2022	0
Ending Balance at Dec. 31, 2022	$ 41,984		$ 111	139,381	(97,508)
Ending Balance, Shares at Dec. 31, 2022			11,093,000
Issuance of Series A Convertible Preferred Stock, net of offering costs, Shares		20,000
Issuance of Series A Redeemable Convertible Preferred Stock, net of offering costs		$ 13,747
Issuance of common stock under the 2020 ESPP	327		$ 1	326
Issuance of common stock under the 2020 ESPP, Shares			140,000
Stock-based compensation under the 2020 Plan	5,539			5,539
Issuance of common stock under the 2020 Plan, net of forfeitures	(42)		$ 1	(43)
Issuance of common stock under the 2020 Plan, net of forfeitures, Shares			100,000
Restricted stock awards cancelled			(6,000)
Net Income (Loss)	(14,383)				(14,383)
Change in unrealized gain on investments	$ 4					$ 4
Ending Balance, Shares at Dec. 31, 2023	20,000	20,000
Ending Balance at Dec. 31, 2023	$ 33,429	$ 13,747	$ 113	$ 145,203	$ (111,891)	$ 4
Ending Balance, Shares at Dec. 31, 2023			11,327,000

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Depreciation	$ 2,418	$ 2,258
Construction in Progress
Property Plant And Equipment [Line Items]
Assets capitalized amount	0	61
Property and Equipment
Property Plant And Equipment [Line Items]
Depreciation	$ 366	$ 342

BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 62	$ 56
Notes receivable, allowance	7	4
Notes and other receivables, long-term, allowance	$ 26	$ 9
Temporary equity, par value per share	$ 0.01	$ 0.01
Temporary equity, shares authorized	20,000	0
Temporary equity, shares issued	20,000	0
Temporary equity, shares outstanding	20,000	0
Temporary equity, aggregate liquidation preference	$ 20,000	$ 0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	9,980,000	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	11,327,000	11,093,000
Common stock, shares outstanding	11,327,000	11,093,000

Warrant Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Summary of Estimated Fair Value Assumptions of Warrant Liabilities

The fair value of the warrant liabilities was estimated using the following assumptions as of December 31, 2023 and May 18, 2023:


	December 31, 2023		May 18, 2023 (date issued)
Risk-free interest rate	3.8%		3.7%
Expected term (years)		4.4		5.0
Expected volatility	55%		55%
Dividends	0.0%		0.0%

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2023

Disclosure Convertible Preferred Stock [Abstract]

Redeemable Convertible Preferred Stock

Note 12. Redeemable Convertible Preferred Stock

Series A Redeemable Convertible Preferred Stock

In May 2023, the Company entered into the SPA with NR-GRI, whereby it sold to NR-GRI, for an aggregate purchase price of $20,000, 20 shares of Series A Redeemable Convertible Preferred Stock and the Warrants (the “Private Placement”). Refer to Note 10, Warrant Liabilities, for more details related to the Warrants. The Series A Redeemable Convertible Preferred Stock is convertible into 7,940 shares of common stock at the election of NR-GRI.

On August 1, 2023, the Company’s stockholders voted to approve the issuance of shares of the Company’s common stock issuable upon conversion of the shares of Series A Redeemable Convertible Preferred Stock and exercise of the Warrants. As a result of the stockholders’ approval of the Private Placement, applicable ownership limitations under Nasdaq rules were lifted, and NR-GRI became entitled to convert shares of Series A Redeemable Convertible Preferred Stock or exercise Warrants up to the full amount purchased in the Private Placement.

Holders of Series A Redeemable Convertible Preferred Stock are entitled to vote on an as-converted basis with holders of common stock. The Series A Redeemable Convertible Preferred Stock ranks senior to the common stock as to distributions and payments upon the liquidation, dissolution and winding up of the Company, and holders of Series A Redeemable Convertible Preferred Stock participate with the holders of the common stock on an as-converted basis to the extent any dividends are declared on common stock. The shares of Series A Redeemable Convertible Preferred Stock will automatically be redeemed in connection with certain transactions (“Fundamental Transactions”), including a merger, sale of all or substantially all the assets of the Company, recapitalization, or the sale by the Company of shares resulting in more than 50% ownership by a person or group. In such event, the redemption price would be equal to the greater of the stated value of the shares of Series A Redeemable Convertible Preferred Stock or the consideration per share of common stock in the Fundamental Transaction (or in the absence of such consideration, the

volume-weighted average price of the Company’s common stock immediately preceding the closing of the Fundamental Transaction).

The Series A Redeemable Convertible Preferred Stock is classified as temporary equity in the balance sheet because redemption automatically occurs upon a Fundamental Transaction. However, redemption is not considered probable; therefore, the Series A Redeemable Convertible Preferred Stock is not accreted to face value. The proceeds of the transaction were allocated first to the fair value of warrants due to the classification of the warrants as a liability on the balance sheet and the remainder of the proceeds were allocated to the Series A Redeemable Convertible Preferred Stock. Offering costs of $901 were allocated ratably based on the allocation of proceeds; $253 was allocated to the general and administrative expenses and $648 was allocated to Series A Redeemable Convertible Preferred Stock. Series A Redeemable Convertible Preferred Stock is presented net of offering costs on the balance sheet.

In connection with the parties’ entry into the SPA, the Company and NR-GRI entered into a Registration Rights Agreement, pursuant to which the Company filed a resale registration statement on Form S-3 (No. 333-272930) with respect to the resale of the shares of the Company’s common stock issuable upon conversion of the shares of Series A Redeemable Convertible Preferred Stock and exercise of the Warrants.

Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 18,762	$ 18,762
Accumulated Amortization	(7,737)	(6,640)
Net Carrying Amount	11,025	12,122
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,292	4,292
Accumulated Amortization	(2,360)	(2,028)
Net Carrying Amount	1,932	2,264
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,900	13,900
Accumulated Amortization	(4,807)	(4,042)
Net Carrying Amount	9,093	9,858
Acquired Trademarks
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	570	570
Accumulated Amortization	(570)	(570)
Net Carrying Amount	$ 0	$ 0

Overview and Basis of Presentation

12 Months Ended

Dec. 31, 2023

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 astigmatism to achieve improved visual outcomes for patients. The Company is a public company whose stock is listed and trading under the symbol “LNSR” on The Nasdaq Stock Market LLC (“Nasdaq”). The Company’s revenue is derived from the sale and lease of the Company’s laser systems, 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. The Company has developed its next-generation ALLY® Adaptive Cataract Treatment System (“ALLY System”), which combines all of the features from the LENSAR Laser System with a dual-pulse laser, integrated in a small, compact cataract treatment system. The ALLY System, which has received clearance from the U.S. Food and Drug Administration (“FDA”), enables cataract surgeons to complete the femtosecond-laser-assisted cataract surgery (“FLACS”) procedure in a single, sterile environment. The Company executed a controlled and targeted initial launch of the ALLY System beginning in August 2022. The ALLY System is available to U.S. cataract surgeons and has also received regulatory clearance in India and the Philippines. In addition, the Company submitted the ALLY System for certification in the European Union, or EU, in September 2022 and, in 2023, submitted documentation to distributors in South Korea, Taiwan, and China for additional marketing or certification applications.

The Company has incurred recurring losses and operating cash outflows since its inception and as of December 31, 2023 had an accumulated deficit of $111,891. The Company expects to continue to incur losses and cash outflows from operating activities for the near-term future. Pricing increases in component parts for the ALLY System resulting from inflationary pressures and related macroeconomic conditions may necessitate an increase in overall cost to customers, which in turn may have an adverse impact on customer demand.

Management believes the Company’s cash and cash equivalents on hand, together with cash generated from the future sale and lease of products, will provide sufficient funds for its operating, investing, and financing cash flows for a period of at least twelve months from the date of issuance of these financial statements. The Company expects annual revenue and selling, general and administrative expenses to increase from current levels associated with the increase in ALLY System placements. In addition, the Company's growth depends in part on the Company’s ability to produce the ALLY System in sufficient quantities, within requested timelines and at an acceptable price to satisfy customer demand. The Company’s liquidity needs will be largely determined by the Company’s ability to successfully commercialize its products and the progression, additional regulatory clearances or certifications and launch of the ALLY System in additional jurisdictions in the future. In the future, the Company may need to raise additional capital through equity or debt financings, borrowings under credit facilities or from other sources in the future. 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.

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”). Certain balances in the prior year financial statements have been reclassified for comparison purposes to conform to the presentation in the current period financial statements.

Stock-Based Compensation - Summary of Option Award Activity (Details) - 2020 Incentive Award Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at beginning of period, Number of shares	1,202,000	653,000
Options granted, Number of Shares	834,000	592,000
Options cancelled, Number of Shares	(62,000)	(43,000)
Outstanding at end of period, Number of shares	1,974,000	1,202,000	653,000
Vested and expected to vest at December 31, 2023, Number of Shares	1,974,000
Vested and exercisable at December 31, 2023, Number of Shares	960,000
Outstanding at beginning of period, Weighted Average Exercise Price	$ 6.91	$ 7.57
Options granted, Weighted Average Exercise Price	2.98	6.19
Options cancelled, Weighted Average Exercise Price	5.01	6.88
Outstanding at end of period, Weighted Average Exercise Price	5.31	$ 6.91	$ 7.57
Vested and expected to vest at December 31, 2023, Weighted Average Exercise Price	5.31
Vested and exercisable at December 31, 2023, Weighted Average Exercise Price	$ 6.48
Outstanding at end of period, Weighted Average Remaining Contractual Term (in Years)	8 years	8 years 8 months 12 days	9 years 3 months 18 days
Vested and expected to vest at December 31, 2023, Weighted Average Remaining Contractual Term (in Years)	8 years
Vested and exercisable at December 31, 2023, Weighted Average Remaining Contractual Term (in Years)	7 years 2 months 12 days
Outstanding at December 31, 2023, Aggregate Intrinsic Value	$ 429
Vested and expected to vest at December 31, 2023, Aggregate Intrinsic Value	429
Vested and exercisable at December 31, 2023, Aggregate Intrinsic Value	$ 42

Leases - Schedule of Equipment Under Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Equipment under lease	$ 16,969	$ 14,771
Less accumulated depreciation	(9,510)	(8,455)
Equipment under lease, net	$ 7,459	$ 6,316

Warrant Liabilities

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Warrant Liabilities

Note 10. Warrant Liabilities

In May 2023, the Company completed the Private Placement (as defined below), which included the issuance of warrants (the “Warrants”) to purchase an aggregate of 4,367 shares of common stock (the “Warrant Shares”). Fifty percent of the Warrants have an exercise price equal to $2.45 per share (the “Series A Warrant”), and 50% of the Warrants have an exercise price equal to $3.0625 per share (the “Series B Warrant”), subject in each instance to adjustments as provided under the terms of the Warrants. Refer to Note 12, Redeemable Convertible Preferred Stock, for more details related to the Private Placement.

Upon the occurrence of certain transactions (“Fundamental Transactions,” as defined below), the Warrants provide that they are redeemable by the holder thereof for a value determined using a Black Scholes option pricing model with inputs calculated as described in the applicable Warrant, which includes a 100% floor on the volatility input to be utilized. The Company has determined that this provision introduces leverage to the holders of the Warrants that could

result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815, the Company classified the fair value of the Warrants as a liability to be re-measured at the end of every reporting period with the change in value reported in the statements of operations. Of the $20,000 gross proceeds for the Private Placement, $5,605 was allocated to the Warrants and the remaining $14,395 was allocated to the Series A Redeemable Convertible Preferred Stock.

The Company estimated the fair value of the warrant liabilities using recently quoted market prices of the Company's common stock and the Black-Scholes option pricing model. The fair value of the warrant liabilities was estimated using the following assumptions as of December 31, 2023 and May 18, 2023:


	December 31, 2023		May 18, 2023 (date issued)
Risk-free interest rate	3.8%		3.7%
Expected term (years)		4.4		5.0
Expected volatility	55%		55%
Dividends	0.0%		0.0%

Expected term: The expected term for the warrant liabilities was based on the remaining contractual term of the Warrants.

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 warrant liabilities 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.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 15. Income Taxes

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


	Years Ended December 31,
	2023			2022
United States	$	(14,383	)	$	(19,914	)
Foreign		—			—
Total	$	(14,383	)	$	(19,914	)

The provision for income taxes for the years ended December 31, 2023 and 2022 consisted of the following:


	Year Ended December 31,
	2023		2022
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,
	2023			2022
Tax at U.S. statutory rate on income before income taxes	$	(3,020	)	$	(4,182	)
Change in valuation allowance		1,540			3,317
State taxes		(376	)		(369	)
Section 162(m)		248			363
Stock-based compensation		191			170
Deferred adjustment		773			706
Warrant expense		599			—
Other		45			(5	)
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,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	1,836		$	5,855
Net operating loss carryforwards - Section 382 limited		6,195			—
Intangible assets		5,530			5,866
Capitalization of research and experimentation expenses		3,211			2,533
Stock-based compensation		727			1,150
Fixed assets		165			272
Other		1,257			658
Total deferred tax assets		18,921			16,334
Valuation allowance		(17,871	)		(16,331	)
Total deferred tax assets, net of valuation allowance		1,050			3
Deferred tax liabilities:
Section 481(a) adjustment		(670	)		—
Other		(380	)		(3	)
Total deferred tax liabilities		(1,050	)		(3	)
Net deferred tax assets	$	—		$	—

The deferred tax assets associated with net operating losses included in the table above for the years ended December 31, 2023 and 2022 reflect the net operating losses the Company expects to generate on its federal and state income tax returns.

As of December 31, 2023 and 2022, the Company maintained federal net operating loss carryforwards of $32,452 and $23,935, respectively. As of December 31, 2023 and 2022, the Company also maintained state net operating loss carryforwards of $22,612 and $18,724, respectively. The federal net operating losses generated during years ended December 31, 2023 and 2022 (and not Section 382 limited; see below) may only be utilized to offset 80% of taxable income annually and may be carried forward indefinitely. The state net operating loss carryforwards generated will begin expiring in the year 2028, if not utilized.

Certain of our federal and state tax attributes are subject to change of ownership limitations provided by the Internal Revenue Code and similar state provisions. In general, if the Company experiences a greater than 50 percentage point aggregate change in ownership over a 3-year period (a “Section 382 ownership change”), utilization of its pre-change NOL and credit carryforwards are subject to an annual limitation. The Company experienced such a change as a result of the SPA. The Company completed a Section 382 study through December 31, 2023 and determined that a Section 382 ownership change occurred on May 18, 2023. At the time, the Company was in a net unrealized built-in loss position (“NUBIL”). The amount of pre-change NOL carryforwards which may be subject to this limitation are $25,741.

As of December 31, 2023, the Company determined that it continued to be more likely than not that certain deferred tax assets would not be realized in the near future and maintained a $17,871 valuation allowance against deferred tax assets. The net change in total valuation allowance between the years ended December 31, 2023 and 2022, was an increase of $1,540. The Company’s determination was based on its review and analysis of all the available evidence as of the balance sheet date, both positive and negative.

The uncertainty provisions of ASC 740 also require the Company to recognize the impact of a tax position in its financial statements only if the technical merits of that position indicate that the position is more likely than not of being sustained upon audit. During the years ended December 31, 2023 and 2022, the Company did not record a reserve for uncertain tax positions.

The Company’s income tax returns for periods separate from the consolidation with PDL are subject to examination by U.S. federal, state and local tax authorities for tax years 2020 forward. The Company's separate state and local tax returns are generally not subject to examination by authorities for tax years prior to 2017; however, as we utilize our net operating losses, prior years can be subject to examination from 2012 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, 2023 and 2022.

The 2017 Tax Cuts and Jobs Act requires taxpayers to capitalize research and experimental (“R&E”) expenditures effective for taxable years beginning after December 31, 2021. R&E expenditures attributable to U.S.-based research must be amortized over a period of 5 years and R&E expenditures attributable to research conducted outside of the U.S. must be amortized over a period of 15 years. As noted above, there is pending legislation that would allow for full deductibility of these expenditures. The Company does not believe that this has a material impact on its financial statements.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Revenue From Contracts With Customers - Summary of Allowance for Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 13	$ 63
Change in provision for credit losses	20	10
Write-offs	0	(60)
Ending balance	$ 33	$ 13

- Definition

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

+ References + Details

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 575
2025	591
2026	607
2027	571
2028	3
Total operating lease payments	2,347
Less: imputed interest	(38)
Total operating lease liabilities	$ 2,309	$ 2,803

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment

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


	As of December 31,
	2023			2022
Leasehold improvements	$	112		$	112
Manufacturing equipment		987			1,001
Computer and office equipment		97			102
System and laser		1,295			1,204
Software		293			240
Furniture and fixtures		50			50
Transportation equipment		38			38
Total		2,872			2,747
Less accumulated depreciation		(2,381	)		(2,239	)
Construction in progress		188			55
Property and equipment, net	$	679		$	563

Depreciation expense on property and equipment amounted to $366 and $342 for the years ended December 31, 2023 and 2022, 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 $0 and $61 as of December 31, 2023 and 2022, respectively.

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($)		12 Months Ended
	May 31, 2023	Dec. 31, 2023
Convertible Preferred Stock [line Items]
Offering costs		$ 901,000
Series A Redeemable Convertible Preferred Stock
Convertible Preferred Stock [line Items]
Offering costs		648,000
General and administrative expenses
Convertible Preferred Stock [line Items]
Offering costs		$ 253,000
Securities Purchase Agreement \| Series A Redeemable Convertible Preferred Stock
Convertible Preferred Stock [line Items]
Aggregate purchase price of shares	$ 20,000
Aggregate shares	20
Number of shares convertible into common stock	7,940
Minimum \| Securities Purchase Agreement
Convertible Preferred Stock [line Items]
Sale of ownership percentage	50.00%

Inventories - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Write downs of inventories to net realizable value	$ 66	$ 50

Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2019	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Contingent milestone payments			$ 2,400
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	15 years
Contingent milestone payments			$ 2,400
Maximum \| Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	20 years

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, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted			$ 1.94	$ 3.9
Total fair value of options vested			$ 2,264	$ 2,501
Total unrecognized compensation expense			$ 2,412
Total unrecognized compensation expense, weighted-average period of recognition			2 years 1 month 6 days
Dividends			0.00%	0.00%
Common stock, shares authorized			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			147,000
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	451,000
Shares of common stock have been issued to employees			304,000
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 fair value of restricted stock awards vested			$ 6,342	$ 7,240
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense, weighted-average period of recognition			1 year 2 months 12 days
Total fair value of restricted stock awards vested			$ 466
Total unrecognized compensation expense			$ 885
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%
Minimum \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
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
Maximum \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved	3,333,000		4,984,000
Percentage of outstanding shares of common stock	5.00%
Weighted-average grant date fair value			$ 2.73
Number of stock awards granted			546,000
2020 Incentive Award Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value				$ 6.33
Number of stock awards granted				86,000

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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, 2021		1,082
Authorized		549
Granted/Awarded		(678	)
Cancelled		49
Balance at December 31, 2022		1,002
Authorized		555
Granted/Awarded		(1,380	)
Cancelled		117
Balance at December 31, 2023		294

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, 2021		653		$	7.57		9.3	$	—
Options granted		592		$	6.19
Options exercised		—		$	—
Options cancelled		(43	)	$	6.88
Outstanding at December 31, 2022		1,202		$	6.91		8.7	$	—
Options granted		834		$	2.98
Options exercised		—		$	—
Options cancelled		(62	)	$	5.01
Outstanding at December 31, 2023		1,974		$	5.31		8.0	$	429

Vested and expected to vest at December 31, 2023		1,974		$	5.31		8.0	$	429
Vested and exercisable at December 31, 2023		960		$	6.48		7.2	$	42

Summary of Stock Options Outstanding and Vested

The following table summarizes information about stock options outstanding and vested as of December 31, 2023:


	Options Outstanding						Options Vested
Exercise Price	Options Outstanding		Weighted Average Remaining Contractual Term (in Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$2.15 - $3.10		361		9.0	$	2.66		—	$	—
$3.23		436		9.1	$	3.23		149	$	3.23
$3.27 - $5.95		32		8.6	$	5.42		10	$	5.78
$6.04		415		8.0	$	6.04		199	$	6.04
$6.07 - $8.62		730		6.7	$	7.44		602	$	7.45
		1,974		8.0	$	5.31		960	$	6.48

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 years ended December 31, 2023 and 2022:


	Year Ended December 31,	Year Ended December 31,
	2023	2022
Risk-free interest rate	3.5 - 4.7%	1.5 - 4.2%
Expected term (years)	6	6
Expected volatility	57 - 70%	70%
Dividends	0.0%	0.0%

Summary of Total Stock-Based Compensation Expense Recognized

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


	Year Ended December 31,
	2023		2022
Revenue—product	$	10	$	—
Cost of revenue—product		289		219
Cost of revenue—service		168		126
Selling, general and administrative expenses		4,495		5,648
Research and development expenses		577		618
Total	$	5,539	$	6,611

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
2024	$	2,069
2025		1,006
2026		215
2027		7
2028		—
Thereafter		—
Total unrecognized stock-based compensation expense	$	3,297

Restricted Stock Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Activity

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


	Restricted Stock Awards Outstanding
	Number of Units			Weighted- average grant- date fair value per share
Non-vested at December 31, 2021		1,332		$	10.29
Granted		—		$	—
Vested		(704	)	$	10.29
Cancelled		(6	)	$	10.81
Non-vested at December 31, 2022		622		$	10.29
Granted		—		$	—
Vested		(616	)	$	10.29
Cancelled		(6	)	$	10.81
Non-vested at December 31, 2023		—		$	—

Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Activity

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


	Restricted Stock Units Outstanding
	Number of Units			Weighted- average grant- date fair value per share
Non-vested at December 31, 2021		—		$	—
Granted		86		$	6.33
Vested		—		$	—
Cancelled		—		$	—
Non-vested at December 31, 2022		86		$	6.33
Granted		546		$	2.73
Vested		(113	)	$	4.14
Cancelled		(36	)	$	2.65
Non-vested at December 31, 2023		483		$	3.04

Fair Value of Financial Instruments - Summary of Changes In The Fair Value of Warrant Liabilities (Details) - Level 3 $ in Thousands	7 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Beginning Balance	$ 5,605
Change in Fair Value	2,852
Fair Value Ending Balance	8,457
Series A Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Beginning Balance	2,971
Change in Fair Value	1,491
Fair Value Ending Balance	4,462
Series B Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Beginning Balance	2,634
Change in Fair Value	1,361
Fair Value Ending Balance	$ 3,995

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 14. Stock-Based Compensation

Stock-Based Incentive Plans

The 2020 Plan

In July 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, 2023 the Company has reserved 4,984 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, 2021		1,082
Authorized		549
Granted/Awarded		(678	)
Cancelled		49
Balance at December 31, 2022		1,002
Authorized		555
Granted/Awarded		(1,380	)
Cancelled		117
Balance at December 31, 2023		294

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, 2021		653		$	7.57		9.3	$	—
Options granted		592		$	6.19
Options exercised		—		$	—
Options cancelled		(43	)	$	6.88
Outstanding at December 31, 2022		1,202		$	6.91		8.7	$	—
Options granted		834		$	2.98
Options exercised		—		$	—
Options cancelled		(62	)	$	5.01
Outstanding at December 31, 2023		1,974		$	5.31		8.0	$	429

Vested and expected to vest at December 31, 2023		1,974		$	5.31		8.0	$	429
Vested and exercisable at December 31, 2023		960		$	6.48		7.2	$	42

The weighted average grant date fair value of options granted during the years ended December 31, 2023 and 2022 was $1.94 and $3.90, respectively. The total fair value of options vested during the years ended December 31, 2023

and 2022 was approximately $2,264 and $2,501, respectively. Total unrecognized compensation expense of $2,412 related to stock options will be recognized over a weighted average period of 2.1 years.

The following table summarizes information about stock options outstanding and vested as of December 31, 2023:


	Options Outstanding						Options Vested
Exercise Price	Options Outstanding		Weighted Average Remaining Contractual Term (in Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$2.15 - $3.10		361		9.0	$	2.66		—	$	—
$3.23		436		9.1	$	3.23		149	$	3.23
$3.27 - $5.95		32		8.6	$	5.42		10	$	5.78
$6.04		415		8.0	$	6.04		199	$	6.04
$6.07 - $8.62		730		6.7	$	7.44		602	$	7.45
		1,974		8.0	$	5.31		960	$	6.48

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 years ended December 31, 2023 and 2022:


	Year Ended December 31,	Year Ended December 31,
	2023	2022
Risk-free interest rate	3.5 - 4.7%	1.5 - 4.2%
Expected term (years)	6	6
Expected volatility	57 - 70%	70%
Dividends	0.0%	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:


	Restricted Stock Awards Outstanding
	Number of Units			Weighted- average grant- date fair value per share
Non-vested at December 31, 2021		1,332		$	10.29
Granted		—		$	—
Vested		(704	)	$	10.29
Cancelled		(6	)	$	10.81
Non-vested at December 31, 2022		622		$	10.29
Granted		—		$	—
Vested		(616	)	$	10.29
Cancelled		(6	)	$	10.81
Non-vested at December 31, 2023		—		$	—

The total fair value of restricted stock awards vested during the years ended December 31, 2023 and 2022 was $6,342 and $7,240, respectively.

Restricted Stock Units

Restricted stock units granted to employees and non-employees generally vest over one to four years in regular increments. The fair value of restricted stock units is based on the Company’s closing stock price on the date of grant.

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


	Restricted Stock Units Outstanding
	Number of Units			Weighted- average grant- date fair value per share
Non-vested at December 31, 2021		—		$	—
Granted		86		$	6.33
Vested		—		$	—
Cancelled		—		$	—
Non-vested at December 31, 2022		86		$	6.33
Granted		546		$	2.73
Vested		(113	)	$	4.14
Cancelled		(36	)	$	2.65
Non-vested at December 31, 2023		483		$	3.04

The total fair value of restricted stock units vested during the year ended December 31, 2023 was $466. At December 31, 2023 there was approximately $885 of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 1.2 years.

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 were initially 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. As of December 31, 2023, the Company has reserved 451 shares of common stock for issuance under the 2020 ESPP. 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 Code.

As of December 31, 2023, 304 shares of common stock have been issued to employees participating in the 2020 ESPP and 147 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.

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


	Year Ended December 31,
	2023		2022
Revenue—product	$	10	$	—
Cost of revenue—product		289		219
Cost of revenue—service		168		126
Selling, general and administrative expenses		4,495		5,648
Research and development expenses		577		618
Total	$	5,539	$	6,611

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


Fiscal Year	Amount
2024	$	2,069
2025		1,006
2026		215
2027		7
2028		—
Thereafter		—
Total unrecognized stock-based compensation expense	$	3,297

The amounts included in this table are based on restricted stock units and stock options outstanding at December 31, 2023 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 - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 1,836	$ 5,855
Net operating loss carryforwards - Section 382 limited	6,195
Intangible assets	5,530	5,866
Capitalization of research and experimentation expenses	3,211	2,533
Stock-based compensation	727	1,150
Fixed assets	165	272
Other	1,257	658
Total deferred tax assets	18,921	16,334
Valuation allowance	(17,871)	(16,331)
Total deferred tax assets, net of valuation allowance	1,050	3
Deferred tax liabilities:
Section 481(a) adjustment	(670)
Other	(380)	(3)
Total deferred tax liabilities	$ (1,050)	$ (3)

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 20,621	$ 14,674
Short-term investments	3,443
Accounts receivable, net of allowance of $62 and $56, respectively	4,001	6,040
Notes receivable, net of allowance of $7 and $4, respectively	323	200
Inventories	15,689	11,740
Prepaid and other current assets	2,367	1,062
Total current assets	46,444	33,716
Property and equipment, net	679	563
Equipment under lease, net	7,459	6,316
Long-term investments	492
Notes and other receivables, long-term, net of allowance of $26 and $9, respectively	1,279	442
Intangible assets, net	11,025	12,122
Other assets	2,207	2,685
Total assets	69,585	55,844
Current liabilities:
Accounts payable	4,007	5,422
Accrued liabilities	5,717	4,700
Deferred revenue	1,349	768
Operating lease liabilities	559	531
Total current liabilities	11,632	11,421
Long-term operating lease liabilities	1,750	2,272
Warrant liabilities	8,457
Other long-term liabilities	570	167
Total liabilities	22,409	13,860
Commitments and contingencies (Note 10)
Stockholders’ equity:
Series A Redeemable Convertible Preferred Stock, par value $0.01 per share, 20 and no shares authorized at December 31, 2023 and 2022, respectively; 20 and no shares issued and outstanding at December 31, 2023 and 2022, respectively; aggregate liquidation preference of $20,000 and $0 at December 31, 2023 and 2022, respectively	13,747
Preferred stock, par value $0.01 per share, 9,980 and 10,000 shares authorized at December 31, 2023 and 2022; no shares issued and outstanding at December 31, 2023 and 2022
Common stock, par value $0.01 per share, 150,000 shares authorized at December 31, 2023 and 2022; 11,327 and 11,093 shares issued and outstanding at December 31, 2023 and 2022, respectively	113	111
Additional paid-in capital	145,203	139,381
Accumulated other comprehensive income	4
Accumulated deficit	(111,891)	(97,508)
Total stockholders’ equity	33,429	41,984
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	$ 69,585	$ 55,844

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	LENSAR, INC.
Entity Central Index Key	0001320350
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		11,395,056
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LNSR
Security Exchange Name	NASDAQ
Entity File Number	001-39473
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0125724
Entity Address, Address Line One	2800 Discovery Drive
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32826
City Area Code	888
Local Phone Number	536-7271
Document Annual Report	true
Document Transition Report	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Public Float			$ 34.4
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Tampa, Florida
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2024 annual meeting of stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K.

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Net loss attributable to common stockholders	$	(14,383	)	$	(19,914	)
Weighted average number of shares of common stock		10,971			10,159
Basic and diluted net loss per share	$	(1.31	)	$	(1.96	)

Schedule of Antidilutive Securities Excluded From Calculation of Diluted Loss Per Share

The Company excluded the following amounts of equity securities from its net loss per diluted share calculations for the periods presented because their effect was anti-dilutive:


	Year Ended December 31,
	2023		2022
Series A Redeemable Convertible Preferred Stock		7,940		—
Series A Warrants and Series B Warrants		4,367		—
Restricted stock awards and units		483		708
Outstanding stock options		1,974		1,202

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,
	2023		2022
Series A Redeemable Convertible Preferred Stock		3,002		—
Series A Warrants		165		—
Restricted stock awards and units		720		929
Outstanding stock options		1,808		1,149
Total		5,695		2,078

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - 2020 Incentive Award Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of Units	546
Vested, Number of Units	(113)
Cancelled, Number of Units	(36)
Non-vested at end of the period, Number of Units	483
Granted, Weighted-average grant-date fair value per share	$ 2.73
Vested, Weighted-average grant-date fair value per share	4.14
Cancelled, Weighted-average grant-date fair value per share	2.65
Non-vested at ending of year, Weighted-average grant-date fair value per share	$ 3.04
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of year, Number of Units	622	1,332
Vested, Number of Units	(616)	(704)
Cancelled, Number of Units	(6)	(6)
Non-vested at end of the period, Number of Units		622
Non-vested at beginning of year, Weighted-average grant-date fair value per share	$ 10.29	$ 10.29
Vested, Weighted-average grant-date fair value per share	10.29	10.29
Cancelled, Weighted-average grant-date fair value per share	$ 10.81	10.81
Non-vested at ending of year, Weighted-average grant-date fair value per share		$ 10.29

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. Fair Value of Financial Instruments

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.

The Company classifies money market funds, U.S. treasury bills, and certificates of deposit as Level 1 within the fair value hierarchy as the fair value is based on quoted prices. The Company classifies its warrant derivative liabilities as Level 3 within the fair value hierarchy as the Company estimates the fair value of the warrant liabilities using recently quoted market prices of the Company's common stock and the Black-Scholes option pricing model, refer to Note 10, Warrant Liabilities.

The following table sets forth by level, within the fair value hierarchy, the Company's assets and liabilities at fair value as of December 31, 2023:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	11,171	$	—	$	—	$	11,171
U.S. treasury bills		5,942		—		—		5,942
Certificates of deposit		983		—		—		983
Total assets	$	18,096	$	—	$	—	$	18,096

Liabilities
Warrant derivative liabilities	$	—	$	—	$	8,457	$	8,457
Total liabilities	$	—	$	—	$	8,457	$	8,457

There were no assets or liabilities measured at fair value as of December 31, 2022. There were no transfers between fair value hierarchy levels during the years ended December 31, 2023.

The fair value of the Company's financial assets that are measured at fair value on a recurring basis as of December 31, 2023 are as follows:


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	11,171	$	—	$	—	$	11,171
U.S. treasury bills		2,989		1		—		2,990
Short-term investments
U.S. treasury bills		2,952		—		—		2,952
Certificates of deposit		490		1		—		491
Long-term investments
Certificates of deposit		490		2		—		492
Total	$	18,092	$	4	$	—	$	18,096

The change in fair value of warrant liabilities measured on a recurring basis using unobservable Level 3 inputs for the year ended December 31, 2023 is set forth below:


					Fair Value at
	Fair Value at		Change in		December 31,
	May 18, 2023		Fair Value		2023
Series A Warrant	$	2,971	$	1,491	$	4,462
Series B Warrant		2,634		1,361		3,995
Total warrant liabilities	$	5,605	$	2,852	$	8,457

- Definition

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

+ References + Details

Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Recurring $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 18,092
Unrealized Gains	4
Fair Value	18,096
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	11,171
Fair Value	11,171
U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2,989
Unrealized Gains	1
Fair Value	2,990
U.S. treasury bills \| Short term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2,952
Fair Value	2,952
Certificates of deposit \| Short term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	490
Unrealized Gains	1
Fair Value	491
Certificates of deposit \| Long term investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	490
Unrealized Gains	2
Fair Value	$ 492

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Product and Service Revenue Disaggregated by Geographic Region

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, 2023 and 2022:


	Year Ended December 31,
	2023		2022
United States	$	25,262	$	18,776
South Korea		257		2,180
Europe		5,585		4,409
Asia (excluding South Korea)		3,836		3,576
Other		776		502
Total1	$	35,716	$	29,443

1 The table above does not include lease revenue of $6,448 and $5,915 for the years ended December 31, 2023 and 2022, respectively. Refer to Note 6, 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	2023		2022
Accounts receivable, current	Accounts receivable, net	$	4,001	$	6,040
Notes receivable, current	Notes receivable, net	$	323	$	200
Notes receivable, long-term	Notes and other receivables, long-term, net	$	1,279	$	442
Contract asset, current	Prepaid and other current assets	$	982	$	332
Deferred revenue, current	Deferred revenue	$	1,349	$	768
Deferred revenue, non-current	Other long-term liabilities	$	350	$	17
Contract liability, long-term	Other long-term liabilities	$	220	$	150

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


	Amount
Contract liabilities as of December 31, 2021	$	970
Billings not yet recognized as revenue		822
Beginning contract liabilities recognized as revenue		(857	)
Contract liabilities at December 31, 2022		935
Billings not yet recognized as revenue		1,847
Beginning contract liabilities recognized as revenue		(863	)
Contract liabilities at December 31, 2023	$	1,919

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 December 31, 2021	$	47
Change in provision for credit losses		26
Write-offs		(17	)
Accounts receivable, allowance for credit losses as of December 31, 2022		56
Change in provision for credit losses		6
Write-offs		—
Accounts receivable, allowance for credit losses as of December 31, 2023	$	62

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 December 31, 2021	$	63
Change in provision for credit losses		10
Write-offs		(60	)
Notes receivable, allowance for credit losses as of December 31, 2022		13
Change in provision for credit losses		20
Write-offs		—
Notes receivable, allowance for credit losses as of December 31, 2023	$	33

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

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


		As of December 31,
	Classification	2023		2022
Accounts receivable, current	Accounts receivable, net	$	4,001	$	6,040
Notes receivable, current	Notes receivable, net	$	323	$	200
Notes receivable, long-term	Notes and other receivables, long-term, net	$	1,279	$	442
Contract asset, current	Prepaid and other current assets	$	982	$	332
Deferred revenue, current	Deferred revenue	$	1,349	$	768
Deferred revenue, non-current	Other long-term liabilities	$	350	$	17
Contract liability, long-term	Other long-term liabilities	$	220	$	150

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


	Amount
Contract liabilities as of December 31, 2021	$	970
Billings not yet recognized as revenue		822
Beginning contract liabilities recognized as revenue		(857	)
Contract liabilities at December 31, 2022		935
Billings not yet recognized as revenue		1,847
Beginning contract liabilities recognized as revenue		(863	)
Contract liabilities at December 31, 2023	$	1,919

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, 2023 are as follows:


Fiscal Year	Amount
2024		432
2025		432
2026		432
2027		386
2028		185
Thereafter		14
Total undiscounted cash flows		1,881
Present value of notes receivable		1,635
Difference between undiscounted and discounted cash flows	$	246

Contract Assets – The Company's contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists, and therefore invoicing has not yet occurred. The Company classifies contract assets in Prepaid and other current assets in the Company's balance sheets.

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


	Amount
Contract assets at December 31, 2021	$	—
Contract assets recognized		355
Payments received		(23	)
Contract assets at December 31, 2022		332
Contract assets recognized		1,630
Payments received		(806	)
Write-offs due to contract modifications		(174	)
Contract assets at December 31, 2023	$	982

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, 2023 and 2022:


	Year Ended December 31,
	2023			2022
Beginning balance	$	4		$	43
Additions		611			350
Amortization		(580	)		(389	)
Ending balance	$	35		$	4

Stock-Based Compensation - Summary of Stock Options Outstanding And Vested (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number \| shares	1,974,000
Options outstanding, Weighted average remaining contractual term (in years)	8 years
Options outstanding, Weighted average exercise price	$ 5.31
Options vested, Number Exercisable \| shares	960,000
Options vested, Weighted average exercise price	$ 6.48
Exercise Price $2.15 - $3.10
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number \| shares	361,000
Options outstanding, Weighted average remaining contractual term (in years)	9 years
Options outstanding, Weighted average exercise price	$ 2.66
Exercise Price $2.15 - $3.10 \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range (lower)	2.15
Exercise price range (upper)	$ 3.1
Exercise Price $3.23
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number \| shares	436,000
Options outstanding, Weighted average remaining contractual term (in years)	9 years 1 month 6 days
Options outstanding, Weighted average exercise price	$ 3.23
Options vested, Number Exercisable \| shares	149,000
Options vested, Weighted average exercise price	$ 3.23
Exercise Price $3.23 \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range (lower)	$ 3.23
Exercise Price $3.27 - $5.95
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number \| shares	32,000
Options outstanding, Weighted average remaining contractual term (in years)	8 years 7 months 6 days
Options outstanding, Weighted average exercise price	$ 5.42
Options vested, Number Exercisable \| shares	10,000
Options vested, Weighted average exercise price	$ 5.78
Exercise Price $3.27 - $5.95 \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range (lower)	3.27
Exercise price range (upper)	$ 5.95
Exercise Price $6.04
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number \| shares	415,000
Options outstanding, Weighted average remaining contractual term (in years)	8 years
Options outstanding, Weighted average exercise price	$ 6.04
Options vested, Number Exercisable \| shares	199,000
Options vested, Weighted average exercise price	$ 6.04
Exercise Price $6.04 \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range (lower)	$ 6.04
Exercise Price $6.07 - $8.62
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number \| shares	730,000
Options outstanding, Weighted average remaining contractual term (in years)	6 years 8 months 12 days
Options outstanding, Weighted average exercise price	$ 7.44
Options vested, Number Exercisable \| shares	602,000
Options vested, Weighted average exercise price	$ 7.45
Exercise Price $6.07 - $8.62 \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range (lower)	6.07
Exercise price range (upper)	$ 8.62

STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Offering costs	$ 901
Series A Redeemable Convertible Preferred Stock
Offering costs	$ 649

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 3. Revenue from Contracts with Customers

Disaggregation of Revenue


	Year Ended December 31,
	2023		2022
United States	$	25,262	$	18,776
South Korea		257		2,180
Europe		5,585		4,409
Asia (excluding South Korea)		3,836		3,576
Other		776		502
Total1	$	35,716	$	29,443

1 The table above does not include lease revenue of $6,448 and $5,915 for the years ended December 31, 2023 and 2022, respectively. Refer to Note 6, Leases.

Contract Balances

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


		As of December 31,
	Classification	2023		2022
Accounts receivable, current	Accounts receivable, net	$	4,001	$	6,040
Notes receivable, current	Notes receivable, net	$	323	$	200
Notes receivable, long-term	Notes and other receivables, long-term, net	$	1,279	$	442
Contract asset, current	Prepaid and other current assets	$	982	$	332
Deferred revenue, current	Deferred revenue	$	1,349	$	768
Deferred revenue, non-current	Other long-term liabilities	$	350	$	17
Contract liability, long-term	Other long-term liabilities	$	220	$	150

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 December 31, 2021	$	47
Change in provision for credit losses		26
Write-offs		(17	)
Accounts receivable, allowance for credit losses as of December 31, 2022		56
Change in provision for credit losses		6
Write-offs		—
Accounts receivable, allowance for credit losses as of December 31, 2023	$	62

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 5.8% to 7.8%. The Company recorded interest income on notes receivable during the years ended December 31, 2023 and 2022 of $85 and $17 in other income, net in the statements of operations.

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


	Amount
Notes receivable, allowance for credit losses as of December 31, 2021	$	63
Change in provision for credit losses		10
Write-offs		(60	)
Notes receivable, allowance for credit losses as of December 31, 2022		13
Change in provision for credit losses		20
Write-offs		—
Notes receivable, allowance for credit losses as of December 31, 2023	$	33

Maturities of notes receivables, net under extended payment terms with a significant financing component as of December 31, 2023 are as follows:


Fiscal Year	Amount
2024		432
2025		432
2026		432
2027		386
2028		185
Thereafter		14
Total undiscounted cash flows		1,881
Present value of notes receivable		1,635
Difference between undiscounted and discounted cash flows	$	246

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


	Amount
Contract assets at December 31, 2021	$	—
Contract assets recognized		355
Payments received		(23	)
Contract assets at December 31, 2022		332
Contract assets recognized		1,630
Payments received		(806	)
Write-offs due to contract modifications		(174	)
Contract assets at December 31, 2023	$	982

Contract Liabilities—The Company’s contract liabilities represent services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies contract liabilities 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, 2021	$	970
Billings not yet recognized as revenue		822
Beginning contract liabilities recognized as revenue		(857	)
Contract liabilities at December 31, 2022		935
Billings not yet recognized as revenue		1,847
Beginning contract liabilities recognized as revenue		(863	)
Contract liabilities at December 31, 2023	$	1,919

Transaction Price Allocated to Future Performance Obligations

At December 31, 2023, 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 $23,679. The Company expects to satisfy its remaining performance obligations over the next six years, with $8,374 to be satisfied in the next twelve months, $5,947 to be satisfied in the next two years, $4,203 to be satisfied in the next three years, $3,235 to be satisfied in the next four years, and $1,920 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, 2023 and 2022:


	Year Ended December 31,
	2023			2022
Beginning balance	$	4		$	43
Additions		611			350
Amortization		(580	)		(389	)
Ending balance	$	35		$	4

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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
Research and development equipment		3-8 years
Manufacturing equipment		3-5 years
Computer and office equipment		3 years
Transportation equipment		3-5 years
Furniture and fixtures		7 years
Software		3 years

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,097	$ 1,148

Leases - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease revenue	$ 6,448	$ 5,915

Revenue From Contracts With Customers - Summary of Maturities of Notes Receivables Net Under Extended Payment Terms (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
2024	$ 432
2025	432
2026	432
2027	386
2028	185
Thereafter	14
Total undiscounted cash flows	1,881
Present value of notes receivable	1,635
Difference between undiscounted and discounted cash flows	$ 246

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Company's assets and liabilities at fair value as of December 31, 2023:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	11,171	$	—	$	—	$	11,171
U.S. treasury bills		5,942		—		—		5,942
Certificates of deposit		983		—		—		983
Total assets	$	18,096	$	—	$	—	$	18,096

Liabilities
Warrant derivative liabilities	$	—	$	—	$	8,457	$	8,457
Total liabilities	$	—	$	—	$	8,457	$	8,457

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The fair value of the Company's financial assets that are measured at fair value on a recurring basis as of December 31, 2023 are as follows:


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	11,171	$	—	$	—	$	11,171
U.S. treasury bills		2,989		1		—		2,990
Short-term investments
U.S. treasury bills		2,952		—		—		2,952
Certificates of deposit		490		1		—		491
Long-term investments
Certificates of deposit		490		2		—		492
Total	$	18,092	$	4	$	—	$	18,096

Summary of Changes In The Fair Value of Warrant Liabilities

The change in fair value of warrant liabilities measured on a recurring basis using unobservable Level 3 inputs for the year ended December 31, 2023 is set forth below:


					Fair Value at
	Fair Value at		Change in		December 31,
	May 18, 2023		Fair Value		2023
Series A Warrant	$	2,971	$	1,491	$	4,462
Series B Warrant		2,634		1,361		3,995
Total warrant liabilities	$	5,605	$	2,852	$	8,457

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies

Purchase Obligation

The Company is a party to various supply agreements for the manufacture and supply of certain components. The supply agreements commit the Company to a minimum purchase obligation of approximately $6,453 over the next 12 months. The Company expects to meet these requirements.

Royalty and Milestone Payments

In connection with the acquisition of certain intellectual property, the Company paid $2,400 in milestone payments during the year ended December 31, 2022. The milestone payments were contingent upon regulatory clearance and commercialization of the ALLY System. In addition, the Company acquired certain intellectual property, which would result in additional royalty payments at a rate of 3% of certain revenue upon the phacoemulsification features being cleared for commercialization and operational in the ALLY System.

Employee Retention Credit

In March 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provides for an Employee Retention Credit (“ERC”), which is a refundable tax credit against certain employment taxes paid in 2020 and 2021. During the year ended December 31, 2023, the Company received a majority of the ERC. As such, the Company recorded $1,368 as a reduction of selling, general and administrative expenses, which represents the ERC net of professional fees.

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.

From time to time, we may become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, including intellectual property, commercial, product liability, employment, class action, whistleblower and other litigation and claims, and governmental and other regulatory investigations and proceedings.

In addition, on August 14, 2023, stockholders Ryan Schaper and Christopher P. Bolster filed a Verified Amended Class Action Complaint against the Company and certain of its officers and members of the board of directors (“Defendants”) in the matter captioned Schaper v. LENSAR, Inc., et al., Case No. 1:23-cv-00692-GBW (D. Del.). On August 18, 2023, the parties filed a joint stipulation extending Defendants’ time to respond to the complaint until a lead plaintiff is appointed and plaintiffs file a second amended complaint or designate the Verified Amended Class Action Complaint as operative. On December 12, 2023, the Court appointed Ryan Schaper and Christopher P. Bolster as Lead Plaintiffs. On December 22, 2023, the parties filed a joint stipulation providing that Lead Plaintiffs’ will file a second amended complaint or designate the Verified Amended Class Action Complaint as operative on or before January 12, 2024. On January 12, 2024, Lead Plaintiffs filed a Verified Second Amended Class Action Complaint. Defendants filed a motion to dismiss on February 26, 2024. The parties will complete briefings in May 2024.

The Company vigorously denies that the definitive proxy statement filed with the SEC on June 20, 2023 was deficient in any respect. The Company believes the allegations and claims asserted in the Schaper Action are without merit and that supplemental disclosures were not required or necessary under applicable laws. At this time, the Company cannot predict the outcome, or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter.

Revenue from Contracts with Customers - Schedule of Information About Contract Assets from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Beginning Balance	$ 332
Contract assets recognized	1,630	$ 355
Payments received	(806)	(23)
Write-off due to contract modification	(174)
Ending Balance	$ 982	$ 332

Revenue From Contracts With Customers - Additional Information (Details 1) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 23,679
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	$ 8,374
Revenue remaining performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 5,947
Revenue remaining performance obligation expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 4,203
Revenue remaining performance obligation expected timing of satisfaction period	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 3,235
Revenue remaining performance obligation expected timing of satisfaction period	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 1,920
Revenue remaining performance obligation expected timing of satisfaction period

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory balances were as follows:


	As of December 31,
	2023		2022
Finished Goods	$	4,936	$	4,002
Work-in-process		2,395		797
Raw Materials		8,358		6,941
Total	$	15,689	$	11,740

Summary of Significant Accounting Policies - Schedule of Depreciation is Computed using Straight-Line Method over Useful Lives (Details)	Dec. 31, 2023
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Research and Development Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Research and Development Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	8 years
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 \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Transportation Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	5 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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022
Operating lease cost	$	589	$	579
Short-term lease cost		49		37
Total lease cost	$	638	$	616

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,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	560	$	537
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases	$	46	$	—

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	2023			2022
Operating lease ROU assets	Other assets	$	2,141		$	2,630

Operating lease liabilities, current	Operating lease liabilities	$	559		$	531
Operating lease liabilities, long-term	Long-term operating lease liabilities		1,750			2,272
Total operating lease liabilities		$	2,309		$	2,803

Weighted-average remaining lease term		3.9 years			4.9 years
Weighted-average discount rate			10.00	%		10.00	%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2023 are as follows:


Fiscal Year	Amount
2024		575
2025		591
2026		607
2027		571
2028		3
Total operating lease payments		2,347
Less: imputed interest		(38	)
Total operating lease liabilities	$	2,309

Schedule of Lease Revenue

Lease revenue for the years ended December 31, 2023 and 2022 was as follows:


	Year ended December 31,
	2023		2022
Lease revenue	$	6,448	$	5,915

Schedule of Equipment Under Lease

Equipment under lease is as follows:


	As of December 31,
	2023			2022
Equipment under lease	$	16,969		$	14,771
Less accumulated depreciation		(9,510	)		(8,455	)
Equipment under lease, net	$	7,459		$	6,316

Maturities of Operating Lease Payments

Maturities of operating lease payments as of December 31, 2023 are as follows:


Fiscal Year	Amount
2024		1,179
2025		517
2026		167
2027		52
2028		17
Total undiscounted cash flows	$	1,932

Revenue From Contracts With Customers - Schedule of Information About Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 935	$ 970
Billings not yet recognized as revenue	1,847	822
Beginning contract liabilities recognized as revenue	(863)	(857)
Ending balance	$ 1,919	$ 935

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment Customer	Dec. 31, 2022 USD ($) Customer
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	95.00%	92.00%
Allowance for credit losses	$ 95,000	$ 69,000
Acquired intangible assets weighted average amortization period	15 years
Impairment of intangible assets	$ 0	0
Accounts receivables payment terms	30 days
Research and development expenses	$ 6,139,000	11,814,000
Product and service revenue	35,716,000	29,443,000
Selling, general and administrative expenses	26,100,000	27,170,000
Advertising cost	617,000	465,000
Operating lease right-of-use assets	2,141,000	2,630,000
Long-term operating lease liabilities	$ 1,750,000	2,272,000
Research and Development Expenses
Summary Of Significant Accounting Policies [Line Items]
Inventory costs		$ 3,400,000
Customer Concentration Risk \| Revenue Benchmark
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	1	1
Customer Concentration Risk \| Revenue Benchmark \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	0	0
Customer Concentration Risk \| Accounts Receivable \| Customer
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	$ 198,000	$ 157,000
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
International Distribution Agreement
Summary Of Significant Accounting Policies [Line Items]
Cost of revenue	$ 103,000
Product and service revenue	202,000
Selling, general and administrative expenses	$ 184,000
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

Leases - Maturities of Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 1,179
2025	517
2026	167
2027	52
2028	17
Total undiscounted cash flows	$ 1,932

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies Disclosure [Line Items]
Contingent milestone payments		$ 2,400
Additional royalty payments rate	3.00%
Reduction of selling, general and administrative expenses	$ 1,368
Supply Agreement
Commitments And Contingencies Disclosure [Line Items]
Purchase obligation	$ 6,453