0001628945-23-000175 | 10-Q | XBRL Viewer

REVENUE

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Product Revenue

Disaggregation of the product revenue by type of customer for the three and nine months ended September 30, 2023 and 2022, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Private sector customers	$	14,338	$	65,880	$	45,648	$	322,252
Public sector entities	419		780		1,194		6,213
Total product revenue	$	14,757	$	66,660	$	46,842	$	328,465

Product revenue for the three and nine months ended September 30, 2023 includes $0.3 million and $2.1 million, respectively, of service revenue generated from telemedicine and proctoring services provided to customers. Product revenue for the three and nine months ended September 30, 2022 includes $2.6 million and $6.4 million, respectively, of service revenue generated from telemedicine and proctoring services provided to customers. Revenue generated from proctoring is recognized over the term of the contracts with customers.

The following table sets forth the Company’s product gross (loss) profit and product gross (loss) profit margin for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Product revenue	$	14,757		$	66,660		$	46,842		$	328,465
Cost of product revenue	22,180			50,595			91,349			239,190
Product gross (loss) profit	$	(7,423)		$	16,065		$	(44,507)		$	89,275
Product gross (loss) profit margin	(50)		%	24		%	(95)		%	27		%

During the nine months ended September 30, 2023, a contract manufacturer vendor drew on a cash collateralized letter of credit in the amount of $12.0 million (the “disputed payment charge”) that was recorded in cost of product revenue. The Company disputes the validity of the payment and is pursuing recovery (See Note 14. Commitments and Contingencies).

Contract Assets and Liabilities

Contract assets primarily relate to the Company’s conditional right to consideration for performance obligations satisfied but not billed at the reporting date. Net contract assets were $0.3 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively, and were recorded in other current assets on the balance sheets.

Contract liabilities are recorded when cash is received prior to recording revenue. Contract liabilities are recorded in deferred revenue on the balance sheets. The activity related to contract liabilities for the nine months ended September 30, 2023 and 2022 is as follows:


	Nine Months Ended September 30,
	2023		2022
Balance at beginning of period	$	1,566	$	92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	623		2,734
Revenue recognized related to contract liability balance at the beginning of the period	(1,566)		—
Balance at end of period	$	623	$	95,182

Grant and Other Revenue

Grant and other revenue primarily relates to a cost reimbursement agreement with the Biomedical Advanced Research and Development Authority (“BARDA”). The Company generated $2.7 million and $4.9 million of revenue related to an agreement with BARDA during the three and nine months ended September 30, 2023, respectively. The Company generated $2.9 million and $8.2 million of revenue related to the agreement with BARDA during the three and nine months ended September 30, 2022, respectively.

In August 2023, the Company was awarded a new contract for $28.3 million by BARDA to develop an Influenza A/B, RSV, and COVID-19 molecular multiplex test for both over-the-counter and point-of-care use. Income derived from reimbursement of direct out-of-pocket expenses, overhead allocations and fringe benefits for research costs associated with U.S. government contracts are recorded as grant revenue. We recognize revenue from our contracts and awards with BARDA at the gross amount of the reimbursement in the period during which the related costs are incurred, provided that the conditions under which the grants and contracts were provided have been met and only perfunctory performance obligations are outstanding. The direct costs associated with the contract are reflected as a component of research and development expense in our condensed consolidated statements of operations.

Accounts Receivable

Under ASU 2016-13, the Company is required to remeasure expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The allowance for credit losses represents the Company’s estimate of expected credit losses relating to these factors. Amounts are written off against the allowances for credit losses when the Company determines that a customer account is uncollectible.

The activity related to the allowance for credit losses for the nine months ended September 30, 2023 and 2022 is as follows:


	Nine Months Ended September 30,
	2023		2022
Allowance for credit losses, beginning balance	$	2,311	$	318
Provision for doubtful accounts, net of recoveries	(308)		1,729
Write-offs	—		(20)
Allowance for credit losses, ending balance	$	2,003	$	2,027

Receivables Purchase Agreement

On June 1, 2023, the Company entered into a Receivables Purchase Agreement (the “Purchase Agreement”) with East West Bank, a California state-chartered bank (the “Purchaser”), pursuant to which, among other things, the Company may sell certain of the indebtedness and other payment obligations owed to the Company to the Purchaser in an amount of up to $20 million without recourse in exchange for cash. Transactions under the Purchase Agreement, which matures on June 1, 2024, are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet. Under the Purchase Agreement, the Company does not maintain any beneficial interest in the receivables sold. The Company performs limited administrative services on behalf of the Purchaser since the receivables are trade receivables, but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds that are representative of the fair value of factored receivables, less a factoring fee of the Wall Street Journal prime rate with a floor of 5.50%, are reflected in cash flows from operating activities on the condensed consolidated statements of cash flows.

During the nine months ended September 30, 2023 and 2022, the Company received cash proceeds of $6.1 million and $0, respectively, from the sales of accounts receivables under the Purchase Agreement. The Company’s loss on these transactions, the cost of factoring such receivables, is reflected in other income, net on the condensed consolidated statements of operations, and were not material during the three and nine months ended September 30, 2023.

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

STOCKHOLDERS’ EQUITY - Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2023
Restricted stock
Underlying Shares
Outstanding, beginning balance (in shares)		18,681,701
Granted (in shares)		9,754,451
Vested (in shares)		(4,243,128)
Forfeited (in shares)		(5,260,776)
Outstanding, ending balance (in shares)		18,932,248
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 9.51
Granted (in dollars per share)		1.63
Vested (in dollars per share)		7.47
Forfeited (in dollars per share)		6.70
Outstanding, ending balance (in dollars per share)		$ 6.69
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 177,739
Granted		15,910
Vested		(31,686)
Forfeited		(35,225)
Aggregate fair value, ending balance		$ 126,738
Market-Based Performance-Vesting RSUs
Underlying Shares
Outstanding, beginning balance (in shares)		3,335,300
Granted (in shares)	3,335,300	0
Vested (in shares)		0
Forfeited (in shares)		0
Outstanding, ending balance (in shares)		3,335,300
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 12.82
Granted (in dollars per share)		0
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Outstanding, ending balance (in dollars per share)		$ 12.82
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 42,759
Granted		0
Vested		0
Forfeited		0
Aggregate fair value, ending balance		$ 42,759
Operations-Based Performance-Vesting RSUs
Underlying Shares
Outstanding, beginning balance (in shares)		798,635
Granted (in shares)	1,597,272	266,212
Vested (in shares)		0
Forfeited (in shares)		(532,425)
Outstanding, ending balance (in shares)		532,422
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 16.00
Granted (in dollars per share)		2.48
Vested (in dollars per share)		0
Forfeited (in dollars per share)		9.24
Outstanding, ending balance (in dollars per share)		$ 16.00
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 12,778
Granted		660
Vested		0
Forfeited		(4,919)
Aggregate fair value, ending balance		$ 8,519

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	May 04, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 2.4	$ 1.0	$ 5.6	$ 2.4
TrustMedRx LLC \| CHP HC LLP
Finite-Lived Intangible Assets [Line Items]
Payment to acquire business	$ 0.7
Business acquisition, transaction costs	$ 0.2
TrustMedRx LLC \| CHP HC LLP \| Operating Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life (in years)	2 years

REVENUE - Schedule of Product Revenue By Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total product revenue	$ 17,477	$ 69,589	$ 52,138	$ 336,699
Product revenue
Disaggregation of Revenue [Line Items]
Total product revenue	14,757	66,660	46,842	328,465
Product revenue \| Private sector customers
Disaggregation of Revenue [Line Items]
Total product revenue	14,338	65,880	45,648	322,252
Product revenue \| Public sector entities
Disaggregation of Revenue [Line Items]
Total product revenue	$ 419	$ 780	$ 1,194	$ 6,213

- 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)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PREPAID EXPENSES

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES

As of September 30, 2023 and December 31, 2022, the Company’s prepaid expenses consisted of the following:


	September 30, 2023		December 31, 2022
Prepaid expense	$	6,409	$	11,523
Prepaid inventory	3,453		4,205
Total prepaid expenses	$	9,862	$	15,728

STOCKHOLDERS’ EQUITY - Schedule of Stock Option Activity and Related Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Options
Outstanding at beginning of period (in shares) \| shares	7,102,853
Granted (in shares) \| shares	3,473,387
Exercised (in shares) \| shares	(169,515)
Forfeited (in shares) \| shares	(1,084,592)
Expired (in shares) \| shares	(355,010)
Outstanding at end of period (in shares) \| shares	8,967,123	7,102,853
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 5.92
Granted (in dollars per share) \| $ / shares	2.15
Exercised (in dollars per share) \| $ / shares	0.66
Forfeited (in dollars per share) \| $ / shares	11.78
Expired (in dollars per share) \| $ / shares	10.27
Outstanding at end of period (in dollars per share) \| $ / shares	$ 3.68	$ 5.92
Weighted Average Remaining Contractual Term (Years)
Options, exercisable (in shares) \| shares	5,880,224
Options, vested and expected to vest (in shares) \| shares	8,967,123
Weighted average exercise price, exercisable (in dollars per share) \| $ / shares	$ 4.03
Weighted average exercise price, vested and expected to vest (in dollars per share) \| $ / shares	$ 3.68
Weighted average remaining contractual term (years), outstanding	6 years 9 months 18 days	6 years 4 months 24 days
Weighted average remaining contractual term (years), exercisable	5 years 8 months 12 days
Weighted average remaining contractual term (years), vested and expected to vest	6 years 9 months 18 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in other income, net in the condensed consolidated statements of operations. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Going Concern The Company’s operations have been primarily financed through a combination of its proceeds from its initial public offering, other financing activities, and product sales. The Company expects that its near and longer-term liquidity requirements will consist of working capital and general corporate expenses associated with its business, including, without limitation, expenses associated with product production, sales and marketing expense associated with increasing market awareness of its platform and brand generally to healthcare providers, individual consumers, enterprises and other target customers, research and development expenses associated with its test and care offerings, and expenses associated with being a public company. The Company had an accumulated deficit of $443.1 million as of September 30, 2023. During the year ended December 31, 2022, and the nine months ended September 30, 2023, the Company incurred negative cash flows. A tempering of COVID-19 testing demand has resulted in a loss from operations. Currently, the majority of our product revenue is related to sales of our Cue COVID-19 test, and while we have a number of tests submitted to the FDA for regulatory approval and in late stage technical development, the receipt of such approvals is outside the Company’s control. These factors, underscored by the inherent uncertainty in timing of regulatory approvals, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include obtaining regulatory approvals for additional test products, reduced spending, and the pursuit of additional capital. There can be no assurance that the current operating plan will be achieved, including the timing of additional products, or that additional funding will be available on terms acceptable to the Company, or at all. Accordingly, the Company has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of at least 12 months from the date of issuance of these condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Employee Retention Credit Tax credits within the accompanying condensed consolidated statement of operations is attributable to the one-time receipt of the Employee Retention Tax Credit from the Internal Revenue Service (the "IRS"). As a response to the COVID-19 outbreak, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which contained a number of programs to assist workers, families and businesses. Part of the CARES Act provides an Employee Retention Credit (“ERC”), which is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid, up to $10,000 per employee annually, from March 12, 2020 through January 1, 2021. Additional relief provisions were passed by the United States government, which extended and expanded the qualified wage caps on these credits to 70% of qualified wages paid through June 30, 2021 and 100% of qualified wages paid through December 31, 2021, up to $10,000 per employee per quarter. The Company filed Form 941-X for the periods 2020-2021 to claim a refund for the ERC. The Company elected to account for the ERC under ASC 958-605 when the conditions had been substantially met, which was determined to be in the third quarter of 2023. During the three months ended September 30, 2023, the Company received payments from the IRS related to the ERC and recorded $20.9 million within tax credits in the accompanying condensed consolidated statement of operations. Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. The standard provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The Company adopted this standard effective January 1, 2023 under the modified retrospective method whereas comparative period information is not restated. The adoption of this standard did not have a significant impact on the Company’s condensed consolidated financial statements, therefore no cumulative effect or catch up adjustment to the opening balance of retained earnings was recorded.

REVENUE - Schedule of Product Revenue Gross (Loss) Profit and Gross (Loss) Profit Margin (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Product revenue	$ 17,477	$ 69,589	$ 52,138	$ 336,699
Product revenue
Disaggregation of Revenue [Line Items]
Product revenue	14,757	66,660	46,842	328,465
Cost of product revenue	22,180	50,595	91,349	239,190
Product gross (loss) profit	$ (7,423)	$ 16,065	$ (44,507)	$ 89,275
Product gross (loss) profit margin	(50.00%)	24.00%	(95.00%)	27.00%

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- 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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Exercise of common stock options, including ESPP activity (in shares)	825,973	147,463	1,299,053

STOCKHOLDERS’ EQUITY - Schedule of Stock-Based Compensation Expense Related to Awards Issued (Details) - Share-based Payment Arrangement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 12,687	$ 15,690	$ 38,597	$ 48,515
Cost of product revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	650	865	1,995	2,267
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,793	1,441	5,068	6,718
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,429	6,212	13,386	17,780
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,815	7,172	17,599	21,750
Restructuring
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 0	$ 0	$ 549	$ 0

INVENTORIES

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

As of September 30, 2023 and December 31, 2022, the Company’s inventories consisted of the following:


	September 30, 2023		December 31, 2022
Raw materials	$	77,819	$	80,968
Work-in-process	9,136		14,305
Finished goods	39,182		37,867

Reserve	(34,942)		(25,494)
Total inventories	91,195		107,646
Non-current inventories	(27,640)		(25,436)
Total current inventories	$	63,555	$	82,210

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

As of September 30, 2023 and December 31, 2022, the Company’s property and equipment, net consisted of the following:


	September 30, 2023		December 31, 2022
Construction in progress	$	33,400	$	32,412
Machinery and equipment	222,412		214,702
Leasehold improvements	23,830		23,233
Furniture and fixtures	2,009		1,883
Property and equipment	281,651		272,230
Accumulated depreciation and amortization	(115,340)		(82,955)
Total property and equipment, net	$	166,311	$	189,275

Depreciation and amortization expense related to property and equipment was $11.2 million and $8.3 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation and amortization expense related to property and equipment was $32.4 million and $28.6 million for the nine months ended September 30, 2023 and 2022, respectively. The carrying value of assets under finance leases within property and equipment as of September 30, 2023 and December 31, 2022 was $5.4 million and $7.3 million, respectively.

As of September 30, 2023, the carrying value of manufacturing equipment not yet placed into service was $23.2 million. The cost of this equipment is substantially complete and is included in construction in progress. Depreciation expense related to these assets will commence when they are placed into service and will be depreciated over their estimated useful lives.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	154,601,335	150,406,014
Common stock, shares outstanding (in shares)	154,601,335	150,406,014

LEASES (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of September 30, 2023 and December 31, 2022 were as follows:


	Balance Sheet Location	September 30, 2023		December 31, 2022
Assets
Right-of-use assets operating leases	Operating lease right-of-use assets	$	80,829	$	85,321
Right-of-use assets finance leases	Property and equipment, net	5,437		7,264
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	5,109		7,739
Finance lease liabilities (current)	Finance lease liabilities, current	1,646		2,362
Operating lease liabilities (non-current)	Operating lease liabilities, net of current portion	42,961		44,045
Finance lease liabilities (non-current)	Finance lease liabilities, net of current portion	—		849

Schedule of Lease Cost

The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	3,197	$	3,192	$	9,198	$	8,749
Finance lease cost:
Amortization of right-of-use assets	896		819		2,127		2,098
Interest on lease liabilities	24		43		65		137
Total lease cost	$	4,117	$	4,054	$	11,390	$	10,984

LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share, Basic and Diluted

The following table reconciles net loss and the weighted-average shares used in computing basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(46,970)	$	(66,303)	$	(225,032)	$	(162,550)






Denominator:
Basic and diluted weighted-average common shares outstanding	153,699,408		148,582,721		152,226,999		147,443,196







Net loss per share
Basic	$	(0.31)	$	(0.45)	$	(1.48)	$	(1.10)
Diluted	$	(0.31)	$	(0.45)	$	(1.48)	$	(1.10)

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share

Outstanding anti-dilutive securities not included in the diluted net loss per share attributable to common stockholders calculations were as follows (in common stock equivalent shares):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Restricted stock units	18,932,248	18,596,751	18,932,248	18,596,751

Stock options	8,967,123	7,735,773	8,967,123	7,735,773
Employee stock purchase plan – shares projected to be issued	2,305,712	314,531	2,305,712	314,531
Common stock warrants	75,744	75,744	75,744	75,744


Total	30,280,827	26,722,799	30,280,827	26,722,799

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (225,032)	$ (162,550)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used in operations
Depreciation and amortization	37,992	32,989
Allowance (recoveries) for credit losses provision	(308)	1,729
Stock-based compensation expense	38,597	48,515
Non-cash lease expense	7,186	6,215
Deferred income taxes	0	(3,478)
Interest on finance leases	65	137
Non-cash interest expense	202	319
Changes in operating assets and liabilities:
Accounts receivable	17,739	78,081
Inventories	16,451	(44,921)
Prepaid expenses and other current assets	9,512	(7,151)
Other non-current assets	2,591	(1,912)
Accounts payable, accrued liabilities and other current liabilities	(13,092)	13,401
Income taxes payable	6,358	(11,331)
Deferred revenue	(943)	2,734
Operating lease liabilities	(6,408)	(12,996)
Net cash, cash equivalents and restricted cash used in operating activities	(109,090)	(60,219)
Cash flows from investing activities
Purchase of property and equipment	(7,800)	(43,179)
Expenditures for software development and other intangible assets	(10,165)	(9,767)
Net cash, cash equivalents and restricted cash used in investing activities	(17,965)	(52,946)
Cash flows from financing activities
Proceeds from exercise of common stock options	113	1,980
Tax withholding on stock option exercises and restricted stock unit issuance	(1,584)	(4,735)
Proceeds from employee stock purchase plan activity	372	977
Debt issuance and prepayment costs	0	(599)
Equity issuance costs	(292)	0
Payments for finance leases	(1,630)	(2,180)
Net cash, cash equivalents and restricted cash used in financing activities	(3,021)	(4,557)
Net change in cash, cash equivalents and restricted cash	(130,076)	(117,722)
Cash, cash equivalents and restricted cash, beginning balance	242,330	423,710
Cash, cash equivalents and restricted cash, ending balance	112,254	305,988
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	111,454	304,654
Restricted cash, current	800	1,334
Total cash, cash equivalents and restricted cash	112,254	305,988
Supplemental disclosure for non-cash investing and financing matters
Right-of-use assets obtained in exchange for lease obligations	0	2,611
Prepaid rent reclassified to right-of-use assets	0	50
Purchase of property and equipment included in accounts payable	2,594	4,313
Software development costs included in accounts payable	$ 115	$ 995

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES

Accrued liabilities and other current liabilities consisted of the following:


	September 30, 2023		December 31, 2022
Accrued purchases(1)	$	1,127	$	4,488
Accrued payroll and benefits	17,428		26,350
Accrued expenses	6,070		5,553
Accrued sales tax	1,147		1,361
Product warranty reserve	2,966		6,660
Income tax payable	2,838		—
Accrued restructuring	107		—
Accrued purchase commitment loss (2)	8,237		7,966
Total accrued liabilities and other current liabilities	$	39,920	$	52,378

(1) Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase.

(2) Accrued purchase commitment loss reflects accrued loss on purchase obligations for inventory.

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other Current Liabilities

Accrued liabilities and other current liabilities consisted of the following:


	September 30, 2023		December 31, 2022
Accrued purchases(1)	$	1,127	$	4,488
Accrued payroll and benefits	17,428		26,350
Accrued expenses	6,070		5,553
Accrued sales tax	1,147		1,361
Product warranty reserve	2,966		6,660
Income tax payable	2,838		—
Accrued restructuring	107		—
Accrued purchase commitment loss (2)	8,237		7,966
Total accrued liabilities and other current liabilities	$	39,920	$	52,378

(2) Accrued purchase commitment loss reflects accrued loss on purchase obligations for inventory.

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table provides a reconciliation of the change in estimated warranty liabilities:


	Amount
Balance, December 31, 2022	$	6,660
Provision for warranties	1,315
Settlements	(5,009)
Balance, September 30, 2023	$	2,966

Summary of Total Amount Incurred and Accrued Related to Restructuring Activities

The following table summarizes the total amount incurred and accrued related to these restructuring activities:


	Amount
Accrued restructuring as of December 31, 2022	$	—
Restructuring charges incurred during the period	14,518
Cash payments	(13,862)
Non-cash settlements and other adjustments	(549)
Accrued restructuring as of September 30, 2023	$	107

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40824
Entity Registrant Name	Cue Health Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1562193
Entity Address, Address Line One	4980 Carroll Canyon Rd.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	412-8151
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	HLTH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		154,632,057
Entity Central Index Key	0001628945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Title	Chief Product Officer
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Clint Sever [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Clint Sever, our Chief Product Officer, adopted a Rule 10b5-1 trading arrangement on September 15, 2023. The duration of the trading arrangement begins on January 2, 2024, and ends on May 31, 2024. The Rule 10b5-1 trading arrangement provides for the sale of 295,900 shares of our common stock upon the exercise of stock options. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name	Clint Sever
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	150 days
Aggregate Available	295,900	295,900

REVENUE - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
REVENUE - Narrative (Details) - USD ($)	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 01, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue		$ 17,477,000	$ 69,589,000	$ 52,138,000	$ 336,699,000
Net contract assets		$ 300,000		300,000			$ 300,000
Proceeds from sale of accounts receivables				$ 6,100,000	0
Receivables Purchase Agreement
Disaggregation of Revenue [Line Items]
Receivable purchase agreement, amount authorized						$ 20,000,000
Receivables Purchase Agreement \| Minimum
Disaggregation of Revenue [Line Items]
Debt instrument, interest rate, stated percentage (as a percent)		5.50%		5.50%
Service
Disaggregation of Revenue [Line Items]
Revenue		$ 300,000	2,600,000	$ 2,100,000	6,400,000
Grant and other revenue
Disaggregation of Revenue [Line Items]
Revenue		2,720,000	2,929,000	5,296,000	8,234,000
Grant and other revenue \| Biomedical Advanced Research And Development Authority (BARDA)
Disaggregation of Revenue [Line Items]
Revenue		$ 2,700,000	$ 2,900,000	4,900,000	$ 8,200,000
Revenue contract agreement value	$ 28,300,000
Contract Manufacturer Vendor
Disaggregation of Revenue [Line Items]
Proceeds from collateralized letter of credit				$ 12,000,000

DEBT	9 Months Ended
DEBT	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Secured Revolving Facility Agreement On June 30, 2022, the Company entered into a loan and security agreement (the “2022 Revolving Facility Agreement”) among the Company, the lenders from time to time party thereto and East West Bank, as collateral agent and administrative agent (“Agent”). The 2022 Revolving Facility Agreement provides for a $100.0 million secured revolving credit facility, with a $20.0 million letter of credit subfacility. As of September 30, 2023, there were no revolving loans outstanding and $1.0 million aggregate face amount of letters of credit outstanding under the 2022 Revolving Facility Agreement, which reduces the availability to borrow under the revolving credit facility to $99.0 million. The Company recorded $0.6 million in deferred financings costs in connection with the 2022 Revolving Facility Agreement. This balance is amortized over two years and is classified in other non-current assets since no funds were drawn on the 2022 Revolving Facility Agreement. The revolving loans are available subject to the Company maintaining an asset coverage ratio of not less than 1.20 to 1.00, measured as (x) the sum of specified cash and cash equivalents subject to liens in favor of Agent plus 80% of eligible accounts receivable less the amount of the Company’s outstanding sales tax liability to (y) the principal amount of the outstanding obligations under the 2022 Revolving Facility Agreement. The revolving commitments terminate and the principal amount of outstanding revolving loans, together with accrued and unpaid interest, is due and payable on June 30, 2024. The revolving loans accrue interest at the greater of the prime rate and 3.50%. Interest on the revolving loans is payable monthly in arrears. The Company may borrow, prepay and reborrow revolving loans, without premium or penalty. The Company is required to pay a prepayment fee of 1.0% if the revolving commitments are terminated prior to the maturity date. The Company is also obligated to pay other customary fees for a loan facility of this size and type. The Company’s obligations under the 2022 Revolving Facility Agreement are secured by substantially all of the Company’s assets, and will be guaranteed by, and secured by substantially all of the assets of, its future domestic subsidiaries. As of the closing date, there were no guarantors. The 2022 Revolving Facility Agreement requires the Company to maintain a current ratio of not less than 1.20 to 1.00, measured quarterly. The 2022 Revolving Facility Agreement also requires the Company to maintain at least six months remaining liquidity, determined as set forth in the 2022 Revolving Facility Agreement. Additionally, the 2022 Revolving Facility Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and its subsidiaries to, among other things, dispose of assets, effect certain mergers, incur debt, grant liens, pay dividends and distributions on their capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type. The Company was in compliance with its covenants as of September 30, 2023. The events of default under the 2022 Revolving Facility Agreement include, among others, payment defaults, material misrepresentations, breaches of covenants, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, the occurrence of a material adverse effect, a change of control and judgment defaults. The occurrence of an event of default could result in the acceleration of the Company’s obligations under the 2022 Revolving Facility Agreement, the termination of the lenders’ commitments, a 2% increase in the applicable rate of interest and the exercise by Agent and the lenders of other rights and remedies provided for under the 2022 Revolving Facility Agreement or applicable law.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	(11.20%)	1.60%	(2.10%)	2.70%

LOSS PER SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

LOSS PER SHARE

LOSS PER SHAREBasic net loss per share is computed by dividing net loss by the weighted-average common shares outstanding during the period. Diluted net loss per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method and the if-converted method. Dilutive potential common shares include stock options, non-vested shares, redeemable convertible preferred shares, convertible notes, restricted stock and similar equity instruments granted by the Company. Some restricted stock units vest upon certain performance and market conditions and as they vest, the shares will be included in outstanding common shares. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

The following table reconciles net loss and the weighted-average shares used in computing basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(46,970)	$	(66,303)	$	(225,032)	$	(162,550)






Denominator:
Basic and diluted weighted-average common shares outstanding	153,699,408		148,582,721		152,226,999		147,443,196







Net loss per share
Basic	$	(0.31)	$	(0.45)	$	(1.48)	$	(1.10)
Diluted	$	(0.31)	$	(0.45)	$	(1.48)	$	(1.10)

In periods of net losses, potentially dilutive securities are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive.

Outstanding anti-dilutive securities not included in the diluted net loss per share attributable to common stockholders calculations were as follows (in common stock equivalent shares):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

Restricted stock units	18,932,248	18,596,751	18,932,248	18,596,751

Stock options	8,967,123	7,735,773	8,967,123	7,735,773
Employee stock purchase plan – shares projected to be issued	2,305,712	314,531	2,305,712	314,531
Common stock warrants	75,744	75,744	75,744	75,744


Total	30,280,827	26,722,799	30,280,827	26,722,799

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Related to Awards Issued

Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and nine months ended September 30, 2023 and 2022, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of product revenues	$	650	$	865	$	1,995	$	2,267
Sales and marketing	1,793		1,441		5,068		6,718
Research and development	4,429		6,212		13,386		17,780
General and administrative	5,815		7,172		17,599		21,750
Restructuring	—		—		549		—
Total stock-based compensation expense	$	12,687	$	15,690	$	38,597	$	48,515

Schedule of Stock Option Activity and Related Information

A summary of stock option activity and related information for the nine months ended September 30, 2023 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2023	7,102,853	$	5.92	6.4
Granted	3,473,387	$	2.15
Exercised	(169,515)	$	0.66
Forfeited	(1,084,592)	$	11.78
Expired	(355,010)	$	10.27
Outstanding at September 30, 2023	8,967,123	$	3.68	6.8
Exercisable at September 30, 2023	5,880,224	$	4.03	5.7
Vested and expected to vest at September 30, 2023	8,967,123	$	3.68	6.8

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The estimated fair value of each stock option award granted to employees was determined on the date of grant using the Black-Scholes option pricing model with the following assumptions for stock option grants for the nine months ended September 30, 2023.


	2023
Expected volatility	85%
Expected term (years)	6.5
Expected dividend yield	0.0%
Risk-free interest rate	4.3%
Grant date fair value	$	1.58

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

A summary of RSU activity and related information for the nine months ended September 30, 2023 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2023	18,681,701	$	9.51	$	177,739
Granted	9,754,451	$	1.63	15,910
Vested	(4,243,128)	$	7.47	(31,686)
Forfeited	(5,260,776)	$	6.70	(35,225)
Outstanding, September 30, 2023	18,932,248	$	6.69	$	126,738

Market-based performance-vesting RSU activity for the nine months ended September 30, 2023 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2023	3,335,300	$	12.82	$	42,759
Granted	—	$	—	—
Vested	—	$	—	—
Forfeited	—	$	—	—
Outstanding, September 30, 2023	3,335,300	$	12.82	$	42,759

Operations-based performance-vesting RSU activity for the nine months ended September 30, 2023 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2023	798,635	$	16.00	$	12,778
Granted	266,212	$	2.48	660
Vested	—	$	—	—
Forfeited	(532,425)	$	9.24	(4,919)
Outstanding, September 30, 2023	532,422	$	16.00	$	8,519

REVENUE (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Disaggregation of the product revenue by type of customer for the three and nine months ended September 30, 2023 and 2022, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Private sector customers	$	14,338	$	65,880	$	45,648	$	322,252
Public sector entities	419		780		1,194		6,213
Total product revenue	$	14,757	$	66,660	$	46,842	$	328,465

The following table sets forth the Company’s product gross (loss) profit and product gross (loss) profit margin for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Product revenue	$	14,757		$	66,660		$	46,842		$	328,465
Cost of product revenue	22,180			50,595			91,349			239,190
Product gross (loss) profit	$	(7,423)		$	16,065		$	(44,507)		$	89,275
Product gross (loss) profit margin	(50)		%	24		%	(95)		%	27		%

Schedule of Contract Liabilities

The activity related to contract liabilities for the nine months ended September 30, 2023 and 2022 is as follows:


	Nine Months Ended September 30,
	2023		2022
Balance at beginning of period	$	1,566	$	92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	623		2,734
Revenue recognized related to contract liability balance at the beginning of the period	(1,566)		—
Balance at end of period	$	623	$	95,182

Schedule of Allowance for Credit Loss

The activity related to the allowance for credit losses for the nine months ended September 30, 2023 and 2022 is as follows:


	Nine Months Ended September 30,
	2023		2022
Allowance for credit losses, beginning balance	$	2,311	$	318
Provision for doubtful accounts, net of recoveries	(308)		1,729
Write-offs	—		(20)
Allowance for credit losses, ending balance	$	2,003	$	2,027

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

As of September 30, 2023 and December 31, 2022, the Company’s inventories consisted of the following:


	September 30, 2023		December 31, 2022
Raw materials	$	77,819	$	80,968
Work-in-process	9,136		14,305
Finished goods	39,182		37,867

Reserve	(34,942)		(25,494)
Total inventories	91,195		107,646
Non-current inventories	(27,640)		(25,436)
Total current inventories	$	63,555	$	82,210

LEASES

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

The Company leases real estate and manufacturing and laboratory equipment which are used in the Company’s manufacturing, research and development, and administrative activities. The Company identifies a contract that contains a lease as one which conveys a right, either explicitly or implicitly, to control the use of an identified asset in exchange for consideration. These arrangements are classified as finance leases and operating leases. Finance leases consist of laboratory and manufacturing equipment with remaining terms less than one year. The Company’s operating leases relate to the Company’s manufacturing facilities and office space and have remaining terms ranging from less than one year to eight years.

There were no new material leases entered into during the three and nine months ended September 30, 2023.

The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of September 30, 2023 and December 31, 2022 were as follows:


	Balance Sheet Location	September 30, 2023		December 31, 2022
Assets
Right-of-use assets operating leases	Operating lease right-of-use assets	$	80,829	$	85,321
Right-of-use assets finance leases	Property and equipment, net	5,437		7,264
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	5,109		7,739
Finance lease liabilities (current)	Finance lease liabilities, current	1,646		2,362
Operating lease liabilities (non-current)	Operating lease liabilities, net of current portion	42,961		44,045
Finance lease liabilities (non-current)	Finance lease liabilities, net of current portion	—		849

The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	3,197	$	3,192	$	9,198	$	8,749
Finance lease cost:
Amortization of right-of-use assets	896		819		2,127		2,098
Interest on lease liabilities	24		43		65		137
Total lease cost	$	4,117	$	4,054	$	11,390	$	10,984

LEASES

There were no new material leases entered into during the three and nine months ended September 30, 2023.

The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of September 30, 2023 and December 31, 2022 were as follows:


	Balance Sheet Location	September 30, 2023		December 31, 2022
Assets
Right-of-use assets operating leases	Operating lease right-of-use assets	$	80,829	$	85,321
Right-of-use assets finance leases	Property and equipment, net	5,437		7,264
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	5,109		7,739
Finance lease liabilities (current)	Finance lease liabilities, current	1,646		2,362
Operating lease liabilities (non-current)	Operating lease liabilities, net of current portion	42,961		44,045
Finance lease liabilities (non-current)	Finance lease liabilities, net of current portion	—		849

The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	3,197	$	3,192	$	9,198	$	8,749
Finance lease cost:
Amortization of right-of-use assets	896		819		2,127		2,098
Interest on lease liabilities	24		43		65		137
Total lease cost	$	4,117	$	4,054	$	11,390	$	10,984

BUSINESS AND BASIS OF ACCOUNTING	9 Months Ended
BUSINESS AND BASIS OF ACCOUNTING	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF ACCOUNTING	BUSINESS AND BASIS OF ACCOUNTING Organization and Description of Business Cue Health Inc. (the “Company”) was originally formed in the State of California on January 26, 2010, prior to being incorporated in the State of Delaware on December 14, 2017. The Company is a healthcare technology company that uses diagnostic-enabled care to empower people to live their healthiest lives. The Cue Health platform offers individuals and healthcare providers convenient and personalized access to lab-quality diagnostic tests at home and at the point-of-care, as well as on-demand telehealth consultations and treatment options for a wide range of health and wellness needs. The Company’s headquarters are located in San Diego, California. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2022. The unaudited interim condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for the fiscal year ending December 31, 2023 or any future interim period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting and, in the opinion of management, include all adjustments necessary for the fair statement of the Company’s financial position for the periods presented. All such adjustments are of a normal, recurring nature. Certain disclosures have been condensed or omitted from the interim condensed consolidated financial statements. The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses as well as the related disclosure of contingent assets and liabilities. Use of Estimates The preparation of the accompanying unaudited interim condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to revenue recognition, net accounts receivable, equity-based compensation expense, product warranty reserve, the usage and recoverability of its inventories, long-lived assets, intangible assets and net deferred tax assets (net of related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. The Company views its operations and manages its business in one operating segment which is consistent with how the Chief Executive Officer, who is the chief operating decision-maker, reviews the business, makes investment and resource allocation decisions, and assesses operating performance. The majority of revenue to date is from customers located in the United States and the majority of long-lived assets are located in the United States. Revenues to customers located outside of the United States were not material and $0.1 million for the three and nine months ended September 30, 2023, respectively. Revenues to customers located outside of the United States were $1.8 million and $9.3 million for the three and nine months ended September 30, 2022, respectively. Long-lived assets, which consist of property and equipment, located outside of the United States were $3.9 million and $4.7 million as of September 30, 2023 and December 31, 2022, respectively. COVID-19 Impact COVID-19 was declared a global pandemic by the World Health Organization in March 2020 and adversely impacted global commercial activity. The Company began selling and recording product revenues for its Cue COVID-19 test in August 2020 after obtaining an EUA from the FDA in June 2020. Currently, the majority of the Company’s product revenues are derived from the Cue COVID-19 test. Given the unpredictable nature of the COVID-19 pandemic, the development and potential size of the COVID-19 diagnostic testing market is highly uncertain. The FDA issued various EUAs and approvals for COVID-19 vaccines. The widely administered use of efficacious vaccines and therapeutic treatments for COVID-19 reduced the demand for the Cue COVID-19 test and, as a result, the COVID-19 diagnostic testing market may not develop or grow substantially. Given the rapid development of events surrounding the pandemic, there is uncertainty to the Company’s future results and performance.

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 3,197	$ 3,192	$ 9,198	$ 8,749
Finance lease cost:
Amortization of right-of-use assets	896	819	2,127	2,098
Interest on lease liabilities	24	43	65	137
Total lease cost	$ 4,117	$ 4,054	$ 11,390	$ 10,984

PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expense	$ 6,409	$ 11,523
Prepaid inventory	3,453	4,205
Total prepaid expenses	$ 9,862	$ 15,728

REVENUE - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Contract With Customer, Liability Rollforward [Roll Forward]
Balance at beginning of period	$ 1,566	$ 92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	623	2,734
Revenue recognized related to contract liability balance at the beginning of the period	(1,566)	0
Balance at end of period	$ 623	$ 95,182

INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 21,539	$ 16,867
Software
Finite-Lived Intangible Assets [Line Items]
2023 (excluding the nine months ended September 30, 2023)	2,309
2024	8,559
2025	5,116
2026	1,339
Total intangible assets	$ 17,323

LEASES - Narrative (Details)	Sep. 30, 2023
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, remaining lease term (in years)	1 year
Operating lease, remaining lease term (in years)	8 years

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 111,454	$ 241,530
Restricted cash	800	800
Accounts receivable, net	1,320	18,751
Inventories, net - current	63,555	82,210
Prepaid expenses	9,862	15,728
Other current assets	5,248	12,134
Total current assets	192,239	371,153
Non-current inventories, net	27,640	25,436
Property and equipment, net	166,311	189,275
Operating lease right-of-use assets	80,829	85,321
Intangible assets, net	21,539	16,867
Other non-current assets	3,735	6,528
Total assets	492,293	694,580
Current liabilities:
Accounts payable	11,109	7,150
Accrued liabilities and other current liabilities	39,920	52,378
Deferred revenue, current	623	1,566
Operating lease liabilities, current	5,109	7,739
Finance lease liabilities, current	1,646	2,362
Total current liabilities	58,407	71,195
Operating leases liabilities, net of current portion	42,961	44,045
Finance lease liabilities, net of current portion	0	849
Other non-current liabilities	2,091	1,997
Total liabilities	103,459	118,086
Commitments and contingencies (Note 14)
Stockholders’ Equity
Common stock, $0.00001 par value; 500,000,000 and 500,000,000 shares authorized, 154,601,335 and 150,406,014 issued and outstanding at September 30, 2023 and December 31, 2022, respectively	2	1
Additional paid-in-capital	831,938	794,567
Accumulated deficit	(443,106)	(218,074)
Total stockholders’ equity	388,834	576,494
Total liabilities and stockholders’ equity	$ 492,293	$ 694,580

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 77,819	$ 80,968
Work-in-process	9,136	14,305
Finished goods	39,182	37,867
Reserve	(34,942)	(25,494)
Total inventories	91,195	107,646
Non-current inventories	(27,640)	(25,436)
Total current inventories	$ 63,555	$ 82,210

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Product Liability

The Company’s business exposes it to liability risks from its potential medical diagnostic products. Product liability claims could result in the payment of significant amounts of money and divert management’s attention from running the business. The Company may not be able to maintain insurance on acceptable terms, or the insurance may not provide adequate protection in the case of a product liability claim. To the extent that product liability insurance, if

available, does not cover potential claims, the Company would be required to self-insure the risks associated with such claims. The Company believes it carries reasonably adequate insurance for product liability.

Product Warranty Reserve

The Company provides its customers with the right to receive a replacement of defective or nonconforming Cue Readers for a period of up to twelve months from the date of shipment. Subject to certain limitations, the Company currently provides customers with the right to receive a replacement Cue Cartridge for unexpired tests that do not produce a valid result, for a period of up to ninety days from the date the test is performed. All warranties are classified as current liabilities within the accrued liabilities and other current liabilities on the balance sheet. Provisions for estimated expenses related to product warranty are made at the time products are sold. These estimates are determined based on historical information that includes test failure rates, replacement frequency, and the overall replacement cost. The Company evaluates the reserve on a quarterly basis and makes adjustments when appropriate. Changes to test failure rates and overall replacement rates could have a material impact on our estimated liability.

The following table provides a reconciliation of the change in estimated warranty liabilities:


	Amount
Balance, December 31, 2022	$	6,660
Provision for warranties	1,315
Settlements	(5,009)
Balance, September 30, 2023	$	2,966

Cost Reduction Plan

On January 5, 2023, the Company announced that it was implementing a new cost reduction plan (the “January CRP”). Management, with the oversight and guidance of the Company’s board of directors, determined to implement the January CRP following a review of the Company’s business, operating expenses and the macroeconomic environment. The January CRP is intended to reduce the Company’s cost structure and improve its operational efficiency. The January CRP includes a reduction in the Company’s employee base.

On April 28, 2023, the Company announced a further cost reduction plan (the “April CRP”, and together with the January CRP, the “CRP”), which included a reduction in the Company’s employee base.

Cash expenditures in connection with the CRP consist of payments for salary, benefits, and unused paid time off for the affected employees. The CRP also consists of a severance package that includes a cash severance payment and payments to cover the employer premiums and administration fees for continuation of healthcare coverage for a limited period. The severance package, in some cases, also included an acceleration of the vesting of certain outstanding restricted stock units and stock options to affected employees.

Each affected employee’s eligibility for the severance benefits is contingent upon such employee’s execution (and no revocation) of a separation agreement, which includes a general release of claims against the Company. The Company expects payments relating to the CRP to be completed by the end of the fourth quarter of 2023.

In connection with the CRP, the Company recorded restructuring charges of $0 and $14.5 million during the three and nine months ended September 30, 2023, respectively, related to one-time termination benefits.

The following table summarizes the total amount incurred and accrued related to these restructuring activities:


	Amount
Accrued restructuring as of December 31, 2022	$	—
Restructuring charges incurred during the period	14,518
Cash payments	(13,862)
Non-cash settlements and other adjustments	(549)
Accrued restructuring as of September 30, 2023	$	107

Restricted Cash

In November 2021, $0.8 million of cash was restricted in relation to a customs surety on international imports which remains restricted as of September 30, 2023.

Purchase Commitments

Purchase commitments are comprised of the Company’s commitments for goods and services in the normal course of business. These purchase commitments relate to goods and services which have not yet been delivered or performed and therefore have not been reflected in our condensed consolidated balance sheets and condensed consolidated statements of operations. These commitments typically become due after the delivery and completion of such goods or services.

Legal Proceedings

On May 5, 2023, Sanmina Corporation (“Sanmina”), a contract manufacturer, filed a complaint against us in the Superior Court of California, Santa Clara County. Sanmina alleges breach of contract, breach of implied covenant of good faith and fair dealing and promissory estoppel. In connection with this allegation, in March 2023, Sanmina unilaterally drew against a $12.0 million collateralized letter of credit with Sanmina (the “Letter of Credit”) that we had posted as a partial security for our obligations under our agreement with Sanmina, and which we have recorded as cost of product revenue. Sanmina is seeking damages in the amount of approximately $24.2 million. We believe the claims are without merit, and we dispute both the incurrence of the costs alleged and that Sanmina lawfully drew on the Letter of Credit. We intend to defend ourselves vigorously and on July 25, 2023, we filed a cross-complaint alleging, among other claims, that Sanmina is in breach of contract for improperly over-ordering components and we are seeking recovery of wrongfully retained funds, components, and manufacturing equipment rightfully due to us.

Legal fees and expenses are expensed as incurred.

COMMITMENTS AND CONTINGENCIES - Schedule of Product Warranty Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, December 31, 2022	$ 6,660
Provision for warranties	1,315
Settlements	(5,009)
Balance, September 30, 2023	$ 2,966

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		146,402,991
Beginning balance at Dec. 31, 2021	$ 706,750	$ 1	$ 730,767	$ (24,018)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,306,235
Exercise of common stock options	1,980		1,980
Issuance of common stock upon vesting of restricted stock units (in shares)		2,418,758
Issuance of common stock upon vesting of restricted stock units	0
Tax withholding on stock option exercises and restricted stock unit issuance (in shares)		(950,293)
Tax withholding on stock option exercises and restricted stock unit issuance	(4,735)		(4,735)
Stock-based compensation	48,515		48,515
Net loss	(162,550)			(162,550)
Ending balance (in shares) at Sep. 30, 2022		149,177,691
Ending balance at Sep. 30, 2022	589,960	$ 1	776,527	(186,568)
Beginning balance (in shares) at Jun. 30, 2022		147,834,377
Beginning balance at Jun. 30, 2022	640,373	$ 1	760,637	(120,265)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		790,530
Exercise of common stock options	1,468		1,468
Issuance of common stock upon vesting of restricted stock units (in shares)		911,364
Tax withholding on stock option exercises and restricted stock unit issuance (in shares)		(358,580)
Tax withholding on stock option exercises and restricted stock unit issuance	(1,268)		(1,268)
Stock-based compensation	15,690		15,690
Net loss	(66,303)			(66,303)
Ending balance (in shares) at Sep. 30, 2022		149,177,691
Ending balance at Sep. 30, 2022	$ 589,960	$ 1	776,527	(186,568)
Beginning balance (in shares) at Dec. 31, 2022	150,406,014	150,406,014
Beginning balance at Dec. 31, 2022	$ 576,494	$ 1	794,567	(218,074)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	169,515	1,468,568
Exercise of common stock options	$ 372	$ 1	371
Issuance of common stock upon vesting of restricted stock units (in shares)		4,243,128
Issuance of common stock upon vesting of restricted stock units	0
Tax withholding on stock option exercises and restricted stock unit issuance (in shares)		(1,516,375)
Tax withholding on stock option exercises and restricted stock unit issuance	(1,585)		(1,585)
Stock-based compensation	38,597		38,597
Other	(12)		(12)
Net loss	$ (225,032)			(225,032)
Ending balance (in shares) at Sep. 30, 2023	154,601,335	154,601,335
Ending balance at Sep. 30, 2023	$ 388,834	$ 2	831,938	(443,106)
Beginning balance (in shares) at Jun. 30, 2023		152,662,162
Beginning balance at Jun. 30, 2023	423,177	$ 2	819,311	(396,136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		825,973
Exercise of common stock options	259		259
Issuance of common stock upon vesting of restricted stock units (in shares)		1,714,320
Tax withholding on stock option exercises and restricted stock unit issuance (in shares)		(601,120)
Tax withholding on stock option exercises and restricted stock unit issuance	(319)		(319)
Stock-based compensation	12,687		12,687
Net loss	$ (46,970)			(46,970)
Ending balance (in shares) at Sep. 30, 2023	154,601,335	154,601,335
Ending balance at Sep. 30, 2023	$ 388,834	$ 2	$ 831,938	$ (443,106)

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rate for the three and nine months ended September 30, 2023 was 11.2% and 2.1%, respectively. The Company’s effective income tax rate for the three and nine months ended September 30, 2022 was benefits of 1.6% and 2.7%, respectively. The effective tax rate for the three and nine months ended September 30, 2023 differs from the statutory rate primarily due to the Company maintaining a full valuation allowance against its net deferred tax assets and the impact of tax credits recorded during the three and nine months ended September 30, 2023. The effective tax rate for the three and nine months ended September 30, 2022 differs from the statutory rate primarily due to the Company maintaining a full valuation allowance against its net deferred tax assets and the impact of certain state tax credits recorded during the nine months ended September 30, 2022.

- 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)
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+ Details

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	May 05, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Standard product warranty, term (in months)					12 months
Restructuring charges			$ 0	$ 137	$ 14,518	$ 2,020
Restricted cash							$ 800
Damages sought	$ 24,200
Sanmina Corporation \| Letter of Credit
Debt Instrument [Line Items]
Proceeds from collateralized letter of credit		$ 12,000
Cost Reduction Plan
Debt Instrument [Line Items]
Restructuring charges			$ 0		$ 14,500

- 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

LEASES - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Right-of-use assets operating leases	$ 80,829	$ 85,321
Right-of-use assets finance leases	$ 5,437	$ 7,264
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Liabilities
Operating lease liabilities (current)	$ 5,109	$ 7,739
Finance lease liabilities (current)	1,646	2,362
Operating lease liabilities (non-current)	42,961	44,045
Finance lease liabilities (non-current)	$ 0	$ 849

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (46,970)	$ (66,303)	$ (225,032)	$ (162,550)

- Definition

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

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+ Details

INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

As of September 30, 2023, the Company’s intangible assets consisted of the following:


	Gross Amount		Accumulated Amortization		Net Carrying Value
Capitalized software	$	27,735	$	(11,140)	$	16,595
Other	920		(192)		728
Intangible assets, net	28,655		(11,332)		17,323
In-process software development	4,216		—		4,216
Total intangible assets	$	32,871	$	(11,332)	$	21,539

As of December 31, 2022, the Company’s intangible assets consisted of the following:


	Gross Amount		Accumulated Amortization		Net Carrying Value
Capitalized software	$	19,052	$	(5,724)	$	13,328


In-process software development	3,539		—		3,539
Total intangible assets	$	22,591	$	(5,724)	$	16,867

Schedule of Indefinite-Lived Intangible Assets

As of September 30, 2023, the Company’s intangible assets consisted of the following:


	Gross Amount		Accumulated Amortization		Net Carrying Value
Capitalized software	$	27,735	$	(11,140)	$	16,595
Other	920		(192)		728
Intangible assets, net	28,655		(11,332)		17,323
In-process software development	4,216		—		4,216
Total intangible assets	$	32,871	$	(11,332)	$	21,539

As of December 31, 2022, the Company’s intangible assets consisted of the following:


	Gross Amount		Accumulated Amortization		Net Carrying Value
Capitalized software	$	19,052	$	(5,724)	$	13,328


In-process software development	3,539		—		3,539
Total intangible assets	$	22,591	$	(5,724)	$	16,867

Schedule of Estimated Amortization Expense

Estimated amortization expense for each of the years ending December 31 is as follows:


2023 (excluding the nine months ended September 30, 2023)	$	2,309
2024	8,559
2025	5,116
2026	1,339
Total amortization expense	$	17,323

LOSS PER SHARE - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (46,970)	$ (66,303)	$ (225,032)	$ (162,550)
Denominator:
Basic weighted-average common shares outstanding (in shares)	153,699,408	148,582,721	152,226,999	147,443,196
Diluted weighted-average common shares outstanding (in shares)	153,699,408	148,582,721	152,226,999	147,443,196
Net loss per share
Basic (in dollars per share)	$ (0.31)	$ (0.45)	$ (1.48)	$ (1.10)
Diluted (in dollars per share)	$ (0.31)	$ (0.45)	$ (1.48)	$ (1.10)

- 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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+ Details

- Definition

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

+ References

+ Details

STOCKHOLDERS’ EQUITY - Valuation Assumptions (Details) - Stock options	9 Months Ended
	Sep. 30, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	85.00%
Expected term (years)	6 years 6 months
Expected dividend yield	0.00%
Risk-free interest rate	4.30%
Grant date fair value (in dollars per share)	$ 1.58

- 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

STOCKHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY

Preferred Stock Rights Agreement

On September 21, 2023, the Company’s board of directors authorized and declared a dividend distribution of one right (each, a “Right”) for each outstanding share of the Company’s common stock to stockholders of record as of the close of business on October 2, 2023. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Participating Preferred Stock, par value 0.00001 per share (the “Preferred Stock”), of the Company at an exercise price of $8.00 per one one-thousandth of a share of Preferred Stock, subject to adjustment. The Rights expire on the earliest of (i) 5:00 p.m., New York City time, on September 20, 2024 (unless such date is extended) or (ii) the redemption or exchange of the Rights. The complete terms of the Rights are set forth in a Preferred Stock Rights Agreement (the “Rights Agreement”), dated as of September 21, 2023, between the Company and Computershare Trust Company, N.A., as rights agent. Given the nature of the Rights and their contingent activation, which has been deemed remote, no value is recognized in stockholders’ equity.

At the Market Offering Program

On August 9, 2023, in connection with the launch of an “at the market” offering program, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (the “Sales Agent”). Under the Sales Agreement, the Company may offer and sell its common stock from time to time having an aggregate offering price of up to $50.0 million during the term of the Sales Agreement through the Sales Agent (the “Offering Program”).

The Company did not issue any shares of common stock under the Offering Program during the nine months ended September 30, 2023.

Stock Incentive Plans

2021 Stock Incentive Plan

In September 2021, the Company adopted the 2021 Stock Incentive Plan (the “2021 Plan”) under which employees, officers and directors, as well as consultants and advisors to the Company are eligible to be granted awards (incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards). The 2021 Plan initially authorized the issuance of a maximum of 22,399,691 shares of common stock. The number of shares of common stock available for issuance under the 2021 Plan were and will be increased on the first day of each fiscal year beginning with the 2022 fiscal year, in an amount equal to the least of (i) 5%

of the number of shares of the Company's common stock outstanding on the first day of such fiscal year and (ii) the number of shares of the Company's common stock determined by the Company's board of directors.

2021 Employee Stock Purchase Plan

In September 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) under which employees of the Company can purchase shares of the Company’s common stock commencing on such time and such dates as the board of directors of the Company determine. The 2021 ESPP initially allowed for the sale of 2,834,754 shares of common stock. The number of shares of the Company's common stock to be sold under the 2021 ESPP were and will be increased on the first day of each fiscal year beginning with the 2022 fiscal year, in an amount equal to the least of (i) 8,504,263 shares, (ii) 1% of the number of shares of the Company's common stock outstanding on the first day of such fiscal year and (ii) a number of shares of the Company's common stock determined by the Company's board of directors. The price at which stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of the Company’s common stock on the lesser of either (i) the first business day of the Plan Period or (ii) the Exercise Date.

Stock-Based Compensation

Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and nine months ended September 30, 2023 and 2022, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of product revenues	$	650	$	865	$	1,995	$	2,267
Sales and marketing	1,793		1,441		5,068		6,718
Research and development	4,429		6,212		13,386		17,780
General and administrative	5,815		7,172		17,599		21,750
Restructuring	—		—		549		—
Total stock-based compensation expense	$	12,687	$	15,690	$	38,597	$	48,515

In total, $0.7 million and $2.0 million of stock-based compensation expense was capitalized to inventory during the manufacturing process during the three and nine months ended September 30, 2023, respectively. An immaterial amount remained in inventory as of September 30, 2023.

Stock Options

A summary of stock option activity and related information for the nine months ended September 30, 2023 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2023	7,102,853	$	5.92	6.4
Granted	3,473,387	$	2.15
Exercised	(169,515)	$	0.66
Forfeited	(1,084,592)	$	11.78
Expired	(355,010)	$	10.27
Outstanding at September 30, 2023	8,967,123	$	3.68	6.8
Exercisable at September 30, 2023	5,880,224	$	4.03	5.7
Vested and expected to vest at September 30, 2023	8,967,123	$	3.68	6.8

As of September 30, 2023, there was $7.8 million of unamortized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.2 years, on a straight-line basis.


	2023
Expected volatility	85%
Expected term (years)	6.5
Expected dividend yield	0.0%
Risk-free interest rate	4.3%
Grant date fair value	$	1.58

During the nine months ended September 30, 2023, the Company modified certain stock options previously granted to non-employees. The modification included changes to the exercise price of 622,323 unvested options. As a result of these modifications, the Company will recognize an additional $0.4 million in stock-based compensation expense over the remaining vesting period of the affected options.

Restricted Stock Units

Under the 2014 and 2021 Plans, restricted stock units (“RSUs”) are generally subject to a four-year vesting period, with 25% of the shares vesting one year from the vesting commencement date and quarterly thereafter over the remaining vesting term, but may be subject to other vesting conditions such as performance or market based conditions. Compensation expense is recognized ratably over the requisite service period.

A summary of RSU activity and related information for the nine months ended September 30, 2023 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2023	18,681,701	$	9.51	$	177,739
Granted	9,754,451	$	1.63	15,910
Vested	(4,243,128)	$	7.47	(31,686)
Forfeited	(5,260,776)	$	6.70	(35,225)
Outstanding, September 30, 2023	18,932,248	$	6.69	$	126,738

As of September 30, 2023, there was $80.7 million of total unrecognized compensation cost related to outstanding RSUs, which is expected to be recognized over a remaining weighted-average vesting period of 2.3 years, on a straight-line basis.

Market-Based Performance-Vesting RSUs

In September 2021, the Company issued 3,335,300 RSUs that vest based on the satisfaction of both a continued employment condition and the achievement of certain market-based performance goals. Market-based performance-vesting RSUs vest upon the achievement of certain stock price performance over a performance period. There are seven stock price targets which can be achieved over the performance period and are based on an average closing price of the Company’s common stock.

Market-based performance-vesting RSU activity for the nine months ended September 30, 2023 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2023	3,335,300	$	12.82	$	42,759
Granted	—	$	—	—
Vested	—	$	—	—
Forfeited	—	$	—	—
Outstanding, September 30, 2023	3,335,300	$	12.82	$	42,759

Operational-Based Performance-Vesting RSUs

In September 2021, the Company issued 1,597,272 operational-based performance-vesting RSUs that vest based on the satisfaction of both a continued employment condition and the achievement of certain performance goals including meeting certain annual revenue targets and product development milestones.

The grant date fair value of operational-based performance-vesting RSUs was estimated based on the fair value of the Company’s common stock on the date of grant. Compensation costs are recorded when achievement of the performance goals is determined to be probable.

Operations-based performance-vesting RSU activity for the nine months ended September 30, 2023 was as follows:


	Underlying Shares	Weighted-average Grant Date Fair Value		Aggregate Fair Value
Outstanding, January 1, 2023	798,635	$	16.00	$	12,778
Granted	266,212	$	2.48	660
Vested	—	$	—	—
Forfeited	(532,425)	$	9.24	(4,919)
Outstanding, September 30, 2023	532,422	$	16.00	$	8,519

Common Stock Warrants

As of September 30, 2023, the Company had an outstanding warrant to purchase 75,744 shares of common stock at a purchase price of $0.40 per share. The warrant was issued on August 22, 2017 and expires on August 22, 2027. All shares subject to the warrant were vested as of December 31, 2022.

PREPAID EXPENSES (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses

As of September 30, 2023 and December 31, 2022, the Company’s prepaid expenses consisted of the following:


	September 30, 2023		December 31, 2022
Prepaid expense	$	6,409	$	11,523
Prepaid inventory	3,453		4,205
Total prepaid expenses	$	9,862	$	15,728

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 11,200	$ 8,300	$ 32,400	$ 28,600
Carrying value of finance leases	5,437		5,437		$ 7,264
Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Construction in progress	$ 23,200		$ 23,200

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

As of September 30, 2023 and December 31, 2022, the Company’s property and equipment, net consisted of the following:


	September 30, 2023		December 31, 2022
Construction in progress	$	33,400	$	32,412
Machinery and equipment	222,412		214,702
Leasehold improvements	23,830		23,233
Furniture and fixtures	2,009		1,883
Property and equipment	281,651		272,230
Accumulated depreciation and amortization	(115,340)		(82,955)
Total property and equipment, net	$	166,311	$	189,275

DEBT (Details)		9 Months Ended
DEBT (Details)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt covenant, percent of eligible accounts receivable less sales tax liability (as a percent)	80.00%
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Asset coverage ratio	1.20
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.00
Revolving Credit Facility \| Secured Revolving Facility Agreement \| East West Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Line of credit		$ 0
Remaining borrowing capacity		99,000,000
Revolving Credit Facility \| Revolving Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage (as a percent)	3.50%
Prepayment fee (as a percent)	1.00%
Interest rate, increase (as a percent)	2.00%
Revolving Credit Facility \| Revolving Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Current ratio	1.20
Revolving Credit Facility \| Revolving Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Current ratio	1.00
Letter of Credit \| Secured Revolving Facility Agreement \| Line of Credit
Debt Instrument [Line Items]
Deferred financing cost		$ 600,000
Deferred financing costs, amortization term (in years)		2 years
Letter of Credit \| Secured Revolving Facility Agreement \| East West Bank \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Letter of Credit \| Revolving Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding		$ 1,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Accumulated deficit	$ (443,106)		$ (443,106)		$ (218,074)
Tax credits	$ 20,939	$ 0	$ 20,939	$ 0

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

LOSS PER SHARE- Schedule of Antidilutive Securities Excluded from Computation of Net (Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	30,280,827	26,722,799	30,280,827	26,722,799
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18,932,248	18,596,751	18,932,248	18,596,751
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,967,123	7,735,773	8,967,123	7,735,773
Employee stock purchase plan – shares projected to be issued
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,305,712	314,531	2,305,712	314,531
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	75,744	75,744	75,744	75,744

STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 21, 2023	Aug. 09, 2023	Sep. 30, 2021	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)					$ 0.66
Weighted-average vesting period (in years)					6 years 9 months 18 days	6 years 4 months 24 days
Common Stock Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)				75,744	75,744
Exercise price of warrant (in dollars per share)				$ 0.40	$ 0.40
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation cost related to unvested stock option awards				$ 7.8	$ 7.8
Expected period for recognition (in years)					2 years 2 months 12 days
Granted (in shares)					622,323
Plan modification, incremental cost					$ 0.4
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost capitalized in inventory				0.7	$ 2.0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					9,754,451
Award vesting period (in years)					4 years
Unrecognized compensation cost				$ 80.7	$ 80.7
Weighted-average vesting period (in years)					2 years 3 months 18 days
Restricted stock units \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					1 year
Award vesting percentage (as a percent)					25.00%
Operations-Based Performance-Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,597,272		266,212
2021 Stock Purchase Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual percentage increase in shares available (as a percent)			5.00%
2021 Stock Purchase Plan \| Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			22,399,691
2021 Employee Stock Purchase Plan \| Employee stock purchase plan – shares projected to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			2,834,754
Annual percentage increase in shares available (as a percent)			1.00%
Annual increase, number of shares (in shares)			8,504,263
Purchase price of common stock, percent (as a percent)			85.00%
At Market Offering Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares proceeds authorized		$ 50.0
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.00001
Exercise price (in dollars per share)	$ 8,000

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 281,651	$ 272,230
Accumulated depreciation and amortization	(115,340)	(82,955)
Total property and equipment, net	166,311	189,275
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	33,400	32,412
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	222,412	214,702
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	23,830	23,233
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,009	$ 1,883

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2022. The unaudited interim condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for the fiscal year ending December 31, 2023 or any future interim period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting and, in the opinion of management, include all adjustments necessary for the fair statement of the Company’s financial position for the periods presented. All such adjustments are of a normal, recurring nature. Certain disclosures have been condensed or omitted from the interim condensed consolidated financial statements. The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses as well as the related disclosure of contingent assets and liabilities.
Use of Estimates	Use of Estimates The preparation of the accompanying unaudited interim condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to revenue recognition, net accounts receivable, equity-based compensation expense, product warranty reserve, the usage and recoverability of its inventories, long-lived assets, intangible assets and net deferred tax assets (net of related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.
Segment Reporting	Segment ReportingOperating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. The Company views its operations and manages its business in one operating segment which is consistent with how the Chief Executive Officer, who is the chief operating decision-maker, reviews the business, makes investment and resource allocation decisions, and assesses operating performance. The majority of revenue to date is from customers located in the United States and the majority of long-lived assets are located in the United States.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn September 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. The standard provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The Company adopted this standard effective January 1, 2023 under the modified retrospective method whereas comparative period information is not restated. The adoption of this standard did not have a significant impact on the Company’s condensed consolidated financial statements, therefore no cumulative effect or catch up adjustment to the opening balance of retained earnings was recorded.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (11,332)	$ (5,724)
Total intangible assets	21,539	16,867
Gross Amount	32,871	22,591
Total intangible assets	21,539	16,867
In-process software development
Finite-Lived Intangible Assets [Line Items]
In-process software development	4,216	3,539
Intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Amount	28,655
Accumulated Amortization	(11,332)
Total intangible assets	17,323
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Amount	27,735	19,052
Accumulated Amortization	(11,140)	(5,724)
Total intangible assets	16,595	$ 13,328
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	920
Accumulated Amortization	(192)
Total intangible assets	$ 728

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Revenue	$ 17,477	$ 69,589	$ 52,138	$ 336,699
Operating costs and expenses:
Sales and marketing	7,051	18,129	26,358	69,268
Research and development	37,103	42,516	118,372	115,303
General and administrative	15,848	25,625	47,489	77,946
Restructuring expense	0	137	14,518	2,020
Total operating costs and expenses	82,182	137,002	298,086	503,727
Loss from operations	(64,705)	(67,413)	(245,948)	(167,028)
Interest expense	(304)	(346)	(815)	(413)
Tax credits	20,939	0	20,939	0
Other income, net	1,833	409	5,525	458
Loss before income taxes	(42,237)	(67,350)	(220,299)	(166,983)
Income tax expense (benefit)	4,733	(1,047)	4,733	(4,433)
Net loss	$ (46,970)	$ (66,303)	$ (225,032)	$ (162,550)
Net loss per share – basic (in dollars per share)	$ (0.31)	$ (0.45)	$ (1.48)	$ (1.10)
Weighted-average number of shares used in computation of net loss per share – basic (in shares)	153,699,408	148,582,721	152,226,999	147,443,196
Net loss per share – diluted (in dollars per share)	$ (0.31)	$ (0.45)	$ (1.48)	$ (1.10)
Weighted-average number of shares used in computation of net loss per share – diluted (in shares)	153,699,408	148,582,721	152,226,999	147,443,196
Product revenue
Revenue
Revenue	$ 14,757	$ 66,660	$ 46,842	$ 328,465
Operating costs and expenses:
Cost of product revenue	22,180	50,595	91,349	239,190
Grant and other revenue
Revenue
Revenue	$ 2,720	$ 2,929	$ 5,296	$ 8,234

REVENUE - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 2,311	$ 318
Provision for doubtful accounts, net of recoveries	(308)	1,729
Write-offs	0	(20)
Allowance for credit losses, ending balance	$ 2,003	$ 2,027

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

As of September 30, 2023, the Company’s intangible assets consisted of the following:


	Gross Amount		Accumulated Amortization		Net Carrying Value
Capitalized software	$	27,735	$	(11,140)	$	16,595
Other	920		(192)		728
Intangible assets, net	28,655		(11,332)		17,323
In-process software development	4,216		—		4,216
Total intangible assets	$	32,871	$	(11,332)	$	21,539

As of December 31, 2022, the Company’s intangible assets consisted of the following:


	Gross Amount		Accumulated Amortization		Net Carrying Value
Capitalized software	$	19,052	$	(5,724)	$	13,328


In-process software development	3,539		—		3,539
Total intangible assets	$	22,591	$	(5,724)	$	16,867

During the development stage, the Company capitalizes certain eligible costs associated with the software development, in accordance with ASC 350-40, Internal-Use Software. The capitalized costs primarily consist of direct labor and third-party contractor fees. In-process software development consists of software costs incurred in the development of internal-use software not yet implemented. The software is expected to be implemented no later than one year from the commencement date of development. Once the software is implemented and ready for its intended use, the Company will begin amortizing the capitalized costs on a straight-line basis over the software's estimated useful life.

Amortization expense related to intangible assets placed in service was $2.4 million and $5.6 million for the three and nine months ended September 30, 2023, respectively. Amortization expense related to intangible assets placed in service was $1.0 million and $2.4 million for the three and nine months ended September 30, 2022, respectively. Estimated amortization expense for each of the years ending December 31 is as follows:


2023 (excluding the nine months ended September 30, 2023)	$	2,309
2024	8,559
2025	5,116
2026	1,339
Total amortization expense	$	17,323

TrustedMedRx Acquisition

On March 22, 2023, CHP HC, LLC, a wholly-owned subsidiary of the Company, entered into a definitive agreement to acquire TrustedMedRx, LLC, a privately-held pharmacy, which holds operating licenses in various jurisdictions. The purchase was completed on May 4, 2023, and is expected to enhance the Company's presence in the retail pharmacy market and expand its product and service offerings. The total purchase price was $0.7 million and the Company incurred acquisition costs of $0.2 million. The Company concluded the purchase qualified as an asset acquisition and the purchase price and acquisition costs related to the operating licenses have been capitalized as intangible assets. The capitalized operating licenses will be amortized on a straight-line basis over a period of two years, which represents the estimated useful life.

BUSINESS AND BASIS OF ACCOUNTING (Details) $ in Millions	3 Months Ended		9 Months Ended
BUSINESS AND BASIS OF ACCOUNTING (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment			1
Non-US
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 0.0	$ 1.8	$ 0.1	$ 9.3
Long-lived assets	$ 3.9		$ 3.9		$ 4.7

- Definition

Amount, including 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

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Total Amount Incurred and Accrued Related to Restructuring Activities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Accrued restructuring as of December 31, 2022	$ 0
Restructuring charges incurred during the period	14,518
Cash payments	(13,862)
Non-cash settlements and other adjustments	(549)
Accrued restructuring as of September 30, 2023	$ (107)

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued purchases	$ 1,127	$ 4,488
Accrued payroll and benefits	17,428	26,350
Accrued expenses	6,070	5,553
Accrued sales tax	1,147	1,361
Product warranty reserve	2,966	6,660
Income tax payable	2,838	0
Accrued restructuring	107	0
Accrued purchase commitment loss	8,237	7,966
Total accrued liabilities and other current liabilities	$ 39,920	$ 52,378