0001558370-21-006478 | 10-Q | XBRL Viewer | Everspin Technologies INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 02, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-37900
Entity Registrant Name	Everspin Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2640654
Entity Address, Address Line One	5670 W. Chandler Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85226
City Area Code	480
Local Phone Number	347-1111
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	MRAM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,272,921
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001438423
Amendment Flag	false

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 15,485	$ 14,599
Accounts receivable, net	10,315	7,607
Inventory	5,358	5,721
Prepaid expenses and other current assets	208	270
Total current assets	31,366	28,197
Property and equipment, net	1,657	1,946
Right-of-use assets	1,970	2,313
Other assets	73	73
Total assets	35,066	32,529
Current liabilities:
Accounts payable	1,944	2,224
Accrued liabilities	2,148	2,232
Deferred revenue	3,000
Current portion of long-term debt	4,277	4,242
Operating lease liabilities	1,367	1,508
Other liabilities	37	31
Total current liabilities	12,773	10,237
Long-term debt, net of current portion	3,199	3,748
Operating lease liabilities, net of current portion	662	903
Long-term income tax liability	229	229
Total liabilities	16,863	15,117
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2021 and December 31, 2020
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 19,222,342 and 19,031,556 shares issued and outstanding as of March 31, 2021 and December 31, 2020	2	2
Additional paid-in capital	175,835	174,584
Accumulated deficit	(157,634)	(157,174)
Total stockholders' equity	18,203	17,412
Total liabilities and stockholders' equity	$ 35,066	$ 32,529

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,222,342	19,031,556
Common stock, shares outstanding	19,222,342	19,031,556

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total revenue	$ 10,280	$ 10,108
Cost of sales	4,295	4,757
Gross profit	5,985	5,351
Operating expenses:
Research and development	2,439	3,030
General and administrative	2,843	2,800
Sales and marketing	987	1,103
Total operating expenses	6,269	6,933
Loss from operations	(284)	(1,582)
Interest expense	(152)	(172)
Other (expense) income, net	(15)	48
Net loss before income taxes	(451)	(1,706)
Income tax expense	(9)	(26)
Net loss and comprehensive loss	$ (460)	$ (1,732)
Net loss per common share, basic and diluted	$ (0.02)	$ (0.10)
Weighted-average shares used to compute net loss per common share, basic and diluted	19,092,367	18,055,693
Product sales
Total revenue	$ 9,068	$ 9,635
Licensing, royalty and other revenue
Total revenue	$ 1,212	$ 473

Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 743	$ 805
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	181	162
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	485	585
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 77	$ 58

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 2	$ 167,149	$ (148,662)	$ 18,489
Balance (in shares) at Dec. 31, 2019	18,081,753
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans		315		315
Issuance of common stock under stock incentive plans (in shares)	88,375
Stock-based compensation expense		805		805
Issuance of common stock in at-the-market offering, net of issuance costs		2,084		2,084
Issuance of common stock in at-the-market offering, net of issuance costs (in shares)	468,427
Net loss			(1,732)	(1,732)
Balance at Mar. 31, 2020	$ 2	170,353	(150,394)	19,961
Balance (in shares) at Mar. 31, 2020	18,638,555
Balance at Dec. 31, 2020	$ 2	174,584	(157,174)	17,412
Balance (in shares) at Dec. 31, 2020	19,031,556
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		144		$ 144
Exercise of stock options (in shares)	54,077			54,077
Issuance of common stock under stock incentive plans		364		$ 364
Issuance of common stock under stock incentive plans (in shares)	136,709
Stock-based compensation expense		743		743
Net loss			(460)	(460)
Balance at Mar. 31, 2021	$ 2	$ 175,835	$ (157,634)	$ 18,203
Balance (in shares) at Mar. 31, 2021	19,222,342

Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Statement of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (460)	$ (1,732)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	383	409
Stock-based compensation	743	805
Non-cash gain on warrant revaluation	4	(6)
Non-cash interest expense	86	73
Changes in operating assets and liabilities:
Accounts receivable	(2,708)	(521)
Inventory	363	(81)
Prepaid expenses and other current assets	62	21
Accounts payable	(63)	(1,067)
Accrued liabilities	280	(435)
Deferred revenue	3,000
Lease liabilities	(39)	(21)
Net cash provided by (used in) operating activities	1,651	(2,555)
Cash flows from investing activities
Purchases of property and equipment	(309)	(64)
Net cash used in investing activities	(309)	(64)
Cash flows from financing activities
Payments on debt	(600)
Payments on finance lease obligation		(2)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	144
Proceeds from issuance of common stock in at-the-market offering, net of issuance costs		2,084
Net cash (used in) provided by financing activities	(456)	2,082
Net increase (decrease) in cash and cash equivalents	886	(537)
Cash and cash equivalents at beginning of period	14,599	14,487
Cash and cash equivalents at end of period	15,485	13,950
Supplementary cash flow information:
Interest paid	66	99
Operating cash flows paid for operating leases	413	486
Financing cash flows paid for finance leases		2
Non-cash investing and financing activities:
Bonus settled in shares of common stock	$ 364	$ 315

Organization and Nature of Business

3 Months Ended

Mar. 31, 2021

Organization and Nature of Business

Organization and Nature of Business

1. Organization and Nature of Business

Everspin Technologies, Inc. (the Company) was incorporated in Delaware on May 16, 2008. The Company’s magnetoresistive random-access memory (MRAM) solutions offer the persistence of non-volatile memory with the speed and endurance of random-access memory (RAM) and enable the protection of mission critical data particularly in the event of power interruption or failure. The Company’s MRAM solutions allow its customers in the industrial, automotive, transportation, and data center markets to design high performance, power efficient and reliable systems without the need for bulky batteries or capacitors.

The Company believes that its existing cash and cash equivalents as of March 31, 2021, coupled with its anticipated growth and sales levels will be sufficient to meet its anticipated cash requirements for at least the next twelve months from the financial statement issuance date. The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities, the timing and cost of establishing additional sales and marketing capabilities, and the introduction of new products. The Company may be required at some point in the future to seek additional equity or debt financing, to sustain operations beyond that point, and such additional financing may not be available on acceptable terms or at all. If the Company is unable to raise additional capital or generate sufficient cash from operations to adequately fund its operations, it will need to curtail planned activities to reduce costs. Doing so will likely harm its ability to execute on its business plan.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year.

The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC.

Use of Estimates

The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory reserves, product warranty reserves, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.

Accounts receivable, net

The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales

returns. Returns are processed as credits on future purchases, and as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company establishes an allowance for estimated price concessions related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales.

Accounts receivable, net consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Trade accounts receivable	$	9,240	$	7,590
Unbilled accounts receivable		1,308		255
Allowance for product returns and price concessions		(233)		(238)
Accounts receivable, net	$	10,315	$	7,607

Concentration of Credit Risk

Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions.

Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows:


	Revenue				Accounts Receivable, net
	Three Months Ended				As of
	March 31,				March 31,		December 31,
Customers	2021		2020		2021		2020
Customer A	*		22	%	16	%	29	%
Customer B	27	%	12	%	39	%	25	%
Customer C	*		11	%	*		*
Customer D	*		11	%	*		*

*	Less than 10%

Fair Value of Financial Instruments

Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows:

Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;

Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and

Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.

As of March 31, 2021, based on Level 2 inputs and the borrowing rates available to the Company for loans with similar terms and consideration of the Company’s credit risk, the carrying value of the Company’s variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value. The Company’s financial instruments consist of Level 1 assets and a Level 3 liability. Level 1 assets consist of highly liquid money market funds that are included in

cash equivalents. The Company’s Level 3 liability consists of warrants issued in connection with the Company’s current credit facility (Note 6).

The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	15,820	$	—	$	—	$	15,820
Total assets measured at fair value	$	15,820	$	—	$	—	$	15,820

Liabilities:
Warrant liability	$	—	$	—	$	36	$	36
Total liabilities measured at fair value	$	—	$	—	$	36	$	36


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	14,669	$	—	$	—	$	14,669
Total assets measured at fair value	$	14,669	$	—	$	—	$	14,669

Liabilities:
Warrant liability	$	—	$	—	$	31	$	31
Total liabilities measured at fair value	$	—	$	—	$	31	$	31

Recently Issued Pronouncements

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. As the Company is a smaller reporting company, ASU 2016-13 is effective for the Company’s annual reporting periods, and interim periods within those years, beginning after December 15, 2022, and requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements Financial Instruments-Credit Losses (Topic 326). The new ASU provides narrow-scope amendments to help apply ASU No. 2016-13. The Company is evaluating the impact of the adoption of ASU 2016-13 and ASU 2019-04 on its financial statements.

Revenue

3 Months Ended

Mar. 31, 2021

Revenue.

Revenue

3. Revenue

The Company sells the majority of its products to distributors and original equipment manufacturers (OEMs). The Company also recognizes revenue under manufacturing and engineering service agreements and licensing and royalty agreements with some customers.

The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Three Months Ended March 31,
	2021		2020
Distributor	$	7,866	$	6,990
Non-distributor		2,414		3,118
Total revenue	$	10,280	$	10,108

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):


	Three Months Ended March 31,
	2021		2020
Point in time	$	10,034	$	10,043
Over time		246		65
Total revenue	$	10,280	$	10,108

The following table presents the Company’s revenues disaggregated by type (in thousands):


	Three Months Ended March 31,
	2021		2020
Product sales	$	9,068	$	9,635
Royalties		966		408
Other revenue		246		65
Total revenue	$	10,280	$	10,108

The Company recognizes revenue in three primary geographic regions: North America; Europe, Middle East and Africa (EMEA); and Asia-Pacific (APAC). The following table presents the Company’s revenues disaggregated by the geographic region to which the product is delivered or licensee is located (in thousands):


	Three Months Ended March 31,
	2021		2020
APAC	$	7,158	$	6,896
North America		1,740		1,104
EMEA		1,382		2,108
Total revenue	$	10,280	$	10,108

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2021

Balance Sheet Components

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Raw materials	$	391	$	329
Work-in-process		4,779		4,910
Finished goods		188		482
Total inventory	$	5,358	$	5,721

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Payroll-related expenses	$	1,691	$	1,274
Inventory		236		416
Other		221		542
Total accrued liabilities	$	2,148	$	2,232

Deferred Revenue

In the three months ended March 31, 2021, the Company executed contractual arrangements with a customer for the development of a RAD-Hard product, consisting of a technology license, design license agreement and development subcontract. The Company does not share in the rights to future revenues or royalties. The total arrangements are for $6.5 million in consideration.

The Company concluded these contractual arrangements represent one arrangement and evaluated its promises to the customer and whether the performance obligations granted under the arrangement were distinct. The licenses provided to the customer are not transferable, are of limited value without the promised development services, and the customer cannot benefit from the license agreements without the specific obligated services in the development subcontract, as there is strong interdependency between the licenses and the development subcontract. Accordingly, the Company determined the licenses were not distinct within the context of the contract and combined the license with other performance obligations.

As a result, the Company expects to recognize revenue related to the performance obligations over time and expects to begin recognizing revenue in the second quarter of 2021 over the performance obligation time period. No revenue was recorded during the three months ended March 31, 2021.

Under the agreements, we received a non-refundable, upfront payment of $3.0 million, which was recorded as deferred revenue, current, as of March 31, 2021, as the Company expects to recognize this to revenue within the next twelve months.

Leases

3 Months Ended

Mar. 31, 2021

Leases

Leases

5. Leases

Operating leases consist primarily of office space expiring at various dates through 2023. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In May 2020, the Company executed an amendment to its lease agreement for its manufacturing facility. The amendment extended the lease term by one year and reduced the monthly rent payment.

The undiscounted future non-cancellable lease payments under the Company’s operating leases were as follows (in thousands):


As of March 31, 2021	Amount
2021	$	1,190
2022		861
2023		67
Total lease payments		2,118
Less: imputed interest		(89)
Total operating lease liabilities		2,029
Less: current portion of operating lease liabilities		(1,367)
Total operating lease liabilities, net of current portion	$	662

Other information related to the Company’s operating lease liabilities was as follows:


	March 31,		December 31,
	2021		2020
Weighted-average remaining lease term (years)	1.52		1.74
Weighted-average discount rate	6.00	%	6.00	%

Debt

3 Months Ended

Mar. 31, 2021

Debt

Debt

6. Debt

2019 Credit Facility

In August 2019, the Company executed an Amended and Restated Loan and Security Agreement (2019 Credit Facility), which amended and restated the Company’s prior loan and security agreement (2017 Credit Facility), providing for a formula revolving line of credit (Line of Credit) and a term loan (2019 Term Loan) with Silicon Valley Bank (SVB) to refinance in full the outstanding principal balance of $8.0 million under the 2017 Credit Facility. In August 2019, the Company paid the final payment of $0.8 million, which was due upon the refinancing of the 2017 Credit Facility.

In July 2020, the Company executed the first amendment to the 2019 Credit Facility with SVB. The amendment, among other things, extended the initial 12-month interest-only period for the 2019 Term Loan to a 16-month interest-only period and lowered the floor interest rate. The floor interest rates for 2019 Term Loan and the Line of Credit were reduced from 4.75% and 6.75% to 3.75% and 4.75%, respectively.

The Line of Credit under the amended 2019 Credit Facility allows for a maximum draw of $5.0 million, subject to a formula borrowing base, has a two-year term and bears interest at a floating rate equal to the Wall Street Journal (WSJ) prime rate plus 1.5%, per annum, subject to a floor of 4.75%. As of March 31, 2021, the interest rate was 4.75%. The Line of Credit required a commitment fee of 1.6% of the maximum availability of the Line of Credit, which was paid in August 2019 upon closing, and was accounted for as a debt discount. The Line of Credit also provides for a termination fee equal to 1% of the maximum availability under the Line of Credit, which is due in case of a termination of the Line of Credit prior to the scheduled maturity date, and an unused facility fee equal to 0.125% per annum of the average unused portion of the Line of Credit, which is expensed as incurred. At execution, $2.0 million from the Line of Credit was used to refinance a portion of the outstanding balance of the 2017 Credit Facility, and $3.0 million remains available under the Line of Credit, subject to borrowing base availability. As of March 31, 2021, the effective interest rate under the Line of Credit was 10.18% and the outstanding balance was $2.0 million. The Line of Credit matures on August 5, 2021.

The Term Loan under the amended 2019 Credit Facility provides for a $6.0 million term loan, which was used to refinance the remaining balance of the 2017 Credit Facility. The 2019 Term Loan has a term of 46 months, and a 16-month interest-only period followed by 30 months of equal principal payments, plus accrued interest. The 2019 Term Loan bears interest at a floating rate equal to the WSJ prime rate minus 0.75%, subject to a floor of 3.75%. As of March 31, 2021, the interest rate was 3.75%. A final payment of 7% of the original principal amount of the 2019 Term Loan must be made when the 2019 Term Loan is prepaid or repaid, whether at maturity or as a result of a prepayment or acceleration or otherwise. The additional payment, which is accounted for as a debt discount, is being accreted using the effective interest method. The 2019 Term Loan has a prepayment fee equal to 2% of the total commitment, which is due only if the 2019 Term Loan is prepaid prior to the scheduled maturity date for any reason. As of March 31, 2021, the effective interest rate under the 2019 Term Loan was 7.85% and the outstanding balance was $5.4 million. The 2019 Term Loan matures on June 1, 2023.

In conjunction with entering into the 2019 Credit Facility, on August 5, 2019, the Company and SVB amended and restated the warrant issued to SVB in connection with the first amendment to the 2017 Credit Facility, which was a warrant to purchase 9,375 shares of the Company’s common stock at an exercise price of $8.91 per share, to add an option by SVB to put the warrant back to the Company for $50,000 upon expiration or a liquidity event, to be prorated if SVB exercises a portion of the warrant. The warrant expires on July 6, 2023. The warrant is classified as a liability and recorded at fair value within other liabilities in the Company’s condensed balance sheet. Due to the put right, the warrant is subject to fair value remeasurement at each subsequent reporting date until the exercise or expiration of the warrant. Any resulting change in the fair value of the warrant will be recorded as other (expense) income, net in the Company’s condensed statement of operations and comprehensive loss. The Company recognized other expense of $4,000 and other income of $5,000 for the three months ended March 31, 2021 and 2020, respectively.

In conjunction with entering into the first amendment to the 2019 Credit Facility, on July 15, 2020, the Company issued a warrant to SVB to purchase 21,500 shares of the Company’s common stock at an exercise price of $0.01 per share. The warrant expires on July 15, 2025. The warrant is classified as equity and was recorded as a debt discount that will be amortized to interest expense using the effective interest method. The fair value of the warrant was $152,000 on the date of issuance using the Black-Scholes option-pricing model.

Collateral for the 2019 Credit Facility includes all of the Company’s assets except for intellectual property. The Company is required to comply with certain covenants under the 2019 Credit Facility, including requirements to maintain a minimum cash balance and availability under the Line of Credit, and restrictions on certain actions without the consent of the lender, such as limitations on its ability to engage in mergers or acquisitions, sell assets, incur indebtedness or grant liens or negative pledges on its assets, make loans or make other investments. Under these covenants, the Company is prohibited from paying cash dividends with respect to its capital stock. The Company was in compliance with all covenants at March 31, 2021. The 2019 Credit Facility contains a material adverse effect clause which provides that an event of default will occur if, among other triggers, an event occurs that could reasonably be expected to result in a material adverse effect on the Company’s business, operations or condition, or on the Company’s ability to perform its obligations under the term loan. As of March 31, 2021, management does not believe that it is probable that the clause will be triggered within the next 12 months, and therefore the term loan is classified as long-term debt.

The carrying value of the Company’s 2019 Credit Facility at March 31, 2021 was as follows (in thousands):


	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	4,400	$	3,420	$	7,820
Unamortized debt discounts		(123)		(221)		(344)
Net carrying value	$	4,277	$	3,199	$	7,476

The carrying value of the Company’s 2019 Credit Facility at December 31, 2020 was as follows (in thousands):


	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	4,400	$	4,020	$	8,420
Unamortized debt discounts		(158)		(272)		(430)
Net carrying value	$	4,242	$	3,748	$	7,990

The table below includes the principal repayments due under the 2019 Credit Facility (in thousands):



	Principal Repayment as of March 31, 2021
2021		3,800
2022		2,400
2023		1,620
Total principal repayments	$	7,820

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity

Stockholders' Equity

7. Stockholders’ Equity

At-the-Market Sales Agreement

In August 2019, the Company entered into an Open Market Sale Agreement (2019 Sales Agreement) with Jefferies, LLC (Jefferies), for the offer and sale of shares of its common stock having an aggregate offering of up to $25.0 million from time to time through Jefferies, acting as the Company’s sales agent. The issuance and sale of these shares by the Company pursuant to the 2019 Sales Agreement are deemed an “at-the-market” (ATM) offering under the Securities Act of 1933, as amended. Under the 2019 Sales Agreement, the Company agreed to pay Jefferies a commission of up to 3% of the gross proceeds of any sales made pursuant to the Sales Agreement. During the three months ended March 31, 2020, the Company received net proceeds of $2.1 million, after deducting commissions and expenses payable by the Company, from the sale of 468,427 shares of common stock pursuant to the 2019 Sales Agreement. The Company suspended sales under the 2019 Sales Agreement in March 2020 and terminated the ATM program in November 2020.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

The following table summarizes the stock option and award activity for the three months ended March 31, 2021:


		Options Outstanding
			Weighted-		Weighted-
	Options and		Average		Average	Aggregate
	Awards		Exercise		Remaining	Intrinsic
	Available for	Number of	Price Per		Contractual	Value
	Grant	Options	Share		Life (years)	(In thousands)
Balance—December 31, 2020	179,219	2,272,905	$	5.58	7.9	$	1,640
Authorized	570,946	—
RSUs granted	(236,605)	—
RSUs cancelled/forfeited	31,626	—
Options granted	(39,500)	39,500	$	5.52
Options exercised	—	(54,077)	$	2.66		$	194
Options cancelled/forfeited	134,857	(136,432)	$	3.96
Balance—March 31, 2021	640,543	2,121,896	$	5.75	6.1	$	2,359
Options exercisable—March 31, 2021		1,288,863	$	6.81	4.5	$	586

The total grant date fair value of options vested was $312,000 and $799,000 during the three months ended March 31, 2021 and 2020, respectively.

The weighted-average grant date fair value of employee options granted was $3.53 and $1.52 per share during the three months ended March 31, 2021 and 2020, respectively.

2016 Employee Stock Purchase Plan

In January 2021, there was an increase of 190,315 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 717,181 shares available for future issuance under the Company’s ESPP as of March 31, 2021. Employees did not purchase any shares during the three months ended March 31, 2021 and 2020.

Restricted Stock Units

The following table summarizes restricted stock units (RSUs) activity for the three months ended March 31, 2021:


	RSUs Outstanding
		Weighted-
		Average
	Number of	Grant Date
	Restricted Stock	Fair Value Per
	Units	Share
Balance—December 31, 2020	416,742	$	4.89
Granted	236,605		5.71
Vested	(136,709)		5.16
Cancelled/forfeited	(31,626)		4.12
Balance—March 31, 2021	485,012	$	5.26

The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. As of March 31, 2021, there was $1.7 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 1.5 years.

Stock-based Compensation Expense

As of March 31, 2021, there was $2.0 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 2.7 years. Compensation cost capitalized within inventory at March 31, 2021 and at December 31, 2020 was not material.

Significant Agreements

3 Months Ended

Mar. 31, 2021

Significant Agreements

Significant Agreements

9. Significant Agreements

GLOBALFOUNDRIES, Inc. Joint Development Agreement

Since October 17, 2014, the Company has participated in a joint development agreement (JDA) with GLOBALFOUNDRIES Inc. (GF), a semiconductor foundry, for the joint development of Spin-transfer Torque MRAM (STT-MRAM), technology to produce a family of discrete and embedded MRAM technologies. The term of the agreement is until the completion, termination, or expiration of the last statement of work entered into pursuant to the joint development agreement. The Company entered into a Statement of Work (SOW) and an Amendment to the SOW, under the JDA with GF effective August 2016 and June 2018, respectively. The agreement was extended on December 31, 2019 to include a new phase of support for 12nm MRAM development.

Under the current JDA extension terms, each party licenses its relevant intellectual property to the other party. For certain jointly developed works, the parties have agreed to follow an invention allocation procedure to determine ownership. In addition, GF possesses the exclusive right to manufacture the Company’s discrete and embedded STT-MRAM devices developed pursuant to the agreement until the earlier of three years after the qualification of the MRAM device for a particular technology node or four years after the completion of the relevant statement of work under which the device was developed. For the same exclusivity period associated with the relevant device, GF agreed not to license intellectual property developed in connection with the JDA to named competitors of the Company.

Generally, unless otherwise specified in the agreement or a statement of work, the Company and GF share project costs, which do not include personnel or production qualification costs, under the JDA. If GF manufactures, sells or transfers to customers wafers containing production quantified STT-MRAM devices that utilize certain design information, GF will be required to pay the Company a royalty.

No project costs were incurred during the three months ended March 31, 2020 and 2021.

Silterra Malaysia Sdn. Bhd. Joint Collaboration Agreement

In September 2018, the Company entered into a Joint Collaboration Agreement (JCA) with Silterra Malaysia Sdn. Bhd., and another third party. The JCA will create additional manufacturing capacity for the Company’s Toggle MRAM products. The Company had previously anticipated initial production starting in 2020. However, as a result of recent delays, the Company now anticipates initial production to start some time in 2021. Under the JCA, the Company is required to pay non-recurring engineering costs of $1.0 million. As of March 31, 2021, the Company has paid $600,000 of these JCA costs. There were no JCA costs paid during the three months ended March 31, 2021. The Company does not expect to incur additional JCA costs for the remainder of 2021.

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2021

Net Loss Per Common Share

Net Loss Per Common Share

10. Net Loss Per Common Share

The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per common share for the periods presented, because their inclusion would be anti-dilutive:


	Three Months Ended March 31,
	2021	2020
Options to purchase common stock	2,121,896	2,437,124
Restricted stock units	485,012	326,903
Common stock warrants	49,336	27,836
Total	2,656,244	2,791,863

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Accounts receivable, net

Accounts receivable, net consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Trade accounts receivable	$	9,240	$	7,590
Unbilled accounts receivable		1,308		255
Allowance for product returns and price concessions		(233)		(238)
Accounts receivable, net	$	10,315	$	7,607

Concentration of Credit Risk


	Revenue				Accounts Receivable, net
	Three Months Ended				As of
	March 31,				March 31,		December 31,
Customers	2021		2020		2021		2020
Customer A	*		22	%	16	%	29	%
Customer B	27	%	12	%	39	%	25	%
Customer C	*		11	%	*		*
Customer D	*		11	%	*		*

*	Less than 10%

Fair Value of Financial Instruments

Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;

Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and

Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.

cash equivalents. The Company’s Level 3 liability consists of warrants issued in connection with the Company’s current credit facility (Note 6).

The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	15,820	$	—	$	—	$	15,820
Total assets measured at fair value	$	15,820	$	—	$	—	$	15,820

Liabilities:
Warrant liability	$	—	$	—	$	36	$	36
Total liabilities measured at fair value	$	—	$	—	$	36	$	36


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	14,669	$	—	$	—	$	14,669
Total assets measured at fair value	$	14,669	$	—	$	—	$	14,669

Liabilities:
Warrant liability	$	—	$	—	$	31	$	31
Total liabilities measured at fair value	$	—	$	—	$	31	$	31

Recently Issued Pronouncements

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Schedule of accounts receivable net

Accounts receivable, net consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Trade accounts receivable	$	9,240	$	7,590
Unbilled accounts receivable		1,308		255
Allowance for product returns and price concessions		(233)		(238)
Accounts receivable, net	$	10,315	$	7,607

Schedule of revenue and accounts receivable for each significant customer


	Revenue				Accounts Receivable, net
	Three Months Ended				As of
	March 31,				March 31,		December 31,
Customers	2021		2020		2021		2020
Customer A	*		22	%	16	%	29	%
Customer B	27	%	12	%	39	%	25	%
Customer C	*		11	%	*		*
Customer D	*		11	%	*		*

*	Less than 10%

Schedule of fair value of financial assets and liabilities measured on recurring basis

The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	15,820	$	—	$	—	$	15,820
Total assets measured at fair value	$	15,820	$	—	$	—	$	15,820

Liabilities:
Warrant liability	$	—	$	—	$	36	$	36
Total liabilities measured at fair value	$	—	$	—	$	36	$	36


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	14,669	$	—	$	—	$	14,669
Total assets measured at fair value	$	14,669	$	—	$	—	$	14,669

Liabilities:
Warrant liability	$	—	$	—	$	31	$	31
Total liabilities measured at fair value	$	—	$	—	$	31	$	31

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue.

Schedule of disaggregation of revenue

The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Three Months Ended March 31,
	2021		2020
Distributor	$	7,866	$	6,990
Non-distributor		2,414		3,118
Total revenue	$	10,280	$	10,108

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):


	Three Months Ended March 31,
	2021		2020
Point in time	$	10,034	$	10,043
Over time		246		65
Total revenue	$	10,280	$	10,108

The following table presents the Company’s revenues disaggregated by type (in thousands):


	Three Months Ended March 31,
	2021		2020
Product sales	$	9,068	$	9,635
Royalties		966		408
Other revenue		246		65
Total revenue	$	10,280	$	10,108


	Three Months Ended March 31,
	2021		2020
APAC	$	7,158	$	6,896
North America		1,740		1,104
EMEA		1,382		2,108
Total revenue	$	10,280	$	10,108

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2021

Balance Sheet Components

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Raw materials	$	391	$	329
Work-in-process		4,779		4,910
Finished goods		188		482
Total inventory	$	5,358	$	5,721

Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2021		2020
Payroll-related expenses	$	1,691	$	1,274
Inventory		236		416
Other		221		542
Total accrued liabilities	$	2,148	$	2,232

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases

Schedule of Undiscounted future non-cancellable lease payments

The undiscounted future non-cancellable lease payments under the Company’s operating leases were as follows (in thousands):


As of March 31, 2021	Amount
2021	$	1,190
2022		861
2023		67
Total lease payments		2,118
Less: imputed interest		(89)
Total operating lease liabilities		2,029
Less: current portion of operating lease liabilities		(1,367)
Total operating lease liabilities, net of current portion	$	662

Schedule of supplemental information


	March 31,		December 31,
	2021		2020
Weighted-average remaining lease term (years)	1.52		1.74
Weighted-average discount rate	6.00	%	6.00	%

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt

Summary of debt

The carrying value of the Company’s 2019 Credit Facility at March 31, 2021 was as follows (in thousands):


	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	4,400	$	3,420	$	7,820
Unamortized debt discounts		(123)		(221)		(344)
Net carrying value	$	4,277	$	3,199	$	7,476

The carrying value of the Company’s 2019 Credit Facility at December 31, 2020 was as follows (in thousands):


	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	4,400	$	4,020	$	8,420
Unamortized debt discounts		(158)		(272)		(430)
Net carrying value	$	4,242	$	3,748	$	7,990

Summary of principal repayments of credit facility

The table below includes the principal repayments due under the 2019 Credit Facility (in thousands):



	Principal Repayment as of March 31, 2021
2021		3,800
2022		2,400
2023		1,620
Total principal repayments	$	7,820

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Stock-Based Compensation

Summary of stock option activity


		Options Outstanding
			Weighted-		Weighted-
	Options and		Average		Average	Aggregate
	Awards		Exercise		Remaining	Intrinsic
	Available for	Number of	Price Per		Contractual	Value
	Grant	Options	Share		Life (years)	(In thousands)
Balance—December 31, 2020	179,219	2,272,905	$	5.58	7.9	$	1,640
Authorized	570,946	—
RSUs granted	(236,605)	—
RSUs cancelled/forfeited	31,626	—
Options granted	(39,500)	39,500	$	5.52
Options exercised	—	(54,077)	$	2.66		$	194
Options cancelled/forfeited	134,857	(136,432)	$	3.96
Balance—March 31, 2021	640,543	2,121,896	$	5.75	6.1	$	2,359
Options exercisable—March 31, 2021		1,288,863	$	6.81	4.5	$	586

Schedule of restricted stock unit activity


	RSUs Outstanding
		Weighted-
		Average
	Number of	Grant Date
	Restricted Stock	Fair Value Per
	Units	Share
Balance—December 31, 2020	416,742	$	4.89
Granted	236,605		5.71
Vested	(136,709)		5.16
Cancelled/forfeited	(31,626)		4.12
Balance—March 31, 2021	485,012	$	5.26

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Net Loss Per Common Share

Schedule of potentially dilutive securities excluded from diluted net loss per common share


	Three Months Ended March 31,
	2021	2020
Options to purchase common stock	2,121,896	2,437,124
Restricted stock units	485,012	326,903
Common stock warrants	49,336	27,836
Total	2,656,244	2,791,863

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable
Trade accounts receivable	$ 9,240	$ 7,590
Unbilled accounts receivable	1,308	255
Allowance for product returns and price concessions	(233)	(238)
Accounts receivable, net	$ 10,315	$ 7,607

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue \| Customer A
Concentration risk
Concentration risk percentage		22.00%
Revenue \| Customer A \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue \| Customer B
Concentration risk
Concentration risk percentage	27.00%	12.00%
Revenue \| Customer C
Concentration risk
Concentration risk percentage		11.00%
Revenue \| Customer C \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue \| Customer D
Concentration risk
Concentration risk percentage		11.00%
Revenue \| Customer D \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Accounts Receivable \| Customer A
Concentration risk
Concentration risk percentage	16.00%		29.00%
Accounts Receivable \| Customer B
Concentration risk
Concentration risk percentage	39.00%		25.00%
Accounts Receivable \| Customer C \| Maximum
Concentration risk
Concentration risk percentage	10.00%		10.00%
Accounts Receivable \| Customer D \| Maximum
Concentration risk
Concentration risk percentage	10.00%		10.00%

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Total assets measured at fair value	$ 15,820	$ 14,669
Warrant liability	36	31
Total liabilities measured at fair value	36	31
Level 1
Fair Value
Total assets measured at fair value	15,820	14,669
Level 3
Fair Value
Warrant liability	36	31
Total liabilities measured at fair value	36	31
Money market funds
Fair Value
Money market funds	15,820	14,669
Money market funds \| Level 1
Fair Value
Money market funds	$ 15,820	$ 14,669

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary of Significant Accounting Policies
Cost of sales	$ 4,295	$ 4,757

Revenue - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Revenue	$ 10,280	$ 10,108
Distributor
Disaggregation of Revenue
Revenue	7,866	6,990
Non-distributor
Disaggregation of Revenue
Revenue	$ 2,414	$ 3,118

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Revenue	$ 10,280	$ 10,108
Point in time
Disaggregation of Revenue
Revenue	10,034	10,043
Over time
Disaggregation of Revenue
Revenue	$ 246	$ 65

- Definition

+ References

+ Details

Revenue - Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Revenue	$ 10,280	$ 10,108
Product sales
Disaggregation of Revenue
Revenue	9,068	9,635
Royalties
Disaggregation of Revenue
Revenue	966	408
Other revenue
Disaggregation of Revenue
Revenue	$ 246	$ 65

- Definition

+ References

+ Details

Revenue - Disaggregated by Geographic Region (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) region	Mar. 31, 2020 USD ($)
Disaggregation of Revenue
Number of primary geographic regions \| region	3
Revenue	$ 10,280	$ 10,108
APAC
Disaggregation of Revenue
Revenue	1,382	2,108
North America
Disaggregation of Revenue
Revenue	7,158	6,896
EMEA
Disaggregation of Revenue
Revenue	$ 1,740	$ 1,104

- Definition

+ References

+ Details

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory
Raw materials	$ 391	$ 329
Work-in-process	4,779	4,910
Finished goods	188	482
Total inventory	$ 5,358	$ 5,721

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued liabilities
Payroll-related expenses	$ 1,691	$ 1,274
Inventory	236	416
Other	221	542
Total accrued liabilities	$ 2,148	$ 2,232

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Deferred Revenue
Revenue	$ 10,280	$ 10,108
Deferred licensing revenue	3,000
RAD-Hard product
Deferred Revenue
Total amount of consideration to be received	6,500
Revenue	0
Deferred licensing revenue	$ 3,000

- Definition

+ References

+ Details

Leases (Details) - USD ($) $ in Thousands	1 Months Ended
Leases (Details) - USD ($) $ in Thousands	May 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Future operating lease payments
2021		$ 1,190
2022		861
2023		67
Total lease payments		2,118
Less: imputed interest		(89)
Total operating lease liabilities		2,029
Less: current portion of operating lease liabilities		(1,367)	$ (1,508)
Total operating lease liabilities, net of current portion		$ 662	$ 903
Other lease information
Weighted-average remaining lease term (years)		1 year 6 months 7 days	1 year 8 months 26 days
Weighted-average discount rate		6.00%	6.00%
Arizona manufacturing facility
Leases
Period of time lease was extended	1 year

Debt - Credit Facility (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended
	Aug. 05, 2019	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jul. 15, 2020	Jul. 31, 2019
Debt
Common stock, par value				$ 0.0001		$ 0.0001	$ 0.01
Outstanding balance				$ 2,000
Other (expense) income				(15)	$ 48
2017 Credit Facility
Debt
Repayment of credit facility				800
Principal amount								$ 8,000
2019 Credit Facility
Debt
Number of shares the warrant can be converted to	9,375						21,500
Warrant exercise price	$ 8.91
Amount bank could receive if takes the option to put the warrants upon expiration or a liquidity event	$ 50
Fair value of warrants							$ 152
Principal amount				7,820		$ 8,420
Outstanding balance				5,400
Other (expense) income				$ (4)	$ 5
2019 Credit Facility \| Prime Rate
Debt
Effective interest rate				3.75%
2019 Credit Facility - Revolving Line Of Credit
Debt
Loan agreement amount				$ 5,000
Agreement term				2 years
Interest rate, basis spread percentage				1.50%
Effective interest rate		4.75%	6.75%	10.18%
Commitment fee (as a percentage)				1.60%
Termination fee (as a percentage)				1.00%
Unused facility fee (as a percentage)				0.125%
Debt amount				$ 2,000
Remaining availability				$ 3,000
2019 Credit Facility - Revolving Line Of Credit \| Prime Rate \| Minimum
Debt
Interest rate, basis spread percentage				4.75%
Effective interest rate				4.75%
2019 Credit Facility - Term Loan
Debt
End-of-term fee (as a percent)				7.00%
Agreement term				46 months
Effective interest rate		3.75%	4.75%	7.85%
Prepayment fee (as a percentage)				2.00%
Debt amount				$ 6,000
Number of months of interest only payment		16 months	12 months	16 months
Number of months of equal principal payments plus accrued interest				30 months
2019 Credit Facility - Term Loan \| Prime Rate
Debt
Interest rate, negative basis spread percentage				0.75%
Effective interest rate				3.75%

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt
Net carrying value of debt, Current Portion	$ 4,277	$ 4,242
Net carrying value of debt, Long-term debt	3,199	3,748
2019 Credit Facility
Debt
Debt, Current Portion	4,400	4,400
Less: Debt issuance costs, Current Portion	(123)	(158)
Net carrying value of debt, Current Portion	4,277	4,242
Debt, including end of term fee, Long-term debt	3,420	4,020
Less: Unamortized debt discounts, Long-term debt	(221)	(272)
Net carrying value of debt, Long-term debt	3,199	3,748
Total principal repayments	7,820	8,420
Less: Discount attributable to warrants, end of term fee and debt issuance costs, Total	(344)	(430)
Net carrying value of debt, Total	$ 7,476	$ 7,990

Debt - Summary of Principal Repayments of 2019 Credit Facility (Details) - 2019 Credit Facility - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt
2021	$ 3,800
2022	2,400
2023	1,620
Total principal repayments	$ 7,820	$ 8,420

Stockholders' Equity - (Details) - At-the-Market Sales Agreement - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2019	Mar. 31, 2020
Common stock reserved
Maximum amount of shares for offering	$ 25.0
Maximum commission percentage	3.00%
Net proceeds		$ 2.1
Number of shares sold		468,427

Stock-Based Compensation - Summary of Options and Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Stock-based compensation
Options and Awards Available for Grant, Outstanding, Beginning balance	179,219
Options and Awards Available for Grant, Options authorized	570,946
Options and Awards Available for Grant, RSUs granted	(236,605)
Options Available for Grant, RSUs cancelled/forfeited	31,626
Options and Awards Available for Grant, Options granted	(39,500)
Options and Awards Available for Grant, Options cancelled/forfeited	134,857
Options and Awards Available for Grant, Outstanding, Ending balance	640,543	179,219
Number of Options, Outstanding, Beginning balance	2,272,905
Number of Options, Options granted	39,500
Number of Options, Options exercised	(54,077)
Number of Options, Options cancelled/forfeited	(136,432)
Number of Options, Outstanding, Ending balance	2,121,896	2,272,905
Number of Options, exercisable	1,288,863
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance	$ 5.58
Weighted - Average Exercise Price Per Share, Options granted	5.52
Weighted - Average Exercise Price Per Share, Options exercised	2.66
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited	3.96
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance	5.75	$ 5.58
Weighted - Average Exercise Price Per Share, Options exercisable	$ 6.81
Weighted - Average Remaining Contractual Life, Options outstanding	6 years 1 month 6 days	7 years 10 months 24 days
Weighted - Average Remaining Contractual Life, Options exercisable	4 years 6 months
Aggregate Intrinsic Value, Options outstanding	$ 2,359	$ 1,640
Aggregate Intrinsic Value, Options exercised	194
Aggregate Intrinsic Value, Options exercisable	$ 586

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation
Total grant date fair value of options vested		$ 312	$ 799
Shares available for future issuance (in shares)		640,543		179,219
Value of share issued		$ 364	$ 315
Weighted-average exercise price (per share)		$ 5.75		$ 5.58
Number of stock options granted (in shares)		39,500
Options remained outstanding		2,121,896		2,272,905
Employees
Share-based Compensation
Weighted-average grant date fair value of options granted		$ 3.53	$ 1.52
2016 Employee Stock Purchase Plan
Share-based Compensation
Increase in number of shares reserved for issuance (in shares)	190,315
Shares available for future issuance (in shares)		717,181

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense \| $	$ 2.0
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 8 months 12 days
Restricted stock units
Number of Restricted Stock Units
Balance, beginning of period \| shares	416,742
Granted \| shares	236,605
Vested \| shares	(136,709)
Cancelled/forfeited \| shares	(31,626)
Balance, end of period \| shares	485,012
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) \| $ / shares	$ 4.89
Granted (price per share) \| $ / shares	5.71
Vested (price per share) \| $ / shares	5.16
Cancelled/forfeited (price per share) \| $ / shares	4.12
Balance, end of period (price per share) \| $ / shares	$ 5.26
2016 Employee Incentive Plan \| Restricted stock units
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense \| $	$ 1.7
Unrecognized compensation expense, weighted-average period expected to be recognized	1 year 6 months

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 2.0
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 8 months 12 days

Significant Agreements (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		31 Months Ended
Significant Agreements (Details) - USD ($) $ in Thousands	Oct. 17, 2014	Sep. 30, 2018	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021
Joint development agreement
Project costs			$ 2,439	$ 3,030
Revenue			10,280	$ 10,108
Common Stock
Joint development agreement
Number of shares sold				468,427
Royalties
Joint development agreement
Revenue			966	$ 408
Joint Development Agreement \| Global Foundries, Inc.
Joint development agreement
Period of possession of exclusive right to manufacture after qualification of device	3 years
Period of possession of exclusive right to manufacture after completion of device development work	4 years
Project costs			0	$ 0
Collaborative Agreement \| Silterra
Joint development agreement
Non-recurring engineering cost obligation		$ 1,000
JCA costs			$ 0		$ 600

Net Loss Per Common Share - Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	2,656,244	2,791,863
Options to purchase common stock
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	2,121,896	2,437,124
Restricted stock units
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	485,012	326,903
Common stock warrants \| Common stock subject to repurchase
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	49,336	27,836