0001558370-22-003158 | 10-K | XBRL Viewer | Everspin Technologies INC

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 21,409	$ 14,599
Accounts receivable, net	8,193	7,607
Inventory	6,396	5,721
Prepaid expenses and other current assets	762	270
Total current assets	36,760	28,197
Property and equipment, net	973	1,946
Right-of-use assets	913	2,313
Other assets	734	73
Total assets	39,380	32,529
Current liabilities:
Accounts payable	1,776	2,224
Accrued liabilities	3,579	2,232
Deferred revenue	832
Current portion of long-term debt	3,370	4,242
Operating lease liabilities	724	1,508
Other liabilities	50	31
Total current liabilities	10,331	10,237
Long-term debt, net of current portion	1,529	3,748
Operating lease liabilities, net of current portion	68	903
Long-term income tax liability	214	229
Total liabilities	12,142	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 December 31, 2021 and December 31, 2020
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 19,858,460 and 19,031,556 shares issued and outstanding as of December 31, 2021 and 2020	2	2
Additional paid-in capital	180,067	174,584
Accumulated deficit	(152,831)	(157,174)
Total stockholders' equity	27,238	17,412
Total liabilities and stockholders' equity	$ 39,380	$ 32,529

Balance Sheets (Parenthetical) - $ / shares	Dec. 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	19,858,460	19,031,556
Common stock, shares outstanding	19,858,460	19,031,556

Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 55,146	$ 42,031
Total cost of sales	22,074	23,942
Gross profit	33,072	18,089
Operating expenses:
Research and development	12,628	10,896
General and administrative	10,949	10,773
Sales and marketing	4,460	3,983
Total operating expenses	28,037	25,652
Income (loss) from operations	5,035	(7,563)
Interest expense	(547)	(665)
Other expense, net	(141)	(24)
Net income (loss) before income taxes	4,347	(8,252)
Income tax expense	(4)	(260)
Net income (loss) and comprehensive income (loss)	$ 4,343	$ (8,512)
Net income (loss) per share attributable to common share, basic	$ 0.22	$ (0.45)
Net income (loss) per common share, diluted	$ 0.22	$ (0.45)
Weighted average common shares used to compute net income (loss) per common share attributable to common stockholders, basic	19,400,124	18,782,287
Weighted average common shares used to compute net income (loss) per common share attributable to common stockholders, diluted	19,972,145	18,782,287
Product sales
Total revenue	$ 43,931	$ 39,848
Total cost of sales	21,045	23,746
Product Non Affiliate Member
Total revenue	43,931	39,848
Licensing, royalty, patent and other revenue
Total revenue	11,215	2,183
Total cost of sales	$ 1,029	$ 196

Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 3,227	$ 3,968
Research and Development [Member]
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	1,280	903
General and Administrative [Member]
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	1,465	2,710
Sales and Marketing [Member]
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 482	$ 355

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		1,595		1,595
Issuance of common stock under stock incentive plans (in shares)	481,376
Stock-based compensation expense		3,604		3,604
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
Issuance of warrant		152		152
Net income (loss)			(8,512)	(8,512)
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 (in shares)				321,694
Issuance of common stock under stock incentive plans		2,256		$ 2,256
Issuance of common stock under stock incentive plans (in shares)	805,441
Stock-based compensation expense		3,227		3,227
Exercise of warrants (in shares)	21,463
Net income (loss)			4,343	4,343
Balance at Dec. 31, 2021	$ 2	$ 180,067	$ (152,831)	$ 27,238
Balance (in shares) at Dec. 31, 2021	19,858,460

Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statement of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 4,343	$ (8,512)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,455	1,982
Loss on disposal of property and equipment		30
Stock-based compensation	3,227	3,968
Non-cash warrant revaluation	19	(2)
Non-cash interest expense	319	323
Changes in operating assets and liabilities:
Accounts receivable	(586)	(1,808)
Inventory	(675)	2,142
Prepaid expenses and other current assets	(492)	269
Other assets	11
Accounts payable	(571)	(820)
Accrued liabilities	1,696	(303)
Deferred revenue	832
Lease liabilities	(219)	(192)
Net cash provided by (used in) operating activities	9,359	(2,923)
Cash flows from investing activities
Purchases of property and equipment	(1,030)	(320)
Net cash used in investing activities	(1,030)	(320)
Cash flows from financing activities
Payments on long-term debt	(3,400)
Payments of debt issuance costs	(11)
Payments on finance lease obligation		(9)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	1,892	1,280
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	(1,519)	3,355
Net decrease in cash and cash equivalents	6,810	112
Cash and cash equivalents at beginning of period	14,599	14,487
Cash and cash equivalents at end of period	21,409	14,599
Supplementary cash flow information:
Interest paid	228	342
Operating cash flows paid for operating leases	1,603	1,736
Financing cash flows paid for finance leases		9
Non-cash investing and financing activities:
Increase of right-of-use asset and lease liability due to lease modification		545
Purchases of property and equipment in accounts payable and accrued liabilities	340	216
Bonus settled in shares of common stock	$ 364	315
Issuance of warrant with debt		$ 152

Organization and Operations

12 Months Ended

Dec. 31, 2021

Organization and Operations

Organization and Operations

1. Organization and Operations

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 key markets, such as industrial, medical, automotive/transportation, aerospace, and data center, to design high performance, power-efficient and reliable systems without the need for bulky batteries or capacitors.

Ability to continue as a going concern

The Company believes that its existing cash and cash equivalents as of December 31, 2021, coupled with its anticipated growth and sales levels and availability under its credit facility, will be sufficient to meet its anticipated cash requirements for at least the next 12 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

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of the 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 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 net realizable value, 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.

Segments

The Company’s chief operating decision maker is its Interim Chief Executive Officer who reviews financial information for purposes of allocating resources and evaluating financial performance for the entire Company. As a result, the Company has single operating and reportable segment.

Cash and Cash Equivalents

The Company considers all highly liquid, short-term investments with maturity dates of 90 days or less at the date of purchase to be cash equivalents. The Company’s cash equivalents consist solely of money market funds.

Accounts Receivable, Net

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company generally does not require collateral or other security in support of accounts receivable. Allowances would be provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results or change in financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. The Company also considers a number of factors in evaluating the sufficiency of its allowance for doubtful accounts, including the length of time receivables are past due, significant one-time events, creditworthiness of customers and

historical experience. Account balances would be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s evaluation determined that no material allowance for doubtful accounts was necessary at December 31, 2021 and 2020.

The unbilled accounts receivable is an estimate of consideration to which the Company expects to be entitled for uses of the Company’s intellectual property. Certain customers report on a lagged basis and actual information is not available timely. The estimates recorded are based on historical trends in the customer’s usage and current market conditions. At December 31, 2021 and 2020, the unbilled accounts receivable balance was $450,000 and $255,000, respectively.

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 from time to time may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions. At December 31, 2021 and 2020, the allowance for product returns and price adjustments was $397,000 and $238,000, respectively.

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


	December 31,
	2021		2020
Trade accounts receivable	$	8,140	$	7,590
Unbilled accounts receivable		450		255
Allowance for product returns and price adjustments		(397)		(238)
Accounts receivable, net	$	8,193	$	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
		Year Ended December 31,				December 31,
Customers		2021		2020		2021		2020
Customer A	%	*	%	29	%	*	%	29	%
Customer B	%	22	%	11	%	54	%	25	%

*	Less than 10%

Inventory

Inventory is valued at the lower of cost, using the first-in, first-out or net realizable value. The carrying value of inventory is adjusted for excess and obsolescence based on the Company’s evaluation which takes into consideration historical and expected future demand, the effect new products may have on the sale of existing products, technological obsolescence, and other factors including inventory age and shipment. At the point of loss recognition, a new lower cost

basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that new cost basis.

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.

The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. As of December 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. Where quoted prices are available in an active market, securities are classified as Level 1. 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 2019 Credit Facility (as defined in Note 6). The change in the fair value of the warrant liability during the year ended December 31, 2021 was immaterial.

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):


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	21,508	$	—	$	—	$	21,508
Total assets measured at fair value	$	21,508	$	—	$	—	$	21,508

Liabilities:
Warrant liability	$	—	$	—	$	50	$	50
Total liabilities measured at fair value	$	—	$	—	$	50	$	50


	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

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives of the assets:


	Useful Lives
Computer and network equipment		2 years
Manufacturing equipment		2 – 7 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		2 years (not to exceed the lease life)

Costs incurred to develop software for internal use during the application development phase are capitalized and amortized over such software’s estimated useful life. Costs related to the design or maintenance of internal-use software are included in operating expenses as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations. Amortization expense of assets acquired through finance leases is included in the statements of operations and comprehensive income (loss).

Impairment of Long-lived Assets

The Company evaluates its long-lived assets, including property and equipment, at the asset group level, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If such events or changes in circumstances occur, for purposes of this assessment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by comparison of the carrying amount of each asset group to the future undiscounted cash flows the asset group is expected to generate over its remaining life. If the asset group is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. There have been no impairments of the Company’s long-lived assets during either of the periods presented.

Leases

The Company leases office, lab, manufacturing space and equipment in various locations with initial lease terms of up to seven years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. The terms of these leases also include renewal options at the election of the Company to renew or extend the lease for a range of an additional two to five years. These optional periods have not been considered in the determination of the right-of-use-assets (ROU) or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options.

The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The classification of the Company’s leases as operating or finance leases along with the initial measurement and recognition of the associated ROU assets and lease liabilities is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of future lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at commencement date, to determine the present value of lease payments when its leases do not provide an implicit rate. The Company uses the implicit rate when readily determinable. The ROU asset is based on the measurement of the lease liability, includes any lease payments made prior to or on lease commencement and excludes lease incentives and initial direct costs incurred, as applicable. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. Amortization expense for ROU assets associated with finance leases is recognized on a straight-line basis over the shorter of the useful life of the asset or the lease term and interest expense associated with finance leases is recognized on the balance of the lease liability using the effective interest method based on the estimated incremental borrowing rate.

The Company has lease agreements with lease and non-lease components. The Company has elected to not separate lease and non-lease components for any leases involving real estate and office equipment classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has elected to separate lease and non-lease components for any leases involving manufacturing facility classes of assets. Further, the Company elected the short-term lease exception policy, permitting it to not apply the recognition requirements of this standard to leases with terms of 12 months or less (short-term leases) for all classes of assets. As of December 31, 2021, the Company did not have any short-term leases.

Operating leases are included in right-of-use assets, operating lease liabilities, and operating lease liabilities, net of current portion in the Company’s balance sheet. Finance leases are included in property and equipment, net, other liabilities, and other long-term liabilities in the Company’s balance sheet.

Debt Issuance Costs

The Company defers and amortizes issuance costs, underwriting fees, end of term payments, and related expenses incurred in connection with the issuance of debt instruments using the effective interest method over the terms of the respective instruments. Debt issuance costs are reflected as a direct reduction of the carrying amount of the related debt liability.

Revenue Recognition

The Company recognizes revenue when a customer obtains control of the promised products or services, in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is recognized net of allowances for returns and price adjustments, and any taxes imposed on specific revenue-producing transactions, which are subsequently remitted to governmental authorities.

Nature of Products and Services

The Company’s revenue is derived from the sale of MRAM-based products in discrete unit form, licenses of and royalties on its MRAM and magnetic sensor technology, the sale of backend foundry services and design services to third parties. Sales of products in discrete unit form are recognized at a point in time, revenue related to licensing agreements is recognized when the Company has delivered control of the technology, revenue related to royalty agreements is recognized in the period in which sales generated from products sold using the Company’s technology occurs, sales of backend foundry services are recognized over time, and design services to third parties are recognized either at a point in time or over time, depending on the nature of the services.

Product Revenue

For products sold in their discrete form, the Company either sells its products directly to original equipment manufacturers (OEMs), original design manufacturers (ODMs) and contract manufacturers (CMs), or through a network of distributors, who in turn sell to those customers. For sales directly to OEMs, ODMs and CMs, revenue is recognized when the OEM, ODM or CM obtains control of the product, which occurs at a point in time, generally upon shipment to the customer. Contracts for sales of products are generally less than one year.

The Company sells a majority of its products to their distributors at a uniform list price. However, distributors may resell products to end customers at a very broad range of individually negotiated price points. From time to time, the Company may provide distributors with price adjustments subsequent to the delivery of product to them and such amounts are dependent on the end customer and product sales price. Price adjustments can be based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. Price protection rights grant distributors the right to a credit in the event of declines in the price of the Company’s products. Under these circumstances, the Company remits back to the distributor a portion of their original purchase price after the resale transaction is completed in the form of a credit against the distributors’ outstanding accounts receivable balance. The credits are on a per unit basis and are not given to the distributor until the distributor provides information regarding the sale to their end customer. The Company estimates these credits and record such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of an allowance for price adjustments for amounts due to distributors. The Company estimates credits to distributors based on the historical rate of

credits provided to distributors relative to sales and evaluation of current market conditions. Revenue on shipments to distributors is recorded when control of the products has been transferred to the distributor.

The Company estimates the amount of our product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates its product return liability by analyzing its historical returns, current economic trends and changes in customer demand and acceptance of products. The Company has received insignificant returns to date and believes that returns of its products will continue to be minimal.

Upon the transfer of control, generally at shipment, the Company records a trade receivable for the selling price as there is a legally enforceable obligation of the distributor to pay for the product delivered, an allowance is recorded for the estimated discount that will be provided to the distributor, and the net of these amounts is recorded as revenue on the statement of operations.

License Revenue

For licenses of technology, recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance obligations under the contract. In some instances, the license agreements call for future events or activities to occur in order for milestones amounts to become due from the customer. The terms of such agreements include payment to the Company of one or more of the following: non-refundable upfront fees; and royalties on net sales of licensed products. Historically, these license agreements have not included other future performance obligations for the Company once the license has been transferred to the customer.

Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations.

The Company also entered into a contractual agreement with a customer in 2021 for the development of a RAD-Hard product, consisting of a technology license, a design license agreement and development contract. The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied.

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 is recognizing revenue related to the performance obligations over time using the input method based on costs incurred to date relative to the total expected costs of the contract over the performance obligation period.

Patents

In an effort to monetize on its intellectual property, the Company may sell patents to customers. The performance obligations are satisfied at the point in time at which the customer obtains control of the patents.

Royalties

Revenue from sales-based royalties from licenses of the Company’s technology are recognized at the later of when (1) the sale occurs or (2) the performance obligation to which some or all of the sales-based royalty has been allocated is satisfied (in whole or in part). The Company will record an unbilled receivable (within accounts receivable, net) for the portion of sales-based royalties that have been earned, but not invoiced at the end of each reporting period.

Other Revenue

For certain revenue streams, the Company recognizes revenue based on the pattern of transfer of the services. The Company uses the input method of measuring costs incurred to date compared to total estimated costs to be incurred under the contract as this method most faithfully depicts its performance. The Company will record an unbilled receivable (within accounts receivable, net) for the portion of the work that has been completed but not invoiced at the end of each reporting period.

At the inception of each agreement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price by using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Product Warranty

The Company generally sells products with a limited warranty of product quality and a limited indemnification of customers against intellectual property infringement claims related to the Company’s products. The Company accrues for known warranty and indemnification issues if a loss is probable and can be reasonably estimated and accrues for estimated losses incurred for unidentified issues based on historical experience. A warranty liability was not recorded at December 31, 2021 and 2020, as the estimated future warranty costs were not material based on the Company’s historical experience.

Research and Development

Research and development expenses are incurred in support of internal development programs or as part of the Company’s joint development agreement with GLOBALFOUNDRIES and joint collaboration agreement with Silterra Malaysia Sdn. Bhd. (see Note 10). Research and development expenses include personnel-related costs (including stock-based compensation), circuit design costs, purchases of materials and laboratory supplies, fabrication and packaging of experimental integrated circuit products, depreciation of research and development related capital equipment and overhead and are expensed as incurred.

Stock-based Compensation

Stock-based compensation arrangements include stock option grants and restricted stock unit (RSU) awards under the Company’s equity incentive plans, as well as shares issued under the Company’s Employee Stock Purchase Plan (ESPP), through which employees may purchase the Company’s common stock at a discount to the market price.

The Company measures its stock option grants based on the estimated fair value of the options as of the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense is recognized over the requisite service period using the straight-line method. The Company accounts for forfeitures as they occur.

Expected volatility. The Company determines the expected stock price volatility based on the historical volatility of its common stock and the historical volatilities of a peer group. Industry peers consist of several public companies in the technology industry similar in size, stage of life cycle and financial leverage. If circumstances change such that the identified companies are no longer similar, the Company will revise its peer group to substitute more suitable companies in this calculation.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant.

Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. The Company used the simplified method to determine the expected term, which is calculated as the average of the time to vesting and the contractual life of the options.

Dividend yield. The Company has never paid dividends on its common stock and is prohibited from paying dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.

Net Income (Loss) per Common Share

Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period less shares subject to repurchase, without consideration of potentially dilutive securities. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding in addition to the potential impact of dilutive securities including restricted stock units, warrants, and options. In periods with a net loss, diluted net loss per common share is the same as basic net loss per common share since the effect of potentially dilutive securities is anti-dilutive.

Recently Adopted Accounting Pronouncements

The Company adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes in the year ended December 31, 2021. The adoption of this standard did not have a material impact on the financial statements.

Recently Issued Pronouncements

In June 2016, the Financial Accounting Standards Board (FASB) issued 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 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). ASU No. 2019-04 provides narrow-scope amendments to help apply ASU No. 2016-13, and is effective with the adoption of ASU No. 2016-13. The Company is evaluating the impact of the adoption of ASU 2016-13 and ASU No. 2019-04 on its financial statements.

Subsequent Events

The Company evaluated events after December 31, 2021, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue.

Revenue

3. Revenue

The Company sells products to its distributors and OEMs. The Company also recognizes revenue under licensing, patent, and royalty agreements with some customers. The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Year Ended December 31,
	2021		2020
Distributor	$	36,479	$	26,027
Non-distributor		18,667		16,004
Total revenue	$	55,146	$	42,031

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


	Year Ended December 31,
	2021		2020
Point in time	$	51,204	$	40,846
Over time		3,942		1,185
Total revenue	$	55,146	$	42,031

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


	Year Ended December 31,
	2021		2020
Product sales	$	43,931	$	39,848
Royalties		2,021		998
Patents		5,250		—
Other revenue		3,944		1,185
Total revenue	$	55,146	$	42,031

In September 2021, the Company entered into an intellectual property monetization deal to sell five patents to a customer for a total contract value of $5.25 million. Two of the patents were assigned to the customer in September 2021, and the remaining three patents were assigned to the customer in October 2021. Control is transferred when the patents are assigned to the customer. As a result, all $5.25 million of patent revenue was recognized during the year ended December 31, 2021, related to the patent sales.

The Company licenses its intellectual property and is entitled to consideration based on the customer’s sales. The Company makes estimates in instances when the customer reports sales on a lagged basis and actual information is not available timely. The estimates are based on historical trends in the customer’s activity and current market conditions. In the year ended December 31, 2021 the Company recognized $0.8 million of royalty revenue related to activity occurring in the year ended December 31, 2020. This is a change in estimate and is based on actual information received from the customer. The amounts are reported in licensing, royalty, patent and other revenue in the statements of operations and comprehensive income (loss).

The Company recognizes revenue in three geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). We recognize revenue by geography based on the region in which our products are sold, and not to where the end products in which they are assembled are shipped. Our revenue by region for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2021		2020
APAC	$	32,327	$	29,480
North America		15,813		9,253
EMEA		7,006		3,298
Total revenue	$	55,146	$	42,031

- 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
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

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+ Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Balance Sheet Components

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):


	December 31,
	2021		2020
Raw materials	$	464	$	329
Work-in-process		4,620		4,910
Finished goods		1,312		482
Total inventory	$	6,396	$	5,721

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2021		2020
Manufacturing equipment	$	12,608	$	12,296
Computer and network equipment		1,008		917
Furniture and fixtures		187		112
Software		929		925
Leasehold improvements		1,444		1,444
Total property and equipment, gross		16,176		15,694
Less: accumulated depreciation		(15,203)		(13,748)
Total property and equipment, net	$	973	$	1,946

Depreciation and amortization expense during the years ended December 31, 2021 and 2020 was $1.5 million and $2.0 million, respectively.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Payroll-related expenses	$	2,845	$	1,274
Inventory		177		416
Other		557		542
Total accrued liabilities	$	3,579	$	2,232

Deferred Revenue

During the year ended December 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 recognizes revenue related to the performance obligations over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the second quarter of 2021 over the performance obligation period. This method depicts performance under the contract and requires the Company to make estimates about the future costs expected to be incurred to perform under the contact, including labor and material costs.

For the year ended December 31, 2021, the Company has billed $4.1 million for the performance under the contractual agreements. Under the input method of recognition, the Company has recognized $3.3 million in revenue for the year ending December 31, 2021. As a result, the Company has recorded $0.8 million in deferred revenue as of December 31, 2021. The Company expects to recognize the remaining $3.2 million of the transaction price as services are performed throughout the contractual period and performance is expected to be complete in the year ended December 31, 2024.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

5. Commitments and Contingencies

Leases

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


As of December 31, 2021	Amount
2022	$	746
2023		68
Thereafter		—
Total lease payments		814
Less: imputed interest		(22)
Total operating lease liabilities		792
Less: current portion of operating lease liabilities		(724)
Total operating lease liabilities, net of current portion	$	68

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


	December 31,
	2021		2020
Weighted-average remaining lease term (years)	1.08		1.74
Weighted-average discount rate	6.00	%	6.00	%

Lease costs for the Company’s operating leases were $1.5 million for both the years ended December 31, 2021 and 2020, respectively. Variable lease payments for operating leases were immaterial for the years ended December 31, 2021 and 2020. Lease costs for the Company’s finance lease were immaterial for the years ended December 31, 2021 and 2020.

Subsequent to December 31, 2021, the Company’s office space lease in Chandler, Arizona and design facility lease in Austin, Texas expired. Both leases expired in January 2022 and were replaced with new leases expiring at various dates through 2029. The Company signed the new leases in 2021 and the leases commenced in January and February 2022. The Company’s lease liability and right-of-use assets will be recognized when the leases commence, and the underlying assets are available for use, which was during the first quarter of 2022. The undiscounted future non-cancellable lease payments under these two operating leases are as follows (in thousands):


As of December 31, 2021	Amount
2022	$	531
2023		579
2024		594
2025		610
2026		626
Thereafter		964
Total	$	3,904

Legal Proceedings

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. Management is currently not aware of any matters that it expects will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Debt

12 Months Ended

Dec. 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).

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 the 2019 Term Loan and the Line of Credit were reduced from 4.75% and 6.75% to 3.75% and 4.75%, respectively.

The amended Line of Credit 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 December 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. Currently, $4.0 million remains available under the Line of Credit, subject to borrowing base availability. As of December 31, 2021, the effective interest rate under the Line of Credit was 10.18% and the outstanding balance was $1.0 million. The Line of Credit was set to mature on August 5, 2021. The second amendment, entered into on July 28, 2021, extended the maturity date of the Line of Credit to August 5, 2022.

The amended 2019 Term Loan provides for a $6.0 million term loan. 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 December 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 December 31, 2021, the effective interest rate under the 2019 Term Loan was 7.85% and the outstanding balance was $4.0 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 statements of operations and comprehensive income (loss). The Company recognized an expense of $19,000 and income of $2,000 for years ended 2021 and 2020, respectively, related to the change in fair value of the warrant within other (expense) income, net in the statements of operations and comprehensive income (loss).

Additionally, in conjunction with entering into the first amendment to the 2019 Credit Facility, on July 15, 2020, the Company issued an additional warrant to SVB to purchase 21,500 shares of its common stock at an exercise price of $0.01 per share, which was to expire on July 15, 2025. The warrant was classified as equity and was recorded as a debt discount that was 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.

On July 22, 2021, SVB elected to exercise the warrant associated with the first amendment to the 2019 Credit Facility, which resulted in a net cashless exercise of the warrant and the issuance of 21,463 shares of the Company’s common stock.

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 December 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 2019 Term Loan. As of December 31, 2021, management does not believe that it is probable that the clause will be triggered within the next 12 months, and therefore the 2019 Term Loan is classified as long-term debt.

The amortization of the debt issuance costs and accretion of the debt discount is included in interest expense within the statements of operations and comprehensive income (loss) and included in non-cash interest expense within the statement of cash flows.

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


	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	3,400	$	1,620	$	5,020
Unamortized debt discounts		(30)		(91)		(121)
Net carrying value	$	3,370	$	1,529	$	4,899

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 as of December 31, 2021 (in thousands):



	Principal Repayment as of December 31, 2021
2022		3,400
2023		1,620
Total principal repayments	$	5,020

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Stockholders' Equity

7. Stockholders’ Equity

Common Stock

Common stockholders are entitled to dividends if and when declared by the board of directors. As of December 31, 2021, no dividends on common stock had been declared by the board of directors.

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 2019 Sales Agreement. During the year ended December 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.

Reserved Shares of Common Stock

The Company had reserved shares of common stock for future issuance as follows:


	December 31,
	2021	2020
Options issued and outstanding	1,783,298	2,272,905
Shares available for future option grants	1,038,956	179,219
RSUs subject to future vesting	384,307	416,742
Common stock warrants	27,836	49,336
Total	3,234,397	2,918,202

Warrants

In connection with the Company’s credit facility, the Company has issued warrants to Silicon Valley Bank. For more details see Note 6 to the financial statements.

In connection with the Company’s prior credit facility with Ares Venture Finance entered into in June 2015, the Company issued Ares Venture Finance a warrant to purchase 18,461 shares of the Company’s common stock at an exercise price of $26.00 per share. The warrant can be exercised at any time and expires on June 5, 2025.

- Definition

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

+ References

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

2016 Employee Incentive Plan

The Company’s board of directors adopted the 2016 Equity Incentive Plan (the 2016 Plan) on April 25, 2016, which was subsequently approved on September 20, 2016 by the Company’s stockholders. The 2016 Plan became effective on October 7, 2016, the date the Company’s S-8 registration statement relating to the 2016 Plan was declared effective by the SEC.

The Company’s 2016 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity compensation to employees, directors, and consultants. In addition, the Company’s 2016 Plan provides for the grant of performance cash awards to employees, directors, and consultants.

The maximum number of shares of common stock that may be issued under the Company’s 2016 Plan was initially 500,000 subject to an automatic increase on January 1 of each year, beginning on January 1, 2017, and continuing through and including January 1, 2026, by 3% of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors. On May 20, 2021, the Company’s stockholders approved an amendment to the 2016 Plan to increase the total number of authorized shares of common stock available for grant thereunder by an additional 550,000 shares. At December 31, 2021, of the 3,206,561 shares of common stock reserved and available for grant under the 2016 Plan, 1,038,956 shares of common stock remain available for grant under the 2016 Plan.

2008 Employee Incentive Plan

The 2008 Equity Incentive Plan (the 2008 Plan) provided for the issuance of incentive stock options (ISO), nonqualified stock options, and other stock compensation awards.

Due to the adoption of the 2016 Plan, no further grants will be made under the Company’s 2008 Plan. However, any outstanding stock awards granted under the 2008 Plan will remain outstanding, subject to the terms of the Company’s 2008 Plan and the applicable stock award agreements, until such outstanding stock awards that are stock options are exercised or until they terminate or expire by their terms, or until such stock awards are fully settled, terminated, or forfeited. At December 31, 2021, 79,910 options under the 2008 Plan remained outstanding.

Summary of Stock Option Activity

The following table summarizes the stock option and award activity for all grants under the 2008 Plan and 2016 Plan:


		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	1,120,946
RSUs granted	(522,814)
RSUs cancelled/forfeited	135,909
Options granted	(788,441)	766,978	$	5.63
Options exercised	—	(321,694)	$	5.15		$	1,783
Options cancelled/forfeited	914,137	(934,891)	$	6.47
Balance—December 31, 2021	1,038,956	1,783,298	$	5.21	8.0	$	10,891
Options exercisable—December 31, 2021		609,459	$	5.77	6.3	$	3,400

During the years ended December 31, 2021 and 2020, the Company granted options with a weighted-average grant date fair value of $3.60 and $1.81 per share, respectively.

The total fair value of options vested during the year was $0.9 million and $2.2 million, for the years ended December 31, 2021, and 2020, respectively.

2016 Employee Stock Purchase Plan

The Company’s board of directors adopted the 2016 Employee Stock Purchase Plan (the ESPP) on April 25, 2016, which was subsequently approved on September 20, 2016 by the Company’s stockholders. The Company had 652,771 shares available for issuance under the Company’s ESPP as of December 31, 2021. Employees purchased 64,407 shares for $236,000 during the year ended December 31, 2021 and 49,951 shares for $112,000 during the year ended December 31, 2020.

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine fair value of the Company’s common shares issued under the ESPP:


	Year Ended
	December 31,
	2021		2020
Expected volatility	40.7 - 100.7	%	44.7 - 100.7	%
Risk-free interest rate	0.05 - 0.13	%	0.12 - 1.68	%
Expected term (in years)	0.5 - 1.0		0.5 - 1.0
Dividend yield	—	%	—	%

Restricted Stock Units

In September 2017, the Company’s board of directors authorized the issuance of restricted stock units (RSUs), under the 2016 Plan and adopted a form of Restricted Stock Unit Award Agreement, which is intended to serve as a standard form agreement for RSU grants issued to employees, executive officers, directors, and consultants. The fair value of the RSUs is recognized as expense ratably over the vesting period, as determined by the board of directors on the date of grant.

The following table summarizes RSU activity for the year ended December 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	522,814	$	5.52
Vested	(419,340)	$	5.61
Cancelled/forfeited	(135,909)	$	4.77
Balance—December 31, 2021	384,307	$	5.00

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 December 31, 2021, there was $1.4 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.3 years.

Stock-based Compensation Expense

As of December 31, 2021, there was $3.2 million of total unrecognized compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 2.8 years. Compensation cost capitalized within inventory at December 31, 2021 and 2020 was not material.

The Company estimated the fair value of each option grant using the Black-Scholes option-pricing model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the assumptions below.


	Year Ended
	December 31,
	2021		2020
Expected volatility	72.6 - 74.1	%	74.4 - 79.3	%
Risk-free interest rate	0.62 - 1.30	%	0.22 - 1.63	%
Expected term (in years)	5.9 - 6.1		6.07 - 6.08
Dividend yield	—	%	—	%

401 (k) Plan

12 Months Ended

Dec. 31, 2021

401 (k) Plan

401 (k) Plan

9. 401(k) Plan

The Company has a defined contribution employee benefit plan pursuant to Section 401(k) of the Internal Revenue Code. The plan allows eligible employees to defer a portion of their annual compensation up to certain statutory limits. At the election of the Board of Directors, the Company may elect to match employee contributions but has not done so to date.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Significant Agreements

12 Months Ended

Dec. 31, 2021

Significant Agreements

Significant Agreements

10. 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 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.

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 was intended to create additional manufacturing capacity for the Company’s Toggle MRAM products. The Company had previously anticipated initial production starting in 2020, which was subsequently delayed. Under the JCA, the Company was required to pay non-recurring engineering costs of $1.0 million. As of December 31, 2021, the Company has paid $600,000 of these JCA costs. On October 23, 2021, the Company executed a termination of the JCA. As a result, the Company does not expect to incur additional JCA costs. There were no JCA costs paid during the years ended December 31, 2021 and 2020. As a result of the JCA, Silterra Malaysia Sdn. Bhd., successfully became a second source for Toggle MRAM products to the Company.

Geographic Information

12 Months Ended

Dec. 31, 2021

Geographic Information

Geographic Information

11. Geographic Information

Property and equipment, net by country was as follows (in thousands):


	December 31,
	2021		2020
United States	$	825	$	1,415
Singapore		88		287
Other		60		244
	$	973	$	1,946

Revenue from customers is designated based on the geographic region or country to which the product is delivered or the licensee is located. Revenue by country was as follows (in thousands):


	Year Ended December 31,
	2021		2020
Hong Kong	$	17,403	$	18,258
United States		15,662		5,743
Japan		7,315		5,403
Canada		3,797		3,423
China		2,731		2,403
All other		8,238		6,801
Total revenue	$	55,146	$	42,031

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

12. Income Taxes

For the years ended December 31, 2021 and 2020, the Company’s provision for income tax consisted of:


	Year Ended December 31,
	2021		2020
Current:
Federal	$	—	$	—
State		4		—
Foreign		—		260
Total Current	$	4	$	260

Deferred:
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total Deferred	$	—	$	—

Provision for income taxes	$	4	$	260

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2021		2020
Tax at statutory federal rate	21.0	%	(21.0)	%
State taxes, net of federal benefit	1.8		(1.5)
Stock-based compensation	4.7		5.4
Change in uncertain tax benefits	—		3.1
Change in valuation allowance	(27.5)		17.0
Other	0.1		—
Provision for income taxes	0.1	%	3.0	%

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	30,658	$	31,683
Inventory		278		147
Accruals		801		254
Depreciation and amortization		240		240
Limitation on business interest		—		268
Stock-based compensation		177		676
Right of use liability		206		549
Gross deferred tax assets		32,360		33,817
Valuation allowance		(32,047)		(33,265)
Deferred tax assets		313		552
Deferred tax liabilities:
Right of use asset		(209)		(527)
Other		(104)		(25)
Deferred tax liabilities		(313)		(552)
Net deferred tax assets	$	—	$	—

The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than not that some or all of its deferred tax assets will not be realized. Management must use judgment in assessing the potential need for a valuation allowance, which requires an evaluation of both negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. In determining the need for and amount of the valuation allowance, if any, the Company assesses the likelihood that it will be able to recover its deferred tax assets using historical levels of income, estimates of future income and tax planning strategies. As a result of historical cumulative losses, the Company determined that, based on all available evidence, there was substantial uncertainty as to whether it will recover recorded net deferred taxes in future periods. Accordingly, the Company recorded a valuation allowance against all of its net deferred tax assets as of December 31, 2021 and 2020. The net valuation allowance decreased by $1.2 million in 2021.

As of December 31, 2021, the Company has federal net operating loss carryforwards of approximately $136.0 million, of which $95.2 million will expire in 2028 through 2037 if not utilized, and $40.8 million that will carryover indefinitely. In addition, the Company has state net operating loss carryforwards of approximately $52.1 million, of which $49.3 million will expire in 2023 through 2041 if not utilized, and $2.8 million that will carryover indefinitely.

The Tax Reform Act of 1986 (the Act) provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes (as defined by the Act and codified under Section 382 of the U.S. Internal Revenue Code of 1986, as amended (the Code)) that could limit the Company’s ability to utilize these carryforwards. Further, a portion of the carryforwards may expire before utilized to reduce future income tax liabilities as a result of the annual limitation. The Company experienced an ownership change in October 2016 and as a result, $43.8 million ($9.2 million tax effected) of the federal NOLs are expected to expire unutilized due to limitation under

Section 382 of the Code. The NOLs expected to expire unutilized are included in the NOL carryforward amounts disclosed, subject to a valuation allowance.

The Company files income tax returns in the U.S. federal and various state jurisdictions. The Company is generally subject to U.S. federal and state income tax examination for all tax years beginning in 2008, due to the net operating losses that are carried forward.

A summary of changes in the Company’s gross unrecognized tax benefits for the years ended December 31, 2021 and 2020 was as follows (in thousands):


	Year Ended December 31,
	2021		2020
Unrecognized tax expense, beginning of the year	$	104	$	—
(Decrease)/increase related to prior year tax positions		(12)		91
Increase related to current year tax positions		13		13
Unrecognized tax expense, end of year	$	105	$	104

The total balance of unrecognized tax benefits as of December 31, 2021 would impact the effective tax rate, if recognized.

The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefit as a component of income tax expense. The Company has accrued penalties and interest of $155,000 and $156,000, as of December 31, 2021 and December 31, 2020, respectively.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2021

Net Income (Loss) Per Common Share

Net Loss Per Common Share

13. Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2021		2020
Numerator:
Net income (loss)	$	4,343	$	(8,512)
Denominator:
Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic		19,400,124		18,782,287
Net income (loss) per common share, basic	$	0.22	$	(0.45)


	Year Ended December 31,
	2021		2020
Numerator:
Net income (loss)	$	4,343	$	(8,512)
Denominator:
Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic		19,400,124		18,782,287
Effect of dilutive securities		572,021		—
Weighted-average common shares outstanding used to calculate net income (loss) per common share, diluted		19,972,145		18,782,287
Net income (loss) per common share, diluted	$	0.22	$	(0.45)

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


	Year Ended December 31,
	2021	2020
Options to purchase common stock	1,221,720	2,272,905
RSUs	9,815	416,742
Common stock warrants	27,836	49,336
Total	1,259,371	2,738,983

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Use of Estimates

Segments

Cash and Cash Equivalents

Accounts receivable, net

Accounts Receivable, Net

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


	December 31,
	2021		2020
Trade accounts receivable	$	8,140	$	7,590
Unbilled accounts receivable		450		255
Allowance for product returns and price adjustments		(397)		(238)
Accounts receivable, net	$	8,193	$	7,607

Concentration of Credit Risk


		Revenue				Accounts Receivable
		Year Ended December 31,				December 31,
Customers		2021		2020		2021		2020
Customer A	%	*	%	29	%	*	%	29	%
Customer B	%	22	%	11	%	54	%	25	%

*	Less than 10%

Inventory

basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that new cost basis.

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.

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):


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	21,508	$	—	$	—	$	21,508
Total assets measured at fair value	$	21,508	$	—	$	—	$	21,508

Liabilities:
Warrant liability	$	—	$	—	$	50	$	50
Total liabilities measured at fair value	$	—	$	—	$	50	$	50


	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

Property and Equipment


	Useful Lives
Computer and network equipment		2 years
Manufacturing equipment		2 – 7 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		2 years (not to exceed the lease life)

Impairment of Long-lived Assets

Leases

Debt Issuance Costs

Revenue Recognition

Nature of Products and Services

Product Revenue

License Revenue

Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations.

Patents

Royalties

Other Revenue

Product Warranty

Research and Development

Stock-based Compensation

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant.

Dividend yield. The Company has never paid dividends on its common stock and is prohibited from paying dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

Net Income (Loss) per Common Share

Recently Adopted Accounting Pronouncements and Recently Issued Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Pronouncements

Subsequent Events

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of accounts receivable net

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


	December 31,
	2021		2020
Trade accounts receivable	$	8,140	$	7,590
Unbilled accounts receivable		450		255
Allowance for product returns and price adjustments		(397)		(238)
Accounts receivable, net	$	8,193	$	7,607

Schedule of revenue and accounts receivable for each significant customer


		Revenue				Accounts Receivable
		Year Ended December 31,				December 31,
Customers		2021		2020		2021		2020
Customer A	%	*	%	29	%	*	%	29	%
Customer B	%	22	%	11	%	54	%	25	%

*	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):


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	21,508	$	—	$	—	$	21,508
Total assets measured at fair value	$	21,508	$	—	$	—	$	21,508

Liabilities:
Warrant liability	$	—	$	—	$	50	$	50
Total liabilities measured at fair value	$	—	$	—	$	50	$	50


	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

Schedule of estimated useful lives of the assets


	Useful Lives
Computer and network equipment		2 years
Manufacturing equipment		2 – 7 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		2 years (not to exceed the lease life)

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue.

Schedule of disaggregation of revenue

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


	Year Ended December 31,
	2021		2020
Distributor	$	36,479	$	26,027
Non-distributor		18,667		16,004
Total revenue	$	55,146	$	42,031

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


	Year Ended December 31,
	2021		2020
Point in time	$	51,204	$	40,846
Over time		3,942		1,185
Total revenue	$	55,146	$	42,031

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


	Year Ended December 31,
	2021		2020
Product sales	$	43,931	$	39,848
Royalties		2,021		998
Patents		5,250		—
Other revenue		3,944		1,185
Total revenue	$	55,146	$	42,031

Our revenue by region for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2021		2020
APAC	$	32,327	$	29,480
North America		15,813		9,253
EMEA		7,006		3,298
Total revenue	$	55,146	$	42,031

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Components

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,
	2021		2020
Raw materials	$	464	$	329
Work-in-process		4,620		4,910
Finished goods		1,312		482
Total inventory	$	6,396	$	5,721

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2021		2020
Manufacturing equipment	$	12,608	$	12,296
Computer and network equipment		1,008		917
Furniture and fixtures		187		112
Software		929		925
Leasehold improvements		1,444		1,444
Total property and equipment, gross		16,176		15,694
Less: accumulated depreciation		(15,203)		(13,748)
Total property and equipment, net	$	973	$	1,946

Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Payroll-related expenses	$	2,845	$	1,274
Inventory		177		416
Other		557		542
Total accrued liabilities	$	3,579	$	2,232

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of supplemental information


	December 31,
	2021		2020
Weighted-average remaining lease term (years)	1.08		1.74
Weighted-average discount rate	6.00	%	6.00	%

Chandler Arizona and Austin Texas leased space

Schedule of Undiscounted future non-cancellable lease payments

The undiscounted future non-cancellable lease payments under these two operating leases are as follows (in thousands):


As of December 31, 2021	Amount
2022	$	531
2023		579
2024		594
2025		610
2026		626
Thereafter		964
Total	$	3,904

Office and Lab Space

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 December 31, 2021	Amount
2022	$	746
2023		68
Thereafter		—
Total lease payments		814
Less: imputed interest		(22)
Total operating lease liabilities		792
Less: current portion of operating lease liabilities		(724)
Total operating lease liabilities, net of current portion	$	68

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt

Summary of debt

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


	Current		Long-Term
	Portion		Debt		Total
Credit Facility	$	3,400	$	1,620	$	5,020
Unamortized debt discounts		(30)		(91)		(121)
Net carrying value	$	3,370	$	1,529	$	4,899

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 as of December 31, 2021 (in thousands):



	Principal Repayment as of December 31, 2021
2022		3,400
2023		1,620
Total principal repayments	$	5,020

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Summary of common stock reserved for future issuance


	December 31,
	2021	2020
Options issued and outstanding	1,783,298	2,272,905
Shares available for future option grants	1,038,956	179,219
RSUs subject to future vesting	384,307	416,742
Common stock warrants	27,836	49,336
Total	3,234,397	2,918,202

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

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	1,120,946
RSUs granted	(522,814)
RSUs cancelled/forfeited	135,909
Options granted	(788,441)	766,978	$	5.63
Options exercised	—	(321,694)	$	5.15		$	1,783
Options cancelled/forfeited	914,137	(934,891)	$	6.47
Balance—December 31, 2021	1,038,956	1,783,298	$	5.21	8.0	$	10,891
Options exercisable—December 31, 2021		609,459	$	5.77	6.3	$	3,400

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	522,814	$	5.52
Vested	(419,340)	$	5.61
Cancelled/forfeited	(135,909)	$	4.77
Balance—December 31, 2021	384,307	$	5.00

Employee

Schedule of fair value assumptions


	Year Ended
	December 31,
	2021		2020
Expected volatility	72.6 - 74.1	%	74.4 - 79.3	%
Risk-free interest rate	0.62 - 1.30	%	0.22 - 1.63	%
Expected term (in years)	5.9 - 6.1		6.07 - 6.08
Dividend yield	—	%	—	%

ESPP

Schedule of fair value assumptions


	Year Ended
	December 31,
	2021		2020
Expected volatility	40.7 - 100.7	%	44.7 - 100.7	%
Risk-free interest rate	0.05 - 0.13	%	0.12 - 1.68	%
Expected term (in years)	0.5 - 1.0		0.5 - 1.0
Dividend yield	—	%	—	%

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

Geographic Information

Schedule of property and equipment by country

Property and equipment, net by country was as follows (in thousands):


	December 31,
	2021		2020
United States	$	825	$	1,415
Singapore		88		287
Other		60		244
	$	973	$	1,946

Schedule of revenue by country


	Year Ended December 31,
	2021		2020
Hong Kong	$	17,403	$	18,258
United States		15,662		5,743
Japan		7,315		5,403
Canada		3,797		3,423
China		2,731		2,403
All other		8,238		6,801
Total revenue	$	55,146	$	42,031

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of income taxes


	Year Ended December 31,
	2021		2020
Current:
Federal	$	—	$	—
State		4		—
Foreign		—		260
Total Current	$	4	$	260

Deferred:
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total Deferred	$	—	$	—

Provision for income taxes	$	4	$	260

Schedule of reconciliation of statutory federal income tax rate


	Year Ended December 31,
	2021		2020
Tax at statutory federal rate	21.0	%	(21.0)	%
State taxes, net of federal benefit	1.8		(1.5)
Stock-based compensation	4.7		5.4
Change in uncertain tax benefits	—		3.1
Change in valuation allowance	(27.5)		17.0
Other	0.1		—
Provision for income taxes	0.1	%	3.0	%

Schedule of tax effects of temporary differences and carryforwards

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	30,658	$	31,683
Inventory		278		147
Accruals		801		254
Depreciation and amortization		240		240
Limitation on business interest		—		268
Stock-based compensation		177		676
Right of use liability		206		549
Gross deferred tax assets		32,360		33,817
Valuation allowance		(32,047)		(33,265)
Deferred tax assets		313		552
Deferred tax liabilities:
Right of use asset		(209)		(527)
Other		(104)		(25)
Deferred tax liabilities		(313)		(552)
Net deferred tax assets	$	—	$	—

Schedule of changes in the Company's gross unrecognized tax benefits

A summary of changes in the Company’s gross unrecognized tax benefits for the years ended December 31, 2021 and 2020 was as follows (in thousands):


	Year Ended December 31,
	2021		2020
Unrecognized tax expense, beginning of the year	$	104	$	—
(Decrease)/increase related to prior year tax positions		(12)		91
Increase related to current year tax positions		13		13
Unrecognized tax expense, end of year	$	105	$	104

Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Net Income (Loss) Per Common Share

Computation of basic and diluted net income (loss) per share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2021		2020
Numerator:
Net income (loss)	$	4,343	$	(8,512)
Denominator:
Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic		19,400,124		18,782,287
Net income (loss) per common share, basic	$	0.22	$	(0.45)


	Year Ended December 31,
	2021		2020
Numerator:
Net income (loss)	$	4,343	$	(8,512)
Denominator:
Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic		19,400,124		18,782,287
Effect of dilutive securities		572,021		—
Weighted-average common shares outstanding used to calculate net income (loss) per common share, diluted		19,972,145		18,782,287
Net income (loss) per common share, diluted	$	0.22	$	(0.45)

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


	Year Ended December 31,
	2021	2020
Options to purchase common stock	1,221,720	2,272,905
RSUs	9,815	416,742
Common stock warrants	27,836	49,336
Total	1,259,371	2,738,983

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable
Trade accounts receivable	$ 8,140	$ 7,590
Unbilled accounts receivable	450	255
Allowance for product returns and price adjustments	(397)	(238)
Accounts receivable, net	$ 8,193	$ 7,607

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue [Member] \| Customer A [Member]
Concentration risk
Concentration risk percentage		29.00%
Revenue [Member] \| Customer A [Member] \| Maximum [Member]
Concentration risk
Concentration risk percentage	10.00%
Revenue [Member] \| Customer B [Member]
Concentration risk
Concentration risk percentage	22.00%	11.00%
Accounts Receivable, net [Member] \| Customer A [Member]
Concentration risk
Concentration risk percentage		29.00%
Accounts Receivable, net [Member] \| Customer A [Member] \| Maximum [Member]
Concentration risk
Concentration risk percentage	10.00%
Accounts Receivable, net [Member] \| Customer B [Member]
Concentration risk
Concentration risk percentage	54.00%	25.00%

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Total assets measured at fair value	$ 21,508	$ 14,669
Warrant liability	50	31
Total liabilities measured at fair value	50	31
Level 1 [Member]
Fair Value
Total assets measured at fair value	21,508	14,669
Level 3 [Member]
Fair Value
Warrant liability	50	31
Total liabilities measured at fair value	50	31
Money Market Funds [Member]
Fair Value
Money market funds	21,508	14,669
Money Market Funds [Member] \| Level 1 [Member]
Fair Value
Money market funds	$ 21,508	$ 14,669

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Impairment of Long-lived Assets
Impairment of long-lived assets	$ 0	$ 0
Computer and network equipment
Property and Equipment, Net
Useful Lives	2 years
Manufacturing equipment \| Minimum [Member]
Property and Equipment, Net
Useful Lives	2 years
Manufacturing equipment \| Maximum [Member]
Property and Equipment, Net
Useful Lives	7 years
Furniture and fixtures
Property and Equipment, Net
Useful Lives	7 years
Software
Property and Equipment, Net
Useful Lives	3 years
Leasehold improvements
Property and Equipment, Net
Useful Lives	2 years

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2021
Leases
Operating lease - existence of option to extend	true
Finance lease - existence of option to extend	true
Minimum [Member]
Leases
Operating lease renewal term (in years)	2 years
Finance lease renewal term (in years)	2 years
Maximum [Member]
Leases
Operating term of lease (in years)	7 years
Operating lease renewal term (in years)	5 years
Finance term of lease (in years)	5 years
Finance lease renewal term (in years)	5 years

Revenue - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
Revenue	$ 55,146	$ 42,031
Distributor
Disaggregation of Revenue
Revenue	36,479	26,027
Non-distributor
Disaggregation of Revenue
Revenue	$ 18,667	$ 16,004

- 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
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
Revenue	$ 55,146	$ 42,031
Point in time
Disaggregation of Revenue
Revenue	51,204	40,846
Over time
Disaggregation of Revenue
Revenue	$ 3,942	$ 1,185

- Definition

+ References

+ Details

Revenue - Disaggregated by Type (Details) $ in Thousands	1 Months Ended		12 Months Ended
Revenue - Disaggregated by Type (Details) $ in Thousands	Oct. 31, 2021 patent	Sep. 30, 2021 USD ($) patent	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disaggregation of Revenue
Revenue			$ 55,146	$ 42,031
Product sales
Disaggregation of Revenue
Revenue			43,931	39,848
Royalties
Disaggregation of Revenue
Revenue			2,021	998
Revenue recognized in current year due to a change in estimate			800
Patents
Disaggregation of Revenue
Revenue			5,250
Number of patents sold \| patent		5
Amount to be received from sale of patents		$ 5,250
Patents \| Patents assigned in September 2021
Disaggregation of Revenue
Number of patents sold \| patent		2
Patents \| Patents assigned in October 2021
Disaggregation of Revenue
Number of patents sold \| patent	3
Other revenue
Disaggregation of Revenue
Revenue			$ 3,944	$ 1,185

Revenue - Disaggregated by Geographic Region (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) region	Dec. 31, 2020 USD ($)
Disaggregation of Revenue
Number of primary geographic regions \| region	3
Revenue	$ 55,146	$ 42,031
APAC
Disaggregation of Revenue
Revenue	32,327	29,480
North America
Disaggregation of Revenue
Revenue	15,813	9,253
EMEA
Disaggregation of Revenue
Revenue	$ 7,006	$ 3,298

- Definition

+ References

+ Details

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory
Raw materials	$ 464	$ 329
Work-in-process	4,620	4,910
Finished goods	1,312	482
Total inventory	$ 6,396	$ 5,721

Balance Sheet Components - Property and Equipment Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment, Net
Total property and equipment, gross	$ 16,176	$ 15,694
Less: accumulated depreciation	(15,203)	(13,748)
Total property and equipment, net	973	1,946
Depreciation and amortization expense	1,500	2,000
Manufacturing equipment
Property and Equipment, Net
Total property and equipment, gross	12,608	12,296
Computer and network equipment
Property and Equipment, Net
Total property and equipment, gross	1,008	917
Furniture and fixtures
Property and Equipment, Net
Total property and equipment, gross	187	112
Software
Property and Equipment, Net
Total property and equipment, gross	929	925
Leasehold improvements
Property and Equipment, Net
Total property and equipment, gross	$ 1,444	$ 1,444

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued liabilities
Payroll-related expenses	$ 2,845	$ 1,274
Inventory	177	416
Other	557	542
Total accrued liabilities	$ 3,579	$ 2,232

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Revenue
Revenue	$ 55,146	$ 42,031
Deferred licensing revenue	832
RAD-Hard product
Deferred Revenue
Total amount of consideration to be received	6,500
Revenue	3,300
Deferred licensing revenue	800
Amount billed for the performance under contractual agreements	4,100
Revenue expected to be recognized	$ 3,200

- Definition

+ References

+ Details

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021 USD ($) lease	Dec. 31, 2020 USD ($)
Lease information
Right-of-use assets	$ 913	$ 2,313
Future operating lease payments
Less: current portion of operating lease liabilities	(724)	(1,508)
Total operating lease liabilities, net of current portion	$ 68	$ 903
Other lease information
Weighted-average remaining lease term (years)	1 year 29 days	1 year 8 months 26 days
Weighted-average discount rate	6.00%	6.00%
Operating lease costs	$ 1,500	$ 1,500
Chandler Arizona and Austin Texas leased space
Lease information
Number of operating leases \| lease	2
Future operating lease payments
2022	$ 531
2023	579
2024	594
2025	610
2026	626
Thereafter	964
Total lease payments	3,904
Office and Lab Space
Lease information
Operating leases liabilities	792
Future operating lease payments
2022	746
2023	68
Total lease payments	814
Less: imputed interest	(22)
Total operating lease liabilities	792
Less: current portion of operating lease liabilities	(724)
Total operating lease liabilities, net of current portion	$ 68

Debt - Credit Facility (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		12 Months Ended
	Jul. 22, 2021	Jun. 30, 2020	Aug. 05, 2019	Jul. 31, 2020	Aug. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Jul. 20, 2020
Debt
Common stock, par value						$ 0.0001	$ 0.0001
Exercise of warrants (in shares)	21,463
Other (expense) income						$ (141)	$ (24)
2019 Credit Facility
Debt
Number of shares the warrant can be converted to			9,375					21,500
Warrant exercise price			$ 8.91					$ 0.01
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						5,020	8,420
Other (expense) income						$ (19)	$ 2
2019 Credit Facility \| Prime Rate [Member]
Debt
Effective interest rate						3.75%
2019 Credit Facility - Revolving Line Of Credit
Debt
Loan agreement amount				$ 5,000
Agreement term				2 years
Effective interest rate		6.75%		4.75%		10.18%
Commitment fee (as a percentage)					1.60%
Termination fee (as a percentage)				1.00%
Unused facility fee (as a percentage)				0.125%
Remaining availability						$ 4,000
Outstanding balance						$ 1,000
2019 Credit Facility - Revolving Line Of Credit \| Minimum [Member]
Debt
Effective interest rate						4.75%
2019 Credit Facility - Revolving Line Of Credit \| Prime Rate [Member]
Debt
Interest rate, basis spread percentage				1.50%
2019 Credit Facility - Revolving Line Of Credit \| Prime Rate [Member] \| Minimum [Member]
Debt
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		4.75%		3.75%		7.85%
Prepayment fee (as a percentage)				2.00%
Debt amount				$ 6,000
Number of months of interest only payment		12 months		16 months
Number of months of equal principal payments plus accrued interest				30 months
Outstanding balance						$ 4,000
2019 Credit Facility - Term Loan \| Prime Rate [Member]
Debt
Interest rate, negative basis spread percentage				0.75%
Effective interest rate				3.75%

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt
Net carrying value of debt, Current Portion	$ 3,370	$ 4,242
Net carrying value of debt, Long-term debt	1,529	3,748
2019 Credit Facility
Debt
Debt, Current Portion	3,400	4,400
Less: Debt issuance costs, Current Portion	(30)	(158)
Net carrying value of debt, Current Portion	3,370	4,242
Debt, including end of term fee, Long-term debt	1,620	4,020
Less: Unamortized debt discounts, Long-term debt	(91)	(272)
Net carrying value of debt, Long-term debt	1,529	3,748
Total principal repayments	5,020	8,420
Less: Discount attributable to warrants, end of term fee and debt issuance costs, Total	(121)	(430)
Net carrying value of debt, Total	$ 4,899	$ 7,990

Debt - Summary of Principal Repayments of 2019 Credit Facility (Details) - 2019 Credit Facility - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt
2022	$ 3,400
2023	1,620
Total principal repayments	$ 5,020	$ 8,420

Stockholders' Equity - (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Common stock reserved
Dividends on common stock		$ 0
Reserved shares of common stock for future issuance		3,234,397	2,918,202
Common stock warrants
Common stock reserved
Reserved shares of common stock for future issuance		27,836	49,336
Options Issued and Outstanding [Member]
Common stock reserved
Reserved shares of common stock for future issuance		1,783,298	2,272,905
Shares Available for Future Option Grants [Member]
Common stock reserved
Reserved shares of common stock for future issuance		1,038,956	179,219
RSUs subject to future vesting
Common stock reserved
Reserved shares of common stock for future issuance		384,307	416,742
At-the-Market Sales Agreement
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

Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2019	Jul. 20, 2020	Jun. 30, 2015
2019 Credit Facility
Warrants
Number of shares the warrant can be converted to	9,375	21,500
Warrant exercise price	$ 8.91	$ 0.01
Fair Value Of Warrants		$ 152
Amount bank could receive if takes the option to put the warrants upon expiration or a liquidity event	$ 50
Warrants to Purchase Series B Redeemable Convertible Preferred Stock [Member] \| 2015 Credit Facility [Member]
Warrants
Number of shares the warrant can be converted to			18,461
Warrant exercise price			$ 26.00

Stock-Based Compensation - Summary of Options and Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 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	1,120,946
Options and Awards Available for Grant, Options granted	(788,441)
Options and Awards Available for Grant, Options cancelled/forfeited	914,137
Options and Awards Available for Grant, Outstanding, Ending balance	1,038,956	179,219
Number of Options, Outstanding, Beginning balance	2,272,905
Number of Options, Options granted	766,978
Number of Options, Options exercised	(321,694)
Number of Options, Options cancelled/forfeited	(934,891)
Number of Options, Outstanding, Ending balance	1,783,298	2,272,905
Number of Options, exercisable	609,459
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance	$ 5.58
Weighted - Average Exercise Price Per Share, Options granted	5.63
Weighted - Average Exercise Price Per Share, Options exercised	5.15
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited	6.47
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance	5.21	$ 5.58
Weighted - Average Exercise Price Per Share, Options exercisable	$ 5.77
Weighted - Average Remaining Contractual Life, Options outstanding	8 years	7 years 10 months 24 days
Weighted - Average Remaining Contractual Life, Options exercisable	6 years 3 months 18 days
Aggregate Intrinsic Value, Options outstanding	$ 10,891	$ 1,640
Aggregate Intrinsic Value, Options exercised	1,783
Aggregate Intrinsic Value, Options exercisable	$ 3,400
RSUs
Stock-based compensation
Options and Awards Available for Grant, RSUs granted	(522,814)
Options Available for Grant, RSUs cancelled/forfeited	135,909

Stock-Based Compensation - Additional Information (Details) - USD ($)			12 Months Ended
	May 01, 2021	Oct. 07, 2016	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation
Total grant date fair value of options vested			$ 900,000	$ 2,200,000
Weighted-average grant date fair value of options granted			$ 3.60	$ 1.81
Number of Options, Options cancelled/forfeited			934,891
Number of shares reserved and available for future issuance			3,206,561
Shares available for future issuance (in shares)			1,038,956	179,219
Value of share issued			$ 2,256,000	$ 1,595,000
Weighted-average exercise price (per share)			$ 5.21	$ 5.58
Number of stock options granted (in shares)			766,978
Options remained outstanding			1,783,298	2,272,905
2016 Employee Incentive Plan [Member]
Share-based Compensation
Maximum number of common stock shares may be issued under the plan		500,000
Annual increases in the number of shares available for issuance, percentage of outstanding capital stock		3.00%
Increase in number of shares reserved for issuance (in shares)	550,000
Shares available for future issuance (in shares)			1,038,956
2008 Equity Incentive Plan [Member]
Share-based Compensation
Number of stock options granted (in shares)			0
Options remained outstanding			79,910
ESPP
Share-based Compensation
Shares available for future issuance (in shares)			652,771
Value of share issued			$ 236,000	$ 112,000
Number of shares issued (in shares)			64,407	49,951

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense \| $	$ 3.2
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 9 months 18 days
RSUs
Number of Restricted Stock Units
Balance, beginning of period \| shares	416,742
Granted \| shares	522,814
Vested \| shares	(419,340)
Cancelled/forfeited \| shares	(135,909)
Balance, end of period \| shares	384,307
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) \| $ / shares	$ 4.89
Granted (price per share) \| $ / shares	5.52
Vested (price per share) \| $ / shares	5.61
Cancelled/forfeited (price per share) \| $ / shares	4.77
Balance, end of period (price per share) \| $ / shares	$ 5.00
2016 Employee Incentive Plan [Member]
Weighted Average Exercise Price Per Share
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 9 months 18 days
2016 Employee Incentive Plan [Member] \| RSUs
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense \| $	$ 1.4
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 3 months 18 days

Stock-Based Compensation - Schedule of Fair Value of Employee Stock Options (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee \| Options to Purchase Common Stock [Member]
Share-based Compensation
Expected volatility, Minimum	72.60%	74.40%
Expected volatility, Maximum	74.10%	79.30%
Risk-free interest rate, Minimum	0.62%	0.22%
Risk-free interest rate, Maximum	1.30%	1.63%
Minimum [Member] \| Employee \| Options to Purchase Common Stock [Member]
Share-based Compensation
Expected term (in years)	5 years 10 months 24 days	6 years 25 days
Maximum [Member] \| Employee \| Options to Purchase Common Stock [Member]
Share-based Compensation
Expected term (in years)	6 years 1 month 6 days	6 years 29 days
ESPP
Share-based Compensation
Expected volatility, Minimum	40.70%	44.70%
Expected volatility, Maximum	100.70%	100.70%
Risk-free interest rate, Minimum	0.05%	0.12%
Risk-free interest rate, Maximum	0.13%	1.68%
ESPP \| Minimum [Member]
Share-based Compensation
Expected term (in years)	6 months	6 months
ESPP \| Maximum [Member]
Share-based Compensation
Expected term (in years)	1 year	1 year

Significant Agreements (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended		40 Months Ended
Significant Agreements (Details) - USD ($) $ in Thousands	Oct. 17, 2014	Sep. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Joint Development Agreement [Member] \| Global Foundries, Inc. [Member]
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
Collaborative Agreement \| Silterra
Joint development agreement
Non-recurring engineering cost obligation		$ 1,000
JCA costs was paid			$ 0	$ 0	$ 600

Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Geographic Information
Property and equipment, net	$ 973	$ 1,946
Revenue	55,146	42,031
Hong Kong
Geographic Information
Revenue	17,403	18,258
United States
Geographic Information
Property and equipment, net	825	1,415
Revenue	15,662	5,743
Japan
Geographic Information
Revenue	7,315	5,403
Canada
Geographic Information
Revenue	3,797	3,423
China
Geographic Information
Revenue	2,731	2,403
Singapore
Geographic Information
Property and equipment, net	88	287
All other
Geographic Information
Property and equipment, net	60	244
Revenue	$ 8,238	$ 6,801

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
State	$ 4
Foreign		$ 260
Total Current	4	260
Provision for income taxes	$ 4	$ 260

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Provision for income taxes	$ 4	$ 260
Reconciliation of statutory federal income tax
Tax at statutory federal rate	21.00%	21.00%
State taxes, net of federal benefit	1.80%	(1.50%)
Stock-based compensation	4.70%	5.40%
Change in uncertain tax benefits		3.10%
Change in valuation allowance	(27.50%)	17.00%
Other	0.10%
Provision for income taxes	0.10%	3.00%

Income Taxes - Deferred tax assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 30,658	$ 31,683
Inventory	278	147
Accruals	801	254
Depreciation and amortization	240	240
Limitation on business interest		268
Stock-based compensation	177	676
Right of use liability	206	549
Gross deferred tax assets	32,360	33,817
Valuation allowance	(32,047)	(33,265)
Deferred tax assets	313	552
Deferred tax liabilities:
Right of use asset	(209)	(527)
Other	(104)	(25)
Deferred tax liabilities	(313)	$ (552)
(Decrease) increase in valuation allowance	$ (1,200)
Tax at statutory federal rate	21.00%	21.00%

Income Taxes - Net operating loss carryforwards and Tax Act (Details) $ in Millions	Dec. 31, 2021 USD ($)
Federal
Net operating loss carryforwards
Net operating loss carryforwards	$ 136.0
Net operating loss carryforwards, which will expire if not utilized	95.2
Net operating loss carryforwards, which will carryover indefinitely	40.8
Net operating loss carryforwards, subject to expiration per IRC Section 382	43.8
Net operating loss carryforwards (tax effected), subject to expiration per IRC Section 382	9.2
State
Net operating loss carryforwards
Net operating loss carryforwards	52.1
Net operating loss carryforwards, which will expire if not utilized	49.3
Net operating loss carryforwards, which will carryover indefinitely	$ 2.8

Income Taxes - Unrecognized Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrecognized tax expense rollforward
Unrecognized tax expense, beginning of the year	$ 104
(Decrease)/increase related to prior year tax positions	(12)	$ 91
Increase related to current year tax positions	13	13
Unrecognized tax expense, end of year	105	104
Interest and penalties on unrecognized tax benefit	$ 155	$ 156

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)	$ 4,343	$ (8,512)
Net income (loss) per common share, basic
Weighted average common shares used to compute net income (loss) per common share attributable to common stockholders, basic	19,400,124	18,782,287
Net income (loss) per share attributable to common share, basic	$ 0.22	$ (0.45)
Net income (loss) per common share, diluted
Effect of dilutive	572,021
Weighted-average common shares outstanding used to calculate net income (loss) per common share, diluted	19,972,145	18,782,287
Net income (loss) per common share, diluted	$ 0.22	$ (0.45)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Net Income (Loss) Per Common Share - Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	1,259,371	2,738,983
Options to Purchase Common Stock [Member]
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	1,221,720	2,272,905
RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	9,815	416,742
Common stock warrants
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	27,836	49,336