0000950170-23-021310 | 10-Q | XBRL Viewer

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Available For Sale Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:


	As of March 31, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	24,797	$	-	$	-		$	24,797
Current marketable securities:
U.S. Treasury securities	$	32,407	$	3	$	(174	)	$	32,236
Commercial paper		9,338		-		-			9,338
Corporate debt securities		2,168		-		(14	)		2,154
U.S. Government agency obligations		1,672		1		-			1,673
Total current marketable securities	$	45,585	$	4	$	(188	)	$	45,401
Long-term marketable securities:
Asset backed securities	$	3,212	$	4	$	(5	)	$	3,211
U.S. Treasury securities		978		-		-			978
Total long-term marketable securities	$	4,190	$	4	$	(5	)	$	4,189


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	14,089	$	-	$	-		$	14,089
Current marketable securities:
U.S. Treasury securities	$	43,092	$	1	$	(393	)	$	42,700
Commercial paper		12,743		-		-			12,743
Corporate debt securities		3,865		-		(23	)		3,842
U.S. Government agency obligations		1,901		-		(8	)		1,893
Total current marketable securities	$	61,601	$	1	$	(424	)	$	61,178
Long-term marketable securities:
Asset backed securities	$	3,568	$	7	$	(3	)	$	3,572
U.S. Treasury securities		2,416		-		(6	)		2,410
U.S Government agency obligations		949		-		(1	)		948
Total long-term marketable securities	$	6,933	$	7	$	(10	)	$	6,930

Summary of Maturities of Debt Securities Available for Sale

The maturities of debt securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid.


	As of March 31, 2023				As of December 31, 2022
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	45,585	$	45,401	$	61,601	$	61,178
Due after one year through three years	$	4,190	$	4,189	$	6,933	$	6,930

Common and Preferred Stock - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock shares authorized	200,000,000	200,000,000
Common stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock par value	$ 0.0001	$ 0.0001
Common stock shares issued	25,327,761	25,208,436
Common stock shares outstanding	25,327,761	25,208,436
Preferred stock shares outstanding	0	0
Shareholders Of Avita Medical \| ADRS
Class Of Stock [Line Items]
Reverse stock split ratio, description	One share of common stock on Nasdaq is equivalent to five CDIs on the ASX.

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,220)	$ (9,463)
Other comprehensive income gain/(loss):
Foreign currency translation gain/(loss)	(11)	(18)
Net unrealized gain/(loss) on marketable securities, net of tax	242	(297)
Comprehensive loss	$ (8,989)	$ (9,742)

- Definition

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

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+ Details

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain on marketable securities	$ 8,000	$ 8,000
Unrealized loss on marketable securities	193,000	426,000
Net unrealized loss on marketable securities	185,000	434,000
Credit loss recognized	0	0
Prepaids and Other Current Assets
Schedule Of Available For Sale Securities [Line Items]
Accrued interest income	$ 134,000	$ 168,000

Stock-Based Payment Plans

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Payment Plans

15. Stock-Based Payment Plans

Overview of Employee Stock-Based Compensation Plans

Our former parent company, AVITA Medical Pty Limited, adopted the Employee Share Plan and the Incentive Option Plan (collectively, the “2016 Plans”). Upon completion of the redomiciliation of AVITA Medical from Australia to the United States (“Redomiciliation”), the 2016 Plans were terminated with respect to future grants and accordingly, there are no more shares available to be issued under the 2016 Plans. In addition, upon completion of the Redomiciliation, the Company had an implicit consolidation or reverse stock split of 100:1 and all share information presented below in relation to the 2016 Plans has been presented on a reverse stock split basis. During November 2020, the Company, pursuant to Rule 416 under the Securities Act of 1933, filed a registration statement on Form S-8 to register a total of 1,750,000 shares of common stock which may be issued pursuant to the terms of the Company’s 2020 Omnibus Incentive Plan (“2020 Plan”). On December 22, 2021, the Company’s stockholders approved the issuance of options and awards to the Board of Directors and the Company's former CEO ("Former CEO") in accordance with ASX rules. These awards are subject to the vesting and performance conditions as denoted in the individual agreements. On December 12, 2022, the Company's stockholders approved the issuance of options and awards to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements.

The 2020 Plan provides for the grant of the following Grants: (a) Incentive Stock Options, (b) Nonstatutory Stock Options, (c) Stock Appreciation Rights, (d) Restricted Stock Grants, (e) Restricted Stock Unit Grants, (f) Performance Grants, and (g) Other Grants. The 2020 Plan will be administered by the Compensation Committee or by the Board acting as the Compensation Committee. Subject to the general purposes, terms and conditions of the 2020 Plan, applicable law and any charter adopted by the Board governing the actions of the Compensation Committee, the Compensation Committee will have full power to implement and carry out the 2020 Plan. Without limitation, the Compensation Committee will have the authority to interpret the plan, approve persons to receive grants, determine the terms and number of shares of the grants, determine vesting and exercisability of grants, and make all other determinations necessary or advisable in connection with the administration of this Plan.

The contractual term of stock option awards granted under the 2020 Plan is ten years from the grant date. Unless otherwise specified, the vesting periods of awards granted under the 2020 Plan are: (i) vest over a four-year period in four equal installments, 25% at the end of each year from the date of grant, and /or (ii) subject to other performance criteria and hurdles, as determined by the Compensation Committee.

Stock-Based Payment Expenses

Stock-based payment transactions are recognized as compensation expense based on the fair value of the instrument on the date of grant. The Company uses the graded-vesting method to recognize compensation expense. Compensation cost is reduced for forfeitures as they occur in accordance with ASU 2016-09, simplifying the Accounting for Share-Based Payment ("ASU 2016-09"). During the three-months ended March 31, 2023, and 2022, the Company recorded stock-based compensation expense of $2.6 million, and $2.9 million, respectively. No income tax benefit was recognized in the Consolidated Statements of Operations for stock-based payment arrangements for the three-months ended March 31, 2023, and 2022.

The Company has included stock-based compensation expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows:


	Three-Months Ended
(In thousands)	March 31, 2023		March 31, 2022
Sales and marketing expenses	$	325	$	329
General and administrative expenses		2,090		2,327
Research and development expenses		225		276
Total	$	2,640	$	2,932

A summary of share option activity as of March 31, 2023, and changes during the period ended is presented below:


	Service Only Share Options			Performance Based Share Options		Total Share Options
Outstanding shares at December 31, 2022		1,724,252			511,194		2,235,446
Granted		40,300			-		40,300
Exercised		(31,675	)		-		(31,675	)
Expired		(1,725	)		-		(1,725	)
Forfeited		(23,850	)		-		(23,850	)
Outstanding shares at March 31, 2023		1,707,302			511,194		2,218,496
Exercisable at March 31, 2023		781,050			477,052		1,258,102

Restricted Stock Units

Restricted stock units (“RSUs”) are granted to executives as part of their long-term incentive compensation. RSUs granted as a result of stockholder approval at the December 22, 2021 Annual Meeting of Stockholders and December 14, 2022 Annual Meeting of Stockholders arise out of contracts between the Company and the holders of such securities. These RSU awards were approved by the Compensation Committee. All RSU awards vest in accordance with the tenure or performance conditions as determined by the Compensation Committee and set out in the contracts between the Company and the holders of such securities. The grant date fair value is determined based on the price of the Company stock price on the date of grant (stock price determined on Nasdaq).

A summary of the status of the Company’s unvested RSUs as of March 31, 2023, and changes that occurred during the year is presented below:


Unvested Shares	Tenure-Based RSUs			Performance Condition RSUs			Total RSUs
Unvested RSUs outstanding at December 31, 2022		394,872			65,646			460,518
Granted		-			-			-
Vested		(71,900	)		(15,750	)		(87,650	)
Forfeited		(1,500	)		-			(1,500	)
Unvested RSUs outstanding at March 31, 2023		321,472			49,896			371,368

2021 Annual Meeting Awards

Awards to the Board of Directors under the 2021 Annual Meeting Awards

The Board of Director awards that were granted in 2021 consist of an aggregate 68,600 options and RSUs as follows:

•

41,400 tenure-based options and RSUs (15,300 options and 26,100 RSUs) vesting 12 months from the grant date.

Includes 6,900 tenure-based options and RSUs (4,350 RSUs and 2,550 options) were granted to each of the six non-executive board members based on the vesting terms detailed above.

•

27,200 tenure-based options and RSUs (9,850 options and 17,350 RSUs) vesting on the first, second and third anniversary of the grant date in equal amounts (i.e. 1/3 of the RSUs and options will vest on each anniversary of the grant date, being on December 22 of each relevant year).

Includes 13,600 tenure-based options and RSUs (8,675 RSUs and 4,925 options) were granted to Jan Stern Reed and James Corbett as an initial grant in connection with their appointment to the Board of Directors.

2022 Annual Meeting Awards

Awards to the CEO under the 2022 Annual Meeting Awards

On December 12, 2022, the CEO was issued an aggregate 226,296 options with 25% of those options vesting annually commencing on September 28, 2023.

Awards to the Board of Directors under the 2022 Annual Meeting Awards

The Board of Director awards consist of an aggregate 71,936 options and RSUs (21,580 options and 50,356 RSUs) vesting 12 months from the grant date.

•

Includes 17,984 tenure-based options and RSUs (12,589 RSUs and 5,359 options) granted to each of the four non-executive board members based on the vesting terms detailed above.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

At December 31, 2022, the Company and its subsidiaries had net operating loss carryforwards for federal, state, United Kingdom, and Australian income tax purposes of $129.5 million, $83.5 million, $28.4 million and $36.0 million respectively. The net operating loss carryforwards may be subject to limitation regarding their utilization against taxable income in future periods due to “change of ownership” provisions of the Internal Revenue Code and similar state and foreign provisions. Of these carryforwards, $21.7 million will expire, if not utilized, between 2026 through 2038. The remaining carryforwards have no expiration. The Company is forecasting current year losses and has full valuation allowances against its deferred tax assets. Tax expense for the three-months ended March 31, 2023 and 2022 of $30,000 and $4,000, respectively, is related to state minimum taxes.

In assessing the recoverability of its deferred tax assets, the Company considers whether it is more likely than not that its deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company considers all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Based upon the weight of available evidence including the uncertainty regarding the Company’s ability to utilize certain net operating losses and tax credits in the future, the Company has established a valuation allowance against its net deferred tax assets of $56.5 million and $51.3 million as of December 31, 2022 and 2021, respectively. The deferred tax assets are primarily net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements related to a particular tax position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination.

The Company has not identified any uncertain tax positions as of March 31, 2023 or December 31, 2022.

The Company files income tax returns in the U.S. federal, California and certain other state and foreign jurisdictions. The Company remains subject to income tax examinations for its U.S. federal and state income taxes generally for fiscal years ended June 30, 2006 and forward. The Company also remains subject to income tax examinations for international income taxes for fiscal years ended June 30, 2018 through December 31, 2021, and for certain other U.S. state and local income taxes generally for the fiscal years ended June 30, 2018 through December 31, 2021.

- Definition

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

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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://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 https://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
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary Of Lease Cost

The following table sets forth the Company’s operating lease expenses which are included in General and administrative expenses in the Consolidated Statements of Operations (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Operating lease cost	$	198	$	194
Variable lease cost		13		13
Total lease cost	$	211	$	207

Summary Of Supplemental Cash Flow Information Related To Operating Leases

Supplemental cash flow information related to operating leases for the three-months ended March 31, 2023 and 2022 was as follows (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	205	$	198

Summary Of Supplemental Balance Sheet Information Related To Operating Leases

Supplemental balance sheet information, as of March 31, 2023 and December 31, 2022 related to operating leases was as follows (in thousands, except for Operating lease weighted average remaining lease term and operating lease weighted average discount rate):


	As of
	March 31, 2023			December 31, 2022
Reported as:
Operating lease right-of-use assets	$	1,815		$	851
Total right-of-use assets	$	1,815		$	851
Other current liabilities:
Operating lease liabilities, short-term	$	638		$	612
Operating lease liabilities, long term		1,235			306
Total operating lease liabilities	$	1,873		$	918
Operating lease weighted average remaining lease term (years)		2.93			1.44
Operating lease weighted average discount rate		7.91	%		6.71	%

Summary Of Maturities Of The Company's Operating Lease Liabilities

As of March 31, 2023, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
Remainder of 2023	$	550
2024		741
2025		441
2026		377
Total lease payments		2,109
Less imputed interest		(236	)
Total operating lease liabilities	$	1,873

Reporting Segment and Geographic Information - Schedule Of Revenue and Cost Of Sales By Region and Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenues	$ 10,550	$ 7,539
Cost of sales
Cost of sales	1,667	1,778
BARDA deferred costs	(64)	12
Commercial Sales
Revenue:
Revenues	10,458	7,446
Services For Emergency Preparedness
Revenue:
Revenues	92	93
Commercial Cost
Cost of sales
Cost of sales	1,616	1,705
Product Cost
Cost of sales
BARDA deferred costs	(34)	(12)
Emergency Preparedness Service Cost
Cost of sales
BARDA deferred costs	85	85
United States
Revenue:
Revenues	9,425	7,398
Japan
Revenue:
Revenues	1,021
Australia
Revenue:
Revenues	62	87
United Kingdom
Revenue:
Revenues	$ 42	$ 54

Retirement Plans - Summary of Fair Values of Company's Deferred Compensation Plan Assets and Liability (Detail) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Non-qualified deferred compensation liability

$ 1,165

$ 1,270

Non-Qualified Deferred Compensation Plans

Defined Benefit Plan Disclosure [Line Items]

Corporate-owned life insurance policies

^[1]

1,833

1,238

Non-qualified deferred compensation liability

3,305

1,348

Non-Qualified Deferred Compensation Plans | Level 2

Defined Benefit Plan Disclosure [Line Items]

Corporate-owned life insurance policies

^[1]

1,833

1,238

Non-qualified deferred compensation liability

$ 3,305

$ 1,348

[1]	The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds and are categorized as Level 2.

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Provision for income tax	$ 30,000	$ 4,000
Deferred tax assets valuation allowance			$ 56,500,000	$ 51,300,000
Unrecognized income tax benefits	$ 0		0
Tax Cut And Jobs Act
Income Tax Disclosure [Line Items]
Percentage of tax amount likely to be realised	50.00%
Tax Year 2026 through 2038
Income Tax Disclosure [Line Items]
Net operating loss carryforwards			21.7
Earliest Tax Year
Income Tax Disclosure [Line Items]
Open tax year	2026
Latest Tax Year
Income Tax Disclosure [Line Items]
Open tax year	2038
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards			129,500,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards			83,500,000
Her Majesty's Revenue and Customs (HMRC)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards			28,400,000
Australian Taxation Office
Income Tax Disclosure [Line Items]
Net operating loss carryforwards			$ 36,000,000.0

Other Current and Long-Term Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Other Current And Long Term Assets And Liabilities [Abstract]

Summary of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Prepaid expenses	$	1,116	$	921
Lease deposits		13		110
Accrued investment income		134		168
BARDA contract costs		189		252
Other receivables		29		127
Total prepaids and other current assets	$	1,481	$	1,578

Summary of Other Long Term Assets

Other long-term assets consisted of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Long-term lease deposits	$	120	$	25
Long-term prepaids		110		97
Total other long-term assets	$	230	$	122

Summary of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Operating lease liability	$	638	$	612
BARDA deferred costs		130		194
BARDA deferred revenue		235		-
Other current liabilities		926		184
Total other current liabilities	$	1,929	$	990

Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Summary of Composition of Property, Plant and Equipment

The composition of property, plant and equipment, net is as follows (in thousands):


		As of
	Useful Lives	March 31, 2023			December 31, 2022
Computer equipment	3 years	$	863		$	755
Computer software	3 years		871			871
Construction in progress			367			258
Furniture and fixtures	7 years		459			439
Laboratory equipment	5 years		665			643
Leasehold improvements	Lesser of life or lease term		257			257
RECELL Moulds	5 years		129			129
Less: accumulated amortization and depreciation			(2,278	)		(2,152	)
Total plant and equipment, net		$	1,333		$	1,200

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements, except as noted below.

At-the-Market Offering

On April 14, 2023, the Company entered into an Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC, under which the Company may offer and sell, from time to time, up to 3,799,164 shares of its common stock. The Sales Agreement will terminate on the earlier of its termination by the parties pursuant to the terms of the Sales Agreement or the issuance and sale of all of the shares pursuant to the terms of the Sales Agreement. The Company has not made any sales under the Sales Agreement as of the date of this Quarterly Report on Form 10-Q.

New Office Lease

During May 2023, the Company executed new office space in Irvine, California. The lease is for a term of 60 months commencing, with an average monthly rent of approximately $25,000.

Revenues - Additional Information (Detail)	3 Months Ended
Revenues - Additional Information (Detail)	Mar. 31, 2023 USD ($) PerformanceObligation	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract description	For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations: (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services.
Capitalized fulfilment costs	$ 189,000		$ 252,000
Performance obligation estimated revenue expected to be recognized	617,000		698,000
Contract with customer assets	0
Contract with customer liabilities	617,000		698,000
Contract with customers non current liability	382,000		698,000
Contract cost amortization	85,000	$ 85,000
Contract cost impairment loss	0	0
Cost of Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract cost amortization	85,000	85,000
Prepaids and Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized fulfilment costs	189,000		252,000
Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers current liability	235,000		0
Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers non current liability	$ 382,000		698,000
BARDA
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract description	For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services.
Number of performance obligations \| PerformanceObligation	2
Contract with customer liability revenue recognized	$ 92,000	93,000
BARDA \| RECELL system
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of units will be delivered	5,614
Product replacement obligation cost	$ 0
Deferred cost	130,000		194,000
Services recognized	92,000	93,000
Performance obligation estimated revenue expected to be recognized	201,000		274,000
Japanese Pharmaceuticals and Medical Device Act Approval \| RECELL system
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognized	416,000		$ 424,000
COSMOTEC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer liability revenue recognized	$ 8,400	$ 0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:


	As of March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	24,797	$	-	$	-	$	24,797
Current marketable securities:
U.S. Treasury securities	$	-	$	32,236	$	-	$	32,236
Commercial paper		-		9,338		-		9,338
Corporate debt securities		-		2,154		-		2,154
U.S. Government agency obligations		-		1,673		-		1,673
Total current marketable securities	$	-	$	45,401	$	-	$	45,401
Long-term marketable securities:
Asset backed securities	$	-	$	3,211	$	-	$	3,211
U.S. Treasury securities		-		978		-		978
Total long-term marketable securities	$	-	$	4,189	$	-	$	4,189
Total marketable securities and cash equivalents	$	24,797	$	49,590	$	-	$	74,387


	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	14,089	$	-	$	-	$	14,089
Current marketable securities:
U.S. Treasury securities		-		42,700		-		42,700
Commercial paper		-		12,743		-		12,743
Corporate debt securities		-		3,842		-		3,842
U.S. Government agency obligations		-		1,893		-		1,893
Total current marketable securities	$	-	$	61,178	$	-	$	61,178
Long-term marketable securities:
Asset backed securities	$	-	$	3,572	$	-	$	3,572
U.S. Treasury securities		-		2,410		-		2,410
U.S. Government agency obligations		-		948		-		948
Total long-term marketable securities	$	-	$	6,930	$	-	$	6,930
Total marketable securities and cash equivalents	$	14,089	$	68,108	$	-	$	82,197

Marketable Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	$ 45,585	$ 61,601
Gross Unrealized Holding Gains, Current marketable securities	4	1
Gross Unrealized Holding Losses, Current marketable securities	(188)	(424)
Carrying Value, Current marketable securities	45,401	61,178
Amortized Cost, Long-term marketable securities	4,190	6,933
Gross Unrealized Holding Gains, Long-term marketable securities	4	7
Gross Unrealized Holding Losses, Long-term marketable securities	(5)	(10)
Carrying Value, Long-term marketable securities	4,189	6,930
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	2,168	3,865
Gross Unrealized Holding Losses, Current marketable securities	(14)	(23)
Carrying Value, Current marketable securities	2,154	3,842
U.S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	32,407	43,092
Gross Unrealized Holding Gains, Current marketable securities	3	1
Gross Unrealized Holding Losses, Current marketable securities	(174)	(393)
Carrying Value, Current marketable securities	32,236	42,700
Amortized Cost, Long-term marketable securities	978	2,416
Gross Unrealized Holding Losses, Long-term marketable securities		(6)
Carrying Value, Long-term marketable securities	978	2,410
Money Market Funds \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	24,797	14,089
Carrying Value	24,797	14,089
U.S Government Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	1,672	1,901
Gross Unrealized Holding Gains, Current marketable securities	1
Gross Unrealized Holding Losses, Current marketable securities		(8)
Carrying Value, Current marketable securities	1,673	1,893
Amortized Cost, Long-term marketable securities		949
Gross Unrealized Holding Losses, Long-term marketable securities		(1)
Carrying Value, Long-term marketable securities		948
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	9,338	12,743
Carrying Value, Current marketable securities	9,338	12,743
Asset-backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Long-term marketable securities	3,212	3,568
Gross Unrealized Holding Gains, Long-term marketable securities	4	7
Gross Unrealized Holding Losses, Long-term marketable securities	(5)	(3)
Carrying Value, Long-term marketable securities	$ 3,211	$ 3,572

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary Of Reconciliation Of The Basic And Diluted Loss Per Share

The following is a reconciliation of the basic and diluted loss per share computations:


	Three-Months Ended
	March 31, 2023			March 31, 2022
	(in thousands, except per share amounts)
Net Loss	$	(9,220	)	$	(9,463	)
Weighted-average common shares—outstanding, basic		25,202			24,938
Weighted-average common shares—outstanding, diluted		25,202			24,938
Net loss per common share, basic	$	(0.37	)	$	(0.38	)
Net loss per common share, diluted	$	(0.37	)	$	(0.38	)

Reporting Segment and Geographic Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

12. Reporting Segment and Geographic Information

The Company views its operations and manages its business in one reporting segment. Long-lived assets are primarily located in the United States as of March 31, 2023, and December 31, 2022 with an insignificant amount located in Australia and the United Kingdom.

Revenue by region for the three-months ended March 31, 2023, and 2022 were as follows (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Revenue:
United States	$	9,425	$	7,398
Foreign:
Japan		1,021		-
Australia		62		87
United Kingdom		42		54
Total	$	10,550	$	7,539

Revenue and cost of sales by customer type for the three-months ended March 31, 2023, and 2022 were as follows (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Revenue:
Commercial sales	$	10,458	$	7,446
BARDA:
Services for emergency preparedness		92		93
Total	$	10,550	$	7,539


	Three-Months Ended
	March 31, 2023			March 31, 2022
Cost of sales
Commercial cost	$	1,616		$	1,705
BARDA:
Product cost		(34	)		(12	)
Emergency preparedness service cost		85			85
Total	$	1,667		$	1,778

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Plant and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Depreciation	$ 126,000	$ 129,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 28,050	$ 18,164
Marketable securities	45,401	61,178
Accounts receivable, net	4,502	3,515
BARDA receivables	516	898
Prepaids and other current assets	1,481	1,578
Inventory	2,811	2,125
Total current assets	82,761	87,458
Marketable securities, long-term	4,189	6,930
Plant and equipment, net	1,333	1,200
Operating lease right-of-use assets	1,815	851
Corporate-owned life insurance asset	1,833	1,238
Intangible assets, net	461	465
Other long-term assets	230	122
Total assets	92,622	98,264
LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,752	3,002
Accrued wages and fringe benefits	3,665	6,623
Current non-qualified deferred compensation liability	2,140	78
Other current liabilities	1,929	990
Total current liabilities	11,486	10,693
Non-qualified deferred compensation liability	1,165	1,270
Contract liabilities	382	698
Operating lease liabilities, long-term	1,235	306
Total liabilities	14,268	12,967
Non-qualified deferred compensation plan share awards	793	557
Contingencies (Note 13)
Stockholders' equity:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 25,327,761 and 25,208,436 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	3	3
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at March 31, 2023 and December 31, 2022.	0	0
Company common stock held by the non-qualified deferred compensation plan ("NQDC Plan")	(892)	(127)
Additional paid-in capital	342,400	339,825
Accumulated other comprehensive income	7,858	7,627
Accumulated deficit	(271,808)	(262,588)
Total stockholders' equity	77,561	84,740
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity	$ 92,622	$ 98,264

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Other Receivables

See table below for breakdown of BARDA receivables (in thousands).


	As of
	March 31, 2023		December 31, 2022
BARDA procurement and emergency preparedness services	$	16	$	16
BARDA expense reimbursements		500		882
Total	$	516	$	898

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Company Common Stock Held by the NQDC Plan	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 104,624	$ 3		$ 332,484	$ 8,060	$ (235,923)
Beginning balance, shares at Dec. 31, 2021		24,925,743
Net loss	(9,463)					(9,463)
Stock-based compensation	2,932			2,932
Exercise of stock options	1			1
Exercise of stock options, shares		125
Vesting of restricted stock units, shares		29,713
Other comprehensive gain (loss)	(279)				(279)
Ending Balance at Mar. 31, 2022	97,815	$ 3		335,417	7,781	(245,386)
Ending Balance, shares at Mar. 31, 2022		24,955,581
Beginning Balance at Dec. 31, 2022	84,740	$ 3	$ (127)	339,825	7,627	(262,588)
Beginning balance, shares at Dec. 31, 2022		25,208,436
Net loss	(9,220)					(9,220)
Stock-based compensation	2,197			2,197
Exercise of stock options	$ 171			171
Exercise of stock options, shares	31,675	31,675
Company common stock held by the NQDC plan			(765)	765
Company common stock held by the NQDC plan, Shares		87,650
Change in redemption value of share awards in NQDC plan	$ (558)			(558)
Other comprehensive gain (loss)	231				231
Ending Balance at Mar. 31, 2023	$ 77,561	$ 3	$ (892)	$ 342,400	$ 7,858	$ (271,808)
Ending Balance, shares at Mar. 31, 2023		25,327,761

Other Current and Long-Term Assets and Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Current [Abstract]
Operating lease liability	$ 638	$ 612
BARDA deferred costs	130	194
BARDA deferred revenue	235
Other current liabilities	926	184
Total other current liabilities	$ 1,929	$ 990

Accounting Standards Update

3 Months Ended

Mar. 31, 2023

Accounting Changes And Error Corrections [Abstract]

Accounting Standards Update

3. Accounting Standards Update

Recent Accounting Pronouncements Not Yet Adopted

All newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Stock-Based Payment Plans - Additional Information (Detail) - USD ($)			3 Months Ended
	Dec. 12, 2022	Dec. 22, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation			$ 2,600	$ 2,900
Income tax benefit (expense)			$ 0	$ 0
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested			87,650
Share-based compensation arrangement by share-based payment award, equity instruments other than options outstanding number			371,368		460,518
Non Option Performance Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested			15,750
Share-based compensation arrangement by share-based payment award, equity instruments other than options outstanding number			49,896		65,646
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement contractual term of awards			10 years
Share based compensation by share based payment arrangement vesting period			4 years
2020 Plan \| Vesting Period One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			25.00%
2020 Plan \| Vesting Period Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			25.00%
2020 Plan \| Vesting Period Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			25.00%
2020 Plan \| Vesting Period Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			25.00%
2020 Plan \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of shares authorised for issuance						1,750,000
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reverse stock split			reverse stock split of 100:1
2021 Annual Meeting Awards \| Board of Director \| Service Period Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period		12 months
Aggregate number of options and RSU		68,600
Tenure awards to Board of Director		41,400
Tenure option awards to Board of Director		15,300
Tenure awards granted to Board of Director		6,900
Tenure option awards granted to Board of Director		2,550
2021 Annual Meeting Awards \| Board of Director \| Vesting Percentage Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage		33.33%
Tenure awards to Board of Director		27,200
Tenure option awards to Board of Director		9,850
Tenure awards granted to Board of Director		13,600
Tenure option awards granted to Board of Director		4,925
2021 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Board of Director \| Service Period Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tenure RSU awards to Board of Director		26,100
Tenure RSU awards granted to Board of Director		4,350
2021 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Board of Director \| Vesting Percentage Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tenure RSU awards to Board of Director		17,350
Tenure RSU awards granted to Board of Director		8,675
2022 Annual Meeting Awards \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage	25.00%
Aggregate number of options and RSU	226,296
2022 Annual Meeting Awards \| Board of Director \| Service Period Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period	12 months
Aggregate number of options and RSU		71,936
Tenure option awards to Board of Director	21,580
2022 Annual Meeting Awards \| Board of Director \| Vesting Percentage Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tenure awards granted to Board of Director	17,984
Tenure option awards granted to Board of Director		5,359
2022 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Board of Director \| Service Period Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tenure RSU awards to Board of Director	50,356
2022 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Board of Director \| Vesting Percentage Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tenure RSU awards granted to Board of Director	12,589

Plant and Equipment - Summary Of Composition Of Property, Plant And Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (2,278)	$ (2,152)
Total plant and equipment, net	$ 1,333	1,200
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 863	755
Computer Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 871	871
Construction In Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 367	258
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 459	439
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 665	643
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Useful Lives	Lesser of life or lease term
Property, Plant and Equipment, Gross	$ 257	257
RECELL Moulds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 129	$ 129

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Impairment of intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 9,000	$ 34,000

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2023

Compensation And Retirement Disclosure [Abstract]

Summary of Fair Values of Company's Deferred Compensation Plan Assets and Liability

The fair values of the Company’s deferred compensation plan assets and liability are included in the table below. For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 5, Fair Value Measurements.


	Fair Value as of March 31, 2023								Fair Value as of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Corporate-owned life insurance policies (1)	$	-	$	1,833	$	-	$	1,833	$	-	$	1,238	$	-	$	1,238
Non-qualified deferred compensation plan liability		-		3,305		-		3,305		-		1,348		-		1,348

(1)

The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds and are categorized as Level 2.

(2)

Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants.

Summary of Eligible Share Award Activity

The following table summarizes the eligible share award activity as of March 31, 2023 and December 31, 2022 (in thousands):


	As of
(in thousands)	March 31, 2023			December 31, 2022
Non-qualified deferred compensation share awards:
Balance at inception/beginning of period	$	557		$	-
Change in classification of deferred compensation share awards		-			192
Stock-based compensation expense		443			471
Change in redemption value		558			21
Vesting of share awards held by NDQC		(765	)		(127	)
Ending Balance	$	793		$	557

Other Current and Long-Term Assets and Liabilities - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 1,116	$ 921
Lease deposits	13	110
Accrued investment income	134	168
BARDA contract costs	189	252
Other receivables	29	127
Total prepaids and other current assets	$ 1,481	$ 1,578

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	AVITA MEDICAL, INC.
Entity Central Index Key	0001762303
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Security Exchange Name	NASDAQ
Trading Symbol	RCEL
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Incorporation, State or Country Code	DE
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		25,327,761
Entity File Number	001-39059
Entity Tax Identification Number	85-1021707
Entity Address, Address Line One	28159 Avenue Stanford
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Valencia
Entity Address, Postal Zip Code	91355
City Area Code	(661)
Local Phone Number	367-9170

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease Cost [Abstract]
Operating lease cost	$ 198	$ 194
Variable lease cost	13	13
Total lease cost	$ 211	$ 207

Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

9. Intangible Assets

The composition of intangible assets, net is as follows (in thousands):


			As of March 31, 2023							As of December 31, 2022
	Weighted Average Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3	$	17	$	(16	)	$	1	$	17	$	(16	)	$	1
Patent 2		13		138		(31	)		107		137		(28	)		109
Patent 3		14		195		(43	)		152		194		(39	)		155
Patent 5		19		92		(8	)		84		89		(6	)		83
Patent 6		20		43		(4	)		39		43		(4	)		39
Patent 7		13		2		-			2		2		-			2
Patent 8		19		13		-			13		13		-			13
Patent 10		19		3		-			3		3		-			3
Patent 11		19		6		-			6		6		-			6
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	563	$	(102	)	$	461	$	558	$	(93	)	$	465

During the three-months ended March 31, 2023 and 2022, the Company did not identify any events or changes in circumstances that indicated that the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangibles assets recognized for the three-months ended March 31, 2023 and 2022. Amortization expense of intangibles included in the Consolidated Statements of Operations was $9,000 and $34,000 for the three-months ended March 31, 2023 and 2022, respectively.

The Company expects the future amortization of amortizable intangible assets held at March 31, 2023 to be as follows (in thousands):


	Estimated Amortization Expense
Remainder of 2023		$	26
2024			34
2025			33
2026			33
2027			33
2028			33
Thereafter			215
Total		$	407

Net Loss per Share - Additional Information (Detail)	3 Months Ended
Net Loss per Share - Additional Information (Detail)	Mar. 31, 2023 shares
Earnings Per Share [Abstract]
Common stock excluded from calculation of basic and diluted EPS	105,577

Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Plant and Equipment

10. Plant and Equipment

The composition of property, plant and equipment, net is as follows (in thousands):


		As of
	Useful Lives	March 31, 2023			December 31, 2022
Computer equipment	3 years	$	863		$	755
Computer software	3 years		871			871
Construction in progress			367			258
Furniture and fixtures	7 years		459			439
Laboratory equipment	5 years		665			643
Leasehold improvements	Lesser of life or lease term		257			257
RECELL Moulds	5 years		129			129
Less: accumulated amortization and depreciation			(2,278	)		(2,152	)
Total plant and equipment, net		$	1,333		$	1,200

Depreciation expense related to plant and equipment for the three-months ended March 31, 2023 and 2022 was $126,000 and $129,000, respectively.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	25,327,761	25,208,436
Common stock shares outstanding	25,327,761	25,208,436
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable inputs for the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:


	As of March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	24,797	$	-	$	-	$	24,797
Current marketable securities:
U.S. Treasury securities	$	-	$	32,236	$	-	$	32,236
Commercial paper		-		9,338		-		9,338
Corporate debt securities		-		2,154		-		2,154
U.S. Government agency obligations		-		1,673		-		1,673
Total current marketable securities	$	-	$	45,401	$	-	$	45,401
Long-term marketable securities:
Asset backed securities	$	-	$	3,211	$	-	$	3,211
U.S. Treasury securities		-		978		-		978
Total long-term marketable securities	$	-	$	4,189	$	-	$	4,189
Total marketable securities and cash equivalents	$	24,797	$	49,590	$	-	$	74,387


	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	14,089	$	-	$	-	$	14,089
Current marketable securities:
U.S. Treasury securities		-		42,700		-		42,700
Commercial paper		-		12,743		-		12,743
Corporate debt securities		-		3,842		-		3,842
U.S. Government agency obligations		-		1,893		-		1,893
Total current marketable securities	$	-	$	61,178	$	-	$	61,178
Long-term marketable securities:
Asset backed securities	$	-	$	3,572	$	-	$	3,572
U.S. Treasury securities		-		2,410		-		2,410
U.S. Government agency obligations		-		948		-		948
Total long-term marketable securities	$	-	$	6,930	$	-	$	6,930
Total marketable securities and cash equivalents	$	14,089	$	68,108	$	-	$	82,197

The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of commercial paper, U.S Government agency obligations, corporate debt securities, asset backed securities and U.S Treasury securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of March 31, 2023 and December 31, 2022, the Company had no investments that were measured using unobservable (Level 3) inputs. There were no transfers between fair value measurement levels as of March 31, 2023 or December 31, 2022.

- Definition

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

+ References + Details

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

8. Inventory

The composition of inventory is as follows (in thousands):


	As of
	March 31, 2023		December 31, 2022
Raw materials	$	1,360	$	1,131
Work in process		620		384
Finished goods		831		610
Total inventory	$	2,811	$	2,125

The Company has reduced the carrying value of its inventories to reflect the lower of cost or net realizable value. Charges for estimated excess and obsolescence are recorded in Cost of sales in the Consolidated Statements of Operations and were $67,000 and $97,000, for the three-months ended March 31, 2023 and 2022, respectively.

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	$ 45,401	$ 61,178
Total long-term marketable securities	4,189	6,930
Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	45,401	61,178
Total long-term marketable securities	4,189	6,930
Total marketable securities and cash equivalents	74,387	82,197
Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	24,797	14,089
Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	45,401	61,178
Total long-term marketable securities	4,189	6,930
Total marketable securities and cash equivalents	49,590	68,108
Fair Value on Recurring Basis \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	24,797	14,089
Fair Value on Recurring Basis \| Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	24,797	14,089
Fair Value on Recurring Basis \| U.S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	32,236	42,700
Total long-term marketable securities	978	2,410
Fair Value on Recurring Basis \| U.S Treasury Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	32,236	42,700
Total long-term marketable securities	978	2,410
Fair Value on Recurring Basis \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	9,338	12,743
Fair Value on Recurring Basis \| Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	9,338	12,743
Fair Value on Recurring Basis \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	2,154	3,842
Fair Value on Recurring Basis \| Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	2,154	3,842
Fair Value on Recurring Basis \| U.S Government Agency Obligations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	1,673	1,893
Total long-term marketable securities		948
Fair Value on Recurring Basis \| U.S Government Agency Obligations \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	1,673	1,893
Total long-term marketable securities		948
Fair Value on Recurring Basis \| Asset-backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total long-term marketable securities	3,211	3,572
Fair Value on Recurring Basis \| Asset-backed Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total long-term marketable securities	$ 3,211	$ 3,572

Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6.00%
Employers contribution to retirement plan	$ 423,000		$ 233,000
Deferred compensation plan liability	$ 3,300,000			$ 1,300,000
Number of shares awards deferred, unvested	165,399			253,048
Deferred compensation arrangement with individual, shares vested	87,650	17,927
Deferred compensation arrangement with individual, shares vested life to date	105,577
Deferred compensation arrangement with individual, vested redemption value	$ 892,000
Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan liability	$ 2,100,000			$ 78,000
Non-Qualified Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting period	2 years
Employer contributions to deferred compensation plan	$ 42,000		$ 84,000
Deferred compensation plan liability	$ 1,200,000			$ 1,300,000
Non-Qualified Deferred Compensation Plans \| Vesting on Year One
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage	25.00%
Non-Qualified Deferred Compensation Plans \| Vesting on Year Two
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage	75.00%
Non-Qualified Deferred Compensation Plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	4.00%
Non-Qualified Deferred Compensation Plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6.00%

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2023	$ 550
2024	741
2025	441
2026	377
Total lease payments	2,109
Less imputed interest	(236)
Total operating lease liabilities	$ 1,873	$ 918

Stock-Based Payment Plans (Tables)

3 Months Ended

Mar. 31, 2023

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

Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations

The Company has included stock-based compensation expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows:


	Three-Months Ended
(In thousands)	March 31, 2023		March 31, 2022
Sales and marketing expenses	$	325	$	329
General and administrative expenses		2,090		2,327
Research and development expenses		225		276
Total	$	2,640	$	2,932

Summary Of Share Option Activity

A summary of share option activity as of March 31, 2023, and changes during the period ended is presented below:


	Service Only Share Options			Performance Based Share Options		Total Share Options
Outstanding shares at December 31, 2022		1,724,252			511,194		2,235,446
Granted		40,300			-		40,300
Exercised		(31,675	)		-		(31,675	)
Expired		(1,725	)		-		(1,725	)
Forfeited		(23,850	)		-		(23,850	)
Outstanding shares at March 31, 2023		1,707,302			511,194		2,218,496
Exercisable at March 31, 2023		781,050			477,052		1,258,102

Non Option Restricted Stock Units

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

Summary Of Share Option Activity

A summary of the status of the Company’s unvested RSUs as of March 31, 2023, and changes that occurred during the year is presented below:


Unvested Shares	Tenure-Based RSUs			Performance Condition RSUs			Total RSUs
Unvested RSUs outstanding at December 31, 2022		394,872			65,646			460,518
Granted		-			-			-
Vested		(71,900	)		(15,750	)		(87,650	)
Forfeited		(1,500	)		-			(1,500	)
Unvested RSUs outstanding at March 31, 2023		321,472			49,896			371,368

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 26
2024	34
2025	33
2026	33
2027	33
2028	33
Thereafter	215
Finite Lived Intangible Assets, Net Carrying Amount	$ 407

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flow from operating activities:
Net loss	$ (9,220)	$ (9,463)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	135	163
Stock-based compensation	2,640	2,932
Non-cash lease expense	167	169
Remeasurement and foreign currency transaction (gain)/loss	(2)	37
Excess and obsolete inventory related charges	67	97
BARDA deferred costs	(64)	12
Contract cost amortization	85	85
Provision for doubtful accounts	172	1
Amortization of (premium)/discount of marketable securities	(328)	50
Non-cash changes in the fair value of NQDC plan	610
Changes in operating assets and liabilities:
Trade and other receivables	(1,158)	(362)
BARDA receivables	382	(373)
Prepaids and other current assets	12	67
Inventory	(754)	232
Operating lease liability	(156)	(173)
Corporate-owned life insurance asset	(526)
Other long-term assets	(109)	(305)
Accounts payable and accrued expenses	778	(294)
Accrued wages and fringe benefits	(2,957)	(2,450)
Current non-qualified deferred compensation liability	748
Other current liabilities	958	15
Non-qualified deferred compensation plan liability	(237)
Contract liabilities	(316)	(70)
Other long-term liabilities		260
Net cash used in operations	(9,073)	(9,370)
Cash flows from investing activities:
Purchase of marketable securities	(5,183)	(25,525)
Maturities of marketable securities	24,271	3,000
Cash paid for property and equipment	(284)	(64)
Cash paid for patent filing fees	(17)	(12)
Net cash provided/(used) in investing activities	18,787	(22,601)
Cash flow from financing activities:
Proceeds from exercise of stock options	171	1
Net cash provided by financing activities	171	1
Effect of foreign exchange rate on cash and restricted cash	1	(6)
Net increase/(decrease) in cash and cash equivalents and restricted cash	9,886	(31,976)
Cash and cash equivalents and restricted cash beginning of the period	18,164	55,712	$ 55,712
Cash and cash equivalents and restricted cash end of the period	28,050	23,736	$ 18,164
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	9
Cash paid for interest	4
Plant and equipment purchases not yet paid	$ 9	$ 8

Summary of Significant Accounting Policies - Summary of Other Receivables (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Receivables Net Current [Abstract]
BARDA procurement and emergency preparedness services	$ 16	$ 16
BARDA expense reimbursements	500	882
Total	$ 516	$ 898

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

7. Leases

During February 2023, the Company remeasured the lease liability for an office lease due to a change in the lease term. As a result of the remeasurement of the lease liability, there was an increase of approximately $1.1 million, to the operating lease ROU assets and operating lease liabilities. There was no impact on earnings as a result of the lease modification.

The following table sets forth the Company’s operating lease expenses which are included in General and administrative expenses in the Consolidated Statements of Operations (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Operating lease cost	$	198	$	194
Variable lease cost		13		13
Total lease cost	$	211	$	207

Supplemental cash flow information related to operating leases for the three-months ended March 31, 2023 and 2022 was as follows (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	205	$	198


	As of
	March 31, 2023			December 31, 2022
Reported as:
Operating lease right-of-use assets	$	1,815		$	851
Total right-of-use assets	$	1,815		$	851
Other current liabilities:
Operating lease liabilities, short-term	$	638		$	612
Operating lease liabilities, long term		1,235			306
Total operating lease liabilities	$	1,873		$	918
Operating lease weighted average remaining lease term (years)		2.93			1.44
Operating lease weighted average discount rate		7.91	%		6.71	%

As of March 31, 2023, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
Remainder of 2023	$	550
2024		741
2025		441
2026		377
Total lease payments		2,109
Less imputed interest		(236	)
Total operating lease liabilities	$	1,873

As of March 31, 2023, there were no leases entered into that had not yet commenced

Inventory - Summary Of Composition Of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,360	$ 1,131
Work in process	620	384
Finished goods	831	610
Total inventory	$ 2,811	$ 2,125

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2022 filed with the SEC on February 23, 2023 (United States) and the Australian Securities Exchange ("ASX") on February 24, 2023 (Australia) (the “Annual Report").

There have been no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K that have had a material impact on the Company’s consolidated financial statements. See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the Annual Report.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Reclassification of prior year presentation

Certain prior year amounts within Other current liabilities have been reclassified to Current non-qualified deferred compensation liability, in the Consolidated Balance Sheets for consistency with current period presentation. These reclassifications had no effect on the reported results of operations or financial position.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts (including doubtful accounts, carrying value of long-lived assets, the useful lives of long-lived assets, accounting for marketable securities, income taxes, stock-based compensation, and the stand-alone selling price for the BARDA contract) and related disclosures. Estimates have been prepared on the basis of the current and available information. However, actual results could differ from estimated amounts.

Foreign Currency Translation and Foreign Currency Transactions

The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive gain (loss) in stockholders’ equity. Gains and losses resulting from foreign currency transactions are included in general and administrative expenses and were a gain of $11,000 and loss of $22,000 for the three-months ended March 31, 2023 and 2022, respectively.

The Company’s non-operating subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements and foreign currency transactions are included in general and administrative expenses. During the three-months ended March 31, 2023 and 2022, the Company recorded a loss of $9,000 and $15,000, respectively.

Comprehensive Loss

The components of comprehensive loss consist of net loss, foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses in investments available for sale. The Company did not have reclassifications from other comprehensive loss to net loss during the three-months ended March 31, 2023 and 2022.

Revenue Recognition

The Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to be entitled in exchange for those goods or services.

To determine revenue recognition for arrangements that are within the scope of Accounting Standard Codification (“ASC”) Topic 606, Revenue Recognition, the Company performs the following five steps:

Identify the contract with a customer

Identify the performance obligations

Determine the transaction price

Allocate the transaction price to the performance obligations

Recognize revenue when/as performance obligation(s) are satisfied

In order for an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. Once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised with each contract, determines whether those are performance obligations and the related transaction price. The Company then recognizes the sale of goods based on the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

The Company’s revenue consists primarily of the sale of the RECELL System to hospitals or other treatment centers and to BARDA (collectively, “customers”), predominately in the United States. The Company evaluated the BARDA contract and concluded that a portion of the arrangement, such as the procurement of the RECELL system and the emergency preparedness, represents a transaction with a customer and as such are in the scope of ASC 606. Amounts received from BARDA for the research and development of the Company’s product are classified as BARDA income in the Consolidated Statements of Operations and are accounted for under IAS 20 by analogy. For further details refer to BARDA Income and Receivables below.

Revenues for commercial customers (hospitals, treatment centers and COSMOTEC) are recognized as control of the product is transferred to customers, at an amount that reflects the consideration expected to be received in exchange for the product. Revenues are recognized net of volume discounts. As such, revenue is recognized only to the extent a significant reversal of revenues is not expected to occur in subsequent periods. For the Company’s contracts that have an original duration of one year or less, the Company elected the practical expedient applicable to such contracts and does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract fulfillment costs such as commissions and shipping and handling expenses as incurred.

For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations: (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services. Through this contract the Company promises to procure the product through a vendor management inventory arrangement and to stand ready to provide emergency deployment services related to the product. Emergency preparedness services include procuring necessary storage containers, housing, and maintaining the containers (and product), and providing shipping and handling services in the event of an emergency situation. This stand ready obligation is a series of distinct services that are substantially the same and have the same pattern of transfer to the customer, overtime as services are consumed.

The total transaction price for the portion of the BARDA contract that is within the scope of ASC 606, was determined to be $9.2 million. The transaction price was allocated on a stand-alone selling price basis as follows: $7.6 million to the procurement of the RECELL product, which is classified as Revenues when recognized in the Consolidated Statements of Operations and $1.6 million to the emergency deployment services which is classified as Revenues when recognized in the Consolidated Statements of Operations. The $1.6 million for emergency deployment includes variable consideration which is deemed immaterial to the contract as a whole. The Company estimated the stand-alone selling price of the procurement of the RECELL product based on historical pricing of the Company’s product at the initial execution of the contract. The Company estimated the stand-alone selling price of the emergency deployment services performed based on the Company’s projected cost of providing the services plus an applicable profit margin as denoted in the contract.

The Company’s performance obligations are either satisfied at a point in time or over time as services are provided. The product procurement performance obligation is satisfied at a point in time, upon transfer of control of the product. As such, the related revenue for these performance obligations is recognized at a point in time as revenue within the Company’s Consolidated Statement of Operations. In addition to guidance under ASC 606, the Company recognizes revenue from the sales of RECELL product to BARDA for placement into vaccine stockpiles in accordance with SEC Interpretation, Commission Guidance regarding Accounting for Sale of Vaccines and BioTerror Countermeasures to the Federal Government for Placement into the Pediatric Vaccine Stockpile or the Strategic National Stockpile (SNS). Under this guidance, revenue is recognized when product is placed in the BARDA vendor-managed inventory as control of the product has been transferred to the customer at the time of delivery to the VMI. RECELL units that have been delivered to BARDA have a product replacement obligation at no cost to BARDA due to the product’s limited shelf-life. The estimated cost of the expired inventory over the term of the contract is recognized on a per unit basis at the time of delivery. The liability is released upon replacement of the product along with a corresponding reduction to inventory. The emergency preparedness services performance obligation is satisfied over time. Revenue for the emergency deployment will be recognized on a straight-line basis during the term of the contract as services are consumed over time. Services recognized are included in Revenues within the Consolidated Statements of Operations. Contract costs to fulfill the performance obligations are incremental and expected to be recovered are capitalized and amortized on a straight-line basis over the term of the contract. Contract costs are included in Prepaids and other current assets in the Consolidated Balance Sheets. For further details refer to Note 6.

Contract Liabilities

The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30-90 days, and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. For further details refer to Note 6.

Cost of Sales

Cost of sales related to products includes costs to manufacture or purchase, package, and ship the Company’s products. Costs also include relevant production overhead and depreciation and amortization. These costs are recognized when control of the product is transferred to the customer and revenue is recognized.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statement of Operations. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheets.

The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired.

Cash and Cash Equivalents

Cash and Cash Equivalents consists of cash held at deposit institutions and cash equivalents. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less from the date of purchase and consist primarily of money market funds. The Company holds cash at deposit institutions in the amount of $3.3 million and $4.1 million, of which $829,000 and $737,000 is denominated in foreign currencies in foreign institutions as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, the Company held cash equivalents in the amount of $24.8 million and $14.1 million, respectively.

Silicon Valley Bank Failure

On March 10, 2023, Silicon Valley Bank failed and was taken into receivership by the Federal Deposit Insurance Corporation ("FDIC"). The Company's cash deposits were in excess of federally insured limits with Silicon Valley Bank as of March 10, 2023. However, on March 12, 2023, the federal government announced they will back all customer deposits at Silicon Valley Bank. The Company did not encounter any loss of cash or assets as a result of the bank failure. Subsequent to the bank failure, the Company established a commercial banking relationship with Bank of America. Cash equivalents and marketable securities were held by US Bank and were not impacted by the collapse of Silicon Valley Bank.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, BARDA receivables and other receivables. As of March 31, 2023 and December 31, 2022, substantially all of the Company’s cash was deposited in accounts at financial institutions, and amounts may exceed federally insured limits and subject to the risk of bank failure.

As of March 31, 2023 no single commercial customer accounted for more than 10% of net accounts receivable. As of December 31, 2022, one commercial customer accounted for more than 10% of total net accounts receivable. For the three-months ended March 31, 2023 and 2022, no single customer accounted for more than 10% of revenues. BARDA revenue for emergency deployment accounted for approximately 1% and 1% of total revenues for the three-months ended March 31, 2023 and 2022, respectively. BARDA receivables for emergency preparedness services accounted for 3% and 2% of total BARDA receivables as of March 31, 2023 and December 31, 2022, respectively. See table below for breakdown of BARDA receivables (in thousands).


	As of
	March 31, 2023		December 31, 2022
BARDA procurement and emergency preparedness services	$	16	$	16
BARDA expense reimbursements		500		882
Total	$	516	$	898

Marketable Securities

We classify all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. Short-term marketable securities represent investment of cash available for current operations. We account for our marketable securities as available-for-sale securities.

All marketable securities, which consist of corporate debt securities, U.S government agency obligations, U.S treasury and commercial paper are denominated in U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders equity until realized. Realized gains and losses on marketable securities are included in Other income in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in other income. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months.

If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale debt securities into the following categories: commercial paper, corporate debt, government and agency securities, asset backed securities and money market funds. The Company’s corporate bonds are comprised of predominantly high-grade corporate bonds while its government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed both corporate bonds and government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates.

To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available for sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to Other income in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through other income.

BARDA Income and Receivables

The Company was awarded the Biomedical Advance Research and Development Authority ("BARDA") grant in September 2015. Under this grant BARDA supports the Company’s research and development for the Company’s product, including the ongoing U.S. clinical regulatory program targeted towards FDA PMA, our compassionate use program, clinical and health economics research, and U.S. pediatric burn programs. Currently, the BARDA contract is supporting the Company's clinical trial in soft-tissue reconstruction.

Consideration received under the BARDA grant is earned and recognized under a cost-plus-fixed-fee arrangement in which the Company is reimbursed for direct costs incurred plus allowable indirect costs and a fixed-fee earned. Billings under the contracts are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, general and administrative expenses and a fixed fee.

The Company has concluded that grants under the BARDA grant are not within the scope of ASC 606, as they do not meet the definition of a contract with a “customer.” The Company has further concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition also does not apply, as the Company is a business entity and the grants are with governmental agencies or units. With respect to the BARDA grant, we considered the guidance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy. BARDA income and related receivables are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions have been complied with. When the grant relates to an expense item, the grant received is recognized as income over the period when the expense was incurred.

Leases

The Company has operating leases for corporate office space, manufacturing and a warehouse facility. The Company’s operating leases have remaining lease terms of one year to three years, some of which include options to renew the lease. At contract inception, the Company determines whether the contract is a lease or contains a lease. A contract contains a lease if the Company is both able to identify an asset and can conclude it has the right to control the identified asset for a period of time. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

Right-of-use (“ROU”) assets represent the Company’s right to control an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an explicit rate, the Company used its incremental borrowing rate (“IBR”) based on the information available at the commencement date in determining the discount rate used to present value lease payments. In determining the IBR, the Company considered its credit rating and current market interest rates. The IBR used approximates the interest that the Company would be required to pay for a collateralized loan over a similar term. The Company’s leases typically do not include any residual value guarantees or asset retirement obligations.

The Company’s lease terms are only for periods in which it has enforceable rights. A lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an insignificant penalty. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in General and administrative expenses in the accompanying Consolidated Statements of Operations.

The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred.

Stock-Based Compensation

The Company records compensation expense for stock options based on the fair market value of the awards on the date of grant. The fair value of stock-based compensation awards is amortized over the vesting period of the award. Compensation expense for performance-based awards is evaluated based on the number of shares ultimately expected to vest, estimated at each grant date based on management’s expectations regarding the relevant performance criteria, if any. The Black-Scholes option pricing model and Monte Carlo Simulation were used to estimate the fair value of the time-based and performance-based options, respectively. Under ASU 2016-09, Compensation – Stock Compensation (“ASC 718”) Improvements to Employee Share-Based Payment Accounting, the Company elected to account for forfeitures as they occur.

The following assumptions were used in the valuation of stock options.

•

Expected volatility – determined using the average of the historical volatility using daily intervals over the expected term and the derived volatility using the longest term available of 12 months.

•

Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future

•

Expected term – the expected term of the Company’s stock options for tenure only vesting has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to share-based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history of awards granted, with the first plan being established in 2016 which was primarily used for executive awards. Further, the Company does not have sufficient history of exercises in the U.S. market given the Company’s redomiciliation from Australia to the United States in 2020. The expected term of options with a performance condition or market condition was set to the contractual term of 10 years. The contractual term was used for options with a performance or market condition as these are primarily awarded to executives and the Company assumes that they will hold them longer than rank and file employees.

•

Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.

Segment Reporting

Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision-maker is its Chief Executive Officer. To date, the Company has viewed its operations and manages its business as one segment.

Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset

The Company’s non-qualified deferred compensation plan (the "NQDC plan"), which became effective in October 2021, allows highly compensated key employees to elect to defer a portion of their salary, bonus and restricted stock unit ("RSU") awards to later years. Management determined that the cash deferrals under the NQDC plan shall be accounted for similarly to a defined benefit plan under ASC 715, Compensation – Retirement Benefits, and should follow accounting treatment that is similar to a cash balance plan. Management determined that the employee portion and employer portion of the deferred compensation should be recognized as a compensation expense with a corresponding credit to deferred compensation liability. The matching contribution will be accrued over the vesting period of two years with 25% vesting in the first year and 75% vesting in the second year. Employees aged 55 or older immediately vest in employer matching contributions. The change in the liability between each reporting period is accounted for as compensation expense with a corresponding adjustment to deferred compensation liability. Upon distribution, the Company will record the distribution as a decrease to compensation liability with a corresponding credit to cash. The Company funds the NQDC plan through a Corporate-Owned Life Insurance (“COLI”). Per the ASC 325-30-25-1A, Investments – Other, COLI is recorded as an asset in on the Consolidated Balance Sheets as it does not meet the definition of a plan asset under ASC 715. The Company invests in COLI policies relating to its deferred compensation plan. Investments in COLI policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss in the statements of operations in Other income.

Rabbi Trust

During April 2022, we established a rabbi trust for a select group of participants in which share awards granted under the 2020 Omnibus Incentive Plan (“2020 Plan”) and deferred under the NQDC plan may be deposited. In addition to the deferral of shares, the rabbi trust holds the assets in the COLI for the NQDC plan. The rabbi trust is an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency. The value of the assets of the rabbi trust is consolidated into our financial statements.

The NQDC plan permits diversification of vested shares (common stock) into other equity securities subject to a six-month and one day holding period subsequent to vesting. Per ASC 710-10-25-15, accounting for deferred common stock will be under plan

type C or D. Accounting will depend on whether or not the employee has diversified the common stock. Under Plan type C, diversification is permitted but the employee has not diversified. Under Plan type D, diversification is permitted and the employee has diversified.

For common stock that have not been diversified, the employer stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Company common stock held by the non-qualified deferred compensation plan. Common stock will be recorded at fair value of the stock at the time it vested, subsequent changes in the value of the common stock will not be recognized. The deferred compensation obligation is measured independently at fair value of the common stock with a corresponding charge or credit to compensation cost. The fair value is calculated as the product of the common stock and the closing price of the stock each reporting period.

Under plan type D, the accounting for the assets held by the rabbi trust are subject to the accounting pronouncements under applicable U.S. GAAP for each asset type. As diversified common stock will be invested in mutual funds, assets held by the rabbi trust will be subject to accounting in ASC 321 - Investments - Equity Securities. The deferred compensation obligation is measured independently at fair value of the underlying assets. As of March 31, 2023, none of the deferred common stock has been diversified.

Non-Qualified Deferred Compensation Stock Awards

In accordance with ASC 718, Compensation — Stock Compensation, the deferred RSU awards under the NQDC plan are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. As the plan permits diversification, presentation outside of permanent equity in accordance with ASR 268, Redeemable Preferred Stock is appropriate. The redemption amounts are based on the vested percentage and are recorded outside of equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. Deferred awards will be presented outside of permanent equity until the awards are vested. For further details refer to Note 18.

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash outflows from operating leases	$ 205	$ 198

Stock-Based Payment Plans - Summary Of Share Option Activity (Detail)	3 Months Ended
	Mar. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance	2,235,446
Granted	40,300
Exercised	(31,675)
Expired	(1,725)
Forfeited	(23,850)
Ending balance	2,218,496
Exercisable	1,258,102
Service Only Share Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance	1,724,252
Granted	40,300
Exercised	(31,675)
Expired	(1,725)
Forfeited	(23,850)
Ending balance	1,707,302
Exercisable	781,050
Performance Based Share Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance	511,194
Ending balance	511,194
Exercisable	477,052

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($) PerformanceObligation Segment shares	Sep. 30, 2022 shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	$ 2,000		$ (37,000)
Contract description	For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations: (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services.
Cash at deposit institutions	$ 3,300,000			$ 4,100,000
Cash in foreign institutions	829,000			737,000
Cash equivalents held	$ 24,800,000			$ 14,100,000
Description of maturity terms	We classify all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date
Final maturity period	37 months
Lease renewal period	3 years
Contractual term	10 years
Number of business segment \| Segment	1
Number of shares awards deferred, unvested \| shares	165,399			253,048
Deferred compensation arrangement with individual, shares vested \| shares	87,650	17,927
Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting period	2 years
Vesting on Year One \| Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage	25.00%
Vesting on Year Two \| Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage	75.00%
Revenue Benchmark
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	no		no
Minimum
Summary Of Significant Accounting Policies [Line Items]
Revenue, performance obligation, description of payment terms	30 days
Remaining lease terms	1 year
Maximum
Summary Of Significant Accounting Policies [Line Items]
Revenue, performance obligation, description of payment terms	90 days
Remaining lease terms	3 years
Commercial Customer \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%		10.00%
Commercial Customer \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	no			one
Commercial Customer \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%			10.00%
BARDA
Summary Of Significant Accounting Policies [Line Items]
Number of performance obligations \| PerformanceObligation	2
Total transaction price of contract	$ 9,200,000
RECELL system \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Product replacement obligation cost	$ 0
Number of units will be delivered	5,614
Transaction price allocated on a stand alone selling price basis	$ 7,600,000
Emergency Deployment \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Transaction price allocated on a stand alone selling price basis	$ 1,600,000
Emergency Deployment Service \| Commercial Customer \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	1.00%		1.00%
Emergency Deployment Service \| BARDA \| Accounts Receivable Revenue \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	3.00%			2.00%
General and Administrative Expense
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	$ (9,000)		$ (15,000)
General and Administrative Expense \| Non-US
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	11,000		$ (22,000)
Revenue \| RECELL system \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Transaction price allocated on a stand alone selling price basis	$ 1,600,000

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 10,550,000	$ 7,539,000
Cost of sales	(1,667,000)	(1,778,000)
Gross profit	8,883,000	5,761,000
BARDA income	627,000	734,000
Operating expenses:
Sales and marketing expenses	(6,540,000)	(4,828,000)
General and administrative expenses	(8,295,000)	(7,534,000)
Research and development expenses	(4,586,000)	(3,620,000)
Total operating expenses	(19,421,000)	(15,982,000)
Operating loss	(9,911,000)	(9,487,000)
Interest expense	(4,000)
Other income	725,000	28,000
Loss before income taxes	(9,190,000)	(9,459,000)
Provision for income tax	(30,000)	(4,000)
Net loss	$ (9,220,000)	$ (9,463,000)
Net loss per common share:
Basic	$ (0.37)	$ (0.38)
Diluted	$ (0.37)	$ (0.38)
Weighted-average common shares:
Basic	25,202,088	24,937,999
Diluted	25,202,088	24,937,999

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 563	$ 558
Finite Lived Intangible Assets, Accumulated Amortization	(102)	(93)
Finite Lived Intangible Assets, Net Carrying Amount	407
Intangible Assets, Net (Excluding Goodwill)	461	465
Trademarks
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 54	54
Patent 1
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
Finite Lived Intangible Assets, Gross Amount	$ 17	17
Finite Lived Intangible Assets, Accumulated Amortization	(16)	(16)
Finite Lived Intangible Assets, Net Carrying Amount	$ 1	1
Patent 2
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Finite Lived Intangible Assets, Gross Amount	$ 138	137
Finite Lived Intangible Assets, Accumulated Amortization	(31)	(28)
Finite Lived Intangible Assets, Net Carrying Amount	$ 107	109
Patent 3
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years
Finite Lived Intangible Assets, Gross Amount	$ 195	194
Finite Lived Intangible Assets, Accumulated Amortization	(43)	(39)
Finite Lived Intangible Assets, Net Carrying Amount	$ 152	155
Patent 5
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 92	89
Finite Lived Intangible Assets, Accumulated Amortization	(8)	(6)
Finite Lived Intangible Assets, Net Carrying Amount	$ 84	83
Patent 6
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years
Finite Lived Intangible Assets, Gross Amount	$ 43	43
Finite Lived Intangible Assets, Accumulated Amortization	(4)	(4)
Finite Lived Intangible Assets, Net Carrying Amount	$ 39	39
Patent 7
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Finite Lived Intangible Assets, Gross Amount	$ 2	2
Finite Lived Intangible Assets, Net Carrying Amount	$ 2	2
Patent 8
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 13	13
Finite Lived Intangible Assets, Net Carrying Amount	$ 13	13
Patent 10
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 3	3
Finite Lived Intangible Assets, Net Carrying Amount	$ 3	3
Patent 11
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 6	6
Finite Lived Intangible Assets, Net Carrying Amount	$ 6	$ 6

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

17. Net Loss per Share

The following is a reconciliation of the basic and diluted loss per share computations:


	Three-Months Ended
	March 31, 2023			March 31, 2022
	(in thousands, except per share amounts)
Net Loss	$	(9,220	)	$	(9,463	)
Weighted-average common shares—outstanding, basic		25,202			24,938
Weighted-average common shares—outstanding, diluted		25,202			24,938
Net loss per common share, basic	$	(0.37	)	$	(0.38	)
Net loss per common share, diluted	$	(0.37	)	$	(0.38	)

The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the relevant period. In accordance with ASC 710-10, 105,577 shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted EPS calculations. For details on shares of common stock held by the rabbi trust refer to Note 18. For the purposes of the calculation of diluted net loss per share, options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Because the Company has reported a net loss for the three -months ended March 31, 2023, and 2022, diluted net loss per common share is the same as the basic net loss per share for those periods.

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract]
Operating lease right-of-use assets	$ 1,815	$ 851
Total right-of-use assets	1,815	851
Operating lease liabilities, short-term	$ 638	$ 612
Operating Lease Liability Current Statement Of Financial Position Extensible List	Other current liabilities	Other current liabilities
Operating lease liabilities, long-term	$ 1,235	$ 306
Total operating lease liabilities	$ 1,873	$ 918
Operating lease weighted average remaining lease term (years)	2 years 11 months 4 days	1 year 5 months 8 days
Operating lease weighted average discount rate	7.91%	6.71%

Marketable Securities

3 Months Ended

Mar. 31, 2023

Available For Sale Securities [Abstract]

Marketable Securities

4. Marketable Securities

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:


	As of March 31, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	24,797	$	-	$	-		$	24,797
Current marketable securities:
U.S. Treasury securities	$	32,407	$	3	$	(174	)	$	32,236
Commercial paper		9,338		-		-			9,338
Corporate debt securities		2,168		-		(14	)		2,154
U.S. Government agency obligations		1,672		1		-			1,673
Total current marketable securities	$	45,585	$	4	$	(188	)	$	45,401
Long-term marketable securities:
Asset backed securities	$	3,212	$	4	$	(5	)	$	3,211
U.S. Treasury securities		978		-		-			978
Total long-term marketable securities	$	4,190	$	4	$	(5	)	$	4,189


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	14,089	$	-	$	-		$	14,089
Current marketable securities:
U.S. Treasury securities	$	43,092	$	1	$	(393	)	$	42,700
Commercial paper		12,743		-		-			12,743
Corporate debt securities		3,865		-		(23	)		3,842
U.S. Government agency obligations		1,901		-		(8	)		1,893
Total current marketable securities	$	61,601	$	1	$	(424	)	$	61,178
Long-term marketable securities:
Asset backed securities	$	3,568	$	7	$	(3	)	$	3,572
U.S. Treasury securities		2,416		-		(6	)		2,410
U.S Government agency obligations		949		-		(1	)		948
Total long-term marketable securities	$	6,933	$	7	$	(10	)	$	6,930


	As of March 31, 2023				As of December 31, 2022
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	45,585	$	45,401	$	61,601	$	61,178
Due after one year through three years	$	4,190	$	4,189	$	6,933	$	6,930

Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $8,000 and an unrealized loss of $193,000 as of March 31, 2023, which resulted in a net unrealized loss of $185,000. Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $8,000 and an unrealized loss of $434,000 as of December 31, 2022 which resulted in a net unrealized loss of $426,000. As of March 31, 2023, and December 31, 2022, the Company did not recognize credit losses. The Company has accrued interest income of $134,000 and $168,000 as of March 31, 2023, and December 31, 2022, respectively, recorded in prepaids and other current assets.

Reporting Segment and Geographic Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($)	May 31, 2023	Apr. 14, 2023
Subsequent Event [Line Items]
Lease term	60 months
Monthly rent	$ 25,000
Maximum
Subsequent Event [Line Items]
Number of shares the company may offer and sale		3,799,164

Contingencies

3 Months Ended

Mar. 31, 2023

Commitments And Contingencies Disclosure [Abstract]

Contingencies

13. Contingencies

The Company is subject to certain contingencies arising in the ordinary course of business. The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of March 31, 2023 and December 31, 2022, the Company did not have any outstanding or threatened litigation that would have a material impact on the financial statements.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Other Current and Long-Term Assets and Liabilities - Summary of Other Long Term Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets Noncurrent Disclosure [Abstract]
Long-term lease deposits	$ 120	$ 25
Long-term prepaids	110	97
Total other long-term assets	$ 230	$ 122

Retirement Plans - Summary of Eligible Share Award Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Stock-based compensation expense	$ 2,640	$ 2,932
Non-qualified \| Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at inception/beginning of period	557
Change in classification of deferred compensation share awards			$ 192
Stock-based compensation expense	443		471
Change in redemption value	558		21
Vesting of share awards held by NDQC	(765)		(127)
Ending Balance	$ 793		$ 557

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Revenues

3 Months Ended

Mar. 31, 2023

Revenue Performance Obligation [Abstract]

Revenues

6. Revenues

Revenues

The Company’s revenue consists of sale of the RECELL System to hospitals, treatment centers and COSMOTEC (“commercial customers”) and to BARDA (collectively “customers”), predominately in the United States. In addition, the Company records service revenue for the emergency preparedness services provided to BARDA.

Performance Obligations

For commercial contracts, we identified the hospital or treatment center as the customer in Step 1 of the 5-step model of ASC 606 and have determined a contract exists with those customers. As these contracts typically have a single performance obligation (i.e. product delivery), no allocation of the transaction price is required in Step 4 of the model. Control of the product is transferred to the

customer at a point in time, at the point in time at which the goods are either shipped or delivered to our customers’ facilities, depending on the terms of the contract. The transaction price is stated within the contract and is therefore fixed consideration. The transaction price does not include the sales tax that is imposed by governmental authorities.

For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services. The Company’s performance obligations are either satisfied at a point in time or over time as services are provided. The product procurement performance obligation is satisfied at a point in time, upon transfer of control of the product. RECELL units that have been delivered to BARDA have a product replacement obligation at no cost to BARDA due to the product’s limited shelf-life. The estimated cost of the expired inventory over the term of the contract is recognized on a per unit basis at the time of delivery. The liability is released upon replacement of the product along with a corresponding reduction to inventory. The Company has estimated deferred cost of approximately $130,000 and $194,000 as of March 31, 2023 and December 31, 2022, respectively, for the rotation cost of the product and are included Other current liabilities in the Consolidated Balance Sheets. The emergency preparedness services performance obligation is satisfied over time. Revenue for the emergency deployment will be recognized on a straight-line basis during the term of the contract as services are consumed over time. Services recognized for the three-months ended March 31, 2023 and 2022 were $92,000 and $93,000, respectively, and are included in Revenues within the Consolidated Statements of Operations. Contract costs to fulfill the performance obligation that are incremental and are expected to be recovered are capitalized and amortized on a straight-line basis over the term of the contract. As of March 31, 2023 and December 31, 2022 contract costs of $189,000 and $252,000 are included in Prepaids and other current assets in the Consolidated Balance Sheets.

Remaining Performance Obligations

Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) pursuant to the Company’s existing customer agreements is $617,000 and $698,000 as of March 31, 2023 and December 31, 2022, respectively. Approximately $201,000 and $274,000 as of March 31, 2023 and December 31, 2022, respectively, of the total balance, relates to our July 2020 contract with BARDA for the purchase, delivery and storage of RECELL Systems for emergency response preparedness for a period of three years. The Company expects to recognize this amount as services are provided to BARDA. We are contracted to manage this inventory of product until the federal government requests shipment or at contract termination on December 31, 2023. The remaining balance of $416,000 and $424,000 as of March 31, 2023 and December 31, 2022, respectively, the Company expects to recognize as revenue on a straight-line basis over the term of the contract with COSMOTEC.

Variable Consideration

The Company evaluates its contracts with customers for forms of variable consideration, which may require an adjustment to the transaction price based on their estimated impact. For commercial customers, revenue from the sale of goods is recognized net of volume discounts. The Company uses the expected value method when estimating variable consideration. Revenue is only recognized to the extent that it is probable that a significant reversal will not occur. Variable consideration under the BARDA contract is not material to the consolidated financial statements.

Contract Assets and Contract Liabilities

Contract assets include amounts related to the Company’s contractual right to consideration for both completed and partially completed performance for which the Company does not have the right to payment. As of the period ended March 31, 2023 and December 31, 2022, the Company does not have any contract assets.

Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. The Company had $617,000 and $698,000 of contract liabilities as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022 a total of $235,000 and $0, respectively, was included in Other current liabilities and $382,000 and $698,000, respectively in Contract liabilities in the Consolidated Balance Sheets.

The balance relates to the unsatisfied performance obligation for emergency preparedness under the BARDA contract and COSMOTEC. The performance obligation will be satisfied, and revenue will be recognized over time over the term of the contract. For the three-months ended March 31, 2023 and 2022, the Company recognized $92,000 and $93,000 of revenue from BARDA and $8,400 and $0 from COSMOTEC of the amounts included in the beginning balance of contract liabilities.

Cost to Obtain and Fulfill a Contract

Commercial contract fulfillment costs include commissions and shipping expenses. The Company has opted to immediately expense the incremental cost of obtaining a contract when the underlying related asset would have been amortized over one year or less. The Company generally does not incur costs to obtain new contracts.

BARDA Contract Costs

Cost to fulfill the BARDA emergency preparedness performance obligation, which primarily consist of billed costs to BARDA incurred in connection with the emergency deployment services, are incremental and expected to be recovered. Costs are capitalized and amortized on a straight-line basis over the term of the contract. As of March 31, 2023, and December 31, 2022, the Company had $189,000 and $252,000 of contracts costs included in Prepaids and other current assets in the Consolidated Balance Sheets. Amortization expense related to deferred contract costs were $85,000 and $85,000, during the three-months ended March 31, 2023, and 2022, respectively, and are classified as Cost of sales on the accompanying Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the three-months ended March 31, 2023, and 2022.

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers into geographical regions and by customer type. As noted in the segment footnote, the Company’s business consists of one reporting segment. A reconciliation of disaggregated revenue by geographical region and customer type is provided in Segment Note 12.

- 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
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+ Details

Net Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss	$ 9,220	$ 9,463
Weighted-average common shares – outstanding, basic	25,202,088	24,937,999
Weighted-average common shares – outstanding, diluted	25,202,088	24,937,999
Net loss per common share, basic	$ (0.37)	$ (0.38)
Net loss per common share, diluted	$ (0.37)	$ (0.38)

- Definition

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

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+ Details

- Definition

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

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-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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-Topic 260
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-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 1
-Subparagraph (e)(4)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

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

+ References

+ Details

Stock-Based Payment Plans - Summary Of Company Unvested RSUs (Detail)	3 Months Ended
	Mar. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs beginning balance	460,518
Unvested RSUs vested	(87,650)
Unvested RSUs forfeited	(1,500)
Unvested RSUs ending balance	371,368
Non Options Tenure Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs beginning balance	394,872
Unvested RSUs vested	(71,900)
Unvested RSUs forfeited	(1,500)
Unvested RSUs ending balance	321,472
Non Option Performance Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs beginning balance	65,646
Unvested RSUs vested	(15,750)
Unvested RSUs ending balance	49,896

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Summary Of Composition Of Intangible Assets

The composition of intangible assets, net is as follows (in thousands):


			As of March 31, 2023							As of December 31, 2022
	Weighted Average Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3	$	17	$	(16	)	$	1	$	17	$	(16	)	$	1
Patent 2		13		138		(31	)		107		137		(28	)		109
Patent 3		14		195		(43	)		152		194		(39	)		155
Patent 5		19		92		(8	)		84		89		(6	)		83
Patent 6		20		43		(4	)		39		43		(4	)		39
Patent 7		13		2		-			2		2		-			2
Patent 8		19		13		-			13		13		-			13
Patent 10		19		3		-			3		3		-			3
Patent 11		19		6		-			6		6		-			6
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	563	$	(102	)	$	461	$	558	$	(93	)	$	465

Summary Of Future Amortization Of Amortizable Intangible Assets Held

The Company expects the future amortization of amortizable intangible assets held at March 31, 2023 to be as follows (in thousands):


	Estimated Amortization Expense
Remainder of 2023		$	26
2024			34
2025			33
2026			33
2027			33
2028			33
Thereafter			215
Total		$	407

The Company

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

1. The Company

Nature of the Business

AVITA Medical, Inc. and its subsidiaries (collectively, “AVITA Medical”, “we”, “our”, “us”, or “Company”), is a regenerative medicine company leading the development and commercialization of devices and autologous cellular therapies for skin restoration. The Company’s RECELL® System technology platform harnesses the regenerative properties of a patient’s own skin to create Spray-On Skin™ cells. In September 2018, the United States Food & Drug Administration (“FDA”) granted premarket approval (“PMA”) to the RECELL System for use in the treatment of acute thermal burns in patients eighteen years and older. Following receipt of our original PMA, we commenced commercialization of the RECELL System in January 2019 in the United States. In June 2021, the FDA approved expanded use of the RECELL System in combination of meshed autografting for acute full-thickness thermal wounds in pediatric and adult patients. In February 2022, the FDA approved a PMA supplement for the RECELL Autologous Cell Harvesting Device, an enhanced ease-of-use device aimed at providing clinicians a more efficient user experience and simplified workflow. In addition, the FDA has granted the Company Investigational Device Exemptions (“IDEs”), which enabled the Company to conduct pivotal clinical trials to further expand the indications of the RECELL System to include soft tissue repair and vitiligo. Enrollment of those clinical studies is complete, with topline results announced for both the soft tissue repair and vitiligo trials. Results from those studies are intended to support the Company’s pursuit of FDA approval to market the RECELL System in the United States for those indications. In December 2022, the Company submitted a PMA supplement for soft tissue repair and a PMA application for vitiligo. In April 2023, the Company confirmed that its automated cell disaggregation device, RECELL GO™, maintains the FDA Breakthrough Device designation for the treatment of acute wounds. The Company plans to submit a PMA supplement application for RECELL GO by June 30, 2023.

In February 2019, we entered into a collaboration with COSMOTEC Company Ltd ("COSMOTEC"), an M3 Group company, to market and distribute the RECELL System in Japan. Under the terms of the agreement, the Company will supply the RECELL product, and COSMOTEC will be the sole distributor of the product in Japan. We worked with COSMOTEC to advance our application for approval of the RECELL System in Japan pursuant to Japan’s Pharmaceuticals and Medical Devices Act (“PMDA”). In February 2022, COSMOTEC’s application for regulatory approval was approved by the PMDA with labeling for burns only. In September 2022, COSMOTEC commercially launched RECELL in Japan following Japan’s Ministry of Health, Labor, and Welfare approval of reimbursement pricing. COSMOTEC is evaluating whether to submit a further application for soft tissue repair and vitiligo indications.

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Summary Of Composition Of Inventory

The composition of inventory is as follows (in thousands):


	As of
	March 31, 2023		December 31, 2022
Raw materials	$	1,360	$	1,131
Work in process		620		384
Finished goods		831		610
Total inventory	$	2,811	$	2,125

Contingencies - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Threatened Litigation
Litigation liability	$ 0	$ 0

Common and Preferred Stock

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common and Preferred Stock

14. Common and Preferred Stock

The Company’s CHESS Depositary Interests (“CDIs”) are quoted on the ASX under the ticker code, “AVH”. The Company’s shares of common stock are quoted on the Nasdaq Capital Market (“Nasdaq”) under the ticker code, “RCEL”. One share of common stock on Nasdaq is equivalent to five CDIs on the ASX.

The Company is authorized to issue 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. As of March 31, 2023, and December 31, 2022, 25,327,761 and 25,208,436 shares of common stock, respectively, were issued and outstanding and no shares of preferred stock were outstanding during any period.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Reclassification of prior year presentation

Use of Estimates

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Loss

Revenue Recognition

Identify the contract with a customer

Identify the performance obligations

Determine the transaction price

Allocate the transaction price to the performance obligations

Recognize revenue when/as performance obligation(s) are satisfied

Contract Liabilities

Cost of Sales

Income Taxes

Cash and Cash Equivalents

Silicon Valley Bank Failure

Concentrations


	As of
	March 31, 2023		December 31, 2022
BARDA procurement and emergency preparedness services	$	16	$	16
BARDA expense reimbursements		500		882
Total	$	516	$	898

Marketable Securities

BARDA Income and Receivables

Leases

Stock-Based Compensation

The following assumptions were used in the valuation of stock options.

•

Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future

•

Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.

Segment Reporting

Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset

Rabbi Trust

Non-Qualified Deferred Compensation Stock Awards

Inventory - Additional Information (Detail) - USD ($)	3 Months Ended
Inventory - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventory impairments	$ 67,000	$ 97,000

Leases - Additional Information (Detail) $ in Millions	Feb. 28, 2023 USD ($)
Leases [Abstract]
Increase in operating lease ROU assets and operating lease liabilities	$ 1.1

Other Current and Long-Term Assets and Liabilities

3 Months Ended

Mar. 31, 2023

Other Current And Long Term Assets And Liabilities [Abstract]

Other Current and Long-Term Assets and Liabilities

11. Other Current and Long-Term Assets and Liabilities

Prepaids and other current assets consisted of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Prepaid expenses	$	1,116	$	921
Lease deposits		13		110
Accrued investment income		134		168
BARDA contract costs		189		252
Other receivables		29		127
Total prepaids and other current assets	$	1,481	$	1,578

Prepaid expenses primarily consist of prepaid benefits and insurance.

Other long-term assets consisted of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Long-term lease deposits	$	120	$	25
Long-term prepaids		110		97
Total other long-term assets	$	230	$	122

Other current liabilities consisted of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Operating lease liability	$	638	$	612
BARDA deferred costs		130		194
BARDA deferred revenue		235		-
Other current liabilities		926		184
Total other current liabilities	$	1,929	$	990

Reporting Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule Of Revenue and Cost Of Sales By Region and Customer Type

Revenue by region for the three-months ended March 31, 2023, and 2022 were as follows (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Revenue:
United States	$	9,425	$	7,398
Foreign:
Japan		1,021		-
Australia		62		87
United Kingdom		42		54
Total	$	10,550	$	7,539

Revenue and cost of sales by customer type for the three-months ended March 31, 2023, and 2022 were as follows (in thousands):


	Three-Months Ended
	March 31, 2023		March 31, 2022
Revenue:
Commercial sales	$	10,458	$	7,446
BARDA:
Services for emergency preparedness		92		93
Total	$	10,550	$	7,539


	Three-Months Ended
	March 31, 2023			March 31, 2022
Cost of sales
Commercial cost	$	1,616		$	1,705
BARDA:
Product cost		(34	)		(12	)
Emergency preparedness service cost		85			85
Total	$	1,667		$	1,778

Stock-Based Payment Plans - Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 2,640	$ 2,932
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	325	329
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	2,090	2,327
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 225	$ 276

Retirement Plans

3 Months Ended

Mar. 31, 2023

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

18. Retirement Plans

The Company offers a 401(k) retirement savings plan (the “401(k) Plan”) for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company will match up to 6% of an employee’s compensation that the employee contributes to his or her 401(k) Plan account up to the maximum allowable. Total Company's matching contributions to the 401(k) Plan were $423,000 and $233,000 in the three-months ended March 31, 2023 and 2022, respectively.

Non-Qualified Deferred Compensation Plan

The Company’s NQDC plan, which became effective on October 2021, allows for eligible management and highly compensated key employees to elect to defer a portion of their salary, bonus and RSU awards to later years. Cash deferrals are immediately vested and are subject to investment risk and a risk of forfeiture under certain circumstances. RSU deferrals are subject to the vesting conditions of the award. Once RSUs vest, subject to a six-month and one day holding period, employees are allowed to diversify the common stock into other investment options offered by the plan. For cash deferrals, the Company matches 4% to 6% (depending on level) of employee contributions. These matching employer contributions are vested over a two-year period with 25% vesting on year one and 75% vesting on year two for employees under 55 years of age. Employer contributions for employees over 55 years of age are immediately vested. Employer contributions to the NQDC plan were $42,000 and $84,000 for the three-months ended March 31, 2023 and 2022, respectively. The Company’s deferred compensation plan liability was $3.3 million and $1.3 million as of March 31, 2023 and December 31, 2022, respectively. These amounts are split between current and long term on the Consolidated Balance Sheets. As of March 31, 2023, $2.1 million is included in Current non-qualified deferred compensation liability and $1.2 million in Non-qualified deferred compensation liability. As of December 31, 2022, $78,000 is included in Current non-qualified deferred compensation liability and $1.3 million in Non-qualified deferred compensation liability.


	Fair Value as of March 31, 2023								Fair Value as of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Corporate-owned life insurance policies (1)	$	-	$	1,833	$	-	$	1,833	$	-	$	1,238	$	-	$	1,238
Non-qualified deferred compensation plan liability		-		3,305		-		3,305		-		1,348		-		1,348

(1)

(2)

Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants.

Rabbi Trust

During April 2022, we established a rabbi trust to hold the assets of the NQDC plan. The rabbi trust holds the COLI asset and the common stock from deferred RSU awards that have vested. The NQDC permits diversification of fully vested shares into other equity securities subject to a six month and one day holding period. In accordance with ASR 268, Redeemable Preferred Stock, and ASC 718, Compensation — Stock Compensation, prior to vesting, the deferred share awards are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. The redemption amounts of the deferred awards are based on the vested percentage and are recorded outside of permanent equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. As of March 31, 2023, a total of 165,399 shares awards have been deferred, and during the quarter ended March 31, 2023, a total of 87,650 awards vested. As of December 31, 2022, a total of 253,048 share awards have been deferred, and during the quarter ended September 30, 2022, a total of 17,927 awards vested. Vested shares are converted to common stock and are reclassified to permanent equity. Common stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Common stock held by the NQDC plan. A total of 105,577 shares were vested at the redemption value of $892,000.

The following table summarizes the eligible share award activity as of March 31, 2023 and December 31, 2022 (in thousands):


	As of
(in thousands)	March 31, 2023			December 31, 2022
Non-qualified deferred compensation share awards:
Balance at inception/beginning of period	$	557		$	-
Change in classification of deferred compensation share awards		-			192
Stock-based compensation expense		443			471
Change in redemption value		558			21
Vesting of share awards held by NDQC		(765	)		(127	)
Ending Balance	$	793		$	557

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Marketable Securities - Summary of Maturities of Debt Securities Available for Sale (Detail) - Contractual Maturities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Due in one year or less, Amortized cost	$ 45,585	$ 61,601
Due after one year through three years	4,190	6,933
Available for sale securities, Due in one year or less, Carrying value	45,401	61,178
Due after one year through three years	$ 4,189	$ 6,930