0000950170-24-018748 | 10-K | XBRL Viewer

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.

Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain on marketable securities	$ 100,000	$ 8,000
Unrealized loss on marketable securities	5,000	434,000
Net unrealized gain (loss) on marketable securities	95,000	(426,000)
Credit loss recognized	0	0
Prepaids and Other Current Assets
Schedule Of Available For Sale Securities [Line Items]
Accrued interest income	$ 227,000	$ 168,000

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

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Retirement Plans - Summary of Eligible Share Award Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Change in classification of deferred compensation share awards		$ (192)
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	518	471
Change in redemption value	1,019	21
Vesting of share awards held by NDQC	(1,401)	(127)
Ending Balance	$ 693	$ 557
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Nonqualified Plan [Member]	Nonqualified Plan [Member]

Indicates tax status of defined benefit plan designed to provide retirement benefits.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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.

Summary Of Reconciliation Of The Basic And Diluted Loss Per Share

Fair Value Measurements - Summary Of Changes In The Fair Value Of Our Level 3 Financial Instruments (Details) - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Long-term Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at issuance date - October 18, 2023	$ 37,575
Change in fair value in earnings	1,616
Change in fair value in OCI	621
Balance at December 31, 2023	39,812
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at issuance date - October 18, 2023	2,425
Change in fair value in earnings	733
Change in fair value	0
Balance at December 31, 2023	$ 3,158

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance	$ 63,309,000	$ 56,506,000
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	$ 19,500,000
Earliest Tax Year
Income Tax Disclosure [Line Items]
Open tax year	2028
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	$ 145,200,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	89,500,000
Her Majesty's Revenue and Customs (HMRC)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	29,900,000
Australian Taxation Office
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 24,900,000

Reporting Segment and Geographic Information - Schedule Of Revenues By Region And Customer Location And Customer Type/Cost of Sales By Customer Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Revenues	$ 50,143	$ 34,421
Cost of sales
Cost of sales	7,780	6,041
BARDA deferred costs	(194)	130
Commercial Sales
Revenue:
Revenues	49,775	34,051
Deferred Commercial Revenue
Revenue:
Revenues	33
Services For Emergency Preparedness
Revenue:
Revenues	335	370
Commercial Cost
Cost of sales
Cost of sales	7,544	5,573
Product Cost
Cost of sales
BARDA deferred costs	(105)	130
Emergency Preparedness Service Cost
Cost of sales
BARDA deferred costs	341	338
United States
Revenue:
Revenues	46,359	33,257
Japan
Revenue:
Revenues	3,370	729
European Union
Revenue:
Revenues	51
Australia
Revenue:
Revenues	222	275
United Kingdom
Revenue:
Revenues	$ 141	$ 160

Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share

17. Loss per Share

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


	Year-Ended
	December 31, 2023		December 31, 2022
(in thousands, except per share amounts)
Net loss	$	35,381	$	26,665
Weighted-average common shares—outstanding, basic and diluted		25,331		25,000
Net loss per common share, basic and diluted	$	1.40	$	1.07


	Year-Ended
	December 31, 2023		December 31, 2022
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		2,690,158		2,235,446
Restricted stock units		235,132		460,518
ESPP		91,152		-
Warrants		409,661		-

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 Compensation - General, shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted net loss per common share calculations. As of December 31, 2023 and 2022 a total of 99,106 and 17,927, shares of common stock were excluded, respectively. 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 years-ended December 31, 2023 and 2022, diluted net loss per common share is the same as the basic net loss per share for those periods.

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 616	$ 558
Finite Lived Intangible Assets, Accumulated Amortization	(129)	(93)
Finite Lived Intangible Assets, Net Carrying Amount	433
Intangible Assets, Net (Excluding Goodwill)	487	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	$ (17)	(16)
Finite Lived Intangible Assets, Net Carrying Amount		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	$ 141	137
Finite Lived Intangible Assets, Accumulated Amortization	(39)	(28)
Finite Lived Intangible Assets, Net Carrying Amount	$ 102	109
Patent 3
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	$ 206	194
Finite Lived Intangible Assets, Accumulated Amortization	(54)	(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	$ 99	89
Finite Lived Intangible Assets, Accumulated Amortization	(11)	(6)
Finite Lived Intangible Assets, Net Carrying Amount	$ 88	83
Patent 6
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	$ 56	43
Finite Lived Intangible Assets, Accumulated Amortization	(6)	(4)
Finite Lived Intangible Assets, Net Carrying Amount	$ 50	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	18 years
Finite Lived Intangible Assets, Gross Amount	$ 29	13
Finite Lived Intangible Assets, Accumulated Amortization	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 28	13
Patent 9
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	$ 3
Finite Lived Intangible Assets, Net Carrying Amount	$ 3
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, Accumulated Amortization	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 5	$ 6

Reporting Segment and Geographic Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Subsequent Events - Additional Information (Detail)	Feb. 16, 2024 USD ($) PerformanceObligation	Jan. 26, 2024 USD ($)	Jan. 04, 2024	Jan. 01, 2024 USD ($)	Feb. 29, 2024 USD ($)
Forecast \| Stedical Scientific Distributor Agreement
Subsequent Event [Line Items]
Purchase of inventory					$ 2,500,000
Subsequent Event \| RECELL \| BARDA
Subsequent Event [Line Items]
Number of units committed to deliver at reduced price \| PerformanceObligation	1,000
Maintenance fee receivable for first right of access	$ 333,000
Subsequent Event \| RECELL \| BARDA \| Maximum
Subsequent Event [Line Items]
Number of units committed to deliver at reduced price \| PerformanceObligation	1,000
Subsequent Event \| Stedical Scientific Distributor Agreement
Subsequent Event [Line Items]
Term of agreement		5 years
Renewal term of agreement		5 years
Payments for purchase of inventory held by		$ 1,200,000
Payment to OVIK Health for purchase of inventory		$ 1,750,000
Subsequent Event \| Ventura Warehouse
Subsequent Event [Line Items]
Lessee, operating lease, extended term			3 years	3 years
Extended lease expiration date				Sep. 30, 2027
Lease expiration date				Sep. 30, 2024
Average monthly rent payment on the extended lease				$ 36,000

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 929	$ 775
Variable lease cost	101	51
Total lease cost	$ 1,030	$ 826

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 22,118	$ 18,164
Marketable securities	66,939	61,178
Accounts receivable, net	7,664	3,515
BARDA receivables	30	898
Prepaids and other current assets	1,659	1,578
Inventory	5,596	2,125
Total current assets	104,006	87,458
Marketable securities long-term		6,930
Plant and equipment, net	1,877	1,200
Operating lease right-of-use assets	2,440	851
Corporate-owned life insurance ("COLI") asset	2,475	1,238
Intangible assets, net	487	465
Other long-term assets	355	122
Total assets	111,640	98,264
LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,793	3,002
Accrued wages and fringe benefits	7,972	6,623
Current non-qualified deferred compensation ("NQDC") liability	168	78
Other current liabilities	1,266	990
Total current liabilities	13,199	10,693
Long-term debt	39,812
Non-qualified deferred compensation liability	3,663	1,270
Contract liabilities	357	698
Operating lease liabilities, long term	1,702	306
Warrant liability	3,158
Total liabilities	61,891	12,967
Non-qualified deferred compensation plan share awards	693	557
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 25,682,078 and 25,208,436, shares issued and outstanding at December 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 December 31, 2023 and December 31, 2022.	0	0
Company common stock held by the non-qualified deferred compensation plan	(1,130)	(127)
Additional paid-in capital	350,039	339,825
Accumulated other comprehensive income/(loss)	(1,887)	7,627
Accumulated deficit	(297,969)	(262,588)
Total stockholders' equity	49,056	84,740
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity	$ 111,640	$ 98,264

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 38
2025	38
2026	37
2027	37
2028	37
Thereafter	246
Finite Lived Intangible Assets, Net Carrying Amount	$ 433

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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


	Year-Ended
	December 31, 2023		December 31, 2022
(in thousands, except per share amounts)
Net loss	$	35,381	$	26,665
Weighted-average common shares—outstanding, basic and diluted		25,331		25,000
Net loss per common share, basic and diluted	$	1.40	$	1.07


	Year-Ended
	December 31, 2023		December 31, 2022
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		2,690,158		2,235,446
Restricted stock units		235,132		460,518
ESPP		91,152		-
Warrants		409,661		-

Income Taxes - Summary of Provision For Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax benefit at U.S. statutory rate	$ (7,416)	$ (5,592)
State income taxes	66	35
Foreign rate differential	375	5
Share-based compensation	774	719
Fair value change in debt and warrants	494
Foreign exchange gain/(loss) on intercompany trade balances	(2,354)
Gain of transfer of intellectual property	2,804
Permanent differences	554	(30)
Change in tax rate	(847)
Net change in valuation allowance	5,616	4,899
Income tax expense	$ 66	$ 36

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract]
Operating lease right-of-use assets	$ 2,440	$ 851
Total right-of-use assets	2,440	851
Operating lease liabilities, short-term	$ 895	$ 612
Operating Lease Liability Current Statement Of Financial Position Extensible List	Other current liabilities	Other current liabilities
Operating lease liabilities, long term	$ 1,702	$ 306
Total operating lease liabilities	$ 2,597	$ 918
Operating lease weighted average remaining lease term (years)	3 years 3 months 21 days	1 year 5 months 8 days
Operating lease weighted average discount rate	8.75%	6.71%

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

12 Months Ended

Dec. 31, 2023

Prepaids And Other Current Assets And Other Long Term Assets [Abstract]

Summary of Prepaids and Other Current Assets

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


	As of
	December 31, 2023		December 31, 2022
Prepaid expenses	$	1,376	$	921
Accrued investment income		227		168
Lease deposits		38		110
BARDA contract costs		-		252
Other receivables		18		127
Total prepaids and other current assets	$	1,659	$	1,578

Summary of Other Long Term Assets

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


	As of
	December 31, 2023		December 31, 2022
Long-term lease deposits	$	155	$	25
Long-term prepaids		148		97
Other long-term assets		52		-
Total other long-term assets	$	355	$	122

Summary of Other Current Liabilities

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


	As of
	December 31, 2023		December 31, 2022
Operating lease liability	$	895	$	612
BARDA deferred costs		-		194
COSMOTEC deferred revenue		33		-
Other current liabilities		338		184
Total other current liabilities	$	1,266	$	990

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	$ 66,939	$ 61,178
Total long-term marketable securities		6,930
Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	11,419	14,089
Total current marketable securities	66,939	61,178
Total long-term marketable securities		6,930
Total marketable securities and cash equivalents	78,358	82,197
Total financial liabilities	46,801	1,348
Total financial assets	2,475	1,238
Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,427	14,089
Total marketable securities and cash equivalents	8,427	14,089
Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	2,992
Total current marketable securities	66,939	61,178
Total long-term marketable securities		6,930
Total marketable securities and cash equivalents	69,931	68,108
Total financial liabilities	3,831	1,348
Total financial assets	2,475	1,238
Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	42,970
Long-term Debt \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	39,812
Long-term Debt \| Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	39,812
Warrant Liability \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,158
Warrant Liability \| Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,158
Non-qualified Deferred Compensation Plan Liability \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,831	1,348
Non-qualified Deferred Compensation Plan Liability \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,831	1,348
Money Market Funds \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,427	14,089
Money Market Funds \| Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,427	14,089
U.S Treasury Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	2,992
Total current marketable securities	65,242	42,700
Total long-term marketable securities		2,410
U.S Treasury Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	2,992
Total current marketable securities	65,242	42,700
Total long-term marketable securities		2,410
Commercial Paper \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		12,743
Commercial Paper \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		12,743
Asset-backed Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total long-term marketable securities		3,572
Asset-backed Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total long-term marketable securities		3,572
Corporate Debt Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		3,842
Corporate Debt Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		3,842
US Government Corporations and Agencies Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	1,697	1,893
Total long-term marketable securities		948
US Government Corporations and Agencies Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	1,697	1,893
Total long-term marketable securities		948
Corporate-owned Life Insurance Policies \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets		1,238
Corporate-owned Life Insurance Policies \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 2,475	$ 1,238

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities:
Net loss	$ (35,381,000)	$ (26,665,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Cumulative translation adjustments recognized in earnings as part of the reorganization of foreign subsidiaries	(9,415,000)
Loss on issuance under credit agreement	1,238,000
Change in fair value of long-term debt	1,616,000
Change in fair value of warrant liability	733,000
Depreciation and amortization	632,000	568,000
Stock-based compensation	8,384,000	6,998,000
Non-cash lease expense	748,000	692,000
Loss on fixed asset disposal	83,000	3,000
Investment losses	17,000
Patent impairment loss	4,000
Remeasurement and foreign currency transaction gain/(loss)	37,000	(85,000)
Excess and obsolete inventory related charges	221,000	375,000
BARDA deferred costs	(194,000)	130,000
Contract cost amortization	341,000	338,000
Provision for credit losses	24,000	(5,000)
Amortization of premium of marketable securities	(1,381,000)	(281,000)
Non-cash changes in the fair value of NQDC plan	856,000	38,000
Changes in operating assets and liabilities:
Trade and other receivables	(4,172,000)	(395,000)
BARDA receivables	868,000	(590,000)
Prepaids and other current assets	(451,000)	(366,000)
Inventory	(3,693,000)	(371,000)
Operating lease liability	(713,000)	(720,000)
Corporate-owned life insurance ("COLI") asset	(1,008,000)	(1,084,000)
Other long-term assets	(233,000)	178,000
Accounts payable and accrued expenses	809,000	282,000
Accrued wages and fringe benefits	1,347,000	1,272,000
Current non-qualified deferred compensation liability	(1,504,000)
Other current liabilities	266,000	(92,000)
Non-qualified deferred compensation plan liability	2,251,000	994,000
Contract liabilities	(341,000)	(254,000)
Other long-term liabilities		(50,000)
Net cash used in operations	(38,011,000)	(19,090,000)
Cash flows from investing activities:
Purchase of marketable securities	(78,757,000)	(74,362,000)
Sale of marketable securities	2,372,000
Maturities of marketable securities	79,439,000	55,555,000
Purchase of plant and equipment	(1,381,000)	(452,000)
Patent filing fees	(66,000)	(73,000)
Net cash provided by/(used in) investing activities	1,607,000	(19,332,000)
Cash flow from financing activities:
Proceeds from long-term debt	38,762,000
Proceeds from exercise of stock options	957,000	900,000
Employee Stock Purchase Plan ("ESPP") Purchases	655,000
Net cash provided by financing activities	40,374,000	900,000
Effect of foreign exchange rate on cash and cash equivalents	(16,000)	(26,000)
Net increase/(decrease) in cash and cash equivalents	3,954,000	(37,548,000)
Cash and cash equivalents beginning of the period	18,164,000	55,712,000
Cash and cash equivalents end of the period	22,118,000	18,164,000
Supplemental Disclosure of Cash Flow Information:
Income taxes paid during the period	44,000	17,000
Interest paid during the period	1,143,000	15,000
Non-cash investing activities:
Plant and equipment purchases not yet paid	6,000	$ 33,000
Right-of-use-asset obtained in exchange for lease liabilities	2,337,000
Non-cash financing activities:
Warrant liability recognized upon issuance of term loan	$ 2,425,000

Marketable Securities - Summary of Amortized Cost and Estimates Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	$ 66,844	$ 61,601
Gross Unrealized Holding Gains, Current marketable securities	100	1
Gross Unrealized Holding Losses, Current marketable securities	(5)	(424)
Carrying Value, Current marketable securities	66,939	61,178
Amortized Cost, Long-term marketable securities		6,933
Gross Unrealized Holding Gains, Long-term marketable securities		7
Gross Unrealized Holding Losses, Long-term marketable securities		(10)
Carrying Value, Long-term marketable securities		6,930
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	11,419	14,089
Carrying Value	11,419	14,089
Money Market Funds \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,427	14,089
Carrying Value	8,427	14,089
U.S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	65,145	43,092
Gross Unrealized Holding Gains, Current marketable securities	100	1
Gross Unrealized Holding Losses, Current marketable securities	(3)	(393)
Carrying Value, Current marketable securities	65,242	42,700
Amortized Cost, Long-term marketable securities		2,416
Gross Unrealized Holding Losses, Long-term marketable securities		(6)
Carrying Value, Long-term marketable securities		2,410
U.S Treasury Securities \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,992
Carrying Value	2,992
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities		12,743
Carrying Value, Current marketable securities		12,743
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities		3,865
Gross Unrealized Holding Losses, Current marketable securities		(23)
Carrying Value, Current marketable securities		3,842
Asset-backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Long-term marketable securities		3,568
Gross Unrealized Holding Gains, Long-term marketable securities		7
Gross Unrealized Holding Losses, Long-term marketable securities		(3)
Carrying Value, Long-term marketable securities		3,572
U.S Government Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	1,699	1,901
Gross Unrealized Holding Losses, Current marketable securities	(2)	(8)
Carrying Value, Current marketable securities	$ 1,697	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

Deed of Cross Guarantee

12 Months Ended

Dec. 31, 2023

Guarantees [Abstract]

Deed of Cross Guarantee

19. Deed of Cross Guarantee

The Company (as the parent entity of the AVITA Group) is party to a deed of cross guarantee dated June 29, 2020 (“Deed”) with each of its Australian wholly-owned subsidiaries, namely:

•

AVITA Medical Pty Ltd (ACN 058 466 523);

•

C3 Operations Pty Ltd (ACN 090 161 505);

•

Visiomed Group Pty Ltd (ACN 003 010 580); and

•

Infamed Pty Limited (ACN 084 800 653),

(together, the “Australian Subsidiaries”).

The Company and the Australian Subsidiaries were the only parties to the Deed at December 31, 2023 and comprise the “closed group” for the purposes of the Deed (and also the “extended closed group”). No parties were added to or removed from the Deed, or subject to a notice of disposal, during or since the financial year-ended December 31, 2023. Since December 31, 2023, there has been no change in ownership of any of the Australian Subsidiaries.

By entering into the Deed, the Company and the Australian Subsidiaries have guaranteed the debts of each other.

Relief under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785

By entering into the Deed, the Australian Subsidiaries have been relieved from the requirement to prepare a financial report and directors’ report for the financial year-ended December 31, 2023 under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.

Consolidated financial information of parties to the Deed

The financial statements below are additional disclosure items specifically required by the Australian Securities and Investments Commission and represent the consolidated financial statements of the entities that are party to the Deed only (being the ‘closed group’ and also the ‘extended closed group’ under the Deed).


	Year-Ended
(in thousands)	December 31, 2023
Revenues	$	222
Cost of sales		(263	)
Gross profit		(41	)
Operating Expenses:
Sales and marketing expenses		(206	)
General and administrative expenses		(79	)
Product development expense		(28	)
Total operating expenses		(313	)
Other income		21,717
Net Income	$	21,363


	As of
(in thousands)	December 31, 2023
ASSETS
Cash	$	25
Prepaids and other current assets		1
Total assets		26
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities		1
Accrued wages and fringe benefits		4
Other current liabilities		7
Total liabilities		12
Accumulated equity		14
Total stockholders' equity		14
Total liabilities and stockholders' equity	$	26

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

12 Months Ended

Dec. 31, 2023

The Company

1. The Company

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries.

Nature of the Business

AVITA Medical and its subsidiaries (collectively, “AVITA Medical”, “we”, “our”, “us”, or “Company”) is a commercial-stage regenerative medicine company transforming the standard of care in wound management and skin restoration with innovative devices. At the forefront of our portfolio is our patented and proprietary RECELL® System (“RECELL System” or “RECELL”), approved by the FDA for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. RECELL harnesses the regenerative properties of a patient’s own skin to create an autologous skin cell suspension, Spray-On Skin™ Cells, delivering a transformative solution at the point of care. This breakthrough technology serves as the catalyst for a new treatment paradigm enabling improved clinical outcomes. In September 2018, the FDA granted PMA to the RECELL System for use in the treatment of acute thermal burns in patients eighteen years and older. Following receipt of the original PMA, the Company commenced commercialization of the RECELL System in January 2019 in the United States. In June 2021, the FDA approved the 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. On June 7, 2023, the FDA approved a PMA supplement for full-thickness skin defects based on results of the Company's pivotal trial for soft tissue repair and reconstruction. Following this approval, the Company commenced a commercial launch on June 8, 2023.

On June 16, 2023, the FDA approved a PMA application for the repigmentation of stable depigmented vitiligo lesions. Following FDA approval, the Company established a framework, which consists of three steps, to secure reimbursement for vitiligo. The first step is to conduct the 100-patient post market study called TONE. TONE will evaluate repigmentation using the RECELL device and will also seek to measure the improvement in the quality-of-life following treatment of stable vitiligo with RECELL. TONE, including publication, is expected to be complete by the end of 2024. The second step is to initiate a health economics study to capture the longitudinal healthcare costs for a vitiligo patient, which is expected to be completed by the end of 2024. The purpose of these studies is to demonstrate how treating vitiligo with RECELL can significantly reduce the lifetime healthcare cost of patients. As a result, commercial payors will stand to benefit economically by providing coverage of RECELL for the repigmentation of stable depigmented vitiligo lesions. Conversations with commercial payors will begin during the first quarter of 2025. Commercial coverage will be rolled out on a tiered basis based on state and geographic factors. The Company anticipates that the initial phase of reimbursement coverage will likely begin in the fourth quarter of 2025 with appropriately sized commercial support as coverage is established.

Additionally, on June 29, 2023, the Company submitted a PMA supplement to the FDA for RECELL GO™. RECELL GO maintains the FDA Breakthrough Device designation from predecessor devices. On September 29, 2023, the Company received notice from the FDA that additional information regarding the PMA is required for the continuation of a substantive review for RECELL GO. This request, which is not unique to the Breakthrough Device Program, placed the application file on hold while the Company addresses the FDA's questions. A category of questions posed by the FDA will require additional in-house testing. The Company has already made significant progress in developing the data plan for testing with some testing underway. Consequently, the Company expects to submit the complete response to the FDA no later than February 28, 2024. Upon the submission to the FDA, the application will reenter the 180-day cycle, with 90 days remaining in the review period. This timing would imply a product launch on May 31, 2024.

In February 2019, the Company entered into a collaboration with COSMOTEC, an M3 Group company, to market and distribute the RECELL System in Japan. Under the terms of the agreement, AVITA Medical will supply the RECELL product, and COSMOTEC will be the sole distributor of the product in Japan. The Company worked with COSMOTEC to advance its application for approval of the RECELL System in Japan pursuant to 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.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 50,143	$ 34,421
Cost of sales	(7,780)	(6,041)
Gross profit	42,363	28,380
BARDA income	1,428	3,215
Operating expenses:
Sales and marketing	(37,291)	(21,913)
General and administrative	(28,334)	(23,330)
Research and development	(20,821)	(13,857)
Total operating expenses	(86,446)	(59,100)
Operating loss	(42,655)	(27,505)
Interest expense	(1,143)	(16)
Other income, net	8,483	892
Loss before income taxes	(35,315)	(26,629)
Income tax expense	(66)	(36)
Net loss	$ (35,381)	$ (26,665)
Net loss per common share:
Basic	$ (1.4)	$ (1.07)
Diluted	$ (1.4)	$ (1.07)
Weighted-average common shares:
Basic	25,331,264	25,000,180
Diluted	25,331,264	25,000,180

Income Taxes - Summary of Provision For Income Taxes (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the Chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

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 allowance for credit losses, carrying value of long-lived assets, the useful lives of long-lived assets, accounting for marketable securities, income taxes, fair value of the debt, fair value of warrants, 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 shareholders’ equity. Gains and losses resulting from foreign currency transactions are included in general and administrative expenses and were losses of $22,000 and a gain of $91,000 for the years-ended December 31, 2023 and 2022, respectively.

The Company’s 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, 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 and were a loss of $15,000 and a loss of $6,000 for the years-ended December 31, 2023 and 2022, respectively.

Comprehensive Loss

The components of comprehensive loss consist of net loss, foreign currency translation adjustments ("CTA") from its subsidiaries not using the U.S. dollar as their functional currency, unrealized gains and losses in investments available for sale and changes in fair value due to instrument specific credit risk on the debt. During the year-ended December 31, 2023, the Company

liquidated the Company's foreign subsidiaries. In accordance with ASC 830-30, Foreign Currency Matters (“ASC 830”), the CTA was reclassified into earnings. As such, the Company reclassified $9.4 million from comprehensive loss to earnings for the winding down of the foreign subsidiaries. The amount is recorded in Other income, net in the Consolidated Statement of Operations. The Company did not have reclassifications from other comprehensive loss to net loss during the year-ended December 31, 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 Topic 606 Revenue from contracts with customers (“ASC 606”), 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, COSMOTEC and 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 Statement of Operations and are accounted for under International Accounting Standards 20 (“IAS 20”). 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 acquisition 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, (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.

At contract inception, 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 Statement of Operations and $1.6 million to the emergency deployment services which is classified as Revenues when recognized in the Consolidated Statement 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. RECELL units that have been delivered to BARDA have a product replacement obligation at no cost to BARDA due to 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 estimated 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 sales within the Consolidated Statement of Operations. Contract costs to fulfil 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 other current assets.

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 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.

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 Sheet.

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, money market funds and short-term highly liquid investments with original maturities of three months or less from the date of purchase. The Company holds cash at deposit institutions in the amount of $10.7 million and $4.1 million, of which $69,000 and $737,000 is denominated in foreign currencies in foreign institutions as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company held cash equivalents in the amount of $11.4 million and $14.1 million, respectively.

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 December 31, 2023 and 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 December 31, 2023, no single commercial customer accounted for more than 10% of accounts receivable. As of December 31, 2022, one commercial customer accounted for approximately 10% of net accounts receivable. For the year-ended December 31, 2023, no single commercial customer accounted for more than 10% of total revenues. For the year-ended December 31, 2022, one commercial customer accounted for more than 10% of total revenues.

BARDA revenues for the procurement of the RECELL system accounted for approximately 1% of total revenues for the years-ended December 31, 2023 and 2022, respectively. BARDA receivables for the procurement of the RECELL system and emergency preparedness accounted for approximately 27% and 2% of BARDA receivables as of December 31, 2023 and 2022, respectively. See table below for breakdown of BARDA receivables (in thousands).


	As of
	December 31, 2023		December 31, 2022
BARDA procurement and emergency preparedness services	$	8	$	16
BARDA expense reimbursements		22		882
Total	$	30	$	898

Fair Value of Financial Instruments

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:


	●	Level 1 — Quoted prices in active markets for identical assets or liabilities.


	●	Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.


	●	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

At December 31, 2023 and 2022, the Company’s financial instruments included cash, accounts payable, accrued expenses, convertible notes and warrant liabilities. The carrying amounts of accounts payable and accrued expenses approximate fair value due to the short-term maturities of these instruments.

Long-term debt

The Company elected the fair value option ("FVO") of accounting under ASC 825-10, Financial Instruments (“ASC 825”), to record the debt at fair value at issuance and subsequently remeasures to fair value each reporting period. The Company elected the fair FVO option of accounting of ASC 825 for the debt from the issuance date in order to not have to bifurcate any embedded derivatives in accordance with ASC 815 Derivatives and Hedging – Contracts in Entity's Own Equity (“ASC 815”). The debt accounted for under the FVO represents a financial instrument containing embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC 815. The Company has elected to present interest expense separately from changes in fair value and therefore will present interest expense associated with the debt as Interest expense in the Consolidated Statement of Operations. Any changes in fair value caused by instrument-specific credit risk are presented separately in Other comprehensive income ("OCI") in the Consolidated Balance Sheets. Changes in fair value attributable to changes in credit risk are determined using observable option adjusted spreads for the issuer or comparable companies with similar credit ratings. All costs associated with the issuance of the Credit Agreement

accounted for using the FVO were expensed upon issuance. The fair value of the debt is determined using a Monte Carlo Simulation and classified as Level 3 in the fair value hierarchy. For further details refer to Note 4.

Presentation and Valuation of the Warrants

Warrants are accounted for as liabilities in accordance with ASC 815- 40 and were presented within Warrant liability on the Consolidated Balance Sheet as of December 31, 2023. The initial fair value of the warrant liability is measured at fair value at the date of issuance and are remeasured at each reporting date until settlement. Changes in the fair value of the warrant liability is recognized in Other income, net in the Consolidated Statement of Operations for the year ended December 31, 2023.

The Company established the fair value of the warrants utilizing the Black-Scholes pricing model. Assumptions used in the valuation are the price of the company stock, expected share-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimates the volatility based on historical volatility that matches the expected remaining life of the warrants. The expected term of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The warrants were classified Level 3 fair value measurement, due to the use of unobservable inputs.

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, asset backed securities, U.S treasury and commercial paper are denominated in the 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, net, 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, net in the Consolidated Statements of Operations. 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 marketable securities into the following categories: commercial paper, corporate debt, government and agency 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, net.

Accounts Receivable

Accounts receivable are recorded net of customer allowances for credit losses. The Company estimates an allowance for expected credit losses (i.e., the inability of our customers to make required payments). These estimates are based on a combination of past experience and current trends. In estimating the allowance for expected credit losses, consideration is given to the current aging of receivables, a specific review for potential bad debts and an evaluation of historic write-offs. The resulting bad debt expense is included in sales and marketing expenses in the Consolidated Statement of Operations. Receivables are written-off when deemed uncollectible. As of December 31, 2023 and 2022, the allowance for credit losses was $48,000 and $24,000, respectively.

A rollforward of the activity in the Company’s allowance for doubtful account is as follows (in thousands):


	Year-ended
	December 31, 2023		December 31, 2022

Balance at beginning of year	$	24	$	28
Additions: change to cost and expense		24		5
Deductions: write-offs, net of recovery	-			(9	)
Balance at end of year	$	48	$	24

BARDA Income and Receivables

The Company was awarded a BARDA grant in September 2015. Under this grant BARDA supported the Company’s research and development for the Company’s product, including U.S. clinical regulatory program targeted towards FDA PMA, compassionate use programs, clinical and health economics research, U.S. pediatric burn programs and the clinical trial in soft-tissue reconstruction, which led to the full-thickness skin defect indication.

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.

Inventory

Inventory is valued at the lower of cost or estimated net realizable value and is reflected in cost of sales. Costs incurred in bringing each product to its present location and condition are accounted for at purchase cost on a first-in, first-out basis (“FIFO”). The Company capitalizes inventory costs associated with the Company’s products when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Inventory is evaluated for impairment periodically to identify inventory obsolescence when an inventory item’s cost basis is in excess of its net realizable value. These adjustments are based upon multiple factors, including inventory levels, projected demand, and product shelf life.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.

Leases

The Company has operating leases for corporate office space, manufacturing and warehouse facility. The Company’s operating leases have remaining lease terms of one year to five 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 Sheet.

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 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.

Property, Plant and Equipment

The Company’s property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed based on the straight-line method over the estimated useful lives of the various asset classes, generally three to seven years. Leasehold improvements are amortized over the shorter of the life of the related asset or the remaining term of the lease. Costs associated with customized internal-use software systems that have reached the application development stage and meet recoverability tests are capitalized and include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the application development. Maintenance and repairs are expensed as incurred.

Intangible Assets

The Company maintains definite-lived intangible assets related to patents initially measured at cost and amortized over estimated useful lives of approximately 3—20 years. The Company had capitalized patent costs of $616,000 and $558,000 as of December 31, 2023 and 2022, respectively, related to regulatory approval of the RECELL System, and are being amortized over their estimated useful lives.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value. Fair value is determined using the market, income, or cost approaches as appropriate for the asset. Any write-downs are treated as permanent reductions in the carrying amount of the asset and recognized as an operating loss. The Company had $4,000 of impairments of long-lived assets for the year-ended December 31, 2023. The Company did not have any impairments in long-lived assets for the year-ended December 31, 2022.

Sales and Marketing Expenses

Sales and marketing expenses consist primarily of compensation and employee benefits of sales and marketing personnel and related field sales organization, marketing events, advertising costs, travel, trade shows and other marketing materials. The Company expenses all selling and marketing costs as incurred. Advertising expenses were $398,000 and $216,000 for the years-ended December 31, 2023 and 2022, respectively.

Research and Development Expenses

Research and development expenses represent costs incurred to develop the Company’s products. Research and development expenses consist primarily of salaries and other personnel costs, clinical trial costs, regulatory costs and manufacturing costs for non-commercial products. The Company expenses all research and development costs in the periods in which they are incurred.

Stock-Based Compensation

The Company records compensation expense for stock options and restricted stock units ("RSU") 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, evaluated each reporting period and based on management’s expectations regarding the relevant performance criteria. The Black-Scholes option pricing model and Monte Carlo Simulation are 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 historical volatility using daily intervals over the expected term.

•

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.

Employee Stock Purchase Plan ("ESPP")

The Company's ESPP, features two six-month offering periods per year, running from June 1 to November 30 and December 1 to May 31. The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation. Under the ESPP, employees can purchase the Company's Common Stock at the lower of 85% of the fair value of shares on either the first or last day of the offering period. Amounts deducted and accumulated by the participant are recorded as ESPP liability and included in Accrued wages and fringe benefits in the Consolidated Balance Sheets. This amount is used to purchase shares of common stock at the end of each six-month purchase period. Once the shares are purchased, the ESPP liability is reclassified to stockholders’ equity on the purchase date. The ESPP is a compensatory plan accounted for under the expense recognition provision of share-based payment accounting standards. Compensation expense is recorded based on the fair market value at the grant date, which corresponds to the first day of each purchase period. The Black-Scholes option pricing model is used to estimate the grant date fair value.

Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period, assuming potentially dilutive ordinary shares from option exercises, employee share awards, ESPP and warrants and other dilutive instruments that have been issued. For periods where the Company has presented a net loss, potentially dilutive securities are excluded from the computation of diluted net loss per share as they would be anti-dilutive. In accordance with ASC 710-10, Compensation – General (“ASC 710”), shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted EPS calculations.

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 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 (“ASC 715”), 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 deferred 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 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 Consolidated Statements of Operations in Other income, net.

Rabbi Trust

During April 2022, the Company 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 NQDC plan. The common stock will be recorded at the 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 is subject to the accounting pronouncements under applicable GAAP for each asset type. The deferred compensation obligation is measured independently at fair value of the underlying assets. During the year-ended December 31, 2023, diversified stock was invested in funds under the COLI policy.

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.

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.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

Reclassification of prior year presentation

Recent Accounting Pronouncements

Use of Estimates

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Loss

Revenue Recognition

To determine revenue recognition for arrangements that are within the scope of Topic 606 Revenue from contracts with customers (“ASC 606”), 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

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.

Contract Liabilities

Cost of Sales

Income Taxes

Cash and cash equivalents

Concentrations


	As of
	December 31, 2023		December 31, 2022
BARDA procurement and emergency preparedness services	$	8	$	16
BARDA expense reimbursements		22		882
Total	$	30	$	898

Fair Value of Financial Instruments


	●	Level 1 — Quoted prices in active markets for identical assets or liabilities.


	●	Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.


	●	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Long-term debt

Presentation and Valuation of the Warrants

Marketable Securities

Accounts Receivable

A rollforward of the activity in the Company’s allowance for doubtful account is as follows (in thousands):


	Year-ended
	December 31, 2023		December 31, 2022

Balance at beginning of year	$	24	$	28
Additions: change to cost and expense		24		5
Deductions: write-offs, net of recovery	-			(9	)
Balance at end of year	$	48	$	24

BARDA Income and Receivables

Inventory

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.

Leases

Property, Plant and Equipment

Intangible Assets

Impairment of Long-Lived Assets

Sales and Marketing Expenses

Research and Development Expenses

Stock-Based Compensation

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

•

Expected volatility – determined using the historical volatility using daily intervals over the expected term.

•

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.

Employee Stock Purchase Plan ("ESPP")

Loss per Share

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

Rabbi Trust

Non-Qualified Deferred Compensation Stock Awards

Segment Reporting

Property and Equipment, net - Summary of Composition of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (2,432)	$ (2,152)
Total plant and equipment, net	$ 1,877	1,200
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Office Equipment [Member]
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Office Equipment [Member]
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 984	755
Computer Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 840	871
Construction In Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 87	258
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 824	439
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 769	643
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Property, Plant and Equipment, Gross	$ 367	257
RECELL Moulds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 438	$ 129

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

. Inventory

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


	As of
	December 31, 2023		December 31, 2022
Raw materials	$	3,683	$	1,131
Work in process		878		384
Finished goods		1,035		610
Total inventory	$	5,596	$	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 Statement of Operations and were $221,000 and $375,000 for the years-ended December 31, 2023 and 2022, respectively.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Other Receivables

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


	As of
	December 31, 2023		December 31, 2022
BARDA procurement and emergency preparedness services	$	8	$	16
BARDA expense reimbursements		22		882
Total	$	30	$	898

Summary of Allowance For Doubtful Account

A rollforward of the activity in the Company’s allowance for doubtful account is as follows (in thousands):


	Year-ended
	December 31, 2023		December 31, 2022

Balance at beginning of year	$	24	$	28
Additions: change to cost and expense		24		5
Deductions: write-offs, net of recovery	-			(9	)
Balance at end of year	$	48	$	24

Share-Based Payment Plans - Summary Of Share Option Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	2,235,446
Granted	972,193
Exercised	(166,675)
Expired	(241,535)
Forfeited	(109,271)
Ending balance	2,690,158	2,235,446
Exercisable	1,164,791
Vested and expected to vest	2,690,158
Weighted Average exercise price beginning balance	$ 12.47
Weighted Average exercise price granted	14.52
Weighted Average exercise price exercised	5.74
Weighted Average exercise price expired	20.95
Weighted Average exercise price forfeited	11.53
Weighted Average exercise price ending balance	12.91	$ 12.47
Weighted Average exercise price exercisable	12.96
Weighted Average exercise price vested and expected to vest	$ 12.91
Weighted average contractual term	7 years 8 months 1 day	7 years 8 months 15 days
Weighted average contractual term in exercisable	5 years 11 months 23 days
Weighted average contractual term vested and expected to vest	7 years 8 months 1 day
Aggregate intrinsic value	$ 1,530,263	$ 1,530,263
Aggregate intrinsic value of exercisable	587,632
Aggregate intrinsic value vested and expected to vest	$ 1,530,263
Service Only Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	1,724,252
Granted	972,193
Exercised	(136,675)
Expired	(61,062)
Forfeited	(101,137)
Ending balance	2,397,571	1,724,252
Exercisable	909,162
Vested and expected to vest	2,397,571
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	511,194
Exercised	(30,000)
Expired	(180,473)
Forfeited	(8,134)
Ending balance	292,587	511,194
Exercisable	255,629
Vested and expected to vest	292,587

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Composition of Property and Equipment

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


		As of
	Useful Lives	December 31, 2023			December 31, 2022
Computer equipment	3 - 5 years	$	984		$	755
Computer software	3 years		840			871
Construction in progress			87			258
Furniture and fixtures	7 years		824			439
Laboratory equipment	5 years		769			643
Leasehold improvements	Lesser of life or lease term		367			257
RECELL moulds	5 years		438			129
Less: accumulated amortization and depreciation			(2,432	)		(2,152	)
Total plant and equipment, net		$	1,877		$	1,200

Income Taxes - Geographic Sources of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (44,691)	$ (26,764)
Foreign	9,376	135
Loss before income taxes	$ (35,315)	$ (26,629)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Prepaids And Other Current Assets And Other Long Term Assets [Abstract]

Prepaids and Other Current Assets and Other Long-Term Assets

12 Months Ended

Dec. 31, 2023

Prepaids and Other Current Assets and Other Long—Term Assets

11. Prepaids and Other Current Assets and Other Long—Term Assets

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


	As of
	December 31, 2023		December 31, 2022
Prepaid expenses	$	1,376	$	921
Accrued investment income		227		168
Lease deposits		38		110
BARDA contract costs		-		252
Other receivables		18		127
Total prepaids and other current assets	$	1,659	$	1,578

Prepaid expenses primarily consist of prepaid benefits and insurance.

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


	As of
	December 31, 2023		December 31, 2022
Long-term lease deposits	$	155	$	25
Long-term prepaids		148		97
Other long-term assets		52		-
Total other long-term assets	$	355	$	122

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


	As of
	December 31, 2023		December 31, 2022
Operating lease liability	$	895	$	612
BARDA deferred costs		-		194
COSMOTEC deferred revenue		33		-
Other current liabilities		338		184
Total other current liabilities	$	1,266	$	990

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

Ventura Lease Extension

On January 1, 2024, the Company executed the second amendment to the Ventura Warehouse to extend the lease for an additional three years until September 30, 2027. The lease was set to expire in September 30, 2024. The average monthly rent payment on the extended lease is approximately $36,000 per month. The Company will account for the lease extension during the three months ended March 31, 2024.

Stedical Scientific Distributor Agreement

On January 26, 2024, the Company entered into an exclusive multi-year distribution agreement with Stedical Scientific, Inc. ("Stedical") to commercialize PermeaDerm® Biosynthetic Wound Matrix in the United States. PermeaDerm is cleared by the FDA as a transparent matrix for use in the treatment of a variety of wound types until healing is achieved. Under the terms of the agreement, the Company will hold the exclusive rights to market, sell, and distribute PermeaDerm products, including any future enhancements or modifications, within the United States. The initial term is for five years, with the option to renew for an additional five years, contingent upon meeting certain minimum requirements. During February 2024, the Company purchased a total of $2.5 million in inventory from Stedical Scientific.

OVIK Health was the distributor for Stedical from March 20, 2020 until January 26, 2024. As part of the distribution agreement with Stedical, the Company entered into a separate agreement with OVIK Health. As part of this agreement Stedical and OVIK Health agreed to terminate their previous distribution agreement and all rights thereunder, transfer customer lists to the Company and the purchase by the Company of existing inventory held by OVIK Health for $1.2 million. As consideration for the covenants, agreements, undertakings and purchase of the inventory the Company paid OVIK Health a total of $1.75 million. The inventory purchased from OVIK is included in the purchase by Stedical.

BARDA Contract

On February 16, 2024, the Company executed a contract modification with BARDA to extend the period of performance, under the original contract dated September 29, 2015, from December 31, 2023 to September 28, 2025. Under the modified contract, BARDA shall have access to AVITA Medical’s RECELL inventory in the event of a national emergency. No additional inventory build will be required. In the case of a national emergency, BARDA shall pay for RECELL devices at a reduced price for the first 1,000 units and retail price for any units over 1,000 requested. BARDA will pay AVITA Medical approximately $333,000 in maintenance fee over the term of the contract to ensure first right of access.

Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ 35,381	$ 26,665
Weighted-average common shares—outstanding, basic	25,331,264	25,000,180
Weighted-average common shares—outstanding, diluted	25,331,264	25,000,180
Net loss per common share, basic	$ 1.4	$ 1.07
Net loss per common share, diluted	$ 1.4	$ 1.07

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

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Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Other Long Term Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets, Noncurrent Disclosure [Abstract]
Long-term lease deposits	$ 155	$ 25
Long-term prepaids	148	97
Other long-term assets	52
Total other long-term assets	$ 355	$ 122

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

Geographic sources of loss before income taxes are as follows:


	Year-Ended
(amounts in thousands)	December 31, 2023			December 31, 2022
United States	$	(44,691	)	$	(26,764	)
Foreign	$	9,376		135
Loss before income taxes	$	(35,315	)	$	(26,629	)

The income tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:


	Year-Ended
(amounts in thousands)	December 31, 2023		December 31, 2022
Current:
Federal	$	-	$	-
State		66		36
Foreign		-		-
Total current		66		36
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred		-		-
Total income tax expense	$	66	$	36

The provision for income taxes differs from the tax computed using the statutory United States federal income tax rate of 21% for the years-ended December 31, 2023 and 2022 as a result of the following items:


	Year-Ended
(amounts in thousands)	December 31, 2023			December 31, 2022
Tax benefit at U.S. statutory rate	$	(7,416	)	$	(5,592	)
State income taxes		66			35
Foreign rate differential		375			5
Share-based compensation		774			719
Fair value change in debt and warrants		494			-
Foreign exchange gain/(loss) on intercompany trade balances		(2,354	)		-
Gain of transfer of intellectual property		2,804			-
Permanent differences		554			(30	)
Change in tax rate		(847	)		-
Net change in valuation allowance		5,616			4,899
Income tax expense	$	66		$	36

A summary of deferred income tax assets is as follows (in thousands):


	Year- Ended
(amounts in thousands)	December 31, 2023			December 31, 2022
Deferred tax liabilities
ROU Asset	$	(618	)	$	(229	)
Intangible assets		-			(11	)
Property, plant and equipment		(6	)		-
Total deferred tax liabilities	$	(624	)	$	(240	)
Deferred tax assets
Property, plant and equipment	$	-		$	3
Accrued expenses		2,714			1,833
Intangible assets		12			-
Stock based compensation		3,763			3,405
Lease liability		657			247
Research and development		5,357			2,215
Net operating loss carryforward		50,438			48,413
Other		992			630
Total deferred tax assets	$	63,933		$	56,746
Less valuation allowance		(63,309	)		(56,506	)
Net deferred tax assets		624			240
Net deferred tax assets / (liabilities)	$	-		$	-

At December 31, 2023, the Company and its subsidiaries had net operating loss carryforwards for federal, state, United Kingdom, and Australia income tax purposes of $145.2 million, $89.5 million, $29.9 million and $24.9 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, $19.5 million will expire, if not utilized, between 2028 through 2038. The remaining carryforwards have no expiration.

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 $63.3 million and $56.5 million as of December 31, 2023 and 2022, 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 positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements related to a particular tax position are measured based on the largest benefit that has a greater than a 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 December 31, 2023 and 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, 2019 through December 31, 2022, and for certain other U.S. state and local income taxes generally for the fiscal years ended June 30, 2019 through December 31, 2022.

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.

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

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

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

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

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

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

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

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

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

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

Goodwill and Intangible Assets Disclosure [Abstract]

Share-Based Payment Plans - Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total operating expenses	$ 8,384	$ 6,998
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total operating expenses	1,401	1,393
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total operating expenses	5,948	4,668
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total operating expenses	$ 1,035	$ 937

Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets

. Intangible Assets

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


			As of December 31, 2023							As of December 31, 2022
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3		17	$	(17	)		-	$	17	$	(16	)	$	1
Patent 2		13		141		(39	)		102		137		(28	)		109
Patent 3		13		206		(54	)		152		194		(39	)		155
Patent 5		19		99		(11	)		88		89		(6	)		83
Patent 6		19		56		(6	)		50		43		(4	)		39
Patent 7		13		2		-			2		2		-			2
Patent 8		18		29		(1	)		28		13		-			13
Patent 9		3		3		-			3		-		-			-
Patent 10		19		3		-			3		3		-			3
Patent 11		19		6		(1	)		5		6		-			6
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	616	$	(129	)	$	487	$	558	$	(93	)	$	465

During the year-ended December 31, 2023, the Company recorded an impairment charge of approximately $4,000 in General and administrative expenses in the Consolidated Statement of Operations. During the year-ended December 31, 2022, the Company did not identify any events or changes in circumstances that indicated the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangibles assets recognized for the year-ended December 31, 2022. Amortization expense of

intangibles included in the Consolidated Statements of Operations was $35,000 and $58,000 for the years-ended December 31, 2023 and 2022, respectively.

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


	Estimated Amortization Expense
2024		38
2025		38
2026		37
2027		37
2028		37
Thereafter		246
Total	$	433

Deed of Cross Guarantee - Consolidated Income Statement Of The Parties To The Deed (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated income statement of the parties to the deed [Line Items]
Revenues	$ 50,143	$ 34,421
Cost of sales	(7,780)	(6,041)
Gross profit	42,363	28,380
Operating Expenses:
Sales and marketing	(37,291)	(21,913)
General and administrative expenses	(28,334)	(23,330)
Product development expense	(20,821)	(13,857)
Total operating expenses	(86,446)	(59,100)
Other income	8,483	892
Net Income loss	(35,381)	$ (26,665)
Avita Medical And Australian Wholly Owned Subsidaries Closed Group
Consolidated income statement of the parties to the deed [Line Items]
Revenues	222
Cost of sales	(263)
Gross profit	(41)
Operating Expenses:
Sales and marketing	(206)
General and administrative expenses	(79)
Product development expense	(28)
Total operating expenses	(313)
Other income	21,717
Net Income loss	$ 21,363

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of Eligible Share Award Activity

he following table summarizes the eligible share award activity as of December 31, 2023 and December 31, 2022.


	As of
(in thousands)	December 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		518			471
Change in redemption value		1,019			21
Vesting of share awards held by NDQC		(1,401	)		(127	)
Ending Balance	$	693		$	557

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	(26,665)					(26,665)
Shock-based compensation	6,527			6,527
Exercise of stock options	900			900
Exercise of stock options, shares		150,125
Vesting of restricted stock units, shares		114,641
Company common stock held by the NQDC Plan			$ (127)	127
Company common stock held by the NQDC plan, Shares		17,927
Change in classification of deferred compensation share awards	(192)			(192)
Change in redemption value of share awards in NQDC plan	(21)			(21)
Net unrealized gain on marketable securities	(322)
Other comprehensive loss	(433)				(433)
Ending Balance at Dec. 31, 2022	84,740	$ 3	(127)	339,825	7,627	(262,588)
Ending Balance, shares at Dec. 31, 2022		25,208,436
Net loss	(35,381)					(35,381)
Shock-based compensation	7,866			7,866
Exercise of stock options	$ 957			957
Exercise of stock options, shares	166,675	166,675
Vesting of restricted stock units, shares		106,476
Company common stock held by the NQDC Plan			(1,401)	1,401
Company common stock held by the NQDC plan, Shares		128,172
Distribution/diversification of Company common stock held by the NQDC Plan	$ 752		398	354
Change in redemption value of share awards in NQDC plan	(1,019)			(1,019)
ESPP purchases	$ 655			655
ESPP purchases, Shares	72,319	72,319
Net unrealized gain on marketable securities	$ 522				522
Change in fair value due to credit risk on Long-term debt	(621)				(621)
Cumulative translation adjustments recognized in earnings as part of the reorganization of foreign subsidiaries	(9,415)				(9,415)
Ending Balance at Dec. 31, 2023	$ 49,056	$ 3	$ (1,130)	$ 350,039	$ (1,887)	$ (297,969)
Ending Balance, shares at Dec. 31, 2023		25,682,078

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (35,381)	$ (26,665)
Other comprehensive income gain/(loss):
Foreign currency translation loss		(111)
Cumulative translation adjustments recognized in earnings as part of the reorganization of foreign subsidiaries	(9,415)
Change in fair value due to credit risk on Long-term debt	(621)
Net unrealized gain/(loss) on marketable securities, net of tax	522	(322)
Comprehensive loss	$ (44,895)	$ (27,098)

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

Common and Preferred Stock

Leases - Additional Information (Detail)	Jan. 04, 2024	Jan. 01, 2024	Dec. 31, 2023 USD ($) ft²	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Increase in operating lease ROU assets and operating lease liabilities				$ 1,100,000	$ 1,100,000
Ventura Warehouse
Lessee, Lease, Description [Line Items]
Increase in operating lease ROU assets and operating lease liabilities			$ 50,000
Expanded square footage \| ft²			3,360
Term			12 months 15 days
Ventura Warehouse \| Subsequent Event
Lessee, Lease, Description [Line Items]
Lessee, operating lease, extended term	3 years	3 years

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	25,682,078	25,208,436
Common stock shares outstanding	25,682,078	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

Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

6. Long-term debt

On October 18, 2023 (“Closing Date”) the Company entered into a Credit Agreement, by and between the Company, as borrower, and an affiliate of OrbiMed as the lender and administrative agent (the “Lender”). The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $90.0 million, of which (i) $40.0 million was made available on the Closing Date (the “Initial Commitment Amount”), (ii) $25.0 million will be made available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $25.0 million will be made available, at the Company’s discretion, on or prior to June 30, 2025, subject to certain net revenue requirements. The maturity date of the agreement is October 18, 2028 ("Maturity Date"). On the Closing date, the Company closed on the Initial Commitment Amount of $40.0 million, less certain fees and expenses payable to or on behalf of the Lender. The Company received net proceeds of $38.8 million upon closing after deducting the Lender's transaction costs in connection with the issuance.

All obligations under the Credit Agreement will be guaranteed by all of the Company’s wholly owned subsidiaries (subject to certain exceptions) and secured by substantially all of the Company's and each guarantor's assets. The loan will be due in full on the Maturity Date unless the Company elects to repay the principal amount at any time prior to the Maturity Date. Upon prepayment, the Company will owe the applicable repayment premium and exit fee of 3% on the principal amount of the Loans. The repayment premium varies between 0% - 3%, depending on certain conditions that are defined in the Credit Agreement. Note that the Repayment premium incorporates the make-whole amount. The make-whole amount represents the remaining scheduled interest payments on the loan during the period commencing on the prepayment date through the 24-month anniversary of the closing date. The Credit Agreement further states that the Company will be required to repay the principal amount of the Loans if the Company does not achieve certain net revenue thresholds. If, for any quarter until the maturity date, the Company’s net revenue does not equal or exceed the applicable trailing twelve-month amount as set forth in the Credit Agreement, then the Company shall repay in equal quarterly installments equal to 5.0% of the outstanding principal amount on the date the net revenue amount was not satisfied, together with a repayment premium and exit fee. The Company shall repay amounts outstanding in full immediately upon an acceleration as a result of an event of default as set forth in the Credit Agreement, together with a repayment premium and other fees. As of December 31, 2023, the Company has not made any repayments on the outstanding debt balance.

During the term of the Credit Agreement, interest payable in cash by the Company shall accrue on any outstanding debt at a rate per annum equal to the greater of (x) the SOFR rate for such period and (y) 4.00% plus, in either case, 8.00%. As of December 31, 2023, the interest rate was 13.34%. During an event of default, any outstanding amount will bear interest at a rate of 4.00% in excess of the otherwise applicable rate of interest. The Company will pay certain fees with respect to the Credit Agreement, including an upfront fee, an unused fee on the undrawn portion of the Loan Facility, an administration fee, a repayment premium and an exit fee, as well as certain other fees and expenses of the Lender. The undrawn fee accrues at 0.5% of the undrawn balance and its recorded as an asset in the Consolidated Balance Sheets.

The Credit Agreement contains certain customary events of default, including with respect to nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; material defaults on other indebtedness; bankruptcy and insolvency events; material monetary judgments; loss of certain key permits, persons and contracts; material adverse effects; certain regulatory matters; and any change of control. As of December 31, 2023, the Company was in compliance with all financial covenants in the Credit Agreement.

Each of the Credit Agreement and a Pledge and Security Agreement entered into by the Company, the guarantors and the Lender on October 18, 2023 (the “Pledge and Security Agreement”) contains a number of customary representations, warranties and covenants that, among other things, will limit or restrict the ability of the Company and its subsidiaries to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; amend certain material documents; redeem or repurchase certain debt; engage in certain transactions with affiliates; and enter into certain restrictive agreements. In addition, the Company and guarantors will be required to maintain at least $10.0 million of unrestricted cash and cash equivalents.

On the Closing Date, the Company issued to an affiliate of the Lender a warrant (the “Warrant”) to purchase up to 409,661 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), at an exercise price of $10.9847 per share, with a term of 10 years from the issuance date. The Warrant contains customary share adjustment provisions, as well as weighted average price protection in certain circumstances.

As permitted under ASC 825, the Company elected the fair value option to account for the Credit Agreement, and recorded the Credit Agreement and warrants at fair value with changes in fair value recorded in the Consolidated Statements of Operations in Other income, net. Changes related to instrument specific credit risk are recorded in other comprehensive income in the Consolidated

Balance Sheet. For changes in fair value refer to Note 4. The Company incurred debt issuance costs of $775,000, which were expensed as incurred and recorded in Other income, net. The Company also incurred a loss on issuance of $1.2 million as the fair value of the debt and warrant exceeded the proceeds received.

Common and Preferred Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

14. Common and Preferred Stock

The Company’s shares of common stock are quoted on Nasdaq under AVITA Medical’s previous Nasdaq ticker code, “RCEL”. The Company’s CDIs are quoted on the ASX under AVITA Medical’s previous ASX ticker code, “AVH”. 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. The Company has 25,682,078 and 25,208,436 shares of common stock issued and outstanding as of December 31, 2023 and December 31, 2022, respectively. The Company has no shares of preferred stock outstanding during any period.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Debt Securities, Available-for-Sale [Abstract]

Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaids And Other Current Assets And Other Long Term Assets [Abstract]
Prepaid expenses	$ 1,376	$ 921
Accrued investment income	227	168
Lease deposits	38	110
BARDA contract costs		252
Other receivables	18	127
Total prepaids and other current assets	$ 1,659	$ 1,578

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 07, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Annual 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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		25,706,662
Entity Public Float			$ 431,861,022
ICFR Auditor Attestation Flag	false
Entity File Number	001-39059
Entity Tax Identification Number	85-1021707
Document Financial Statement Error Correction [Flag]	false
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
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Los Angeles, California
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980)

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 4,000	$ 0
Amortization of intangible assets	$ 35,000	$ 58,000

Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Current [Abstract]
Operating lease liabilities, short-term	$ 895	$ 612
BARDA deferred costs		194
COSMOTEC deferred revenue	33
Other current liabilities	338	184
Total other current liabilities	$ 1,266	$ 990

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Jul. 31, 2020	Dec. 31, 2023 USD ($) PerformanceObligation Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		$ (37,000)	$ 85,000
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, (ii) emergency preparedness services.
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.
Revenue, performance obligation, description of payment terms		30 days
Cash at deposit institutions		$ 10,700,000	4,100,000
Cash in foreign institutions		$ 69,000	737,000
Final maturity period		37 months
Cash equivalents held		$ 11,400,000	14,100,000
Allowance for credit losses		$ 48,000	24,000	$ 28,000
Lease renewal period		3 years
Warrants and rights outstanding, measurement input		0
Capitalized patent costs		$ 616,000	558,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Income (Loss)
Impairments of long-lived assets		$ 4,000	0
Advertising expenses		$ 398,000	$ 216,000
Contractual term		10 years
Number of operating segment \| Segment		1
Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Maximum percentage of payroll deductions allowed to purchase common stock		15.00%
Percentage by which purchase price of shares lower fair market value of common stock		85.00%
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%
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer		no	one
Accounts Receivable \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%
Revenue Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer		no	one
Revenue Benchmark [Member] \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Remaining lease terms		1 year
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]		Property, Plant and Equipment
Estimated useful lives of intangible assets		3 years
Contractual term		5 years	5 years
Minimum \| Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Contractual term		5 months 1 day
Maximum
Summary Of Significant Accounting Policies [Line Items]
Remaining lease terms		5 years
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]		Property, Plant and Equipment
Estimated useful lives of intangible assets		20 years
Contractual term		7 years	9 years 9 months 18 days
Maximum \| Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Contractual term		6 months
BARDA
Summary Of Significant Accounting Policies [Line Items]
Number of performance obligations \| PerformanceObligation		2
Total transaction price of contract		$ 9,200,000
BARDA \| Revenue Benchmark [Member] \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		1.00%	1.00%
BARDA \| Accounts Receivable Revenue \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		27.00%	2.00%
Reclassification out of Accumulated Other Comprehensive Loss
Summary Of Significant Accounting Policies [Line Items]
Other income		$ 9,400,000
RECELL system \| BARDA
Summary Of Significant Accounting Policies [Line Items]
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
General and Administrative Expense
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		(15,000)	$ (6,000)
General and Administrative Expense \| Non-US
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		(22,000)	$ 91,000
Revenue \| RECELL system \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Transaction price allocated on a stand alone selling price basis		$ 1,600,000

Share-based Payment Plans - Summary of Valuation Assumptions Used in Share Options (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	66.00%	72.00%
Expected volatility maximum	114.00%	113.00%
Weighted-average volatility	71.00%	103.00%
Expected dividends	0.00%	0.00%
Contractual term	10 years
Risk-free interest rate minimum	3.51%	1.42%
Risk-free interest rate maximum	4.44%	3.94%
Employee Stock Purchase Plan
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	81.98%
Expected volatility maximum	82.00%
Weighted-average volatility	81.99%
Expected dividends	0.00%
Risk-free interest rate minimum	5.19%
Risk-free interest rate maximum	5.31%
Minimum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	5 years	5 years
Minimum \| Employee Stock Purchase Plan
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	5 months 1 day
Maximum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	7 years	9 years 9 months 18 days
Maximum \| Employee Stock Purchase Plan
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	6 months

Loss per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Common stock excluded from calculation of basic and diluted EPS	99,106	17,927

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

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

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


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	8,427	$	-	$	-		$	8,427
U.S. Treasury securities		2,992		-		-			2,992
Total cash equivalents	$	11,419	$	-	$	-		$	11,419
Current marketable securities:
U.S. Treasury securities	$	65,145	$	100	$	(3	)	$	65,242
U.S. Government agency obligations		1,699		-		(2	)		1,697
Total current marketable securities	$	66,844	$	100	$	(5	)	$	66,939


	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
Total cash equivalents	$	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 December 31, 2023				As of December 31, 2022
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	66,844	$	66,939	$	61,601	$	61,178
Due after one year through three years	$	-	$	-	$	6,933	$	6,930

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Geographic Sources of Loss Before Income Taxes

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Geographic sources of loss before income taxes are as follows:


	Year-Ended
(amounts in thousands)	December 31, 2023			December 31, 2022
United States	$	(44,691	)	$	(26,764	)
Foreign	$	9,376		135
Loss before income taxes	$	(35,315	)	$	(26,629	)

Summary Of Income Tax Expense

he income tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:


	Year-Ended
(amounts in thousands)	December 31, 2023		December 31, 2022
Current:
Federal	$	-	$	-
State		66		36
Foreign		-		-
Total current		66		36
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred		-		-
Total income tax expense	$	66	$	36

Summary Of Provision For Income Taxes


	Year-Ended
(amounts in thousands)	December 31, 2023			December 31, 2022
Tax benefit at U.S. statutory rate	$	(7,416	)	$	(5,592	)
State income taxes		66			35
Foreign rate differential		375			5
Share-based compensation		774			719
Fair value change in debt and warrants		494			-
Foreign exchange gain/(loss) on intercompany trade balances		(2,354	)		-
Gain of transfer of intellectual property		2,804			-
Permanent differences		554			(30	)
Change in tax rate		(847	)		-
Net change in valuation allowance		5,616			4,899
Income tax expense	$	66		$	36

Summary Of Deferred Income Tax

A summary of deferred income tax assets is as follows (in thousands):


	Year- Ended
(amounts in thousands)	December 31, 2023			December 31, 2022
Deferred tax liabilities
ROU Asset	$	(618	)	$	(229	)
Intangible assets		-			(11	)
Property, plant and equipment		(6	)		-
Total deferred tax liabilities	$	(624	)	$	(240	)
Deferred tax assets
Property, plant and equipment	$	-		$	3
Accrued expenses		2,714			1,833
Intangible assets		12			-
Stock based compensation		3,763			3,405
Lease liability		657			247
Research and development		5,357			2,215
Net operating loss carryforward		50,438			48,413
Other		992			630
Total deferred tax assets	$	63,933		$	56,746
Less valuation allowance		(63,309	)		(56,506	)
Net deferred tax assets		624			240
Net deferred tax assets / (liabilities)	$	-		$	-

Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Account (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for Credit Loss [Abstract]
Balance at beginning of year	$ 24,000	$ 28,000
Additions: change to cost and expense	24,000	5,000
Deductions: write-offs, net of recovery		(9,000)
Balance at end of year	$ 48,000	$ 24,000

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary Of Composition Of Intangible Assets

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


			As of December 31, 2023							As of December 31, 2022
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3		17	$	(17	)		-	$	17	$	(16	)	$	1
Patent 2		13		141		(39	)		102		137		(28	)		109
Patent 3		13		206		(54	)		152		194		(39	)		155
Patent 5		19		99		(11	)		88		89		(6	)		83
Patent 6		19		56		(6	)		50		43		(4	)		39
Patent 7		13		2		-			2		2		-			2
Patent 8		18		29		(1	)		28		13		-			13
Patent 9		3		3		-			3		-		-			-
Patent 10		19		3		-			3		3		-			3
Patent 11		19		6		(1	)		5		6		-			6
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	616	$	(129	)	$	487	$	558	$	(93	)	$	465

Summary Of Future Amortization Of Amortizable Intangible Assets Held

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


	Estimated Amortization Expense
2024		38
2025		38
2026		37
2027		37
2028		37
Thereafter		246
Total	$	433

Marketable Securities - Summary of Maturities of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
InvestmentTypeExtensibleEnumeration	Contractual Maturities	Contractual Maturities
Available for sale securities, Due in one year or less, Amortized cost	$ 66,844	$ 61,601
Available for sale securities, Due after one year through three years, Amortized cost		6,933
Available for sale securities, Due in one year or less, Carrying value	$ 66,939	61,178
Available for sale securities, Due after one year through three years, Carrying value		$ 6,930

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

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

Property, Plant and Equipment [Abstract]

Inventory - Summary Of Composition Of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 3,683	$ 1,131
Work in process	878	384
Finished goods	1,035	610
Total inventory	$ 5,596	$ 2,125

Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property and Equipment, net

10. Property and Equipment, net

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


		As of
	Useful Lives	December 31, 2023			December 31, 2022
Computer equipment	3 - 5 years	$	984		$	755
Computer software	3 years		840			871
Construction in progress			87			258
Furniture and fixtures	7 years		824			439
Laboratory equipment	5 years		769			643
Leasehold improvements	Lesser of life or lease term		367			257
RECELL moulds	5 years		438			129
Less: accumulated amortization and depreciation			(2,432	)		(2,152	)
Total plant and equipment, net		$	1,877		$	1,200

Depreciation expense related to plant and equipment was $597,000 and $510,000 for the years-ended December 31, 2023 and 2022, respectively. The Company recorded an impairment of approximately $83,000 for the year-ended December 31, 2023. Amounts are recorded in General and administrative expenses in the Consolidated Statement of Operations. During the year-ended December 31, 2022, the Company did not identify any events or changes in circumstances that indicated that the carrying value of its plant and equipment may not be recoverable. As such, there was no impairment of plant and equipment recognized for the year-ended December 31, 2022.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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 December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	8,427			$	-	$	8,427
U.S. Treasury securities	$	-		2,992	$	-		2,992
Total cash equivalents	$	8,427	$	2,992	$	-	$	11,419
Current marketable securities:
U.S. Treasury securities	$	-	$	65,242	$	-	$	65,242
U.S. Government agency obligations		-		1,697		-		1,697
Total current marketable securities	$	-	$	66,939	$	-	$	66,939
Total marketable securities and cash equivalents	$	8,427	$	69,931	$	-	$	78,358
Financial liabilities:
Long-term debt	$	-	$	-	$	39,812	$	39,812
Warrant liability		-		-		3,158	$	3,158
Non-qualified deferred compensation plan liability		-		3,831		-	$	3,831
Total financial liabilities	$	-	$	3,831	$	42,970	$	46,801
Financial assets:
Corporate-owned life insurance policies	$	-	$	2,475	$	-	$	2,475
Total financial assets	$	-	$	2,475	$	-	$	2,475


	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	14,089	$	-	$	-	$	14,089
Total cash equivalents	$	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
Financial liabilities:
Non-qualified deferred compensation plan liability	$	-	$	1,348	$	-	$	1,348
Total financial liabilities	$	-	$	1,348	$	-	$	1,348
Financial assets:
Corporate-owned life insurance policies	$	-	$	1,238	$	-	$	1,238
Total financial assets	$	-	$	1,238	$	-	$	1,238

Level 3

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Changes in Fair Value

The following table presents the summary of changes in the fair value of our Level 3 financial instruments:


	As of December 31, 2023
	Long-term debt		Warrant liability
Value at beginning of period	$	-	$	-
Fair value at issuance date - October 18, 2023		37,575		2,425
Change in fair value in earnings		1,616		733
Change in fair value in OCI		621		-
Balance at December 31, 2023	$	39,812	$	3,158

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash outflows from operating leases	$ 815	$ 803

Income Taxes - Summary Of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
State	$ 66	$ 36
Total current	66	36
Deferred:
Total income tax expense	$ 66	$ 36

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

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. Leases

During February 2023, the Company remeasured the lease liability for an office lease due to an increase 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.

During May 2023, the Company entered into a new office lease in Irvine, California. The lease commenced during July 2023 and resulted in an increase of $1.1 million in the operating lease ROU asset and operating lease liabilities.

During December 2023, the Company expanded the square footage of the Ventura Warehouse by 3,360 square feet for a term of 12.5 months. The lease commenced during December 2023 and resulted in an increase of approximately $50,000 in the operating lease ROU asset and operating lease liabilities.

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


	Year-Ended
	December 31, 2023		December 31, 2022
Operating lease cost	$	929	$	775
Variable lease cost		101		51
Total lease cost	$	1,030	$	826

Supplemental cash flow information related to operating leases was as follows (in thousands):


	Year-Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	815	$	803

Supplemental balance sheet information, as of December 31, 2023 and 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
	December 31, 2023			December 31, 2022
Reported as:
Operating lease right-of-use assets	$	2,440		$	851
Total right-of-use assets	$	2,440		$	851
Other current liabilities:
Operating lease liabilities, short-term	$	895		$	612
Operating lease liabilities, long term		1,702			306
Total operating lease liabilities	$	2,597		$	918
Operating lease weighted average remaining lease term (years)		3.31			1.44
Operating lease weighted average discount rate		8.75	%		6.71	%

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


	Operating Leases
2024	$	1,079
2025		738
2026	684
2027	318
2028	190
Total lease payments		3,009
Less imputed interest		(412	)
Total operating lease liabilities	$	2,597

At December 31, 2023 there were no leases entered into that had not yet commenced. On January 4, 2024, the Company executed the second amendment to the Ventura Warehouse to extend the lease for an additional three years. Refer to subsequent events footnote for more information.

Common and Preferred Stock - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 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	25,682,078	25,208,436
Common stock shares outstanding	25,682,078	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.

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [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. Total Company matching contributions to the 401(k) Plan were $1.2 million and $1.0 million for the years-ended December 31, 2023, and 2022, respectively.

Non-qualified deferred compensation plan

The Company’s non-qualified deferred compensation plan (the "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, commissions 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 for the years-ended December 31, 2023 and 2022 were $171,000 and $258,000, respectively. The Company’s deferred compensation plan liability was $3.8 million and $1.3 million as of December 31, 2023 and 2022, respectively. These amounts are split between current and long term on the Consolidated Balance Sheets. As of December 31, 2023 and 2022, $168,000 and $78,000 is included in Current non-qualified deferred compensation liability and $3.7 million and $1.3 million in Non-qualified deferred compensation liability, respectively. During the years-ended December 31, 2023 and 2022, the Company had a payout of approximately $950,000 in the deferred compensation liability for terminated employees.

The Company established a COLI to fund the NQDC plan. Amounts in the COLI are invested in a number of funds. The securities are carried at the cash surrender value on the Consolidated Balance Sheets. We record investment gains and losses of the COLI as other income. Refer to Note 4, Fair Value Measurements for the fair values of the COLI policies and the NQDC liability.

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, 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 December 31, 2023 and December 31, 2022, a total of 81,052 and 253,048, shares awards have been deferred, respectively. 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. For the years-ended December 31, 2023 and December 31, 2022 a total of 99,106 and 17,927 shares were vested at the redemption value of $1.1 million and $127,000, respectively.

The following table summarizes the eligible share award activity as of December 31, 2023 and December 31, 2022.


	As of
(in thousands)	December 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		518			471
Change in redemption value		1,019			21
Vesting of share awards held by NDQC		(1,401	)		(127	)
Ending Balance	$	693		$	557

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Schedule Of Revenues By Region And Customer Location And Customer Type/Cost of Sales By Customer Type

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 1,079
2025	738
2026	684
2027	318
2028	190
Total lease payments	3,009
Less imputed interest	(412)
Total operating lease liabilities	$ 2,597	$ 918

Reporting Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenues by region and customer location were as follows (in thousands):


	Year-Ended
	December 31, 2023		December 31, 2022
Revenue:
United States	$	46,359	$	33,257
Foreign:
Japan		3,370		729
European Union		51		-
Australia		222		275
United Kingdom		141		160
Total	$	50,143	$	34,421

Revenues by customer type were follows (in thousands):


	Year-Ended
	December 31, 2023		December 31, 2022
Revenue:
Commercial sales	$	49,775	$	34,051
Deferred commercial revenue		33		-
BARDA:
Services for emergency preparedness		335		370
Total	$	50,143	$	34,421

Cost of sales by customer type were as follows (in thousands):


	Year-Ended
	December 31, 2023			December 31, 2022
Cost of sales:
Commercial cost	$	7,544		$	5,573
BARDA:
Product cost		(105	)		130
Emergency preparedness service cost		341			338
Total	$	7,780		$	6,041

Summary of Significant Accounting Policies - Summary of Other Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Receivables, Net, Current [Abstract]
BARDA procurement and emergency preparedness services	$ 8	$ 16
BARDA expense reimbursements	22	882
Total	$ 30	$ 898

Share-Based Payment Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Company Stock Based Award Plans

The following table summarizes information about the Company’s stock-based award plans as of December 31, 2023:


	Outstanding Options		Outstanding Restricted Stock Units		Shares available for future issuance
2016 Equity Incentive Plan		740,945		-		-
2020 Equity Incentive Plan		1,553,969		171,552		2,294,367
2021 AGM Awards		22,600		5,782		-
2022 AGM Awards		247,876		-		-
2023 AGM Awards		124,768		57,798		-

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

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


	Year-Ended
	December 31, 2023		December 31, 2022
Sales and marketing expenses	$	1,401	$	1,393
General and administrative expenses		5,948		4,668
Research and development expenses		1,035		937
Total operating expenses	$	8,384	$	6,998

Summary Of Share Option Activity

A summary of share option activity as of December 31, 2023 and changes during the year then ended is presented below:


	Service Only Share Options			Performance Based Share Options			Total Share Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding shares at December 31, 2022		1,724,252			511,194			2,235,446		$	12.47		7.71	$	1,530,263
Granted		972,193			-			972,193			14.52
Exercised		(136,675	)		(30,000	)		(166,675	)		5.74
Expired		(61,062	)		(180,473	)		(241,535	)		20.95
Forfeited		(101,137	)		(8,134	)		(109,271	)		11.53
Outstanding shares at December 31, 2023		2,397,571			292,587			2,690,158			12.91		7.67		1,530,263
Exercisable at December 31, 2023		909,162			255,629			1,164,791			12.96		5.98		587,632
Vested and expected to vest		2,397,571			292,587			2,690,158		$	12.91		7.67	$	1,530,263

Summary of Valuation Assumptions Used in Share Options

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2023 and 2022.


	Year-Ended			Year-Ended
	December 31, 2023			December 31, 2022
Expected volatility	66% - 114%			72% - 113%
Weighted-average volatility		71	%		103	%
Expected dividends		0	%		0	%
Expected term (in years)	5 -7			5 - 9.8
Risk-free interest rate	3.51% - 4.44%			1.42% - 3.94%

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 December 31, 2023, and changes that occurred during the year is presented below:


Unvested Shares	Service Condition RSU			Performance Condition RSU			Total RSU's			Weighted Average Grant Date Fair Value per Unit
Unvested RSUs outstanding at December 31, 2022		394,872			65,646			460,518		$	6.30
Granted		57,798			-			57,798			14.17
Vested		(205,308	)		(29,751	)		(235,059	)		6.37
Forfeited		(40,250	)		(7,875	)		(48,125	)		5.67
Unvested RSUs outstanding at December 31, 2023		207,112			28,020			235,132		$	8.29

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Valuation Assumptions Used in Share Options

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the year-ended December 31, 2023.


	Year-Ended
	December 31, 2023
Expected volatility	81.98% - 82%
Weighted-average volatility		81.99	%
Expected dividends		0	%
Expected term (in years)	0.42 - 0.5
Risk-free interest rate	5.19% - 5.31%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Revenue, Performance Obligation [Abstract]

Share-Based Payment Plans - Summary Of Company Stock Based Award Plans (Detail) - shares	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	2,690,158	2,235,446
2016 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	740,945
2020 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	1,553,969
Outstanding Restricted Stock Units	171,552
Shares available for future issuance	2,294,367
Two Thousand And Twenty One A G M Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	22,600
Outstanding Restricted Stock Units	5,782
2022 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	247,876
2023 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	124,768
Outstanding Restricted Stock Units	57,798

Income Taxes - Summary of Deferred Income Tax (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities
ROU Asset	$ (618)	$ (229)
Intangible assets		(11)
Property, plant and equipment	(6)
Total deferred tax liabilities	(624)	(240)
Deferred tax assets
Property, plant and equipment		3
Accrued expenses	2,714	1,833
Intangible assets	12
Stock based compensation	3,763	3,405
Lease liability	657	247
Research and development	5,357	2,215
Net operating loss carryforward	50,438	48,413
Other	992	630
Total deferred tax assets	63,933	56,746
Less valuation allowance	(63,309)	(56,506)
Net deferred tax assets	624	240
Net deferred tax assets / (liabilities)

Property and Equipment, net - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 597,000	$ 510,000
Impairment loss on fixed asset	$ (83,000)	(3,000)
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense
Impairment of plant and equipment		$ 0

Revenues

12 Months Ended

Dec. 31, 2023

Revenues

5. Revenues

The Company’s revenues consists of sale of the RECELL System to hospitals or other treatment centers, COSMOTEC 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 and COSMOTEC as the customer in Step 1 of the ASC 606 5 step model and have determined a contract exists with those customers in Step 1. 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. Specifically, we determined the customer obtains control of the product at 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 are imposed by governmental authorities.

For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (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 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 estimated liability is released upon replacement of the product along with a corresponding reduction to inventory. The Company has estimated deferred cost of approximately $0 and $194,000 as of December 31, 2023 and 2022, respectively, for the rotation cost of the product, such amounts are recorded in Other current liabilities. 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 of $335,000 and $370,000 for the years-ended December 31, 2023 and 2022, respectively, and are included in Revenues within the Consolidated Statement of Operations. Contract costs to fulfil the performance obligation are incremental and expected to be recovered are capitalized and amortized on a straight-line basis over the term of the contract. As of December 31, 2023 and December 31, 2022, contract cost of $0 and $252,000 are included in Other current assets, respectively.

Remaining Performance Obligations

Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts and relate to BARDA and COSMOTEC. 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 $390,000 and $698,000 as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, the Company had $0 and $274,000, respectively, in contract liabilities related to our contract with BARDA for the purchase, delivery and storage of the RECELL system for emergency response preparedness. We are contracted to manage this inventory of product until the federal government requests shipment or at contract termination on December 31, 2023. The Company had $390,000 and $424,000 in contract liabilities as of December 31, 2023 and December 31, 2022, respectively, related to the contract with COSMOTEC. These amounts are split between Other current liabilities and Contract Liabilities in the Consolidated

Balance Sheets. As of December 31, 2023 and December 31, 2022, the Company had $33,000 and $0 in Other current liabilities, respectively. As of December 31, 2023 and December 31, 2022, the Company had $357,000 and $424,000 in Contract Liabilities, respectively. The Company expects to recognize these amounts 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.

Volume Discounts — The Company generally provides contracted customers with volume discounts that are explicitly stated in the Company’s customer contracts. The RECELL system is sold with respective volume discounts based on aggregated sales over a 12-month period on a customer-by-customer basis. Revenue from these sales is recognized based on the price specified in the contract, net of estimated volume discounts, and net of any sales tax charged. Goods sold are not eligible for return. The Company has determined such discounts are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue and as a reduction to accounts receivable, net.

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 December 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 a total of $390,000 and $698,000 in contract liabilities as of December 31, 2023 and December 31, 2022, respectively. These amounts split between Other current liabilities and Contract liabilities in the Consolidated Balance Sheets. The Company had $33,000 and $0 in Other current liabilities as of December 31, 2023 and December 31, 2022, respectively. The Company had $357,000 and $698,000 in Contract liabilities as of December 31, 2023 and December 31, 2022, respectively. The balance relates to the unsatisfied performance obligation for emergency preparedness under the BARDA contract and COSMOTEC. Performance obligation will be recognized over time over the term of the contract. For the years-ended December 31, 2023 and 2022, the Company recognized $335,000 and $370,000 of BARDA revenue from amounts included in the beginning balance of contract liabilities, respectively. For the years-ended December 31, 2023 and 2022, the Company recognized $33,000 and $11,000 of revenue for COSMOTEC for amounts included in the beginning balance of contract liabilities, respectively.

Cost to Obtain and Fulfill a Contract

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 fullfil 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 December 31, 2023, the Company did not have any contract costs remaining in Other current assets. As of December 31, 2022, the Company had $252,000 of contract costs included in other current assets. Amortization expense related to deferred contract costs were $341,000 and $338,000 during the years-ended December 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 years-ended December 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

Commitments and Contingencies Disclosure [Abstract]

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	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	$ 1,200,000	$ 1,000,000
Employer contributions to deferred compensation plan	171,000	258,000
Deferred compensation plan liability	3,800,000	1,300,000
Non-qualified deferred compensation liability	$ 3,663,000	$ 1,270,000
Number of shares awards deferred, unvested	81,052	253,048
Deferred compensation arrangement with individual, shares vested	99,106	17,927
Deferred compensation arrangement with individual, vested redemption value	$ 1,100,000	$ 127,000
Payout of deferred compensation liability for a terminated employee	950,000	950,000
Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan liability	$ 168,000	78,000
Non-qualified Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting period	2 years
Deferred compensation plan liability	$ 3,700,000	$ 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%

Contingencies

12 Months Ended

Dec. 31, 2023

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 December 31, 2023, the Company does not have any outstanding or threatened litigation that would have a material impact to the financial statements.

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.

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Plans

15. Share-Based Payment Plans

Overview of Employee Share-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 the Company from Australia to the United States in June 2020 (“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. During November 2020, the Company 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 2020 Plan. During June 2023, the Company filed a registration statement on Form S-8 to register an additional 2,500,000 shares of common stock under the 2020 Plan. The increase in shares available for issuance was a result of the stockholders of AVITA Medical, Inc. approving an amendment to the 2020 Plan on June 6, 2023 at the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”).

On December 22, 2021, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors in accordance with ASX rules. These awards are subject to the vesting and performance conditions as denoted in the individual agreements (collectively, the "2021 Annual Meeting Awards"). On December 12, 2022, the Company's stockholders approved the issuance of options and RSUs 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 (collectively, the "2022 Annual Meeting Awards"). On June 6, 2023, the Company's stockholders approved the issuance of options and RSUs 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 (collectively, the "2023 Annual Meeting Awards").

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 options and RSUs granted under the 2020 Plan are: (i) vest over a three-year or four-year period in equal installments at the end of each year from the date of grant, and /or (ii) subject to other performance criteria, as determined by the Compensation Committee.

Modifications

During the fourth quarter of 2023, the Company had administrative changes to employment agreements of five executives. Changes included clarification that equity awards are inclusive of options and RSUs, and a change in the post-termination exercise period from 6-months to 3-months. In addition, four employees received employment agreements for the first time as a result of a promotion. Per the terms of the employment agreement outstanding awards (options and RSUs) will immediately accelerate upon a qualifying termination. These employees were previously governed by the terms of the 2020 Plan, which upon separation from service, unvested awards will forfeit. We accounted for these changes in the accelerated vesting provision upon termination and the decrease in the post-termination exercise period as modifications. The modifications did not result in incremental expense.

The following table summarizes information about the Company’s stock-based award plans as of December 31, 2023:


	Outstanding Options		Outstanding Restricted Stock Units		Shares available for future issuance
2016 Equity Incentive Plan		740,945		-		-
2020 Equity Incentive Plan		1,553,969		171,552		2,294,367
2021 AGM Awards		22,600		5,782		-
2022 AGM Awards		247,876		-		-
2023 AGM Awards		124,768		57,798		-

Share-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. The Company recorded stock-based compensation expense of $8.4 million and $7.0 million for the years-ended December 31, 2023 and 2022, respectively. No income tax benefit was recognized in the Consolidated Statements of Operations for stock-based payment arrangements for the years-ended December 31, 2023 and 2022.

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


	Year-Ended
	December 31, 2023		December 31, 2022
Sales and marketing expenses	$	1,401	$	1,393
General and administrative expenses		5,948		4,668
Research and development expenses		1,035		937
Total operating expenses	$	8,384	$	6,998

A summary of share option activity as of December 31, 2023 and changes during the year then ended is presented below:


	Service Only Share Options			Performance Based Share Options			Total Share Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding shares at December 31, 2022		1,724,252			511,194			2,235,446		$	12.47		7.71	$	1,530,263
Granted		972,193			-			972,193			14.52
Exercised		(136,675	)		(30,000	)		(166,675	)		5.74
Expired		(61,062	)		(180,473	)		(241,535	)		20.95
Forfeited		(101,137	)		(8,134	)		(109,271	)		11.53
Outstanding shares at December 31, 2023		2,397,571			292,587			2,690,158			12.91		7.67		1,530,263
Exercisable at December 31, 2023		909,162			255,629			1,164,791			12.96		5.98		587,632
Vested and expected to vest		2,397,571			292,587			2,690,158		$	12.91		7.67	$	1,530,263

The weighted-average grant-date fair value of options granted during the years-ended December 31, 2023 and 2022 was $9.46 and $4.64, respectively. The total intrinsic value of options exercised during the years-ended December 31, 2023 and 2022 was $1.7 million and $179,000, respectively. Intrinsic value is measured using the fair market value at the date of exercise for options exercised, or at balance sheet date for outstanding options, less the applicable exercise price.

Cash received from the exercise of options was approximately $957,000 and $900,000, for the years-ended December 31, 2023 and 2022, respectively.

As of December 31, 2023, there was approximately $7.4 million of total unrecognized compensation cost related to share-based compensation expense. Of this amount $7.3 million relates to service only share options to be recognized over a weighted average period of 1.15 years, $0.1 million related to performance-based share options to be recognized over a weighted average period of 0.74 years.

Restricted Stock Units

Restricted stock units are granted to executives as part of their long-term incentive compensation. RSUs granted to directors as a result of stockholder approval 2021 Annual Meeting, 2022 Annual Meeting and 2023 Annual Meeting are issued pursuant to award agreements 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 December 31, 2023, and changes that occurred during the year is presented below:


Unvested Shares	Service Condition RSU			Performance Condition RSU			Total RSU's			Weighted Average Grant Date Fair Value per Unit
Unvested RSUs outstanding at December 31, 2022		394,872			65,646			460,518		$	6.30
Granted		57,798			-			57,798			14.17
Vested		(205,308	)		(29,751	)		(235,059	)		6.37
Forfeited		(40,250	)		(7,875	)		(48,125	)		5.67
Unvested RSUs outstanding at December 31, 2023		207,112			28,020			235,132		$	8.29

The weighted-average grant-date fair value of the RSUs granted during the years-ended December 31, 2023 and 2022, was $14.17 and $5.28, respectively. The total fair value of shares vested during the years-ended December 31, 2023 and 2022, was $2.9 million and $894,000, respectively.

As of December 31, 2023, there was $829,000 of total unrecognized compensation cost related to RSU awards. Of this amount $734,000 relates to service only RSUs to be recognized over a weighted average period of 0.63 years, $95,000 related to performance-based awards to be recognized over a weighted average period of 0.51 years.

2021 Annual Meeting Awards

Awards to non-executive members of the Board of Directors ("Director awards") under the 2021 Annual Meeting Awards

The Director awards that were granted in 2021 consist of an aggregate 68,600 options and RSUs. A total of 41,400 tenure-based options are RSUs (15,300 options and 26,100 RSUs) vested 12 months from the grant date. A total of 27,200 tenure-based options and RSUs (9,850 options and 17,350 RSUs) vest over 3 three years in equal installment each year.

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.

Non-Executive Director awards under the 2022 Annual Meeting Awards

The 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.

2023 Annual Meeting Awards

Awards to the CEO under the 2023 Annual Meeting Awards

On June 6, 2023, the CEO was issued an aggregate 100,000 options with 33.3% of those options vesting annually commencing on June 6, 2024.

Non-Executive Director awards under the 2023 Annual Meeting Awards

The Director awards consist of an aggregate 82,566 options and RSUs. A total of 52,926 tenure-based options and RSUs (15,876 options and 37,050 RSUs) vest 12 months from the grant date. A total of 29,640 tenure-based options and RSUs (8,892 options and 20,748 RSUs) vest over three years in equal installments each year.

Option Pricing Model

The Company estimates the fair value of tenure-based share options using the Black-Scholes option pricing model on the date of grant.

The valuation of the options is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected share price volatility over the term of the awards and actual and projected employee share option exercise behaviors. The risk-free rate is based on the U.S. Treasury rate for the expected term at the time of grant, volatility is based on the historical volatility. For tenure-based options, the expected term is based on the estimated average of the life of options using the simplified method as prescribed by SAB 107. The Company utilizes the simplified method for plain vanilla options to determine the expected term of the options due to insufficient exercise activity during recent years. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts.

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2023 and 2022.


	Year-Ended			Year-Ended
	December 31, 2023			December 31, 2022
Expected volatility	66% - 114%			72% - 113%
Weighted-average volatility		71	%		103	%
Expected dividends		0	%		0	%
Expected term (in years)	5 -7			5 - 9.8
Risk-free interest rate	3.51% - 4.44%			1.42% - 3.94%

Employee Stock Purchase Plan

In June 2023, the stockholders approved the AVITA Medical, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on July 1, 2023. On June 30, 2023, the Company filed Registration Statement on Form S-8 to register 1,000,000 shares of common stock under the ESPP, as a result of the Company’s stockholders approving the ESPP at the 2023 Annual Meeting. The ESPP features two six-month offering periods per year, from June 1 to November 30 and December 1 to May 31. The first offering period for the ESPP was July 1 – November 30, 2023. Subsequent offering periods will begin the first trading day of December and June each year. For the year-ended December 31, 2023, 72,319 shares, were issued under the ESPP at a purchase price of $9.06. Total proceeds received from the purchase of shares under the ESPP were approximately $655,000. During the year-ended December 31, 2023, the Company recorded $382,000 in ESPP expense and has unamortized expense remaining of $327,000 to be recognized over a term of 0.42 years. As of December 31, 2023, the Company had approximately $122,000 in accrued payroll contributions for future ESPP purchases. As of December 31, 2022, the Company did not have any accrued payroll contributions related to the ESPP.

The Company estimates the fair value of the ESPP using the Black-Scholes option pricing model on the date of grant. The valuation is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected term, expected share price, volatility over the expected term and risk-free rate. The risk-free interest rate is based on the U.S. Treasury rate for the expected term at the time of grant, volatility is based on the historical volatility. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts.

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the year-ended December 31, 2023.


	Year-Ended
	December 31, 2023
Expected volatility	81.98% - 82%
Weighted-average volatility		81.99	%
Expected dividends		0	%
Expected term (in years)	0.42 - 0.5
Risk-free interest rate	5.19% - 5.31%

Deed of Cross Guarantee - Consolidated Balance Sheet Of The Parties To The Deed (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 22,118	$ 18,164
Prepaids and other current assets	1,659	1,578
Total assets	111,640	98,264
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,793	3,002
Accrued wages and fringe benefits	7,972	6,623
Other current liabilities	1,266	990
Total liabilities	61,891	12,967
Accumulated equity	(297,969)	(262,588)
Total stockholders' equity	49,056	84,740	$ 104,624
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity	111,640	$ 98,264
Avita Medical And Australian Wholly Owned Subsidaries Closed Group
ASSETS
Cash and cash equivalents	25
Prepaids and other current assets	1
Total assets	26
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	1
Accrued wages and fringe benefits	4
Other current liabilities	7
Total liabilities	12
Accumulated equity	14
Total stockholders' equity	14
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity	$ 26

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

Share-Based Payment Plans - Summary Of Company Unvested RSUs (Detail)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	460,518
Unvested RSUs granted	57,798
Unvested RSUs vested	(235,059)
Unvested RSUs forfeited	(48,125)
Unvested RSUs ending balance	235,132
Weighted average grant date fair value per unit beginning balance \| $ / shares	$ 6.30
Weighted average grant date fair value per unit granted \| $ / shares	14.17
Weighted average grant date fair value per unit vested \| $ / shares	6.37
Weighted average grant date fair value per unit forfeited \| $ / shares	5.67
Weighted average grant date fair value per unit ending balance \| $ / shares	$ 8.29
Non Options Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	394,872
Unvested RSUs granted	57,798
Unvested RSUs vested	(205,308)
Unvested RSUs forfeited	(40,250)
Unvested RSUs ending balance	207,112
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	(29,751)
Unvested RSUs forfeited	(7,875)
Unvested RSUs ending balance	28,020

Deed of Cross Guarantee (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees [Abstract]

Consolidated Income Statement Of The Parties To The Deed


	Year-Ended
(in thousands)	December 31, 2023
Revenues	$	222
Cost of sales		(263	)
Gross profit		(41	)
Operating Expenses:
Sales and marketing expenses		(206	)
General and administrative expenses		(79	)
Product development expense		(28	)
Total operating expenses		(313	)
Other income		21,717
Net Income	$	21,363


	As of
(in thousands)	December 31, 2023
ASSETS
Cash	$	25
Prepaids and other current assets		1
Total assets		26
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities		1
Accrued wages and fringe benefits		4
Other current liabilities		7
Total liabilities		12
Accumulated equity		14
Total stockholders' equity		14
Total liabilities and stockholders' equity	$	26

Marketable Securities

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

Marketable Securities

3. Marketable Securities

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


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	8,427	$	-	$	-		$	8,427
U.S. Treasury securities		2,992		-		-			2,992
Total cash equivalents	$	11,419	$	-	$	-		$	11,419
Current marketable securities:
U.S. Treasury securities	$	65,145	$	100	$	(3	)	$	65,242
U.S. Government agency obligations		1,699		-		(2	)		1,697
Total current marketable securities	$	66,844	$	100	$	(5	)	$	66,939


	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
Total cash equivalents	$	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 December 31, 2023				As of December 31, 2022
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	66,844	$	66,939	$	61,601	$	61,178
Due after one year through three years	$	-	$	-	$	6,933	$	6,930

Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $100,000 and an unrealized loss of $5,000 as of December 31, 2023 which resulted in a net unrealized gain of $95,000. 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.

During the years-ended December 31, 2023 and 2022, the Company did not recognize credit losses. The Company has accrued interest income of $227,000 and $168,000 as of December 31, 2023 and, 2022, recorded in Prepaids and Other Current Assets, respectively. Money market funds were included in the cash and cash equivalents line item.

Revenues - Additional Information (Detail)		12 Months Ended
Revenues - Additional Information (Detail)	Jul. 31, 2020	Dec. 31, 2023 USD ($) PerformanceObligation	Dec. 31, 2022 USD ($)
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, (ii) emergency preparedness services.
Performance obligation estimated revenue expected to be recognised		$ 390,000	$ 698,000
Contract with customer liabilities		390,000	698,000
Contract with customer assets		0	0
Contract with customers non current liability		357,000	698,000
Contract cost amortization		341,000	338,000
Contract cost impairment loss		0	0
Cost of Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract cost amortization		341,000	338,000
Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers non current liability		357,000	698,000
Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers current liability		33,000	0
Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capiitalized fulfilment costs		$ 0	252,000
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, (ii) emergency preparedness services.
Number of performance obligations \| PerformanceObligation		2
Contract with customer liability revenue recognized		$ 335,000	370,000
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		0	194,000
Services recognised		335,000	370,000
Performance obligation estimated revenue expected to be recognised		0	274,000
COSMOTEC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer liability revenue recognized		33,000	11,000
COSMOTEC \| RECELL system \| Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised		357,000	424,000
COSMOTEC \| RECELL system \| Long Term Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised		390,000	424,000
COSMOTEC \| RECELL system \| Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised		$ 33,000	$ 0

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary Of Composition Of Inventories

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


	As of
	December 31, 2023		December 31, 2022
Raw materials	$	3,683	$	1,131
Work in process		878		384
Finished goods		1,035		610
Total inventory	$	5,596	$	2,125

Inventory - Additional Information (Detail) - USD ($)	12 Months Ended
Inventory - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Excess and obsolete inventory related charges	$ 221,000	$ 375,000

Loss per Share - Summary Of Anti-dilutive Shares Excluded From Diluted Net Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock options
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	2,690,158	2,235,446
Restricted stock units
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	235,132	460,518
ESPP
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	91,152
Warrants
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	409,661

Reporting Segment and Geographic Information

12 Months Ended

Dec. 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 were primarily located in the United States as of December 31, 2023 and December 31, 2022 with an insignificant amount located in Australia and the United Kingdom.

Revenues by region and customer location were as follows (in thousands):


	Year-Ended
	December 31, 2023		December 31, 2022
Revenue:
United States	$	46,359	$	33,257
Foreign:
Japan		3,370		729
European Union		51		-
Australia		222		275
United Kingdom		141		160
Total	$	50,143	$	34,421

Revenues by customer type were follows (in thousands):


	Year-Ended
	December 31, 2023		December 31, 2022
Revenue:
Commercial sales	$	49,775	$	34,051
Deferred commercial revenue		33		-
BARDA:
Services for emergency preparedness		335		370
Total	$	50,143	$	34,421

Cost of sales by customer type were as follows (in thousands):


	Year-Ended
	December 31, 2023			December 31, 2022
Cost of sales:
Commercial cost	$	7,544		$	5,573
BARDA:
Product cost		(105	)		130
Emergency preparedness service cost		341			338
Total	$	7,780		$	6,041

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

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