0000950170-24-058619 | 10-Q | XBRL Viewer

Three-Months Ended

March 31, 2024

March 31, 2023

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows from operating leases

Print Document

Nature of the Business (Additional Information) (Details) - Stedical Scientific Distributor Agreement	Jan. 10, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	5 years
Renewal term of agreement	5 years

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract]
Operating lease right-of-use assets	$ 3,275	$ 2,440
Total right-of-use assets	3,275	2,440
Operating lease liabilities, short-term	$ 903	$ 895
Operating Lease Liability Current Statement Of Financial Position Extensible List	Other current liabilities	Other current liabilities
Operating lease liabilities, long-term	$ 2,532	$ 1,702
Total operating lease liabilities	$ 3,435	$ 2,597
Operating lease weighted average remaining lease term (years)	3 years 5 months 15 days	3 years 3 months 21 days
Operating lease weighted average discount rate	9.42%	8.75%

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Summary Of Composition Of Inventory

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


	As of
	March 31, 2024		December 31, 2023
Raw materials	$	2,693	$	3,683
Work in process		446		878
Finished goods		4,032		1,035
Total inventory	$	7,171	$	5,596

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 296	$ 198
Variable lease cost	35	13
Total lease cost	$ 331	$ 211

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	12,018	$	-	$	-	$	12,018
Total cash equivalents	$	12,018	$	-	$	-	$	12,018
Current marketable securities:
U.S. Treasury securities	$	-	$	51,232	$	-	$	51,232
Total current marketable securities	$	-	$	51,232	$	-	$	51,232
Total marketable securities and cash equivalents	$	12,018	$	51,232	$	-	$	63,250
Financial liabilities:
Long-term debt	$	-	$	-	$	41,301	$	41,301
Warrant liability		-		-		4,028	$	4,028
Non-qualified deferred compensation plan liability		-		4,342		-	$	4,342
Total financial liabilities	$	-	$	4,342	$	45,329	$	49,671
Financial assets:
Corporate-owned life insurance policies	$	-	$	2,880	$	-	$	2,880
Total financial assets	$	-	$	2,880	$	-	$	2,880


	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

Summary of Fair Value Measurement Inputs and Valuation Techniques

The below assumptions were used in the Monte Carlo simulation


	March 31, 2024			December 31, 2023
Risk-free interest rate		4.20	%		3.81	%
Revenue volatility		64.00	%		64.00	%
Revenue discount rate		16.99	%		16.58	%

The fair value of the warrant liability, which is reported within Warrant liabilities on the Consolidated Balance Sheets, is estimated by the Company based on the Black-Scholes option pricing model with the following key inputs:


	March 31, 2024			December 31, 2023
Price of common stock	$	16.03		$	13.72
Expected term	9.56 years			9.81 years
Expected volatility		31.39	%		31.07	%
Exercise price	$	10.9847		$	10.9847
Risk-free interest rate		4.16	%		3.84	%
Expected dividends		0.00	%		0.00	%

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 March 31, 2024				As of December 31, 2023
	Long-term debt		Warrant liability		Long-term debt		Warrant liability
Balance beginning of period	$	39,812	$	3,158	$	-	$	-
Fair value on issuance date						37,575		2,425
Change in fair value in earnings		397		870		1,616		733
Change in fair value in other comprehensive loss		1,092		-		621		-
Balance end of period, at fair value	$	41,301	$	4,028	$	39,812	$	3,158

The Company

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

Nature of the Business

AVITA Medical, Inc. and its subsidiaries (collectively, “AVITA Medical”, “we”, “our”, “us”, or “Company”) is a commercial-stage regenerative medicine company transforming the standard of care in wound management and skin restoration with innovative devices. At the forefront of the Company's portfolio is its 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 ("FTSD"), 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.

On January 10, 2024, the Company entered into an exclusive multi-year distribution agreement with Stedical Scientific, Inc.

("Stedical") to commercialize PermeaDerm® Biosynthetic Wound Matrix ("PermeaDerm") in the United States (the "Stedical Agreement"). 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 holds 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.

Marketable Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	$ 51,225	$ 66,844
Gross Unrealized Holding Gains, Current marketable securities	11	100
Gross Unrealized Holding Losses, Current marketable securities	(4)	(5)
Carrying Value, Current marketable securities	51,232	66,939
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	12,018	11,419
Carrying Value	12,018	11,419
U.S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	51,225	65,145
Gross Unrealized Holding Gains, Current marketable securities	11	100
Gross Unrealized Holding Losses, Current marketable securities	(4)	(3)
Carrying Value, Current marketable securities	51,232	65,242
U.S Treasury Securities \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,992
Carrying Value		2,992
Money Market Funds \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	12,018	8,427
Carrying Value	$ 12,018	8,427
U.S Government Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities		1,699
Gross Unrealized Holding Losses, Current marketable securities		(2)
Carrying Value, Current marketable securities		$ 1,697

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the Consolidated Financial Statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. The information included in this quarterly report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2023 filed with the SEC on February 22, 2024 and the Australian Securities Exchange ("ASX") on February 23, 2024 (the “2023 Annual Report").

There have been no changes to the Company’s significant accounting policies as described in the 2023 Annual Report that have had a material impact on the Company’s Consolidated Financial Statements. See the summary of the Company’s significant accounting policies set forth in the notes to its Consolidated Financial Statements included in the 2023 Annual Report.

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

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 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 2023 Annual Report on Form 10-K for the fiscal year ending 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 GAAP requires management to make estimates and assumptions that affect the reported amounts (including estimate of the average selling price for PermeaDerm sales, allowance for credit losses, reserves for inventory excess and obsolescence, 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 and stock-based compensation) 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 Other comprehensive gain (loss) in Stockholders’ Equity. Gains and losses resulting from foreign currency transactions are included in earnings in the Consolidated Statement of Operations. Gains and losses resulting from foreign currency transactions were minimal for the three-months ended March 31, 2024 and 2023.

The Company’s non-operating subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements are included in earnings in the Consolidated Statement of Operations. Gains and losses for remeasurement and foreign currency transactions were minimal during the three-months ended March 31, 2024 and 2023.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash held at deposit institutions and cash equivalents. Cash equivalents consist primarily of money market funds. Cash equivalents also includes 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 $4.9 million and $10.7 million as of March 31, 2024 and December 31, 2023, respectively. The Company does not have cash on deposit denominated in foreign currency in foreign institutions as of March 31, 2024. As of December 31, 2023, the Company had $69,000 of cash on deposit denominated in foreign currencies in foreign institutions. As of March 31, 2024 and December 31, 2023, the Company held cash equivalents in the amount of $12.0 million and $11.4 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 and debt and other liabilities. As of March 31, 2024 and December 31, 2023, substantially all the Company’s cash was deposited in accounts at financial institutions, and amounts exceed federally insured limits and are subject to the risk of bank failure.

As of March 31, 2024 and December 31, 2023, no single commercial customer accounted for more than 10% of net accounts receivable or more than 10% of revenues for the three-months ended March 31, 2024 and 2023.

Net Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (18,658)	$ (9,220)
Weighted-average common shares – outstanding, basic	25,637,783	25,202,088
Weighted-average common shares – outstanding, diluted	25,637,783	25,202,088
Net loss per common share, basic	$ (0.73)	$ (0.37)
Net loss per common share, diluted	$ (0.73)	$ (0.37)

- Definition

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

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

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

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+ Details

Other Current and Long-Term Assets and Liabilities - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,216	$ 1,376
Unsettled investment receivable	1,000
Amounts due from Stedical	941
Accrued investment income	182	227
Lease deposits	49	38
Other receivables	135	18
Total prepaids and other current assets	$ 3,523	$ 1,659

Net Loss per Share - Summary of Anti-dilutive shares Excluded From Diluted Net Loss Per Common share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	3,541,384	2,218,496
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)	214,228	371,368
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)	83,545
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

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that no events that have occurred that would require adjustment to or disclosures in the Consolidated Financial Statements.

Leases - Additional Information (Detail) $ in Millions	Jan. 31, 2024 USD ($)
Leases [Abstract]
Increase in operating lease ROU assets and operating lease liabilities	$ 1.3

Long-term Debt - Additional Information (Details) - USD ($)		3 Months Ended
	Oct. 18, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Common stock par value		$ 0.0001		$ 0.0001
Net product sale equals or exceeds amount		$ 11,104,000	$ 10,550,000
Debt instrument unpaid principal balance		40,000,000
Debt instrument outstanding amount addition (reduction) to liability		$ 1,300,000		$ (188,000)
Senior Secured Credit Facility \| OrbiMed
Line of Credit Facility [Line Items]
Common stock par value	$ 0.0001
Credit agreement term	5 years
Line of credit facility description		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 Advisors, LLC 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 is available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $25.0 million is 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.
Aggregate principal amount	$ 90,000,000
Current borrowing capacity	$ 40,000,000
Maturity date	Oct. 18, 2028
Proceeds from debt, net of issuance costs	$ 38,800,000
Line of credit facility, exit fee percentage	3.00%
Quarterly installment percentage of outstanding principal amount	5.00%
Repayments on outstanding debt		$ 0
Debt Instrument, fixed percentage	4.00%	13.33%
Debt Instrument, variable percentage	8.00%
Undrawn fee accrues percentage of undrawn balance amount	0.50%
Warrants, exercise price	$ 10.9847
Warrants, expiration term	10 years
Senior Secured Credit Facility \| OrbiMed \| Maximum
Line of Credit Facility [Line Items]
Line of credit facility, repayment premium percentage	3.00%
Number of shares purchased, warrants	409,661
Senior Secured Credit Facility \| OrbiMed \| Minimum
Line of Credit Facility [Line Items]
Line of credit facility, repayment premium percentage	0.00%
Unrestricted cash and cash equivalents	$ 10,000,000
Senior Secured Credit Facility \| OrbiMed \| First Tranche On or Prior to December 31, 2024
Line of Credit Facility [Line Items]
Remaining borrowing capacity	25,000,000
Senior Secured Credit Facility \| OrbiMed \| Second Tranche On or Prior to June 30, 2025
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 25,000,000

Other Current and Long-Term Assets and Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Operating lease liabilities, short-term	$ 903	$ 895
COSMOTEC deferred revenue	33	33
Other current liabilities	217	338
Total other current liabilities	$ 1,153	$ 1,266

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Threatened Litigation
Litigation liability	$ 0		$ 0
Stedical Scientific, Inc. \| PermeaDerm
Term of agreement	5 years
Purchase of inventory	$ 2,600,000
Remaining inventory amount to be purchased	2,400,000
Unrecorded obligation amount in consolidated balance sheets	$ 0
Purchase agreement, description	For the first three years of the agreement, the minimum purchase should increase annually by an amount equal to the percentage growth in the Company's annual US based revenues excluding PermeaDerm revenue, or a minimum increase of at least 20% over the prior year purchase commitment. For years after the third year, the minimum purchase obligation shall increase annually by an amount equal to the percentage growth of the Company's annual US-based revenues excluding PermeaDerm sales. The minimum purchase obligation should never decrease from the previous year.
Minimum percentage increase over prior year purchase commitment	20.00%
Scenario Forecast \| Stedical Scientific, Inc. \| PermeaDerm
Minimum inventory obligation purchase amount		$ 5,000,000

Long-term Debt

3 Months Ended

Mar. 31, 2024

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 Advisors, LLC 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 is available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $25.0 million is 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 are 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 0.0% - 3.0%, depending on certain conditions that are defined in the Credit Agreement. 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 March 31, 2024, 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 March 31, 2024, the interest rate was 13.33%. 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 March 31, 2024, the Company was in compliance with all financial covenants in the Credit Agreement.

Each of the Credit Agreement and the 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, Financial Instruments, the Company elected the fair value option to record the long-term debt and warrant with changes in fair value recorded in the Consolidated Statements of Operations in Other income (expense), net. Changes related to instrument specific credit risk are revalued by comparing the amount of the total change in fair value of the long-term debt to the amount of change in fair value that would have occurred if the Company’s credit spread had not changed between the reporting periods, and is recorded in other comprehensive income in the Consolidated Balance Sheet. The difference between the fair value of the long-term debt and the unpaid principal balance of $40.0 million is an additional liability of $1.3 million and reduction to the liability of $188,000 as of March 31, 2024 and December 31, 2023, respectively. For changes in fair value refer to Note 4.

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Net unrealized gain (loss) on marketable securities	$ 7,000		$ 95,000
Credit loss recognized	0		0
Sales of investments	0	$ 0
Prepaids and Other Current Assets
Schedule Of Available For Sale Securities [Line Items]
Accrued interest income receivable	$ 182,000		$ 227,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Net Loss per Share - Additional Information (Detail)	3 Months Ended
Net Loss per Share - Additional Information (Detail)	Mar. 31, 2024 shares
Earnings Per Share [Abstract]
Common stock excluded from calculation of basic and diluted EPS	83,893

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 688	$ 616
Finite Lived Intangible Assets, Accumulated Amortization	(146)	(129)
Finite Lived Intangible Assets, Net Carrying Amount	488
Intangible Assets, Net (Excluding Goodwill)	542	487
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)	(17)
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	141
Finite Lived Intangible Assets, Accumulated Amortization	(42)	(39)
Finite Lived Intangible Assets, Net Carrying Amount	$ 99	102
Patent 3
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years
Finite Lived Intangible Assets, Gross Amount	$ 206	206
Finite Lived Intangible Assets, Accumulated Amortization	(58)	(54)
Finite Lived Intangible Assets, Net Carrying Amount	$ 148	152
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	$ 104	99
Finite Lived Intangible Assets, Accumulated Amortization	(13)	(11)
Finite Lived Intangible Assets, Net Carrying Amount	$ 91	88
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	56
Finite Lived Intangible Assets, Accumulated Amortization	(7)	(6)
Finite Lived Intangible Assets, Net Carrying Amount	$ 49	50
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	$ 31	29
Finite Lived Intangible Assets, Accumulated Amortization	(2)	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 29	28
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	$ 68	3
Finite Lived Intangible Assets, Accumulated Amortization	(6)
Finite Lived Intangible Assets, Net Carrying Amount	$ 62	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)	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 5	$ 5

Plant and Equipment - Summary of Composition of Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (2,618)	$ (2,432)
Total plant and equipment, net	4,297	1,877
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,157	984
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	840
Construction In Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,292	87
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 847	824
Laboratory and Other Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 965	769
Laboratory and Other Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Laboratory and Other Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
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	367
RECELL Moulds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 447	$ 438

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 48
2025	64
2026	51
2027	37
2028	37
Thereafter	251
Finite Lived Intangible Assets, Net Carrying Amount	$ 488

Fair Value Measurements - Summary Of Changes In The Fair Value Of Our Level 3 Financial Instruments (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Long-term Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of period	$ 39,812
Fair value on issuance date		$ 37,575
Change in fair value in earnings	397	1,616
Change in fair value in other comprehensive loss	1,092	621
Balance end of period, at fair value	41,301	39,812
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of period	3,158
Fair value on issuance date		2,425
Change in fair value in earnings	870	733
Balance end of period, at fair value	$ 4,028	$ 3,158

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary Of Composition Of Intangible Assets

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


			As of March 31, 2024							As of December 31, 2023
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3	$	17	$	(17	)	$	-	$	17	$	(17	)	$	-
Patent 2		13		141		(42	)		99		141		(39	)		102
Patent 3		14		206		(58	)		148		206		(54	)		152
Patent 5		19		104		(13	)		91		99		(11	)		88
Patent 6		19		56		(7	)		49		56		(6	)		50
Patent 7		13		2		-			2		2		-			2
Patent 8		18		31		(2	)		29		29		(1	)		28
Patent 9		3		68		(6	)		62		3		-			3
Patent 10		19		3		-			3		3		-			3
Patent 11		19		6		(1	)		5		6		(1	)		5
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	688	$	(146	)	$	542	$	616	$	(129	)	$	487

Summary Of Future Amortization Of Amortizable Intangible Assets Held

The Company expects the future amortization of amortizable intangible assets held at March 31, 2024 to be as follows (in thousands):


	Estimated Amortization Expense
Remainder of 2024	$	48
2025		64
2026		51
2027		37
2028		37
Thereafter		251
Total	$	488

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

. Leases

During January 2024, the Company modified the lease agreement of the Ventura production facility to extend the lease term. The modification resulted in an increase of approximately $1.3 million to the operating lease ROU assets and operating lease liabilities. There was no impact on earnings as a result of the lease modification.

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


	Three-Months Ended
	March 31, 2024		March 31, 2023
Operating lease cost	$	296	$	198
Variable lease cost		35		13
Total lease cost	$	331	$	211

Supplemental cash flow information related to operating leases for the three-months ended March 31, 2024 and 2023 (in thousands):

Supplemental balance sheet information, as of March 31, 2024 and December 31, 2023, related to operating leases was as follows (in thousands, except for operating lease weighted average remaining lease term and operating lease weighted average discount rate):


	As of
	March 31, 2024			December 31, 2023
Reported as:
Operating lease right-of-use assets	$	3,275		$	2,440
Total right-of-use assets	$	3,275		$	2,440
Other current liabilities:
Operating lease liabilities, short-term	$	903		$	895
Operating lease liabilities, long term		2,532			1,702
Total operating lease liabilities	$	3,435		$	2,597
Operating lease weighted average remaining lease term (years)		3.46			3.31
Operating lease weighted average discount rate		9.42	%		8.75	%

As of March 31, 2024, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
Remainder of 2024	$	891
2025		1,165
2026		1,125
2027		657
2028		190
Total lease payments		4,028
Less imputed interest		(593	)
Total operating lease liabilities	$	3,435

As of March 31, 2024, there were no leases entered into that had not yet commenced.

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, 2022	$ 84,740	$ 3	$ (127)	$ 339,825	$ 7,627	$ (262,588)
Beginning balance, shares at Dec. 31, 2022		25,208,436
Net loss	(9,220)					(9,220)
Stock-based compensation	2,197			2,197
Exercise of stock options	171			171
Exercise of stock options, shares		31,675
Company common stock held by the NQDC Plan			(765)	765
Company common stock held by the NQDC Plan, Shares		87,650
Change in redemption value of share awards in NQDC plan	(558)			(558)
Net unrealized loss on marketable securities	242
Other comprehensive gain	231				231
Ending Balance at Mar. 31, 2023	77,561	$ 3	(892)	342,400	7,858	(271,808)
Ending Balance, shares at Mar. 31, 2023		25,327,761
Beginning Balance at Dec. 31, 2023	49,056	$ 3	(1,130)	350,039	(1,887)	(297,969)
Beginning balance, shares at Dec. 31, 2023		25,682,078
Net loss	(18,658)					(18,658)
Stock-based compensation	2,585			2,585
Exercise of stock options	$ 631			631
Exercise of stock options, shares	106,973	106,973
Distribution/diversification of Company common stock held by the NQDC Plan	$ 264		186	78
Change in redemption value of share awards in NQDC plan	(128)			(128)
Net unrealized loss on marketable securities	(89)				(89)
Change in fair value due to credit risk on Long-term debt	(1,092)				(1,092)
Ending Balance at Mar. 31, 2024	$ 32,569	$ 3	$ (944)	$ 353,205	$ (3,068)	$ (316,627)
Ending Balance, shares at Mar. 31, 2024		25,789,051

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 17,000	$ 9,000

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

8. Inventory

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


	As of
	March 31, 2024		December 31, 2023
Raw materials	$	2,693	$	3,683
Work in process		446		878
Finished goods		4,032		1,035
Total inventory	$	7,171	$	5,596

The Company values its inventories to reflect the lower of cost or net realizable value. Charges for estimated excess and obsolescence are recorded in cost of sales in the Consolidated Statements of Operations and were $83,000 and $67,000 for the three-months ended March 31, 2024 and 2023, respectively. The inventory balance as of March 31, 2024, includes inventory purchased from Stedical for the sales of PermeaDerm.

Retirement Plans - Summary of Non-qualified Deferred Compensation Plan Share Award Activity (Detail) - Deferred Compensation Plans - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of period	$ 693	$ 557
Stock-based compensation expense	6	518
Change in redemption value	128	1,019
Vesting of share awards held by NDQC		(1,401)
Ending Balance	$ 827	$ 693
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Nonqualified Plan [Member]	Nonqualified Plan [Member]

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(10)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-6

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-8

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (a)(5)
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 49: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References + Details

Other Current and Long-Term Assets and Liabilities - Summary of Other Long Term Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Long-term lease deposits	$ 151	$ 155
Long-term prepaids	135	148
Other long-term assets	115	52
Total other long-term assets	$ 401	$ 355

Reporting Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule Of Revenue By Region And Customer Type, Commercial Revenue By Product And Cost of Sales By Customer Type

Revenue by region for the three-months March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Revenue by region:
United States	$	10,532	$	9,425
Japan		461		1,021
European Union		51		-
Australia		17		62
United Kingdom		43		42
Total	$	11,104	$	10,550

Revenue by customer type for the three-months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Revenue by customer type:
Commercial sales	$	11,068	$	10,458
Deferred commercial revenue recognized		8		-
BARDA services for emergency preparedness		-		92
BARDA revenue for right of first access		28		-
Total	$	11,104	$	10,550

Commercial revenue by product for the three-months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Commercial revenue by product:
RECELL		10,962		10,458
Other wound care products		106		-
Total commercial sales	$	11,068	$	10,458

Cost of sales by customer type for the three-months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Cost of sales:
Commercial cost	$	1,513	$	1,616
BARDA:
Product cost		-		(34	)
Emergency preparedness service cost		-		85
Total	$	1,513	$	1,667

Marketable Securities

3 Months Ended

Mar. 31, 2024

Debt Securities, Available-for-Sale [Abstract]

Marketable Securities

3. Marketable Securities

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


	As of March 31, 2024
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	12,018	$	-	$	-		$	12,018
Total cash equivalents	$	12,018	$	-	$	-		$	12,018
Current marketable securities:
U.S. Treasury securities	$	51,225	$	11	$	(4	)	$	51,232
Total current marketable securities	$	51,225	$	11	$	(4	)	$	51,232


	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

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


	As of March 31, 2024				As of December 31, 2023
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	51,225	$	51,232	$	66,844	$	66,939

Unrealized gains and losses, net of any related tax effects for available-for-sale securities are excluded from earnings and are included in other comprehensive loss and reported as a separate component of stockholders' equity until realized. Realized gains and losses on marketable securities are included in Other income (expense), net, in the accompanying Consolidated Statements of Operations. The Company had net unrealized gains of $7,000 and $95,000 as of March 31, 2024 and December 31, 2023, respectively. The Company did not have sales of investments during the three-months ended March 31, 2024 and 2023 that resulted in realized gains or losses. As of March 31, 2024, and December 31, 2023, the Company did not recognize credit losses. The Company has accrued interest income receivable of $182,000 and $227,000 as of March 31, 2024, and December 31, 2023, respectively, in Prepaids and other current assets.

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Cash at deposit institutions	$ 4,900,000		$ 10,700,000
Cash in foreign institutions	0		69,000
Cash equivalents held	$ 12,000,000		$ 11,400,000
Commercial Customer \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Commercial Customer \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	no		no
Commercial Customer \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%		10.00%

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2024 Iteration
Monte Carlo Simulation \| Measurement Input, Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of iterations of various simulated revenues to determine fair value of debt	100,000

Retirement Plans

3 Months Ended

Mar. 31, 2024

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 up to the maximum allowable. Total Company's matching contributions to the 401(k) Plan were $835,000 and $423,000 for the three-months ended March 31, 2024 and 2023, respectively.

Non-Qualified Deferred Compensation Plan

The Company’s NQDC plan, which became effective in 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 were $34,000 and $42,000 for the three-months ended March 31, 2024 and 2023, respectively. The Company’s deferred compensation plan liability was $4.3 million and $3.8 million as of March 31, 2024 and December 31, 2023, respectively. These liabilities are split between current and long term on the Consolidated Balance Sheets. As of March 31, 2024, $429,000 is included in Current non-qualified deferred compensation liability and $3.9 million in the long term non-qualified deferred compensation liability. As of December 31, 2023, $168,000 is included in Current non-qualified deferred compensation liability and $3.7 million in the long-term non-qualified deferred compensation liability. During the three-months ended March 31, 2024, the Company had distributions of approximately $215,000 in the deferred compensation liability for terminated employees. During the three-months ended March 31, 2023, the Company did not have any distributions.

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 (expense), net. Refer to Note 4, Fair Value Measurements for the fair values of the COLI policies and the NQDC liability.

Rabbi Trust

During April 2022, the Company 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 Plan permits diversification of fully vested shares into other equity securities subject to a six-month and one day holding period. In accordance with ASR 268, Redeemable Preferred Stock, and ASC 718, Compensation — Stock Compensation, prior to vesting, the deferred share awards are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. The redemption amounts of the deferred awards are based on the vested percentage and are recorded outside of permanent equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, a total of 117,326 and 81,052, 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. As of March 31, 2024 and December 31, 2023 a total of 83,893 and 99,106 shares were held in the rabbi trust at the redemption value of $944,000 and $1.1 million, respectively.

The following table summarizes the Non-qualified deferred compensation plan share award activity as of March 31, 2024 and December 31, 2023 (in thousands):


	As of
(in thousands)	March 31, 2024		December 31, 2023
Non-qualified deferred compensation share awards:
Balance at beginning of period	$	693	$	557
Stock-based compensation expense		6		518
Change in redemption value		128		1,019
Vesting of share awards held by NDQC		-		(1,401	)
Ending Balance	$	827	$	693

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//715/tableOfContent

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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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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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

+ Details

Stock-Based Payment Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Payment Plans

15. Stock-Based Payment Plans

Stock-Based Payment Expenses

Stock-based payment transactions are recognized as compensation expense based on the fair value of the instrument on the date of grant. The Company uses the graded-vesting method to recognize compensation expense. Compensation cost is reduced for forfeitures as they occur in accordance with ASU 2016-09, Simplifying the Accounting for Share-Based Payment. The Company recorded stock-based compensation and Employee Stock Purchase Plan ("ESPP") expense of $2.6 million for the three-months ended March 31, 2024 and 2023, respectively. No income tax benefit was recognized in the Consolidated Statements of Operations for stock-based payment arrangements for the three-months ended March 31, 2024 and 2023.

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


	Three-Months Ended
	March 31, 2024		March 31, 2023
Sales and marketing expenses	$	527	$	325
General and administrative expenses		1,661		2,090
Research and development expenses		403		225
Total	$	2,591	$	2,640

A summary of share option activity as of March 31, 2024, and changes during the period ended is presented below:


	Service Only Share Options			Performance Based Share Options			Total Share Options
Outstanding shares at December 31, 2023		2,397,571			292,587			2,690,158
Granted		1,156,000			-			1,156,000
Exercised		(86,244	)		(20,729	)		(106,973	)
Expired		(25,786	)		(39,174	)		(64,960	)
Forfeited		(128,185	)		(4,656	)		(132,841	)
Outstanding shares at March 31, 2024		3,313,356			228,028			3,541,384
Exercisable at March 31, 2024		839,751			190,532			1,030,283
Vested and expected to vest - March 31, 2024		3,313,356			228,028			3,541,384

A summary of the status of the Company’s unvested RSUs as of March 31, 2024, and changes that occurred during the period is presented below:


Unvested Shares	Tenure-Based RSUs			Performance Condition RSUs			Total RSUs
Unvested RSUs outstanding at December 31, 2023		207,112			28,020			235,132
Granted		-			-			-
Vested		-			-			-
Forfeited		(17,400	)		(3,504	)		(20,904	)
Unvested RSUs outstanding at March 31, 2024		189,712			24,516			214,228

Employee Stock Purchase Plan

In June 2023, the stockholders approved the ESPP, which 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, running from June 1 to November 30 and December 1 to May 31.

During the three-months ended March 31, 2024, the Company recorded $186,000 in ESPP expense. During the three-months ended March 31, 2023, the Company did not have any ESPP expense. The Company had $583,000 and $122,000 in accrued payroll contributions as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the Company had 927,681 shares remaining to be issued under the plan.

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

3 Months Ended

Mar. 31, 2024

Other Current And Long Term Assets And Liabilities [Abstract]

Summary of Prepaids and Other Current Assets

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


	As of
	March 31, 2024		December 31, 2023
Prepaid expenses	$	1,216	$	1,376
Unsettled investment receivable		1,000		-
Amounts due from Stedical		941		-
Accrued investment income		182		227
Lease deposits		49		38
Other receivables		135		18
Total prepaids and other current assets	$	3,523	$	1,659

Summary of Other Long Term Assets

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


	As of
	March 31, 2024		December 31, 2023
Long-term lease deposits	$	151	$	155
Long-term prepaids		135		148
Other long-term assets		115		52
Total other long-term assets	$	401	$	355

Summary of Other Current Liabilities

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


	As of
	March 31, 2024		December 31, 2023
Operating lease liability	$	903	$	895
COSMOTEC deferred revenue		33		33
Other current liabilities		217		338
Total other current liabilities	$	1,153	$	1,266

Revenues

3 Months Ended

Mar. 31, 2024

Revenue, Performance Obligation [Abstract]

Revenues

5. Revenues

The Company’s revenue consists of sale of the RECELL System to hospitals, treatment centers and distributors. Revenue also includes the sale of PermeaDerm to customers (collectively “commercial customers”). Revenue also includes maintenance fee received from BARDA to ensure first right of access. In the prior year, the Company recorded service revenue for the emergency preparedness services provided to BARDA (collectively "customers"). Services are included in Revenues within the Consolidated Statements of Operations.

Distributor Transactions

For international markets, the Company exclusively partners with third-party distributors (COSMOTEC and PolyMedics Innovation GmbH). Revenue recognition occurs when the distributors obtain control of the product. The terms of sales transactions through distributors are generally consistent with the terms of direct sales to customers and do not contain return rights. These transactions are accounted for in accordance with the Company’s revenue recognition policy described in Note 2 of the Company's Annual Report for the year-ended December 31, 2023.

PermeaDerm Sales

As provided in the Stedical Scientific Distribution Agreement, the Company’s gross margin from the sale of PermeaDerm will be 50% of the average sales price. The Company and Stedical will split the gross revenue from sale of the products evenly through the purchase of products at 50% of Average Sale Price (“ASP”). The Company recognizes revenue when the customer obtains control of promised goods, in an amount that reflects the consideration which the Company expects to be entitled in exchange for those goods.

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 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 $382,000 and $390,000 as of March 31, 2024 and December 31, 2023, respectively. These amounts are split between current and long-term in Other current liabilities and other Contract liabilities, respectively, in the Consolidated Balance Sheets. The Company has $33,000 in Other current liabilities as of March 31, 2024 and December 31, 2023 and $349,000 and $357,000 Contract liabilities as of March 31, 2024 and December 31, 2023, respectively. The Company expects to recognize these amounts as revenue on a straight-line basis over the term of the contract with COSMOTEC.

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 March 31, 2024 and December 31, 2023, 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 $382,000 and $390,000 of total contract liabilities as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, a total of $33,000 was included in Other current liabilities and $349,000 and $357,000, respectively, in Contract liabilities in the Consolidated Balance Sheets. The balance relates to the unsatisfied performance obligation from COSMOTEC. The Company recognized approximately $8,000 of revenue from COSMOTEC for amounts included in the beginning balance of contract liabilities for the three-months ended March 31, 2024 and 2023.

Disaggregated Revenue

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

- Definition

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

+ References

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

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

+ Details

Stock-Based Payment Plans - Summary Of Company Unvested RSUs (Detail)	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	235,132
Unvested RSUs forfeited	(20,904)
Unvested RSUs ending balance	214,228
Non Options Tenure Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	207,112
Unvested RSUs forfeited	(17,400)
Unvested RSUs ending balance	189,712
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	28,020
Unvested RSUs forfeited	(3,504)
Unvested RSUs ending balance	24,516

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	$ 51,232	$ 66,939
Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	12,018	11,419
Total current marketable securities	51,232	66,939
Total marketable securities and cash equivalents	63,250	78,358
Total financial liabilities	49,671	46,801
Total financial assets	2,880	2,475
Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	12,018	8,427
Total marketable securities and cash equivalents	12,018	8,427
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	51,232	66,939
Total marketable securities and cash equivalents	51,232	69,931
Total financial liabilities	4,342	3,831
Total financial assets	2,880	2,475
Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	45,329	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	41,301	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	41,301	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	4,028	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	4,028	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	4,342	3,831
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	4,342	3,831
Money Market Funds \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	12,018	8,427
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	12,018	8,427
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	51,232	65,242
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	51,232	65,242
U.S. Government Agency Obligations \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		1,697
U.S. Government Agency Obligations \| 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
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	2,880	2,475
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	$ 2,880	$ 2,475

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 11,104,000	$ 10,550,000
Cost of sales	(1,513,000)	(1,667,000)
Gross profit	9,591,000	8,883,000
BARDA income		627,000
Operating expenses:
Sales and marketing	(12,640,000)	(6,540,000)
General and administrative	(8,963,000)	(8,295,000)
Research and development	(5,194,000)	(4,586,000)
Total operating expenses	(26,797,000)	(19,421,000)
Operating loss	(17,206,000)	(9,911,000)
Interest expense	(1,356,000)	(4,000)
Other income (expense), net	(66,000)	725,000
Loss before income taxes	(18,628,000)	(9,190,000)
Income tax expense	(30,000)	(30,000)
Net loss	$ (18,658,000)	$ (9,220,000)
Net loss per common share:
Basic	$ 0.73	$ 0.37
Diluted	$ 0.73	$ 0.37
Weighted-average common shares:
Basic	25,637,783	25,202,088
Diluted	25,637,783	25,202,088

Stock-Based Payment Plans - Summary Of Stock-based Compensation For All Equity Awards And The ESPP Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 2,591	$ 2,640
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	527	325
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	1,661	2,090
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 403	$ 225

Plant and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 186,000	$ 126,000
Impairment of plant and equipment	$ 0	$ 0

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

17. Net Loss per Share

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


	Three-Months Ended
	March 31, 2024			March 31, 2023
(in thousands, except per share amounts)
Net loss	$	(18,658	)	$	(9,220	)
Weighted-average common shares—outstanding, basic and diluted		25,638			25,202
Net loss per common share, basic and diluted	$	(0.73	)	$	(0.37	)


	Three-Months Ended
	March 31, 2024		March 31, 2023
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		3,541,384		2,218,496
Restricted stock units		214,228		371,368
ESPP		83,545		-
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, 83,893 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. For details on shares of common stock held by the rabbi trust refer to Note 18. For the purposes of the calculation of diluted net loss per share, options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Because the Company has reported a net loss for the three-months ended March 31, 2024 and 2023, diluted net loss per common share is the same as the basic net loss per share for those periods.

Common and Preferred Stock

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Common and Preferred Stock

14. Common and Preferred Stock

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

The Company is authorized to issue 200,000,000 shares of Common Stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. As of March 31, 2024, and December 31, 2023, 25,789,051 and 25,682,078 shares of Common Stock, respectively, were issued and outstanding and no shares of preferred stock were outstanding during any period.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: 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 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: 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
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+ Details

Marketable Securities - Summary of Maturities of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Investment, Type [Extensible Enumeration]	Contractual Maturities [Member]	Contractual Maturities [Member]
Available for sale securities, Due in one year or less, Amortized cost	$ 51,225	$ 66,844
Available for sale securities, Due in one year or less, Carrying value	$ 51,232	$ 66,939

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 2: 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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary Of Reconciliation Of The Basic And Diluted Loss Per Share

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


	Three-Months Ended
	March 31, 2024			March 31, 2023
(in thousands, except per share amounts)
Net loss	$	(18,658	)	$	(9,220	)
Weighted-average common shares—outstanding, basic and diluted		25,638			25,202
Net loss per common share, basic and diluted	$	(0.73	)	$	(0.37	)


	Three-Months Ended
	March 31, 2024		March 31, 2023
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		3,541,384		2,218,496
Restricted stock units		214,228		371,368
ESPP		83,545		-
Warrants		409,661		-

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

ASC 820, Fair Value Measurement, the authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs

that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:

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

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

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

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


	As of March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	12,018	$	-	$	-	$	12,018
Total cash equivalents	$	12,018	$	-	$	-	$	12,018
Current marketable securities:
U.S. Treasury securities	$	-	$	51,232	$	-	$	51,232
Total current marketable securities	$	-	$	51,232	$	-	$	51,232
Total marketable securities and cash equivalents	$	12,018	$	51,232	$	-	$	63,250
Financial liabilities:
Long-term debt	$	-	$	-	$	41,301	$	41,301
Warrant liability		-		-		4,028	$	4,028
Non-qualified deferred compensation plan liability		-		4,342		-	$	4,342
Total financial liabilities	$	-	$	4,342	$	45,329	$	49,671
Financial assets:
Corporate-owned life insurance policies	$	-	$	2,880	$	-	$	2,880
Total financial assets	$	-	$	2,880	$	-	$	2,880


	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

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


	As of March 31, 2024				As of December 31, 2023
	Long-term debt		Warrant liability		Long-term debt		Warrant liability
Balance beginning of period	$	39,812	$	3,158	$	-	$	-
Fair value on issuance date						37,575		2,425
Change in fair value in earnings		397		870		1,616		733
Change in fair value in other comprehensive loss		1,092		-		621		-
Balance end of period, at fair value	$	41,301	$	4,028	$	39,812	$	3,158

The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S Treasury securities and U.S. Government Agency obligations. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. The corporate-owned life insurance contracts are recorded at cash surrender value, which approximates the fair value and is categorized as Level 2. Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants and its recorded as Level 2. There were no transfers between fair value measurement levels during the period ended March 31, 2024 and December 31, 2023.

Long-term debt

The fair value of the debt was determined using a Monte Carlo Simulation ("MCS") in order to predict the probability of different outcomes. The valuation was performed based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the debt is recorded in the Consolidated Balance Sheets. The fair value is estimated by the Company each reporting period and the change in the fair value is recorded in both earnings and other comprehensive income depending on the instrument's inherent credit risk and market risk related to the debt valuation.

As the debt is subject to net revenue requirements, the valuation of the debt was determined using the Monte Carlo Simulation (“MCS”). The underlying metric to be simulated is the projected Trailing Twelve Month (“TTM”) revenues at each quarter end through the maturity date of October 18. 2028. Based on the simulated metric, the different levels of simulated TTM revenues may trigger different discounted cash flow scenarios in which the TTM revenues are lower than the targeted revenues per the Credit Agreement or TTM is equal to or higher than the targeted revenues per the Credit Agreement. The MCS performs 100,000 iterations of various simulated revenues to determine the fair value of the debt.

The below assumptions were used in the Monte Carlo simulation


	March 31, 2024			December 31, 2023
Risk-free interest rate		4.20	%		3.81	%
Revenue volatility		64.00	%		64.00	%
Revenue discount rate		16.99	%		16.58	%

Warrant Liability

The fair value of the warrant liability is recognized in connection with the Credit Agreement. The fair value of the warrant liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the warrant liability, which is reported within Warrant liabilities on the Consolidated Balance Sheets, is estimated by the Company based on the Black-Scholes option pricing model with the following key inputs:


	March 31, 2024			December 31, 2023
Price of common stock	$	16.03		$	13.72
Expected term	9.56 years			9.81 years
Expected volatility		31.39	%		31.07	%
Exercise price	$	10.9847		$	10.9847
Risk-free interest rate		4.16	%		3.84	%
Expected dividends		0.00	%		0.00	%

- Definition

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

+ References + Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary Of Lease Cost

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):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Operating lease cost	$	296	$	198
Variable lease cost		35		13
Total lease cost	$	331	$	211

Summary Of Supplemental Cash Flow Information Related To Operating Leases

Supplemental cash flow information related to operating leases for the three-months ended March 31, 2024 and 2023 (in thousands):

Summary Of Supplemental Balance Sheet Information Related To Operating Leases


	As of
	March 31, 2024			December 31, 2023
Reported as:
Operating lease right-of-use assets	$	3,275		$	2,440
Total right-of-use assets	$	3,275		$	2,440
Other current liabilities:
Operating lease liabilities, short-term	$	903		$	895
Operating lease liabilities, long term		2,532			1,702
Total operating lease liabilities	$	3,435		$	2,597
Operating lease weighted average remaining lease term (years)		3.46			3.31
Operating lease weighted average discount rate		9.42	%		8.75	%

Summary Of Maturities Of The Company's Operating Lease Liabilities

As of March 31, 2024, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
Remainder of 2024	$	891
2025		1,165
2026		1,125
2027		657
2028		190
Total lease payments		4,028
Less imputed interest		(593	)
Total operating lease liabilities	$	3,435

Reporting Segment and Geographic Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

12. Reporting Segment and Geographic Information

The Company views its operations and manages its business in one reporting segment. Long-lived assets are primarily located in the United States as of March 31, 2024, and December 31, 2023.

Revenue by region for the three-months March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Revenue by region:
United States	$	10,532	$	9,425
Japan		461		1,021
European Union		51		-
Australia		17		62
United Kingdom		43		42
Total	$	11,104	$	10,550

Revenue by customer type for the three-months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Revenue by customer type:
Commercial sales	$	11,068	$	10,458
Deferred commercial revenue recognized		8		-
BARDA services for emergency preparedness		-		92
BARDA revenue for right of first access		28		-
Total	$	11,104	$	10,550

Commercial revenue by product for the three-months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Commercial revenue by product:
RECELL		10,962		10,458
Other wound care products		106		-
Total commercial sales	$	11,068	$	10,458

Cost of sales by customer type for the three-months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three-Months Ended
	March 31, 2024		March 31, 2023
Cost of sales:
Commercial cost	$	1,513	$	1,616
BARDA:
Product cost		-		(34	)
Emergency preparedness service cost		-		85
Total	$	1,513	$	1,667

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 16,951	$ 22,118
Marketable securities	51,232	66,939
Accounts receivable, net	7,081	7,664
BARDA receivables	28	30
Prepaids and other current assets	3,523	1,659
Inventory	7,171	5,596
Total current assets	85,986	104,006
Plant and equipment, net	4,297	1,877
Operating lease right-of-use assets	3,275	2,440
Corporate-owned life insurance ("COLI") asset	2,880	2,475
Intangible assets, net	542	487
Other long-term assets	401	355
Total assets	97,381	111,640
LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	4,477	3,793
Accrued wages and fringe benefits	5,803	7,972
Current non-qualified deferred compensation ("NQDC") liability	429	168
Other current liabilities	1,153	1,266
Total current liabilities	11,862	13,199
Long-term debt	41,301	39,812
Non-qualified deferred compensation liability	3,913	3,663
Contract liabilities	349	357
Operating lease liabilities, long term	2,532	1,702
Warrant liability	4,028	3,158
Total liabilities	63,985	61,891
Non-qualified deferred compensation plan share awards	827	693
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 25,789,051 and 25,682,078, shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	3	3
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and December 31, 2023	0	0
Company common stock held by the non-qualified deferred compensation plan	(944)	(1,130)
Additional paid-in capital	353,205	350,039
Accumulated other comprehensive loss	(3,068)	(1,887)
Accumulated deficit	(316,627)	(297,969)
Total stockholders' equity	32,569	49,056
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity	$ 97,381	$ 111,640

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and 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 more likely than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of March 31, 2024 and December 31, 2023, the Company did not have any outstanding or threatened litigation that would have a material impact on the financial statements.

Minimum Purchase Commitments with Stedical

The Company is subject to minimum purchase of PermeaDerm product for the initial term of five years. For 2024, the Company has an obligation to purchase a minimum of $5.0 million of inventory from Stedical. As of March 31, 2024, the Company has purchased $2.6 million in inventory with another $2.4 million remaining. This obligation is not recorded in the Company's Consolidated Balance Sheets. For the first three years of the agreement, the minimum purchase should increase annually by an amount equal to the percentage growth in the Company's annual US based revenues excluding PermeaDerm revenue, or a minimum increase of at least 20% over the prior year purchase commitment. For years after the third year, the minimum purchase obligation shall increase annually by an amount equal to the percentage growth of the Company's annual US-based revenues excluding PermeaDerm sales. The minimum purchase obligation should never decrease from the previous year.

Common and Preferred Stock - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	25,789,051	25,682,078
Common stock shares outstanding	25,789,051	25,682,078
Preferred stock shares outstanding	0	0
Shareholders Of Avita Medical \| ADRS
Class Of Stock [Line Items]
Reverse stock split ratio, description	One share of Common Stock on Nasdaq is equivalent to five CDIs on the ASX.

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,658)	$ (9,220)
Other comprehensive income gain/(loss):
Foreign currency translation loss		(11)
Change in fair value due to credit risk on Long-term debt	(1,092)
Net unrealized gain/(loss) on marketable securities, net of tax	(89)	242
Comprehensive loss	$ (19,839)	$ (8,989)

- Definition

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

+ References

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	AVITA MEDICAL, INC.
Entity Central Index Key	0001762303
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Security Exchange Name	NASDAQ
Trading Symbol	RCEL
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Incorporation, State or Country Code	DE
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		25,799,735
Entity File Number	001-39059
Entity Tax Identification Number	85-1021707
Entity Address, Address Line One	28159 Avenue Stanford
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Valencia
Entity Address, Postal Zip Code	91355
City Area Code	(661)
Local Phone Number	367-9170

Inventory - Additional Information (Detail) - USD ($)	3 Months Ended
Inventory - Additional Information (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Excess and obsolete inventory related charges	$ 83,000	$ 67,000

Revenues - Additional Information (Detail) - USD ($)	3 Months Ended
Revenues - Additional Information (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised	$ 382,000		$ 390,000
Contract with customer assets	0		0
Contract with customer liabilities	382,000		390,000
Contract with customers non current liability	349,000		357,000
Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers current liability	33,000		33,000
Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers non current liability	$ 349,000		357,000
PermeaDerm
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gross margin from sale of average sale price	50.00%
Percentage of gross revenue from the sale of products through purchase of products	50.00%
COSMOTEC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer liability revenue recognized	$ 8,000	$ 8,000
COSMOTEC \| Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised	33,000		33,000
COSMOTEC \| Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised	$ 349,000		$ 357,000

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Debt Securities, Available-for-Sale [Abstract]

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

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


	As of March 31, 2024
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	12,018	$	-	$	-		$	12,018
Total cash equivalents	$	12,018	$	-	$	-		$	12,018
Current marketable securities:
U.S. Treasury securities	$	51,225	$	11	$	(4	)	$	51,232
Total current marketable securities	$	51,225	$	11	$	(4	)	$	51,232


	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

Summary of Maturities of Available-for-Sale Securities


	As of March 31, 2024				As of December 31, 2023
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	51,225	$	51,232	$	66,844	$	66,939

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash outflows from operating leases	$ 293	$ 205

Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3	Mar. 31, 2024 USD ($) yr	Dec. 31, 2023 USD ($) yr
Risk-free interest rate \| Monte Carlo Simulation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.042	0.0381
Risk-free interest rate \| Black Scholes Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0416	0.0384
Revenue volatility \| Monte Carlo Simulation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.64	0.64
Revenue discount rate \| Monte Carlo Simulation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1699	0.1658
Price of common stock \| Black Scholes Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	16.03	13.72
Expected term \| Black Scholes Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr	9.56	9.81
Expected volatility \| Black Scholes Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	31.39	31.07
Exercise price \| Black Scholes Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	10.9847	10.9847
Expected dividends \| Black Scholes Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0	0

Other Current and Long-Term Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Other Current And Long Term Assets And Liabilities [Abstract]

Other Current and Long-Term Assets and Liabilities

11. Other Current and Long-Term Assets and Liabilities

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


	As of
	March 31, 2024		December 31, 2023
Prepaid expenses	$	1,216	$	1,376
Unsettled investment receivable		1,000		-
Amounts due from Stedical		941		-
Accrued investment income		182		227
Lease deposits		49		38
Other receivables		135		18
Total prepaids and other current assets	$	3,523	$	1,659

Prepaid expenses primarily consist of prepaid benefits and insurance.

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


	As of
	March 31, 2024		December 31, 2023
Long-term lease deposits	$	151	$	155
Long-term prepaids		135		148
Other long-term assets		115		52
Total other long-term assets	$	401	$	355

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


	As of
	March 31, 2024		December 31, 2023
Operating lease liability	$	903	$	895
COSMOTEC deferred revenue		33		33
Other current liabilities		217		338
Total other current liabilities	$	1,153	$	1,266

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

Tax expense for the three-months ended March 31, 2024 and 2023 was $30,000. These amounts are related to state minimum taxes.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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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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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Composition of Plant and Equipment

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


		As of
	Useful Lives	March 31, 2024			December 31, 2023
Computer equipment	3 - 5 years	$	1,157		$	984
Computer software	3 years		840			840
Construction in progress			2,292			87
Furniture and fixtures	7 years		847			824
Laboratory and other equipment	3 - 5 years		965			769
Leasehold improvements	Lesser of life or lease term		367			367
RECELL moulds	5 years		447			438
Less: accumulated amortization and depreciation			(2,618	)		(2,432	)
Total plant and equipment, net		$	4,297		$	1,877

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Line Items]
Provision for income tax	$ 30,000	$ 30,000

- Definition

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

+ References + Details

Stock-Based Payment Plans - Summary Of Share Option Activity (Detail)	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	2,690,158
Granted	1,156,000
Exercised	(106,973)
Expired	(64,960)
Forfeited	(132,841)
Ending balance	3,541,384
Exercisable	1,030,283
Vested and expected to vest	3,541,384
Service Only Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	2,397,571
Granted	1,156,000
Exercised	(86,244)
Expired	(25,786)
Forfeited	(128,185)
Ending balance	3,313,356
Exercisable	839,751
Vested and expected to vest	3,313,356
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	292,587
Exercised	(20,729)
Expired	(39,174)
Forfeited	(4,656)
Ending balance	228,028
Exercisable	190,532
Vested and expected to vest	228,028

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 891
2025	1,165
2026	1,125
2027	657
2028	190
Total lease payments	4,028
Less imputed interest	(593)
Total operating lease liabilities	$ 3,435	$ 2,597

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the Consolidated Financial Statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. The information included in this quarterly report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2023 filed with the SEC on February 22, 2024 and the Australian Securities Exchange ("ASX") on February 23, 2024 (the “2023 Annual Report"). There have been no changes to the Company’s significant accounting policies as described in the 2023 Annual Report that have had a material impact on the Company’s Consolidated Financial Statements. See the summary of the Company’s significant accounting policies set forth in the notes to its Consolidated Financial Statements included in the 2023 Annual Report.
Principles of Consolidation	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.
Recent Accounting Pronouncements	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 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 2023 Annual Report on Form 10-K for the fiscal year ending 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	Use of Estimates The preparation of the accompanying Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts (including estimate of the average selling price for PermeaDerm sales, allowance for credit losses, reserves for inventory excess and obsolescence, 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 and stock-based compensation) 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	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 Other comprehensive gain (loss) in Stockholders’ Equity. Gains and losses resulting from foreign currency transactions are included in earnings in the Consolidated Statement of Operations. Gains and losses resulting from foreign currency transactions were minimal for the three-months ended March 31, 2024 and 2023. The Company’s non-operating subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements are included in earnings in the Consolidated Statement of Operations. Gains and losses for remeasurement and foreign currency transactions were minimal during the three-months ended March 31, 2024 and 2023.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash held at deposit institutions and cash equivalents. Cash equivalents consist primarily of money market funds. Cash equivalents also includes 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 $4.9 million and $10.7 million as of March 31, 2024 and December 31, 2023, respectively. The Company does not have cash on deposit denominated in foreign currency in foreign institutions as of March 31, 2024. As of December 31, 2023, the Company had $69,000 of cash on deposit denominated in foreign currencies in foreign institutions. As of March 31, 2024 and December 31, 2023, the Company held cash equivalents in the amount of $12.0 million and $11.4 million, respectively.
Concentrations	Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables and debt and other liabilities. As of March 31, 2024 and December 31, 2023, substantially all the Company’s cash was deposited in accounts at financial institutions, and amounts exceed federally insured limits and are subject to the risk of bank failure. As of March 31, 2024 and December 31, 2023, no single commercial customer accounted for more than 10% of net accounts receivable or more than 10% of revenues for the three-months ended March 31, 2024 and 2023.

Inventory - Summary Of Composition Of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,693	$ 3,683
Work in process	446	878
Finished goods	4,032	1,035
Total inventory	$ 7,171	$ 5,596

Reporting Segment and Geographic Information - Schedule Of Revenue By Region And Customer Type, Commercial Revenue By Product And Cost of Sales By Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Revenues	$ 11,104	$ 10,550
Cost of sales
Cost of sales	1,513	1,667
BARDA deferred costs		(64)
Commercial Sales
Revenue:
Revenues	11,068	10,458
Cost of sales
Cost of sales	1,513	1,616
Commercial Sales \| RECELL
Revenue:
Revenues	10,962	10,458
Commercial Sales \| Other Wound Care Products
Revenue:
Revenues	106
Deferred Commercial Revenue Recognized
Revenue:
Revenues	8
BARDA Services For Emergency Preparedness
Revenue:
Revenues		92
BARDA Revenue For Right of First Access
Revenue:
Revenues	28
Product Cost
Cost of sales
BARDA deferred costs		(34)
Emergency Preparedness Service Cost
Cost of sales
BARDA deferred costs		85
United States
Revenue:
Revenues	10,532	9,425
Japan
Revenue:
Revenues	461	1,021
European Union
Revenue:
Revenues	51
Australia
Revenue:
Revenues	17	62
United Kingdom
Revenue:
Revenues	$ 43	$ 42

Reporting Segment and Geographic Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Plant and Equipment

10. Plant and Equipment

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


		As of
	Useful Lives	March 31, 2024			December 31, 2023
Computer equipment	3 - 5 years	$	1,157		$	984
Computer software	3 years		840			840
Construction in progress			2,292			87
Furniture and fixtures	7 years		847			824
Laboratory and other equipment	3 - 5 years		965			769
Leasehold improvements	Lesser of life or lease term		367			367
RECELL moulds	5 years		447			438
Less: accumulated amortization and depreciation			(2,618	)		(2,432	)
Total plant and equipment, net		$	4,297		$	1,877

Construction in progress consists primarily of leasehold improvements for the renovations to the Ventura production facility and materials for the manufacture of the RECELL GO devices.

Depreciation expense related to plant and equipment was $186,000 and $126,000 for the three-months ended March 31, 2024 and 2023 respectively. During the three-months ended March 31, 2024 and 2023, 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 three-months ended March 31, 2024 and 2023.

Stock-Based Payment Plans (Tables)

3 Months Ended

Mar. 31, 2024

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

Summary Of Stock-based Compensation For All Equity Awards And The ESPP Reflected In The Statements Of Operations

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


	Three-Months Ended
	March 31, 2024		March 31, 2023
Sales and marketing expenses	$	527	$	325
General and administrative expenses		1,661		2,090
Research and development expenses		403		225
Total	$	2,591	$	2,640

Summary Of Share Option Activity

A summary of share option activity as of March 31, 2024, and changes during the period ended is presented below:


	Service Only Share Options			Performance Based Share Options			Total Share Options
Outstanding shares at December 31, 2023		2,397,571			292,587			2,690,158
Granted		1,156,000			-			1,156,000
Exercised		(86,244	)		(20,729	)		(106,973	)
Expired		(25,786	)		(39,174	)		(64,960	)
Forfeited		(128,185	)		(4,656	)		(132,841	)
Outstanding shares at March 31, 2024		3,313,356			228,028			3,541,384
Exercisable at March 31, 2024		839,751			190,532			1,030,283
Vested and expected to vest - March 31, 2024		3,313,356			228,028			3,541,384

Non Option Restricted Stock Units

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

Summary Of Share Option Activity

A summary of the status of the Company’s unvested RSUs as of March 31, 2024, and changes that occurred during the period is presented below:


Unvested Shares	Tenure-Based RSUs			Performance Condition RSUs			Total RSUs
Unvested RSUs outstanding at December 31, 2023		207,112			28,020			235,132
Granted		-			-			-
Vested		-			-			-
Forfeited		(17,400	)		(3,504	)		(20,904	)
Unvested RSUs outstanding at March 31, 2024		189,712			24,516			214,228

- Definition

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

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	25,789,051	25,682,078
Common stock shares outstanding	25,789,051	25,682,078
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

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flow from operating activities:
Net loss	$ (18,658,000)	$ (9,220,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of long-term debt	397,000
Change in fair value of warrant liability	870,000
Depreciation and amortization	203,000	135,000
Stock-based compensation	2,591,000	2,640,000
Non-cash lease expense	214,000	167,000
Remeasurement and foreign currency transaction gain/(loss)		(2,000)
Excess and obsolete inventory related charges	83,000	67,000
BARDA deferred costs		(64,000)
Contract cost amortization		85,000
Provision for credit losses	80,000	172,000
Amortization of premium of marketable securities	(677,000)	(328,000)
Non-cash changes in the fair value of NQDC plan	278,000	610,000
Changes in operating assets and liabilities:
Trade and other receivables	503,000	(1,158,000)
BARDA receivables	2,000	382,000
Prepaids and other current assets	(1,864,000)	12,000
Inventory	(1,659,000)	(754,000)
Operating lease liability	(224,000)	(156,000)
Corporate-owned life insurance ("COLI") asset	(215,000)	(526,000)
Other long-term assets	(46,000)	(109,000)
Accounts payable and accrued expenses	(763,000)	778,000
Accrued wages and fringe benefits	(2,170,000)	(2,957,000)
Current non-qualified deferred compensation liability	473,000	748,000
Other current liabilities	(109,000)	958,000
Non-qualified deferred compensation plan liability	(165,000)	(237,000)
Contract liabilities	(8,000)	(316,000)
Net cash used in operations	(20,864,000)	(9,073,000)
Cash flows from investing activities:
Purchase of marketable securities	(2,904,000)	(5,183,000)
Maturities of marketable securities	19,200,000	24,271,000
Purchase of plant and equipment	(1,147,000)	(284,000)
Patent filing fees	(83,000)	(17,000)
Net cash provided by investing activities	15,066,000	18,787,000
Cash flow from financing activities:
Proceeds from exercise of stock options	631,000	171,000
Net cash provided by financing activities	631,000	171,000
Effect of foreign exchange rate on cash and cash equivalents		1,000
Net increase/(decrease) in cash and cash equivalents	(5,167,000)	9,886,000
Cash and cash equivalents beginning of the period	22,118,000	18,164,000
Cash and cash equivalents end of the period	16,951,000	28,050,000
Supplemental Disclosure of Cash Flow Information:
Income taxes paid during the period	17	9
Interest paid during the period	1,355	4
Non-cash investing activities:
Plant and equipment purchases not yet paid	74	$ 9
Right-of-use-asset obtained in exchange for lease liabilities	$ 1,053

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

9. Intangible Assets

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


			As of March 31, 2024							As of December 31, 2023
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3	$	17	$	(17	)	$	-	$	17	$	(17	)	$	-
Patent 2		13		141		(42	)		99		141		(39	)		102
Patent 3		14		206		(58	)		148		206		(54	)		152
Patent 5		19		104		(13	)		91		99		(11	)		88
Patent 6		19		56		(7	)		49		56		(6	)		50
Patent 7		13		2		-			2		2		-			2
Patent 8		18		31		(2	)		29		29		(1	)		28
Patent 9		3		68		(6	)		62		3		-			3
Patent 10		19		3		-			3		3		-			3
Patent 11		19		6		(1	)		5		6		(1	)		5
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	688	$	(146	)	$	542	$	616	$	(129	)	$	487

During the three-months ended March 31, 2024 and 2023, the Company did not identify any events or changes in circumstances that indicated that the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangibles assets recognized for the three-months ended March 31, 2024 and 2023 Amortization expense of intangibles included in the Consolidated Statements of Operations was $17,000 and $9,000 for the three months ended March 31, 2024 and 2023, respectively.

The Company expects the future amortization of amortizable intangible assets held at March 31, 2024 to be as follows (in thousands):


	Estimated Amortization Expense
Remainder of 2024	$	48
2025		64
2026		51
2027		37
2028		37
Thereafter		251
Total	$	488

Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6.00%
Employers contribution to retirement plan	$ 835,000	$ 423,000
Deferred compensation plan liability	$ 4,300,000		$ 3,800,000
Number of shares awards deferred, unvested	117,326		81,052
Deferred compensation arrangement with individual, shares vested	83,893		99,106
Payout of deferred compensation liability for terminated employees	$ 215,000	0
Deferred compensation arrangement with individual, vested redemption value	944,000		$ 1,100,000
Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan liability	$ 429,000		168,000
Non-qualified Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting period	2 years
Employer contributions to deferred compensation plan	$ 34,000	$ 42,000
Deferred compensation plan liability	$ 3,900,000		$ 3,700,000
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%

Stock-Based Payment Plans - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation and employee stock purchase plan expense		$ 2,600,000	$ 2,600,000
Income tax benefit (expense)		$ 0	0
Number of shares registered under Employee Stock Purchase Plan	1,000,000
Employee stock purchase plan effective date	Jul. 01, 2023
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares registered under Employee Stock Purchase Plan		927,681
Accrued payroll contributions		$ 583,000		$ 122,000
Employee stock purchase plan expense		$ 186,000	$ 0

- Definition

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

+ References

+ Details

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Summary of Non-qualified Deferred Compensation Plan Share Award Activity

The following table summarizes the Non-qualified deferred compensation plan share award activity as of March 31, 2024 and December 31, 2023 (in thousands):


	As of
(in thousands)	March 31, 2024		December 31, 2023
Non-qualified deferred compensation share awards:
Balance at beginning of period	$	693	$	557
Stock-based compensation expense		6		518
Change in redemption value		128		1,019
Vesting of share awards held by NDQC		-		(1,401	)
Ending Balance	$	827	$	693