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Summary of Significant Accounting Policies (Policies) | 6 Months Ended
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Jun. 30, 2024
Summary of Significant Accounting Policies |
Basis of Presentation | Basis of Presentation ​ The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023, has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three and six months ended June 30, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. ​ The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC. ​
Use of Estimates | Use of Estimates ​ The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory net realizable value, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.
Accounts receivable, net | Accounts receivable, net ​ The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases and, as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company, from time to time, may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions. ​ Accounts receivable, net consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023
Trade accounts receivable | ​ | $ | 10,193 | ​ | $ | 11,489
Unbilled accounts receivable | ​ | ​ | 281 | ​ | ​ | 475
Allowance for product returns and price adjustments | ​ | ​ | (360) | ​ | ​ | (410)
Accounts receivable, net | ​ | $ | 10,114 |  | $ | 11,554
​ | ​ | ​ | ​ | ​ | ​ | ​
Concentration of Credit Risk | Concentration of Credit Risk ​ Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. ​ Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue | ​ | ​ | Accounts Receivable, net |
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​ | ​ | As of |
​ | ​ | June 30, | ​ | June 30, | ​ | ​ | June 30, | ​ | December 31, | ​
Customers |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | ​ | 2024 |  | 2023 |
Customer A |  | * | ​ | 17 | % | * | ​ | 16 | % | ​ | * | ​ | 13 | %
Customer B |  | * | ​ | 13 | % | * | ​ | 14 | % | ​ | * | ​ | * | ​
Customer C | ​ | * | ​ | 10 | % | 12 | % | * | ​ | ​ | * | ​ | 22 | %
Customer D | ​ | 26 | % | 13 | % | 25 | % | 15 | % | ​ | 53 | % | 37 | %
Customer E | ​ | 14 | % | 13 | % | * | ​ | 12 | % | ​ | 11 | % | * | ​
*Less than 10% ​
Fair Value of Financial Instruments | Fair Value of Financial Instruments ​ Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows: ​ Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets; ​ Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and ​ Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions. ​ The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. The Company’s financial instruments consist of Level 1 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. ​ The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Money market funds | ​ | $ | 36,764 |  | $ | — |  | $ | — |  | $ | 36,764
Total assets measured at fair value | ​ | $ | 36,764 |  | $ | — |  | $ | — |  | $ | 36,764
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Money market funds | ​ | $ | 36,946 |  | $ | — |  | $ | — |  | $ | 36,946
Total assets measured at fair value | ​ | $ | 36,946 |  | $ | — |  | $ | — |  | $ | 36,946
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recently Issued Accounting Pronouncements Under Evaluation | Recently Issued Accounting Pronouncements Under Evaluation ​ In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the standard will have on its condensed financial statements. ​ In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve an entity’s income tax disclosures, primarily through disaggregated information about an entity’s effective income tax rate reconciliation and additional disclosures regarding income taxes paid. ASU 2023-09 is effective for the Company’s annual reporting periods, and interim periods within those years, beginning after December 15, 2024, on a prospective basis. The Company is currently evaluating the impact that the standard will have on its condensed financial statements. ​ The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed financial statements.

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