| Balance Sheet Components |
Balance Sheet Components Accounts Receivable, Net
Accounts receivable, net consisted of the following:
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March 31, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Trade receivables |
$ |
14,414 |
|
|
$ |
9,639 |
|
| Less: Allowances for credit losses |
(67) |
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|
(454) |
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| Total |
$ |
14,347 |
|
|
$ |
9,185 |
|
Inventories
Inventories consisted of the following:
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March 31, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Raw materials |
$ |
62,662 |
|
|
$ |
58,585 |
|
| Work-in-progress |
8,534 |
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|
12,617 |
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| Finished goods |
2,741 |
|
|
— |
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| Total |
$ |
73,937 |
|
|
$ |
71,202 |
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Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
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March 31, |
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December 31, |
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2023 |
|
2022 |
|
(In thousands) |
| Prepaid insurance and other |
$ |
2,757 |
|
|
$ |
3,316 |
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| Vendor prepayments |
1,818 |
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|
2,217 |
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| Total |
$ |
4,575 |
|
|
$ |
5,533 |
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Property and Equipment, Net
Property and equipment, net consisted of the following:
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March 31, |
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December 31, |
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2023 |
|
2022 |
|
(In thousands) |
| Computers and software |
$ |
2,272 |
|
|
$ |
2,222 |
|
| Lab equipment and other equipment |
7,630 |
|
|
7,379 |
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| Furniture and fixtures |
240 |
|
|
181 |
|
| Leasehold improvements |
15,948 |
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|
16,273 |
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| Construction in progress |
21 |
|
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— |
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| Total property, plant and equipment |
26,111 |
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|
26,055 |
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| Less accumulated depreciation and amortization |
(7,036) |
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|
(6,243) |
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| Property, plant and equipment, net |
$ |
19,075 |
|
|
$ |
19,812 |
|
Depreciation expense for the three months ended March 31, 2023 and 2022 was $1.2 million and $0.5 million, respectively.
The manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no significant asset retirement obligations. The Company wrote-off $0.6 million in fully-depreciated leasehold improvements during the three months ended March 31, 2023.
Other Assets
Other assets consisted of the following:
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March 31, |
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December 31, |
|
2023 |
|
2022 |
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(In thousands) |
| Right of use assets |
12,855 |
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|
13,545 |
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| Net investments in sales-type lease |
6,288 |
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|
6,554 |
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| Non-current prepaid expenses and other assets |
3,912 |
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|
3,211 |
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| Total Other assets |
$ |
23,055 |
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|
$ |
23,310 |
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Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
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March 31, |
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December 31, |
|
2023 |
|
2022 |
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(In thousands) |
| Accrued expenses |
$ |
8,586 |
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|
$ |
8,602 |
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| Accrued salaries and benefits |
2,812 |
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|
4,830 |
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| Lease liability – current portion |
2,407 |
|
|
2,445 |
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| Total Accrued expenses and other current liabilities |
$ |
13,805 |
|
|
$ |
15,877 |
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Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following:
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March 31, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Lease liabilities - noncurrent portion |
$ |
11,606 |
|
|
$ |
12,206 |
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| Other noncurrent liabilities |
330 |
|
|
428 |
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| Total other noncurrent liabilities |
$ |
11,936 |
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|
$ |
12,634 |
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