| Balance Sheet Components |
Balance Sheet Components Accounts Receivable, Net
Accounts receivable, net consisted of the following:
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|
June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Trade receivables |
$ |
14,351 |
|
|
$ |
9,639 |
|
| Less: Allowances for credit losses |
(67) |
|
|
(454) |
|
| Total |
$ |
14,284 |
|
|
$ |
9,185 |
|
Inventories
Inventories consisted of the following:
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June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Raw materials |
$ |
66,929 |
|
|
$ |
58,585 |
|
| Work-in-progress |
9,365 |
|
|
12,617 |
|
| Finished goods |
1,721 |
|
|
— |
|
| Total |
$ |
78,015 |
|
|
$ |
71,202 |
|
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
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June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Prepaid insurance and other |
$ |
1,924 |
|
|
$ |
3,316 |
|
| Vendor prepayments |
936 |
|
|
2,217 |
|
| Total |
$ |
2,860 |
|
|
$ |
5,533 |
|
Property and Equipment, Net
Property and equipment, net consisted of the following:
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June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Computers and software |
$ |
2,409 |
|
|
$ |
2,222 |
|
| Lab equipment and other equipment |
7,866 |
|
|
7,379 |
|
| Furniture and fixtures |
246 |
|
|
181 |
|
| Leasehold improvements |
16,016 |
|
|
16,273 |
|
| Construction in progress |
21 |
|
|
— |
|
| Total property, plant and equipment |
26,558 |
|
|
26,055 |
|
| Less accumulated depreciation and amortization |
(8,182) |
|
|
(6,243) |
|
| Property, plant and equipment, net |
$ |
18,376 |
|
|
$ |
19,812 |
|
Depreciation expense for the three months ended June 30, 2023 and 2022 was $1.2 million and $0.7 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $2.3 million and $1.2 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 related to the Campbell (McGlincy) lease during the six months ended June 30, 2023.
Other Assets
Other assets consisted of the following:
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June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Right of use assets |
$ |
12,180 |
|
|
$ |
13,545 |
|
| Net investments in sales-type lease |
6,288 |
|
|
6,554 |
|
| Non-current prepaid expenses and other assets |
4,533 |
|
|
3,211 |
|
| Total Other assets |
$ |
23,001 |
|
|
$ |
23,310 |
|
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
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June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Accrued expenses |
$ |
3,598 |
|
|
$ |
8,602 |
|
| Accrued salaries and benefits |
3,402 |
|
|
4,830 |
|
| Lease liability – current portion |
2,369 |
|
|
2,445 |
|
| Total Accrued expenses and other current liabilities |
$ |
9,369 |
|
|
$ |
15,877 |
|
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following:
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June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Lease liabilities – noncurrent portion |
$ |
11,024 |
|
|
$ |
12,206 |
|
| Other noncurrent liabilities |
396 |
|
|
428 |
|
| Total other noncurrent liabilities |
$ |
11,420 |
|
|
$ |
12,634 |
|
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