| Balance Sheet Components |
Balance Sheet Components Accounts Receivable, Net
Accounts receivable, net consisted of the following:
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September 30, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Trade receivables |
$ |
12,697 |
|
|
$ |
9,639 |
|
| Less: Allowances for credit losses |
(100) |
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|
(454) |
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| Total |
$ |
12,597 |
|
|
$ |
9,185 |
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Inventories
Inventories consisted of the following:
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September 30, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Raw materials |
$ |
69,701 |
|
|
$ |
58,585 |
|
| Work-in-progress |
10,300 |
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|
12,617 |
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| Finished goods |
1,158 |
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|
— |
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| Total |
$ |
81,159 |
|
|
$ |
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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September 30, |
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December 31, |
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2023 |
|
2022 |
|
(In thousands) |
| Prepaid insurance and other |
$ |
2,030 |
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|
$ |
3,316 |
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| Vendor prepayments |
485 |
|
|
2,217 |
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| Total |
$ |
2,515 |
|
|
$ |
5,533 |
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Property and Equipment, Net
Property and equipment, net consisted of the following:
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September 30, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Computers and software |
$ |
2,490 |
|
|
$ |
2,222 |
|
| Lab equipment and other equipment |
7,995 |
|
|
7,379 |
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| Furniture and fixtures |
246 |
|
|
181 |
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| Leasehold improvements |
16,060 |
|
|
16,273 |
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| Total property, plant and equipment |
26,791 |
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|
26,055 |
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| Less accumulated depreciation and amortization |
(9,361) |
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|
(6,243) |
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| Property, plant and equipment, net |
$ |
17,430 |
|
|
$ |
19,812 |
|
Depreciation expense for the three months ended September 30, 2023 and 2022 was $1.5 million and $0.9 million, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $3.8 million and $2.1 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 nine months ended September 30, 2023.
Other Assets
Other assets consisted of the following:
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September 30, |
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December 31, |
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2023 |
|
2022 |
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(In thousands) |
| Right of use assets |
$ |
11,600 |
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|
$ |
13,545 |
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| Net investments in sales-type lease |
5,747 |
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|
6,554 |
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| Non-current prepaid expenses and other assets |
4,435 |
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|
3,211 |
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| Total Other assets |
$ |
21,782 |
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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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September 30, |
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December 31, |
|
2023 |
|
2022 |
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(In thousands) |
| Accrued expenses |
$ |
5,727 |
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|
$ |
8,602 |
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| Accrued salaries and benefits |
3,171 |
|
|
4,830 |
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| Lease liability – current portion |
2,317 |
|
|
2,445 |
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| Total Accrued expenses and other current liabilities |
$ |
11,215 |
|
|
$ |
15,877 |
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Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following:
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September 30, |
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December 31, |
|
2023 |
|
2022 |
|
(In thousands) |
| Lease liabilities – noncurrent portion |
$ |
10,550 |
|
|
$ |
12,206 |
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| Other noncurrent liabilities |
255 |
|
|
428 |
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| Total other noncurrent liabilities |
$ |
10,805 |
|
|
$ |
12,634 |
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