Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components

v3.24.2.u1
Balance Sheet Components
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components

Note 6. Balance Sheet Components

Accounts Receivable, Net

Accounts receivable, net consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Trade receivables

 

$

9,061

 

 

$

10,203

 

Less: Allowances for credit losses

 

 

(723

)

 

 

(620

)

Total

 

$

8,338

 

 

$

9,583

 

 

Inventories

Inventories consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Raw materials

 

$

42,453

 

 

$

48,488

 

Work-in-progress

 

 

13,712

 

 

 

9,922

 

Finished goods

 

 

3,356

 

 

 

2,406

 

Total

 

$

59,521

 

 

$

60,816

 

 

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Prepaid insurance and other

 

$

2,129

 

 

$

2,738

 

Vendor prepayments

 

 

160

 

 

 

1,262

 

Total

 

$

2,289

 

 

$

4,000

 

 

Property and Equipment, Net

Property and equipment, net consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Computers and software

 

$

2,525

 

 

$

2,549

 

Lab equipment and other equipment

 

 

8,018

 

 

 

8,075

 

Furniture and fixtures

 

 

206

 

 

 

206

 

Leasehold improvements

 

 

14,484

 

 

 

14,406

 

Total property, plant and equipment

 

 

25,233

 

 

 

25,236

 

Less accumulated depreciation and amortization

 

 

(11,047

)

 

 

(8,910

)

Property, plant and equipment, net

 

$

14,186

 

 

$

16,326

 

 

Depreciation expense for the three months ended June 30, 2024 and 2023 was $1.1 million and $1.2 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $2.2 million and $2.3 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 for McGlincy. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use, however the lease agreement was not terminated.

Other Assets

Other assets consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Right of use assets

 

$

9,792

 

 

$

10,672

 

Non-current contract assets

 

 

4,862

 

 

 

5,117

 

Non-current prepaid expenses and other assets

 

 

1,684

 

 

 

1,993

 

Total Other assets

 

$

16,338

 

 

$

17,782

 

 

Certain balances included in contract assets for prior periods have been reclassified to conform to the current period presentation.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Accrued expenses

 

$

2,121

 

 

$

1,948

 

Accrued salaries and benefits

 

 

1,742

 

 

 

2,277

 

Lease liability – current portion

 

 

2,001

 

 

 

2,266

 

Total Accrued expenses and other current liabilities

 

$

5,864

 

 

$

6,491

 

 

Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(In thousands)

 

Lease liabilities – noncurrent portion

 

$

9,345

 

 

$

10,176

 

Other noncurrent liabilities

 

 

1,632

 

 

 

1,380

 

Total other noncurrent liabilities

 

$

10,977

 

 

$

11,556