Annual report pursuant to Section 13 and 15(d)

Balance Sheet Components

v3.24.1
Balance Sheet Components
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following:
December 31,
2023 2022
(In thousands)
Trade Receivables $ 10,203  $ 9,639 
Less: Allowances for Doubtful Accounts (620) (454)
Total $ 9,583  $ 9,185 
Inventories
Inventories consisted of the following:
December 31,
2023 2022
(In thousands)
Raw materials $ 48,488  $ 58,585 
Work-in-progress 9,922  12,617 
Finished goods 2,406  — 
Total $ 60,816  $ 71,202 
The Company recorded $27.1 million in inventory reserves related to the valuation of inventory for the year ended December 31, 2023
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
December 31,
2023 2022
(In thousands)
Prepaid insurance and other $ 2,738  $ 3,316 
Vendor prepayments 1,262  2,217 
Total $ 4,000  $ 5,533 
Property and Equipment, Net
Property and equipment, net consisted of the following:
December 31,
2023 2022
(In thousands)
Computers and software $ 2,549  $ 2,222 
Lab equipment and other equipment 8,075  7,379 
Furniture and fixtures 206  181 
Leasehold improvements 14,406  16,273 
Total property, plant and equipment 25,236  26,055 
Less accumulated depreciation and amortization (8,910) (6,243)
Property, plant and equipment, net $ 16,326  $ 19,812 
Depreciation expense for the years ended December 31, 2023 and 2022 was $5.2 million and $3.6 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 accelerated depreciation of $0.4 million in leasehold improvements, which are included in depreciation expense, related to the Company's exit from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use. The Company disposed of $2.1 million in fully-depreciated leasehold improvements during the year ended December 31, 2023.
Other Assets
Other assets consisted of the following:
December 31,
2023 2022
(In thousands)
Right of use assets $ 10,672  $ 13,545 
Net investment in sales-type lease —  $ 5,905 
Non-current prepaid expenses and other assets 1,993  $ 3,211 
Total Other assets $ 12,665  $ 22,661 
The Company negotiated the early buy-out of all outstanding sales-type leases. The excess of the carrying value of the net investment in sales-type lease, associated contract assets and the consideration received of $5.0 million resulted in a reduction in revenue of $2.2 million for the year ended December 31, 2023.
Accrued Expenses & Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:
December 31,
2023 2022
(In thousands)
Accrued expenses $ 1,948  $ 8,602 
Accrued salaries and benefits 2,277  4,830 
Lease liability – current portion 2,266  2,445 
Total accrued expenses and other current liabilities $ 6,491  $ 15,877 
Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following:
December 31,
2023 2022
(In thousands)
Lease liabilities - noncurrent portion $ 10,176  $ 12,206 
Other noncurrent liabilities 1,380  428 
Total other noncurrent liabilities $ 11,556  $ 12,634