Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components

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Balance Sheet Components
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following:
March 31, December 31,
2024 2023
(In thousands)
Trade receivables $ 12,376  $ 10,203 
Less: Allowances for credit losses (723) (620)
Total $ 11,653  $ 9,583 
Inventories
Inventories consisted of the following:
March 31, December 31,
2024 2023
(In thousands)
Raw materials $ 45,634  $ 48,488 
Work-in-progress 15,486  9,922 
Finished goods 1,679  2,406 
Total $ 62,799  $ 60,816 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
March 31, December 31,
2024 2023
(In thousands)
Prepaid insurance and other $ 2,922  $ 2,738 
Vendor prepayments 160  1,262 
Total $ 3,082  $ 4,000 
Property and Equipment, Net
Property and equipment, net consisted of the following:
March 31, December 31,
2024 2023
(In thousands)
Computers and software $ 2,526  $ 2,549 
Lab equipment and other equipment 8,019  8,075 
Furniture and fixtures 206  206 
Leasehold improvements 14,471  14,406 
Total property, plant and equipment 25,222  25,236 
Less accumulated depreciation and amortization (9,969) (8,910)
Property, plant and equipment, net $ 15,253  $ 16,326 
Depreciation expense for the three months ended March 31, 2024 and 2023 was $1.1 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 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:
March 31, December 31,
2024 2023
(In thousands)
Right of use assets $ 10,237  $ 10,672 
Non-current contract assets
 4,839  5,117 
Non-current prepaid expenses and other assets 1,992  1,993 
Total Other assets $ 17,068  $ 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:
March 31, December 31,
2024 2023
(In thousands)
Accrued expenses $ 1,862  $ 1,948 
Accrued salaries and benefits 2,263  2,277 
Lease liability – current portion 2,119  2,266 
Total Accrued expenses and other current liabilities $ 6,244  $ 6,491 
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following:
March 31, December 31,
2024 2023
(In thousands)
Lease liabilities – noncurrent portion $ 9,779  $ 10,176 
Other noncurrent liabilities 1,710  1,380 
Total other noncurrent liabilities $ 11,489  $ 11,556