| Balance Sheet Components |
Note 6. Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following:
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|
|
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|
|
|
|
|
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March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Trade receivables |
|
$ |
7,680 |
|
|
$ |
7,130 |
|
Less: Allowances for credit losses |
|
|
(3,111 |
) |
|
|
(3,407 |
) |
Total |
|
$ |
4,569 |
|
|
$ |
3,723 |
|
Inventories, Net
Inventories consisted of the following:
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|
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|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Raw materials |
|
$ |
30,189 |
|
|
$ |
29,386 |
|
Work-in-progress |
|
|
4,032 |
|
|
|
9,660 |
|
Finished goods |
|
|
11,912 |
|
|
|
10,907 |
|
Total |
|
$ |
46,133 |
|
|
$ |
49,953 |
|
The Company recorded $27.1 million in inventory reserves related to the valuation of inventory as of March 31, 2025 and December 31, 2024.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
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|
|
|
|
|
|
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|
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March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Prepaid insurance and other |
|
$ |
1,909 |
|
|
$ |
1,724 |
|
Vendor prepayments |
|
|
3,998 |
|
|
|
612 |
|
Total |
|
$ |
5,907 |
|
|
$ |
2,336 |
|
Property and Equipment, Net
Property and equipment, net consisted of the following:
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|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Computers and software |
|
$ |
2,525 |
|
|
$ |
2,525 |
|
Lab equipment and other equipment |
|
|
11,357 |
|
|
|
11,011 |
|
Furniture and fixtures |
|
|
206 |
|
|
|
206 |
|
Leasehold improvements |
|
|
13,254 |
|
|
|
13,312 |
|
Total property, plant and equipment |
|
|
27,342 |
|
|
|
27,054 |
|
Less accumulated depreciation and amortization |
|
|
(13,651 |
) |
|
|
(12,784 |
) |
Property, plant and equipment, net |
|
$ |
13,691 |
|
|
$ |
14,270 |
|
Depreciation expense for the three months ended March 31, 2025 and 2024 was $0.9 million and $1.1 million, respectively.
Other Assets
Other assets consisted of the following:
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|
|
|
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|
|
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March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Right of use assets |
|
$ |
8,308 |
|
|
$ |
8,774 |
|
Net Investment in sales type lease |
|
|
2,466 |
|
|
|
2,712 |
|
Non-current prepaid expenses and other assets |
|
|
1,487 |
|
|
|
2,027 |
|
Total Other assets |
|
$ |
12,261 |
|
|
$ |
13,513 |
|
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
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|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Accrued expenses |
|
$ |
1,647 |
|
|
$ |
1,173 |
|
Accrued salaries and benefits |
|
|
379 |
|
|
|
560 |
|
Lease liability – current portion |
|
|
1,736 |
|
|
|
1,778 |
|
Total Accrued expenses and other current liabilities |
|
$ |
3,762 |
|
|
$ |
3,511 |
|
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following:
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|
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|
|
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|
March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Lease liabilities – noncurrent portion |
|
$ |
8,044 |
|
|
$ |
8,475 |
|
Other noncurrent liabilities |
|
|
1,050 |
|
|
|
863 |
|
Total other noncurrent liabilities |
|
$ |
9,094 |
|
|
$ |
9,338 |
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