CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 20,061	$ 26,892
Short-term investments	8,697	9,427
Accounts receivable, net of allowances of $34 as of March 31, 2020 and December 31, 2019	23,613	19,031
Inventories	48,253	49,152
Prepaid expenses and other current assets	10,638	8,703
Total current assets	111,262	113,205
Property, plant and equipment, net	97,490	97,403
Operating lease right-of-use assets	2,810	2,938
Other assets	11,078	9,803
Total assets	222,640	223,349
Current liabilities:
Accounts payable	9,518	10,098
Accrued liabilities	10,371	11,681
Bank loan	6,071	5,747
Total current liabilities	25,960	27,526
Long-term portion of royalty payments	1,445
Noncurrent operating lease liabilities	2,542	2,695
Other long-term liabilities	503	366
Total liabilities	30,450	30,587
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of March 31, 2020 and December 31, 2019 (Liquidation preference of $7,213 and $7,169 as of March 31, 2020 and December 31, 2019)	3,532	3,532
Common stock, $0.001 par value; 70,000 shares authorized; 40,827 and 40,632 shares issued and outstanding as of March 31, 2020 and December 31, 2019	41	41
Additional paid-in capital	238,041	236,957
Accumulated deficit	(47,961)	(47,783)
Accumulated other comprehensive loss	(6,637)	(4,862)
Total AXT, Inc. stockholders’ equity	187,016	187,885
Noncontrolling interests	5,174	4,877
Total stockholders’ equity	192,190	192,762
Total liabilities and stockholders’ equity	$ 222,640	$ 223,349