Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of the following (in thousands):


	December 31,
	2021		2020
Cash	$	141,239	$	221,028
Cash equivalents:
Money market funds	831		10,533
Commercial paper	2,000		—
Corporate bonds	4,410		—
Total cash and cash equivalents	$	148,480	$	231,561

Inventory

Inventory consists of the following (in thousands):


	December 31,
	2021		2020
Raw materials	$	3,738	$	3,342
Work in process	518		227
Finished goods	12,029		7,172
Total inventory	$	16,285	$	10,741

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31,
	2021		2020
Prepaid expenses	$	1,869	$	381
Prepaid insurance	2,305		2,131
VAT receivable	362		339
Other current assets	347		377
Total prepaid expenses and other current assets	$	4,883	$	3,228

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	December 31,
	2021		2020
Machinery and equipment	$	1,635	$	1,447
Computer equipment and software	1,561		1,062
Furniture and fixtures	252		229
Leasehold improvements	2,277		57
Construction in progress	1,332		452
Total	7,057		3,247
Less: accumulated depreciation	(2,243)		(1,773)
Property and equipment, net	$	4,814	$	1,474

Depreciation expense for the years ended December 31, 2021 and December 31, 2020 was $0.7 million and $0.3 million, respectively.

Goodwill

Goodwill was $2.3 million as of December 31, 2021 and December 31, 2020 arising from the Company’s acquisition of Emphasys Medical, Inc, in March 2009. No goodwill impairment losses have been recognized since the acquisition. There were no acquisitions or dispositions of goodwill in 2021 and 2020. The Company performed an annual test for goodwill impairment in the fourth quarter of the fiscal years ended December 31, 2021 and December 31, 2020 and determined that goodwill was not impaired.

Intangible Assets

Intangible assets consist of the following (in thousands):


	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Developed technology	$	1,658	$	(1,410)	$	248
Trademarks	191		(162)		29
Total intangible assets	$	1,849	$	(1,572)	$	277


	December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Developed technology	$	1,658	$	(1,299)	$	359
Trademarks	191		(150)		41
Total intangible assets	$	1,849	$	(1,449)	$	400

Amortization expense relating to the intangibles totaled $0.1 million during each of the years ended on December 31, 2021 and 2020.

Future amortization expense is as follows (in thousands):


Year Ending December 31,
2022	$	123
2023	123
2024	31
Total amortization expense	$	277

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Accrued employee bonuses	$	4,741	$	2,374
Accrued vacation	1,850		1,810
Other accrued personnel related expenses	2,145		1,368
Accrued professional fees	2,420		1,313
Sales taxes, franchise tax and VAT	730		521
Liability for early exercise of stock options	399		629
Accrued inventory purchases	258		57
Other	823		579
Total accrued liabilities	$	13,366	$	8,651