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Balance Sheets Details
 3 Months Ended
Mar. 31, 2022
Balance Sheets Details [Abstract]  
Balance Sheets Details Balance Sheets Details
Cash Equivalents
Cash equivalents as of March 31, 2022 and December 31, 2021, consisted of the following (in thousands):
 March 31, 2022December 31, 2021
 Adjusted CostEstimated Fair ValueAdjusted CostEstimated Fair Value
Money market funds (1)
$72,107 $72,107 $86,095 $86,095 
(1) Money market funds are classified in cash and cash equivalents on our unaudited condensed consolidated balance sheets. Average contractual maturities (in days) is not applicable.
As of March 31, 2022, the total cash and cash equivalents balance of $94.3 million consisted of money market funds of $72.1 million and cash of $22.2 million held with major financial institutions. As of December 31, 2021, the total cash and cash equivalents balance of $116.8 million consisted of money market funds of $86.1 million and cash of $30.7 million held with major financial institutions.
Inventories
Inventories consisted of the following (in thousands):
March 31, 2022December 31, 2021
Raw materials$49 $49 
Work-in-process160 65 
Finished goods1,351 1,046 
    Inventories$1,560 $1,160 
Inventories are recorded net of reserves of $1.4 million as of March 31, 2022 and December 31, 2021.
Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
March 31, 2022December 31, 2021
Laboratory equipment$36,435 $33,101 
Leasehold improvements16,506 16,117 
Computer equipment and software3,565 3,481 
Office equipment and furniture1,297 1,297 
Construction in progress2,450 3,231 
Property and equipment60,253 57,227 
       Less: accumulated depreciation and amortization(36,779)(35,882)
     Property and equipment, net$23,474 $21,345 
Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended March 31,
20222021
Depreciation expense$1,215 $659 
Goodwill
Goodwill had a carrying value of $3.2 million as of March 31, 2022 and December 31, 2021.
Other Accrued Liabilities
Other accrued liabilities consisted of the following (in thousands):
March 31, 2022December 31, 2021
Accrued purchases $7,695 $6,755 
Accrued professional and outside service fees6,121 5,147 
Other356 676 
     Total$14,172 $12,578