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Balance Sheet Details
 12 Months Ended
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details Balance Sheet Details
Cash Equivalents
Cash equivalents consisted of the following (in thousands): 
 December 31, 2022December 31, 2021
 Adjusted CostEstimated Fair ValueAdjusted CostEstimated Fair Value
Money market funds (1)
$77,309 $77,309 $86,095 $86,095 
(1) Money market funds are classified in cash and cash equivalents on our consolidated balance sheets. Average contractual maturities (in days) is not applicable.
As of December 31, 2022, the total cash and cash equivalents balance of $114.0 million consisted of money market funds of $77.3 million and cash of $36.7 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): 
 December 31,
 20222021
Raw materials $108 $49 
Work in process91 65 
Finished goods 1,830 1,046 
Total inventories$2,029 $1,160 
Inventories are recorded net of reserves of $1.2 million and $1.4 million as of December 31, 2022 and December 31, 2021 respectively.
Property and Equipment, net
Property and equipment, net consisted of the following (in thousands): 
 December 31,
 20222021
Laboratory equipment (1)
$39,679 $33,101 
Leasehold improvements16,633 16,117 
Computer equipment and software3,039 3,481 
Office equipment and furniture1,345 1,297 
Construction in progress (2)
1,739 3,231 
Property and equipment62,435 57,227 
Less: accumulated depreciation and amortization(39,821)(35,882)
Property and equipment, net$22,614 $21,345 
(1) Fully depreciated property and equipment with a cost of $1.5 million and $0.6 million were retired during the years ended December 31, 2022 and 2021, respectively.
(2) Construction in progress includes equipment received but not yet placed into service pending installation.
Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands):
 Year Ended December 31,
 202220212020
Depreciation expense$5,402 $3,113 $1,950 
Goodwill
Goodwill had a carrying value of $3.2 million as of December 31, 2022 and 2021.
Other Accrued Liabilities
Other accrued liabilities consisted of the following (in thousands): 
 December 31,
 20222021
Accrued purchases$10,852 $6,755 
Accrued professional and outside service fees3,495 5,147 
Other932 676 
Total other accrued liabilities
$15,279 $12,578