Balance Sheet Components

9 Months Ended

Sep. 30, 2022

5. Balance Sheet Components

Investments

The Company had no investments as of December 31, 2021. The fair value of the Company’s available-for-sale investments as of September 30, 2022 are as follows (in thousands):


	September 30, 2022
			Gross Unrealized				Estimated
	Amortized Cost		Gains		Losses		Fair Value
Money market funds	$	51,457	$	—	$	—	$	51,457
Commercial paper		14,643		—		—		14,643
U.S. government securities		35,862		—		(173)		35,689
Corporate bonds/notes		1,515		—		(13)		1,502
Asset-backed securities		1,997		—		(5)		1,992
	$	105,474	$	—	$	(191)	$	105,283
Classified as:
Cash equivalents							$	51,457
Short-term investments								53,826
							$	105,283

All of the Company’s cash equivalents mature within one year as of September 30, 2022 and December 31, 2021. All of the Company’s short-term investments mature within one year as of September 30, 2022. Available-for-sale investments held as of September 30, 2022 had a weighted average days to maturity of 180 days.

The following table presents the Company’s available-for-sale investments that were in an unrealized loss position as of September 30, 2022 (in thousands):

	September 30, 2022
	Less than 12 months
Assets:	Fair Value		Unrealized Loss
U.S. government securities	$	35,569	$	(173)
Corporate bonds/notes		1,492		(13)
Asset-backed securities		1,989		(5)
	$	39,050	$	(191)

Inventories

Components of inventories were as follows (in thousands):


	September 30,		December 31,
	2022		2021
Raw materials	$	4,178	$	2,447
Finished products		16,126		15,437
		20,304		17,884
Less: Reserve for excess and obsolete		(11)		(33)
	$	20,293	$	17,851

As of September 30, 2022 and December 31, 2021, there were no work-in-process inventories.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):



	September 30,		December 31,
	2022		2021
Accrued payroll and related expenses	$	12,865	$	13,898
Provision for sales returns		531		359
Accrued professional services		1,144		2,039
Operating lease liability		1,814		1,294
Accrued interest payable		504		14
Accrued royalty expense		911		687
Deferred revenue		298		157
Accrued travel expenses		785		590
Accrued clinical expenses		38		99
Accrued other expenses		731		665
Total	$	19,621	$	19,802