Balance Sheet Components

12 Months Ended

Dec. 31, 2022

5. Balance Sheet Components

Investments

The Company’s cash equivalents consists of $21,062,000 in money market funds as of December 31, 2021 and approximates fair value. The fair value of the Company's available-for-sale investments as of December 31, 2022 are as follows (in thousands):


	December 31, 2022
			Gross Unrealized				Estimated
	Amortized Cost		Gains		Losses		Fair Value
Money market funds	$	55,158	$	—	$	—	$	55,158
U.S. treasury bills		19,772		4		—		19,776
Commercial paper		48,875		—		—		48,875
Corporate bonds/notes		1,528		—		(13)		1,515
U.S. government securities		83,432		2		(164)		83,270
Asset-backed securities		2,000		—		(4)		1,996
Agency notes		2,876		8		—		2,884
	$	213,641	$	14	$	(181)	$	213,474

Classified as:
Cash equivalents							$	55,158
Short-term investments								158,316
							$	213,474

The following table summarizes the fair value of the Company’s cash equivalents and available-for-sale investments classified by maturity as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022		December 31, 2021
Amounts maturing within one year	$	213,474	$	21,062
Amounts maturing after one year through two years		—		—
	$	213,474	$	21,062

Available-for-sale investments held as of December 31, 2022 had a weighted average days to maturity of 163 days.

The following table presents the Company's available-for-sale investments that were in an unrealized loss position as of December 31, 2022 (in thousands):


	December 31, 2022
	Less than 12 months
Assets:	Fair Value		Unrealized Loss
Corporate bonds/notes	$	1,490	$	(13)
U.S. government securities		73,329		(164)
Asset-backed securities		1,994		(4)
	$	76,813	$	(181)

Inventories

Components of inventories were as follows (in thousands):


	2022		2021
Raw materials	$	4,913	$	2,447
Finished products		14,380		15,404
	$	19,293	$	17,851

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

Property and Equipment, Net

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


	December 31,
	2022		2021
Furniture and fixtures	$	1,822	$	1,005
Equipment		5,046		2,945
Software		296		284
Leasehold improvements		7,246		2,050
		14,410		6,284
Less: Accumulated depreciation		(5,355)		(3,330)
Add: Construction-in-progress		317		4,743
	$	9,372	$	7,697

Depreciation and amortization expense was $2,127,000, $1,032,000 and $789,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2022		2021
Accrued payroll and related expenses	$	15,216	$	13,898
Operating lease liability		1,844		1,294
Accrued royalty expense		973		687
Accrued professional services		781		2,039
Accrued travel expenses		775		590
Provision for sales returns		540		359
Accrued interest payable		519		14
Deferred revenue		253		157
Accrued clinical expenses		249		99
Accrued other expenses		815		665
	$	21,965	$	19,802