Balance Sheet Components

3 Months Ended

Mar. 31, 2023

5. Balance Sheet Components

Investments

The fair value of the Company’s cash equivalents and available-for-sale investments as of March 31, 2023 and December 31, 2022 are as follows (in thousands):


	March 31, 2023
			Gross Unrealized				Estimated
	Amortized Cost		Gains		Losses		Fair Value
Money market funds	$	50,714	$	—	$	—	$	50,714
U.S. treasury bills		9,969		—		—		9,969
Commercial paper		37,613		—		—		37,613
U.S. government securities		75,128		7		(58)		75,077
Corporate bonds/notes		1,512		—		(11)		1,501
Agency bonds/notes		29,621		144		—		29,765
	$	204,557	$	151	$	(69)	$	204,639
Classified as:
Cash equivalents							$	50,714
Short-term investments								138,640
Long-term investments								15,285
							$	204,639


	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 March 31, 2023 and December 31, 2022 (in thousands):


	March 31,		December 31,
	2023		2022
Amounts maturing within one year	$	189,354	$	213,474
Amounts maturing after one year through two years		15,285		—
	$	204,639	$	213,474

Available-for-sale investments held as of March 31, 2023 had a weighted average days to maturity of 146 days.

The following table presents the Company’s available-for-sale investments that were in an unrealized loss position as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023				December 31, 2022
	Less than 12 months				Less than 12 months
Assets:	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government securities		45,486		(58)		73,329		(164)
Corporate bonds/notes		1,490		(11)		1,490		(13)
Asset-backed securities		—		—		1,994		(4)
	$	46,976	$	(69)	$	76,813	$	(181)

Inventories

Components of inventories were as follows (in thousands):


	March 31,		December 31,
	2023		2022
Raw materials	$	5,316	$	4,913
Finished products		11,866		14,380
	$	17,182	$	19,293

As of March 31, 2023 and December 31, 2022, there were no work-in-process inventories.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):



	March 31,		December 31,
	2023		2022
Accrued payroll and related expenses	$	8,711	$	15,216
Operating lease liability		1,874		1,844
Accrued royalty expense		951		973
Accrued professional services		718		781
Accrued travel expenses		728		775
Provision for sales returns		618		540
Accrued interest payable		519		519
Deferred revenue		209		253
Accrued clinical expenses		334		249
Accrued other expenses		936		815
Total	$	15,598	$	21,965