Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Balance Sheet Components [Abstract]

Balance Sheet Components

5.    Balance Sheet Components

Investments

The fair value of the Company’s cash equivalents and available-for-sale investments as of September 30, 2023 and December 31, 2022 are as follows (in thousands):

	September 30, 2023
			Gross Unrealized				Estimated
	Amortized Cost		Gains		Losses		Fair Value
Money market funds	$	29,156	$	—	$	—	$	29,156
U.S. treasury bills		7,844		—		—		7,844
Commercial paper		38,689		—		—		38,689
Corporate bonds/notes		34,110		—		(93)		34,017
U.S. government securities		7,991		—		(1)		7,990
Agency bonds/notes		79,671		1		(191)		79,481
	$	197,461	$	1	$	(285)	$	197,177
Classified as:
Cash equivalents							$	29,156
Short-term investments								163,673
Long-term investments								4,348
							$	197,177

	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 September 30, 2023 and December 31, 2022 (in thousands):

	September 30,		December 31,
	2023		2022
Amounts maturing within one year	$	192,829	$	213,474
Amounts maturing after one year through two years		4,348		—
	$	197,177	$	213,474

Available-for-sale investments held as of September 30, 2023 had a weighted average days to maturity of 205 days.

The following table presents the Company’s available-for-sale investments that were in an unrealized loss position as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023				December 31, 2022
	Less than 12 months				Less than 12 months
Assets:	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury bills	$	2,949	$	—	$	—	$	—
Corporate bonds/notes		33,744		(93)		1,490		(13)
U.S. government securities		7,985		(1)		73,329		(164)
Asset-backed securities		—		—		1,994		(4)
Agency bonds/notes		72,827		(191)		—		—
	$	117,505	$	(285)	$	76,813	$	(181)

Inventories

Components of inventories were as follows (in thousands):

	September 30,		December 31,
	2023		2022
Raw materials	$	6,394	$	4,913
Finished products		15,672		14,380
	$	22,066	$	19,293

As of September 30, 2023 and December 31, 2022, there were no work-in-process inventories.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	September 30,		December 31,
	2023		2022
Accrued payroll and related expenses	$	12,890	$	15,216
Operating lease liability		1,700		1,844
Accrued royalty expense		1,034		973
Accrued professional services		221		781
Accrued travel expenses		814		775
Provision for sales returns		534		540
Accrued interest payable		502		519
Deferred revenue		120		253
Accrued clinical expenses		341		249
Accrued other expenses		772		815
Total	$	18,928	$	21,965