Balance Sheets Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Note 4. Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:

	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Accounts receivable, gross	$	30,701		$	38,426
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	30,651		$	38,376

Inventories

Inventories consisted of the following:

	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Raw materials	$	3,848	$	1,841
Work in progress		19,945		16,963
Finished goods		6,960		4,826
Total inventories	$	30,753	$	23,630

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	3,078	$	2,398
Other current assets		1,812		2,078
Total prepaid expenses and other current assets	$	4,890	$	4,476

Property and Equipment, Net

Property and equipment, net consisted of the following:

	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Lab and manufacturing equipment	$	51,527		$	44,283
Computer Equipment		2,095			1,977
Furniture and fixtures		433			433
Construction in progress		7,883			7,100
Leasehold improvements		5,438			5,211
		67,376			59,004
Accumulated depreciation		(23,165	)		(21,102	)
Total property and equipment, net	$	44,211		$	37,902

Depreciation expense related to property and equipment was $2.1 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:

	As of
	March 31, 2022							December 31, 2021
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,633	)	$	801	$	9,434	$	(8,633	)	$	801
Purchased intangibles		10,438		(6,846	)		3,592		11,703		(6,527	)		5,176
Intangible assets	$	19,872	$	(15,479	)	$	4,393	$	21,137	$	(15,160	)	$	5,977

Amortization expense for intangible assets was $0.3 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, the Company had $0.8 million of intangibles that were still in development stage and were not being amortized, with the amortization beginning in May 2022. The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of March 31, 2022 is summarized as below:

	(in thousands)
2022 (remainder)	$	1,359
2023		1,786
2024		1,025
2025		195
2026 and beyond		28
	$	4,393

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and related benefits	$	3,711	$	7,237
Revenue reserves		5,424		4,517
Deferred non-recurring engineering services		4,739		5,666
Short term lease liability		2,109		1,336
Accrued customer rebates		—		784
Other accrued expenses		5,582		4,742
Total accrued expenses and other current liabilities	$	21,565	$	24,282

For the three months ended March 31, 2022, the Company recorded $2.0 million as a reduction of research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statement of operations. There was no reduction of research and development expenses recorded during the three months ended March 31, 2021.