Balance Sheets Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Balance Sheets Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:

	As of
	December 31, 2024		December 31, 2023		December 31, 2022
	(in thousands)
Accounts receivable, gross	$	38,259	$	21,911	$	41,279
Allowance for credit losses	(50)		(50)		(50)
Accounts receivable, net	$	38,209	$	21,861	$	41,229

Inventory

Inventory consisted of the following:

	As of
	December 31, 2024		December 31, 2023
	(in thousands)
Raw materials	$	14,995	$	17,550
Work in progress	47,300		35,193
Finished goods	14,446		12,796
Total inventories	$	76,741	$	65,539

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	As of
	December 31, 2024		December 31, 2023
	(in thousands)
Prepaid expenses	$	4,305	$	3,563
Other current assets	5,971		4,078
Total prepaid expenses and other current assets	$	10,276	$	7,641

Property and Equipment, Net

Property and equipment, net consisted of the following:

	As of
	December 31, 2024		December 31, 2023
	(in thousands)
Lab and manufacturing equipment	$	119,964	$	80,772
Computer equipment	3,833		3,541
Furniture and fixtures	1,167		969
Construction in progress	9,538		5,978
Leasehold improvements	7,818		7,847
	142,320		99,107
Accumulated depreciation	(59,845)		(44,422)
Total property and equipment, net	$	82,475	$	54,685

Depreciation expense related to property and equipment was $16.1 million, $13.3 million, and $10.1 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:

	As of
	December 31, 2024						December 31, 2023
	(in thousands)
	Gross Assets		Accumulated Amortization		Net Assets		Gross Assets		Accumulated Amortization		Net Assets
Developed technology	$	96,700	$	(10,575)	$	86,125	$	96,700	$	(159)	$	96,541
Contract based royalty asset	5,900		(1,598)		4,302		5,900		(121)		5,779
Internal use software	9,434		(9,434)		—		9,434		(9,234)		200
Purchased software	15,551		(11,920)		3,631		15,110		(10,051)		5,059
Total amortizable intangible assets	$	127,585	$	(33,527)	$	94,058	$	127,144	$	(19,565)	$	107,579
In-process research and development	69,500		—		69,500		69,500		—		69,500
Total intangible assets	$	197,085	$	(33,527)	$	163,558	$	196,644	$	(19,565)	$	177,079

Amortization expense for intangible assets was $14.0 million, $2.9 million, and $1.7 million, for the years ended December 31, 2024, 2023, and 2022, respectively.

The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2024 is summarized as below:

	(in thousands)
2025	$	15,429
2026	15,066
2027	14,694
2028	12,955
2029	11,104
2030 and beyond	24,810
	$	94,058

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

	As of
	December 31, 2024		December 31, 2023
	(in thousands)
Accrued payroll and related benefits	$	12,381	$	6,358
Revenue reserves	3,673		2,954
Sales based earnout liability, current	23,953		19,733
Acquisition consideration payable, current	37,760		75,695
Short term lease liability	2,744		2,601
Other accrued expenses	5,044		5,363
Total accrued expenses and other current liabilities	$	85,555	$	112,704

The Company has consolidated the deferred non-recurring engineering services and accrued customer rebates into the Other accrued expenses line item above as the amounts are not significant. The prior period balance has been updated to reflect current period presentation.

Other Non-current Liabilities

Other non-current liabilities consisted of the following:

	As of
	December 31, 2024		December 31, 2023
	(in thousands)
Sales based earnout liability, non-current	$	73,303	$	83,728
Acquisition consideration payable, non-current	—		33,086
Long term lease liability	3,488		5,423
Total other non-current liabilities	$	76,791	$	122,237