Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Balance Sheet Components

Balance Sheet Components

5. Balance Sheet Components

Inventory

Inventory at September 30, 2022 and December 31, 2021 consisted of the following:

	September 30,		December 31,
	2022		2021
(in thousands)	(unaudited)
Raw Material	$	2,014	$	1,248
Work in Process		3,058		2,760
Finished Goods		1,529		892
Inventory	$	6,601	$	4,900

Property and Equipment, net

Property and equipment at September 30, 2022 and December 31, 2021 consisted of the following:

	September 30,		December 31,
	2022		2021
(in thousands)	(unaudited)
Land	$	396	$	396
Lab equipment		477		403
Clinical equipment		65		65
Software		63		63
Furniture and fixtures		18		14
Computers and peripherals		7		7
Total property and equipment at cost		1,026		948
Accumulated depreciation		(454)		(298)
Property and equipment, net	$	572	$	650

Depreciation and amortization expense was $15,000 and $156,000 for the three and nine months ended September 30, 2022, respectively. Depreciation and amortization expense was $8,000 and $25,000 in the three and nine months ended September 30, 2021, respectively.

Intangible Assets, net

Intangible assets at September 30, 2022 and December 31, 2021 consisted of the following:

	September 30,		December 31,
	2022		2021
(in thousands)	(unaudited)
Developed technology	$	25,000	$	25,000
Accumulated developed technology amortization		(8,611)		(7,361)
Developed technology, net		16,389		17,639
In-process research and development		4,800		4,800
In process research and development, net		4,800		4,800
Trademarks		300		300
Accumulated trademark amortization		(103)		(88)
Trademarks, net		197		212
Internal use software costs - registry		1,236		—
Accumulated internal use software costs amortization		(61)		—
Internal use software costs - registry, net		1,175		—
Total intangible assets, net	$	22,561	$	22,651

Amortization expense of finite-lived intangible assets was $483,000 and $1.3 million for the three and nine months ended September 30, 2022, respectively. Amortization expense was $422,000 and $1.3 million for the three and nine months ended September 30, 2021, respectively.

The Company’s internal use software pertains to the capitalized development costs incurred to create a national canine cancer registry and cancer care index. Development costs includes external direct costs of materials and services consumed and fees paid to develop the software by a third-party provider.

The following table summarized the Company’s estimated future amortization expense of intangible assets with finite lives as of September 30, 2022:

(in thousands)	Amounts
Remainder of 2022	$	484
2023		1,934
2024		1,934
2025		1,934
2026		1,934
Thereafter		9,541
	$	17,761