Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Balance Sheet Components

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory at June 30, 2023 and December 31, 2022 consisted of the following:

	June 30,		December 31,
	2023		2022
(in thousands)	(unaudited)
Raw Material	$	2,000	$	2,101
Work in Process		5,396		3,599
Finished Goods		868		1,324
Inventory	$	8,264	$	7,024

Prelaunch Inventory

Costs capitalized for the Company’s lyophilized drug amounting to $2.5 million and $2.1 million as of June 30, 2023 and December 31, 2022 are included in the prepayments and other assets account. The Company’s
proof-of-concept (“POC”) data is expected to be completed by the end of 2023. Upon approval, the prelaunch inventory shall be reclassified as part of the Company’s inventory.

Property and Equipment, net

Property and equipment at June 30, 2023 and December 31, 2022 consisted of the following:

	June 30,		December 31,
	2023		2022
(in thousands)	(unaudited)
Land	$	396	$	396
Lab equipment		477		477
Software		63		63
Furniture and fixtures		18		18
Computers and peripherals		7		7
Total property and equipment at cost		961		961
Accumulated depreciation		(435)		(404)
Property and equipment, net	$	526	$	557

Depreciation and amortization expenses were $15,000 and $31,000 for the three and six months ended June 30, 2023, respectively. Depreciation and amortization expenses were $16,000 and $141,000 for the three and six months ended June 30, 2022, respectively.

Intangible Assets, net

Intangible assets consisted of the following:

	June 30,		December 31,
	2023		2022
(in thousands)	(unaudited)
Developed technology	$	25,000	$	25,000
Accumulated developed technology amortization		(9,861)		(9,028)
Developed technology, net		15,139		15,972
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		(118)		(108)
Trademarks, net		182		192
Internal use software costs - registry		1,236		1,236
Accumulated internal use software costs amortization		(246)		(122)
Internal use software costs - registry, net		990		1,114
Patents		361		361
Accumulated patents amortization		(9)		—
Patents, net		352		361
Total intangible assets, net	$	21,463	$	22,439

Amortization expense of finite-lived intangible assets was $488,000 and $976,000 for the three and six months ended June 30, 2023, respectively. Amortization expense of finite-lived intangible assets was $422,000 and $843,000 for the three and six months ended June 30, 2022, respectively.

The following table summarized the Company’s estimated future amortization expense of intangible assets with finite lives as of June 30, 2023:

(in thousands)	Amounts
2023		926
2024		1,952
2025		1,952
2026		1,952
2027		1,952
Thereafter		7,929
	$	16,663