Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Balance Sheet Components

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory at March 31, 2024, and December 31, 2023 consisted of the following:

	March 31,		December 31,
	2024		2023
(in thousands)	(unaudited)
Raw material	$	2,202	$	2,057
Work in process		6,126		6,517
Finished goods		692		615
Inventory	$	9,020	$	9,189

Prelaunch Inventory

Costs capitalized for the Company’s lyophilized drug amounting to $3.0 million and $2.8 million as of March 31, 2024, and December 31, 2023, 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 2024. Upon approval, the prelaunch inventory shall be reclassified as part of the Company’s inventory.

Property and Equipment, net

Property and equipment at March 31, 2024, and December 31, 2023 consisted of the following:

	March 31,		December 31,
	2024		2023
(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		(477)		(465)
Property and equipment, net	$	484	$	496

Depreciation and amortization expenses were $12,000 and $16,000 for the three months ended March 31, 2024 and 2023, respectively.

Intangible Assets, net

Intangible assets consisted of the following:

	March 31,		December 31,
	2024		2023
(in thousands)	(unaudited)
Developed technology	$	25,000	$	25,000
Accumulated developed technology amortization		(11,111)		(10,694)
Developed technology, net		13,889		14,306
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		(133)		(128)
Trademarks, net		167		172
Internal use software costs - registry		1,236		1,236
Accumulated internal use software costs impairment		(371)		(371)
Accumulated internal use software costs amortization		(432)		(370)
Internal use software costs - registry, net		433		495
Patents		361		361
Accumulated patents amortization		(23)		(18)
Patents, net		338		343
Total intangible assets, net	$	19,627	$	20,116

Amortization expense of finite-lived intangible assets was $489,000 and $488,000 for the three months ended March 31, 2024 and 2023, respectively.

The following table summarized the Company’s estimated future amortization expense of intangible assets with finite lives as of March 31, 2024:

(in thousands)	Amounts
Remainder of 2024	$	1,464
2025		1,952
2026		1,952
2027		1,952
2028		1,952
Thereafter		5,555
	$	14,827