XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Supplemental Balance Sheet Disclosures [Text Block]

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):

	*Year Ended December 31,*
	*2022*		*2021*
Raw materials	$	—	$	2,010
Work in process		—		1,371
Finished goods		—		2,443
Total inventory	$	—	$	5,824

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

	*December 31,*
	*2022*			*2021*
Leasehold improvements	$	2,519		$	2,519
Laboratory equipment		1,118			1,019
Furniture, fixtures and equipment		966			932
Software		289			202
Construction in progress		22			186
		4,914			4,858
Less: Accumulated depreciation and amortization		(2,953	)		(2,396	)
	$	1,961		$	2,462

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $0.7 million, $0.5 million, and $0.4 million, respectively.

Intangible Assets, net

Intangible assets primarily consist of a license to utilize certain patents, know-how and technology relating to the Company’s NPS for biomedical applications acquired from Old Dominion University Research Foundation (ODURF), Eastern Virginia Medical School (EVMS), and the University of Southern California. In addition, the Company entered into a sponsored research agreement (“SRA”) with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, a leading research organization in the field, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets over an estimated useful life of 12 years.

Intangible assets, net consisted of the following (in thousands):

	*December 31,*
	*2022*			*2021*
Acquired patents and licenses	$	7,985		$	7,985
Less: Accumulated amortization		(5,434	)		(4,769	)
	$	2,551		$	3,216

A schedule of the amortization of intangible assets is as follows (in thousands):

Years ending December 31:
2023	$	665
2024		665
2025		665
2026		556
	$	2,551

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	*December 31,*
	*2022*		*2021*
Compensation expense	$	1,377	$	2,932
Controlled launch (Note 8)		—		534
Director and officer liability insurance (Note 12)		571		—
Clinical trial fees and costs		64		245
Professional fees		318		85
Warranty		50		80
Other		215		513
	$	2,595	$	4,389