Balance Sheet Components

6 Months Ended

Jun. 30, 2022

Balance Sheet Components [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):

	June 30,		December 31,
	2022		2021
Raw materials	$	3,497	$	2,010
Work in process		1,788		1,371
Finished goods		2,586		2,443
Total inventory	$	7,871	$	5,824

Property and Equipment, Net

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

	June 30,		December 31,
	2022		2021
Leasehold improvements	$	2,519	$	2,519
Laboratory equipment		1,333		1,019
Furniture, fixtures, and equipment		932		932
Software		289		202
Construction in progress		56		186
		5,129		4,858
Less: Accumulated depreciation		(2,743)		(2,396)
Property and equipment, net	$	2,386	$	2,462

Depreciation expense was $0.2 million and $0.1 million for the three-month periods ended June 30, 2022 and 2021, and $0.3 million and $0.2 million for the six-month periods ended June 30, 2022 and 2021.

Intangible Assets, Net

Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS technology for biomedical applications acquired from Old Dominion University Research Foundation (“ODURF”), Eastern Virginia Medical School, and the University of Southern California. In addition, the Company entered into a Sponsored Research Agreement with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, 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):

	June 30,		December 31,
	2022		2021
Acquired patents and licenses	$	7,985	$	7,985
Less: Accumulated amortization		(5,102)		(4,769)
Intangible assets, net	$	2,883	$	3,216

A schedule of the amortization of intangible assets for the remainder of 2022 and the succeeding four fiscal years is as follows (in thousands):

Year Ending December 31:
2022 (remaining 6 months)	$	332
2023		665
2024		665
2025		665
2026		556
Total	$	2,883

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	June 30,		December 31,
	2022		2021
Compensation	$	3,695	$	2,932
Controlled launch (Note 9)		267		534
Clinical trial costs and fees		134		245
Professional fees		202		85
Warranty		122		80
Other		255		513
D&O insurance (Note 12)		82		—
Total accrued expenses	$	4,757	$	4,389

Accrued compensation at June 30, 2022, includes a discrete charge of $0.2 million related to a reduction in force initiated on March 31, 2022. See Note 13 for additional details.