Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Balance Sheet Components [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Inventory, Net

Inventory, net consisted of the following (in thousands):

	September 30,		December 31,
	2022		2021
Raw materials	$	—	$	2,010
Work in process		—		1,371
Finished goods		750		2,443
Total inventory, net	$	750	$	5,824

Property and Equipment, Net

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

	September 30,		December 31,
	2022		2021
Leasehold improvements	$	2,519	$	2,519
Laboratory equipment		1,420		1,019
Furniture, fixtures, and equipment		957		932
Software		289		202
Construction in progress		17		186
		5,202		4,858
Less: Accumulated depreciation		(2,916)		(2,396)
Property and equipment, net	$	2,286	$	2,462

Depreciation expense was $0.2 million and $0.1 million for the three-month periods ended September 30, 2022 and 2021, respectively and $0.5 million and $0.3 million for the nine-month periods ended September 30, 2022 and 2021, respectively.

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):

	September 30,		December 31,
	2022		2021
Acquired patents and licenses	$	7,985	$	7,985
Less: Accumulated amortization		(5,268)		(4,769)
Intangible assets, net	$	2,717	$	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 3 months)	$	166
2023		665
2024		665
2025		665
2026		556
Total	$	2,717

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2022		2021
Compensation	$	2,834	$	2,932
Controlled launch (Note 9)		205		534
Clinical trial costs and fees		123		245
Professional fees		178		85
Warranty		107		80
D&O insurance (Note 12)		326		—
Other		209		513
Total accrued expenses	$	3,982	$	4,389

Accrued compensation at September 30, 2022, includes a discrete charge of $0.2 million related to the reduction in force initiated on September 20, 2022. See Note 13 for additional details.