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Operating Leases (Tables)
 3 Months Ended
Mar. 31, 2023
Operating Lease, Liability [Abstract]  
Summary of Available-For-Sale Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):

 

 

 

March 31, 2023

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Marketable securities - short-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agencies

 

$

56,730

 

 

$

54

 

 

$

(19

)

 

$

56,765

 

Commercial paper

 

 

2,550

 

 

 

1

 

 

 

(1

)

 

 

2,550

 

Corporate debt

 

 

33,651

 

 

 

10

 

 

 

(91

)

 

 

33,570

 

Asset-backed securities

 

 

29,854

 

 

 

17

 

 

 

(26

)

 

 

29,845

 

Yankee CD

 

 

18,320

 

 

 

4

 

 

 

(5

)

 

 

18,319

 

Total marketable securities - short-term

 

$

141,105

 

 

$

86

 

 

$

(142

)

 

$

141,049

 

 

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Marketable securities - short-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agencies

 

$

16,472

 

 

$

11

 

 

$

(40

)

 

$

16,443

 

Corporate debt

 

 

23,376

 

 

 

31

 

 

 

(35

)

 

 

23,372

 

Asset-backed securities

 

 

13,892

 

 

 

27

 

 

 

(23

)

 

 

13,896

 

Yankee cd

 

 

8,066

 

 

 

10

 

 

 

(8

)

 

 

8,068

 

Total marketable securities - short-term

 

$

61,806

 

 

$

79

 

 

$

(106

)

 

$

61,779

 
Balance Sheet Components

5. Balance Sheet Components

Cash and Cash Equivalents

The Company’s cash and cash equivalents consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Cash

 

$

3,466

 

 

$

3,262

 

Cash equivalents:

 

 

 

 

 

 

Money market funds

 

 

12,289

 

 

 

13,141

 

Commercial paper

 

 

998

 

 

 

323

 

Corporate debt

 

 

8,358

 

 

 

2,197

 

Yankee CD

 

 

4,502

 

 

 

550

 

Total cash and cash equivalents

 

$

29,613

 

 

$

19,473

 

Included in cash as of December 31, 2022 is $0.9 million pledged to Silicon Valley Bank (“SVB”) as collateral for the Company's corporate credit card program and is restricted from use by the Company. There was no cash pledged to SVB as of March 31, 2023.

Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):

 

 

 

March 31, 2023

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Marketable securities - short-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agencies

 

$

56,730

 

 

$

54

 

 

$

(19

)

 

$

56,765

 

Commercial paper

 

 

2,550

 

 

 

1

 

 

 

(1

)

 

 

2,550

 

Corporate debt

 

 

33,651

 

 

 

10

 

 

 

(91

)

 

 

33,570

 

Asset-backed securities

 

 

29,854

 

 

 

17

 

 

 

(26

)

 

 

29,845

 

Yankee CD

 

 

18,320

 

 

 

4

 

 

 

(5

)

 

 

18,319

 

Total marketable securities - short-term

 

$

141,105

 

 

$

86

 

 

$

(142

)

 

$

141,049

 

 

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Marketable securities - short-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agencies

 

$

16,472

 

 

$

11

 

 

$

(40

)

 

$

16,443

 

Corporate debt

 

 

23,376

 

 

 

31

 

 

 

(35

)

 

 

23,372

 

Asset-backed securities

 

 

13,892

 

 

 

27

 

 

 

(23

)

 

 

13,896

 

Yankee cd

 

 

8,066

 

 

 

10

 

 

 

(8

)

 

 

8,068

 

Total marketable securities - short-term

 

$

61,806

 

 

$

79

 

 

$

(106

)

 

$

61,779

 

Property and equipment, net

The Company’s property and equipment, net consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Furniture and fixtures, and equipment

 

$

1,577

 

 

$

1,577

 

Construction in progress

 

 

671

 

 

 

705

 

Machinery and equipment

 

 

1,729

 

 

 

928

 

Capitalized surgical equipment

 

 

9,886

 

 

 

9,248

 

Computer equipment

 

 

639

 

 

 

571

 

Leasehold improvements

 

 

6,351

 

 

 

6,434

 

Software

 

 

138

 

 

 

138

 

Total property and equipment

 

 

20,991

 

 

 

19,601

 

Less: accumulated depreciation and amortization

 

 

(5,076

)

 

 

(4,263

)

Property and equipment, net

 

$

15,915

 

 

$

15,338

 

 

Depreciation and amortization expense on property and equipment were $0.9 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued liabilities

Accrued liabilities consist of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Accrued royalties expense

 

$

1,827

 

 

$

2,299

 

Accrued interest

 

 

412

 

 

 

412

 

Accrued professional services

 

 

2,083

 

 

 

1,727

 

Other accrued expense

 

 

3,649

 

 

 

1,778

 

Total accrued liabilities

 

$

7,971

 

 

$

6,216

 

 

Operating lease and other liabilities

The Company's current operating lease liability and other liabilities consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Current portion of operating lease liabilities

 

$

348

 

 

$

339

 

Payable to broker

 

 

710

 

 

 

—

 

Total operating lease and other liabilities

 

$

1,058

 

 

$

339

 

 

The Company's available for sale securities are accounted for on a trade date basis. Purchases of securities that have traded but not settled as of the balance sheet date are recorded as either cash and cash equivalents or marketable securities with a corresponding amount payable to broker as noted above. These investment transactions normally settle in one to three days.