BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS

Cash and Cash Equivalents

Highly liquid investments with maturities of three months or less as of the date of acquisition are classified as cash equivalents, of which we had $3.6 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively, included within cash and cash equivalents in the condensed balance sheets.

Accounts Receivable, Net

Accounts receivable, net consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Accounts receivable	$	165	$	99
Allowance for uncollectible accounts	(4)		(4)
Accounts receivable, net	$	161	$	95

The following was the activity in the allowance for uncollectible accounts (in thousands):

	Three Months Ended March 31,
	2024		2023
Balance as of beginning of period	$	4	$	6
Increase in provision	—		—
Amounts written off, less recoveries	—		(2)
Balance as of end of period	$	4	$	4

Inventory, net

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

	March 31, 2024		December 31, 2023
Raw materials	$	797	$	747
Work in progress	11		—
Finished goods	71		53
Total inventory	879		800
Less: reserve for obsolescence	(5)		(5)
Inventory, net	$	874	$	795

The following was the activity in the reserve for obsolescence (in thousands):

	Three Months Ended March 31,
	2024		2023
Balance as of beginning of period	$	5	$	18
Increase in reserve	—		—
Amounts relieved	—		—
Balance as of end of period	$	5	$	18

Prepaid Expenses

Prepaid expenses consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Software licenses	139		152
Professional services	66		30
Insurance	49		64
Deposit on equipment purchase	25		—
Patents	9		14
Prepaid inventory	8		111
Other	50		17
Total prepaid expenses	$	346	$	388

Property and Equipment, Net

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

	March 31, 2024		December 31, 2023
Research and development equipment	$	1,763	$	1,763
Office and computer equipment	808		808
Autos	54		54
Furniture and fixtures	41		41
Leasehold improvements	143		141
Total in service	2,809		2,807
Accumulated depreciation and amortization	(2,456)		(2,419)
Property and equipment, net	$	353	$	388

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Compensation, severance and related benefits	$	285	$	232
Legal and consulting professional services	27		121
Product warranty	12		15
Other	67		—
Total accrued expenses	$	391	$	368

Notes Payable

In 2023, we arranged financing for the purchase of certain equipment. The notes payable for that certain equipment have an annual interest rate of 9.1% with a term of five years and is secured by the underlying equipment.

As of March 31, 2024, future principal payments were as follows (in thousands):

2024	$	25
2025	36
2026	39
2027	43
2028	38
Total principal payments	181
Less: current portion of notes payable	(34)
Notes payable, less current portion	$	147