BALANCE SHEET COMPONENTS

9 Months Ended

Sep. 30, 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 $2.5 million and $5.4 million as of September 30, 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):

	September 30, 2024		December 31, 2023
Accounts receivable	$	218	$	99
Allowance for uncollectible accounts	(4)		(4)
Accounts receivable, net	$	214	$	95

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance as of beginning of period	$	4	$	4	$	4	$	6
Increase in provision	—		2		—		2
Amounts written off, less recoveries	—		(4)		—		(6)
Balance as of end of period	$	4	$	2	$	4	$	2

Inventory, net

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

	September 30, 2024		December 31, 2023
Raw materials	$	765	$	747
Finished goods	115		53
Total inventory	880		800
Less: reserve for obsolescence	—		(5)
Inventory, net	$	880	$	795

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance as of beginning of period	$	—	$	18	$	5	$	18
Increase in reserve	—		—		—		—
Amounts relieved	—		—		(5)		—
Balance as of end of period	$	—	$	18	$	—	$	18

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

	September 30, 2024		December 31, 2023
Equity offering costs	$	132	$	—
Software licenses	82		152
Insurance	52		64
Professional services	30		30
Rent	29		11
Prepaid inventory	—		111
Other	35		20
Total prepaid expenses and other current assets	$	360	$	388

Property and Equipment, Net

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

	September 30, 2024		December 31, 2023
Research and development equipment	$	1,801	$	1,763
Office and computer equipment	494		808
Autos	54		54
Furniture and fixtures	46		41
Leasehold improvements	152		141
Total in service	2,547		2,807
Accumulated depreciation and amortization	(2,201)		(2,419)
Total in service, net	346		388
Construction in progress	34		—
Property and equipment, net	$	380	$	388

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30, 2024		December 31, 2023
Compensation and related benefits	$	377	$	232
Legal and consulting professional services	14		121
Product warranty	3		15
Total accrued expenses	$	394	$	368

Notes Payable

We have financing arrangements related to the purchase of certain equipment. The notes payable for that certain equipment have a weighted average annual interest rate of 9.8% with a term of five years and are secured by the underlying equipment.

As of September 30, 2024, future principal payments were as follows (in thousands):

2024	$	13
2025	54
2026	60
2027	49
2028	44
Thereafter	3
Total principal payments	223
Less: current portion of notes payable	(53)
Notes payable, less current portion	$	170