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Condensed Consolidated Balance Sheet Components
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Balance Sheet Components Condensed Consolidated Balance Sheet Components
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash consist of the following (in thousands):
As of
June 30, 2025December 31, 2024
Cash and cash equivalents
$162,328 $79,551 
Restricted cash included in prepaid and other current assets
1,076 493 
Total cash, cash equivalent and restricted cash
$163,404 $80,044 
Inventory
Inventory consists of the following (in thousands):
As of
June 30, 2025December 31, 2024
Raw materials$172 $229 
Work-in-progress24,104 26,695 
Finished goods34,326 16,291 
Total inventory$58,602 $43,215 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
As of
June 30, 2025December 31, 2024
Construction in progress$43,032 $29,064 
Laboratory equipment12,745 10,467 
Leasehold improvements9,973 1,159 
Production equipment
2,504 — 
Other1,230 794 
Property and equipment, gross69,484 41,484 
Less: accumulated depreciation(7,409)(5,833)
Total property and equipment, net$62,075 $35,651 
Depreciation and amortization expense for the three months ended June 30, 2025 and 2024 was $1.4 million and $0.7 million, respectively, and $2.5 million and $1.3 million, respectively, for the six months ended June 30, 2025 and 2024. Construction in progress primarily includes production equipment costs capitalized relating to the Company’s future products and will be placed in service and begin to depreciate when related manufacturing commences. Production equipment has been placed into service for the manufacturing of released products.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
As of
June 30, 2025December 31, 2024
Accrued compensation and benefits$27,267 $29,516 
Accrued production equipment
13,500 — 
Customer deposits10,000 15,000 
Accrued software license costs7,999 5,418 
Other current liabilities
16,044 9,690 
Total accrued expenses and other current liabilities$74,810 $59,624