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BALANCE SHEET DETAILS
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET DETAILS
4. BALANCE SHEET DETAILS
Inventories
Inventories consisted of the following (in thousands):
As of March 31,
2025		As of December 31,
2024
Raw materials$1,688 $1,677 
Work-in-process14 9 
Total inventories$1,702 $1,686 
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of March 31,
2025		As of December 31,
2024
Prepaid services$1,190 $977 
Prepaid software620 845 
Prepaid insurance623 382 
Prepaid rent156 156 
Other1,206 1,594 
Total prepaid expenses and other current assets$3,795 $3,954 
Other non-current assets, net
Other non-current assets, net consisted of the following (in thousands):
As of March 31,
2025		As of December 31,
2024
Investment in equity securities$2,574 $2,574 
Long-term deposits182 181 
Contract acquisition costs, net365 174 
Total $3,121 $2,929 
On January 5, 2024, one of the Company's equity investments was acquired by another entity and the transaction was determined to result in an observable price change in the equity security. Consequently, the carrying value of the Company's investment was adjusted based on the consideration received, resulting in a net gain of approximately $1.7 million, recorded in gain on investment in marketable equity securities on the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2025.
On February 8, 2024, the Company entered into a collaboration arrangement with Zapata to develop and bring to market commercial applications that combine generative AI and quantum computing technologies. As part of the collaboration, the Company purchased the Note with a principal amount of $1.0 million from Zapata. The Note matures on December 15, 2026, and bears interest at 15% per annum. The Note is prepayable without penalty after December 15, 2025 or if the aggregate value of Zapata's convertible notes outstanding falls below $3.0 million. The Note was convertible into Zapata common stock at the Company's option at a conversion price of $8.50, subject to adjustment for stock splits, recapitalizations, and other similar corporate transactions.
On April 1, 2024 the conversion feature associated with the Note was bifurcated from the debt host instrument in connection with the underlying stock becoming readily convertible to cash as the result of a de-SPAC transaction. As a result, the fair value of the conversion feature of $0.2 million was given separate recognition. During the year ended December 31, 2024, the fair value of the conversion feature was immaterial, resulting in a loss of $0.2 million recorded to gain on investment in marketable equity securities on the condensed consolidated statements of operations and comprehensive loss.
On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million during the year ended December 31, 2024. The charge was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies for additional discussion.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of March 31,
2025		As of December 31,
2024
Accrued compensation and related benefits$2,388 $5,499 
Accrued professional services1,907 529 
Other accruals2,261 2,756 
Total accrued expenses and other current liabilities$6,556 $8,784