Note 4 - Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

NOTE 4.  Balance Sheet Components

(a) Cash, Cash Equivalents, Restricted Cash and Investments

Cash, cash equivalents, restricted cash and investments consisted of the following (in thousands):

	Amortized		Gross Unrealized					Estimated		Cash and Cash Equivalents		Short-Term
	Cost		Gains		Losses			Fair Value		and Restricted Cash		Investments
September 30, 2023
Cash at banks	$	5,263	$	—	$	—		$	5,263	$	5,263	$	—
Money market funds		27,975		—		—			27,975		27,975		—
U.S. Treasury securities		19,810		—		(11	)		19,799		—		19,799
Total	$	53,048	$	—	$	(11	)	$	53,037	$	33,238	$	19,799

	Amortized		Gross Unrealized					Estimated		Cash and Cash Equivalents		Short-Term
	Cost		Gains		Losses			Fair Value		and Restricted Cash		Investments
December 31, 2022
Cash at banks	$	15,179	$	—	$	—		$	15,179	$	15,179	$	—
Money market funds		30,834		—		—			30,834		30,834		—
U.S. Treasury securities		41,812		—		(270	)		41,542		—		41,542
Commercial paper		2,488		—		—			2,488		—		2,488
Corporate debt securities		5,703		—		(29	)		5,674		—		5,674
Total	$	96,016	$	—	$	(299	)	$	95,717	$	46,013	$	49,704

Cash and cash equivalents and restricted cash of $33.2 million as of September 30, 2023 and $46.0 million as of December 31, 2022, includes restricted cash of $79,000 and $2.0 million, respectively.

(b) Property and Equipment, Net

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

	September 30, 2023			December 31, 2022
Laboratory equipment	$	13,638		$	12,035
Office and computer equipment		1,105			1,078
Leasehold improvements		4,098			1,760
Construction in progress		27			3,984
Total property and equipment		18,868			18,857
Less: accumulated depreciation		(5,942	)		(3,272	)
Property and equipment, net	$	12,926		$	15,585

Depreciation expense was $1.0 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively, and $2.8 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively. There were no material impairments of the Company’s property and equipment recorded in the nine months ended September 30, 2023, or 2022, respectively.

(c) Right-of-Use Assets, Net

Right-of-use assets, net comprises facilities of $25.8 million and $25.7 million as of September 30, 2023 and December 31, 2022, respectively. 

(d) Intangible Assets, Net

Intangible assets comprise developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful life of 11.75 years for developed technology and 20 years for intellectual property. As of September 30, 2023, developed technology and intellectual property had remaining lives of 6.1 and 4.25 years, respectively. As of September 30, 2023, there have been no indicators of impairment. Intangible assets consist of the following (in thousands):

	September 30, 2023			December 31, 2022
Developed technology	$	5,000		$	5,000
Intellectual property		80			80
Total cost		5,080			5,080
Less: accumulated amortization		(608	)		(60	)
Intangible assets, net	$	4,472		$	5,020

Intangible asset amortization expense for the three months ended September 30, 2023 and 2022, was $0.2 million and $0.3 million, respectively, and for the nine months ended September 30, 2023 and 2022, $0.5 million and $1.0 million respectively.

As of September 30, 2023, the estimated future amortization expense by year is as follows (in thousands):

Year Ending December 31,	Amount
2023 (three months remaining)	$	183
2024		731
2025		731
2026		731
2027		731
Thereafter		1,365
Total	$	4,472

(e) Goodwill

Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, comprises $4.5 million as of September 30, 2023 and December 31, 2022. As of September 30, 2023, there have been no indicators of impairment.

(f) Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

	September 30, 2023		December 31, 2022
Accrued compensation	$	4,573	$	3,112
Accrued clinical and manufacturing expenses		535		2,413
Accrued professional and consulting services		306		691
Other liabilities, current portion		577		1,868
Total	$	5,991	$	8,084