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Condensed Consolidated Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Condensed Consolidated Balance Sheet Components

Condensed Consolidated Balance Sheet Components

5. Condensed Consolidated Balance Sheet Components

Inventory

Inventory is carried at the lower of cost or net realizable value. The following tables show the components of inventory:


	September 30,		December 31,
	2025		2024
Raw materials inventory	$	3,862	$	4,717
Finished goods inventory		3,349		3,927
Work in progress		400		270
Total inventory	$	7,611	$	8,914

The Company reserved $1,447 and $1,771 in inventory allowance as of September 30, 2025 and December 31, 2024, respectively.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life.

Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expense as appropriate.

Property and equipment consisted of the following:


	September 30,		December 31,
	2025		2024
Leasehold improvements	$	14,787	$	14,727
Furniture and equipment		13,223		11,946
Internal-use software		4,635		4,349
Instruments		1,965		2,005
Construction in process		994		272
Accumulated depreciation and amortization		(16,984)		(13,592)
Property and equipment, net	$	18,620	$	19,707

During the nine months ended September 30, 2025 and 2024, the Company transferred $131 and $167, respectively, of instruments previously classified as inventory to property and equipment leased to customers.

For the three months ended September 30, 2025 and 2024, the Company incurred depreciation and amortization expense of property and equipment of $1,057 and $1,066, respectively. For the nine months ended September 30, 2025 and 2024, the Company incurred depreciation and amortization expense of property and equipment of $3,232 and $3,258, respectively.

Intangible Assets

The Company recognizes acquired intangible assets at fair value on the date of acquisition. Intangible assets with finite lives are amortized over their useful lives using the straight-line method. The Company recorded no impairment on its finite-lived intangibles for the three and nine months ended September 30, 2025. The Company did not have acquired intangible assets during the three and nine months ended September 30, 2024.

Intangible assets with finite lives as of September 30, 2025, consist of the following, which have been estimated on a preliminary basis and result from the acquisition of SeQure discussed in Note 8:


		Gross		Accumulated		Net
	Weighted Average Life	Carrying Amount		Amortization		Carrying Amount
Developed technology	15 years	$	471	$	(19)	$	452
Trade names	10 years		176		(11)		165
Customer relationships	7 years		56		(6)		50
Total intangible assets		$	703	$	(36)	$	667

For the three and nine months ended September 30, 2025, the Company incurred amortization expense of intangible assets of $15 and $36, respectively.