Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]


4.	Balance Sheet Components

Inventories, net

Inventories, net of reserves of $46,000 and $9,000 as of December 31, 2023 and 2022, respectively, consisted of the following components (in thousands):


	December 31,
	2023		2022
Raw materials	$	919	$	1,056
Work in progress		1,997		3,667
Finished goods		1,365		1,399
Inventories, net	$	4,281	$	6,122

The provision for inventory and write-downs for the years ended December 31, 2023 and 2022 were immaterial.

Accrued expenses and other current liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Accrued payroll and welfare	$	5,790	$	5,038
Supplier reimbursement		2,247		2,474
Accrued expenses - general and administrative		1,190		—
Accrued sales discount		903		748
Accrued professional services		837		—
Employee reimbursement		648		646
Accrued expenses - research and development		161		158
Accrued expenses - selling expenses		44		13
Deferred government grants		40		22
Other accrued liabilities		75		165
Accrued expenses and other current liabilities	$	11,935	$	9,264

Deferred government grants

Deferred government grants represent funds provided by the government for research and development, construction of new facilities, or improvement of existing production facilities. The amount of deferred government grants as of December 31, 2023 and 2022, is net of the amount recognized as government grant income. During the years ended December 31, 2023 and 2022, the Company received $1.1 million and $0.8 million government grants, respectively. During the years ended December 31, 2023 and 2022, the Company recognized $1.0 million and $0.9 million of government grant income within other income in the consolidated statements of operations and comprehensive (loss) income, respectively.

Summarized below are deferred government grants as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Government grants for property and equipment, included in accrued expenses and other current liabilities	$	40	$	22
Current deferred government grants		40		22
Government grants for property and equipment		213		118
Non-current deferred government grants		213		118
Total deferred government grants	$	253	$	140

Property and equipment, net

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


	December 31,
	2023			2022
Buildings	$	12,289		$	10,837
Construction in progress		7,875			4,851
Machinery and electronic devices		6,598			4,880
Furniture and fixtures		606			631
Leasehold improvement		—			334
Motor vehicles		185			174
Property and equipment, gross		27,553			21,707
Less: Accumulated depreciation		(4,265	)		(3,998	)
Property and equipment, net	$	23,288		$	17,709

Depreciation expense was $1.0 million and $0.9 million for each of the years ended December 31, 2023 and 2022, respectively.