XML 20 R12.htm IDEA: XBRL DOCUMENT
v3.24.3

Balance Sheet Components | 9 Months Ended
--- | ---
Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components |
4. | Balance Sheet Components
Inventories, net Inventories, net of reserves of $5,000 and $46,000 as of September 30, 2024 and December 31, 2023, respectively, consisted of the following components (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 1,039 |  |  | $ | 919 |
Work in progress |  |  | 3,537 |  |  |  | 1,997 |
Finished goods |  |  | 1,803 |  |  |  | 1,365 |
Inventories, net |  | $ | 6,379 |  |  | $ | 4,281 |
The provision for inventory and write-downs for the periods ended September 30, 2024 and December 31, 2023 were immaterial. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Accrued payroll and welfare |  | $ | 4,914 |  |  | $ | 5,790 |
Accrued expenses - selling expenses |  |  | 1,054 |  |  |  | 44 |
Supplier reimbursement |  |  | 1,351 |  |  |  | 2,247 |
Accrued expenses - general and administrative |  |  | 924 |  |  |  | 1,190 |
Accrued sales discount |  |  | 879 |  |  |  | 903 |
Accrued expenses - research and development |  |  | 215 |  |  |  | 161 |
Deferred government grants |  |  | 40 |  |  |  | 40 |
Employee reimbursement |  |  | 14 |  |  |  | 648 |
Accrued professional services |  |  | — |  |  |  | 837 |
Other accrued liabilities |  |  | 162 |  |  |  | 75 |
Accrued expenses and other current liabilities |  | $ | 9,553 |  |  | $ | 11,935 |
Accounts and Note Receivables, Net Accounts and note receivables, net consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Accounts receivable |  | $ | 19,538 |  |  | $ | 15,204 |
Note receivable |  |  | 91 |  |  |  | 389 |
Allowance for credit losses |  |  | (142 | ) |  |  | (41 | )
Accounts and note receivables, net |  | $ | 19,487 |  |  | $ | 15,552 |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Buildings |  | $ | 19,122 |  |  | $ | 12,289 |
Construction in progress |  |  | 388 |  |  |  | 7,875 |
Machinery and electronic devices |  |  | 9,400 |  |  |  | 6,598 |
Furniture and fixtures |  |  | 668 |  |  |  | 606 |
Motor vehicles |  |  | 187 |  |  |  | 185 |
Property and equipment, gross |  |  | 29,765 |  |  |  | 27,553 |
Less: Accumulated depreciation |  |  | (5,323 | ) |  |  | (4,265 | )
Property and equipment, net |  | $ | 24,442 |  |  | $ | 23,288 |
Long-Term Investment Measured Under Equity Method On June 28, 2024, Gyre Pharmaceuticals entered into a partnership agreement as a limited partner with other investors and is obligated to pay $4.2 million for an 18.90% equity interest in the partnership. Pursuant to the partnership agreement, Gyre Pharmaceuticals, as a limited partner, shall not participate in any activities related to the management of the investment business. However, Gyre Pharmaceuticals may appoint a member to the advisory committee of the partnership. As of September 30, 2024, the Company's total investment into the partnership and the carrying value of the Company’s long-term investment in this affiliate was $1.7 million and $1.7 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_BalanceSheetRelatedDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration