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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components |
4. | Balance Sheet Components
Inventories, net Inventories, net of reserves of $12 thousand and $4 thousand as of March 31, 2025 and December 31, 2024, respectively, consisted of the following components (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Raw materials |  | $ | 1,169 |  |  | $ | 794 |
Work in progress |  |  | 3,428 |  |  |  | 2,929 |
Finished goods |  |  | 3,281 |  |  |  | 2,614 |
Inventories, net |  | $ | 7,878 |  |  | $ | 6,337 |
The provision for inventory and write-downs for the periods ended March 31, 2025 and December 31, 2024 were immaterial. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Withholding individual income tax on Employee Stock Options |  | $ | 4,304 |  | (1) | $ | — |
Accrued payroll and welfare |  |  | 4,234 |  |  |  | 4,765 |
Payable to PPE & intangible asset suppliers |  |  | 3,260 |  |  |  | 1,219 |
Payable to selling expense suppliers |  |  | 2,542 |  |  |  | 900 |
Accrued expenses - general and administrative |  |  | 1,076 |  |  |  | 1,005 |
Accrued sales discount |  |  | 699 |  |  |  | 908 |
Accrued expenses - research and development |  |  | 528 |  |  |  | 57 |
Accrued professional services |  |  | 227 |  |  |  | 667 |
Deferred government grants |  |  | 95 |  |  |  | 95 |
Employee reimbursement |  |  | 3 |  |  |  | 737 |
Other accrued liabilities |  |  | 271 |  |  |  | 262 |
Accrued expenses and other current liabilities |  | $ | 17,239 |  |  | $ | 10,615 |
(1) This amount represents individual income tax withheld on employee stock option exercises, payable to the tax authorities on behalf of employees. Accounts and Note Receivables, Net Accounts and note receivables, net consisted of the following (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Accounts receivable |  | $ | 20,547 |  |  | $ | 19,798 |
Note receivable |  |  | 2,138 |  |  |  | 4,373 |
Allowance for credit losses |  |  | (397 | ) |  |  | (209 | )
Accounts and note receivables, net |  | $ | 22,288 |  |  | $ | 23,962 |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Buildings |  | $ | 19,006 |  |  | $ | 18,980 |
Construction in progress |  |  | 249 |  |  |  | 222 |
Machinery and electronic devices |  |  | 9,495 |  |  |  | 9,442 |
Furniture and fixtures |  |  | 662 |  |  |  | 653 |
Motor vehicles |  |  | 183 |  |  |  | 182 |
Property and equipment, gross |  |  | 29,595 |  |  |  | 29,479 |
Less: Accumulated depreciation |  |  | (6,077 | ) |  |  | (5,599 | )
Property and equipment, net |  | $ | 23,518 |  |  | $ | 23,880 |
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 18.93% equity interest in the partnership. In April 2025, a new investor joined the partnership agreement, and as a result, Gyre Pharmaceuticals’ equity interest was adjusted to 18.35%. 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 March 31, 2025 and December 31, 2024, the Company's total investment into the partnership and the carrying value of the Company’s long-term investment in this affiliate, which was included in “Other assets, noncurrent” on the balance sheet, were $1.7 million and $1.6 million, respectively.

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- 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
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