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Balance Sheet Details | 9 Months Ended
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Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Details | 5. Bala nce Sheet Details Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Cash and cash equivalents |  | $ | 210,647 |  |  | $ | 51,704 |
Restricted cash |  |  | 1,291 |  |  |  | 795 |
Total cash, cash equivalents and restricted cash |  | $ | 211,938 |  |  | $ | 52,499 |
Restricted cash of $1.3 million and $0.8 million is included in other non-current assets on the condensed consolidated balance sheets as of September 30, 2024, and December 31, 2023, respectively. Accounts Receivable Accounts receivable consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Trade receivables |  | $ | 35,337 |  |  | $ | 19,972 |
Royalty receivable, current |  |  | 435 |  |  |  | — |
Other receivables |  |  | 173 |  |  |  | — |
Less: allowance for expected credit losses |  |  | (628 | ) |  |  | (312 | )
Accounts receivable, net |  | $ | 35,317 |  |  | $ | 19,660 |
Inventory Inventory consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 49,953 |  |  | $ | 12,140 |
Work-in-process |  |  | 1,558 |  |  |  | 282 |
Finished goods |  |  | 9,082 |  |  |  | 8,111 |
Total inventory |  |  | 60,593 |  |  |  | 20,533 |
Inventory, current |  |  | 42,644 |  |  |  | 20,533 |
Inventory, non-current (1) |  | $ | 17,949 |  |  | $ | — |
(1) The value of inventory that is not expected to be used within 12 months of the balance sheet date is classified as non-current inventory on the condensed consolidated balance sheets. The Company recorded charges for excess and obsolete inventory of $0.1 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $2.0 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively. Property and Equipment, net Property and equipment, net consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Laboratory and manufacturing equipment |  | $ | 59,785 |  |  | $ | 35,563 |
Leasehold improvements |  |  | 17,400 |  |  |  | 13,785 |
Computer equipment |  |  | 7,845 |  |  |  | 6,232 |
Internal-use software |  |  | 16,870 |  |  |  | — |
Office furniture and fixtures |  |  | 3,482 |  |  |  | 1,762 |
Property and equipment, gross |  |  | 105,382 |  |  |  | 57,342 |
Less accumulated depreciation and amortization |  |  | (69,623 | ) |  |  | (35,489 | )
Construction-in-progress |  |  | 6,223 |  |  |  | 2,334 |
Property and equipment, net |  | $ | 41,982 |  |  | $ | 24,187 |
Depreciation and amortization expense was $3.2 million and $1.2 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation and amortization expense was $9.4 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively. Accrued Liabilities Accrued liabilities, which are included in current liabilities on the condensed consolidated balance sheets consisted of the following (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Accrued compensation and related benefits |  | $ | 14,390 |  |  | $ | 12,052 |
Loss contingency accruals |  |  | 4,262 |  |  |  | — |
Accrued warranties |  |  | 1,874 |  |  |  | 2,593 |
Accrued restructuring |  |  | 2,541 |  |  |  | 825 |
Uninvoiced receipts |  |  | 1,354 |  |  |  | 1,516 |
Other |  |  | 7,265 |  |  |  | 4,033 |
Accrued liabilities |  | $ | 31,686 |  |  | $ | 21,019 |
Refer to Note 16 for additional information on restructuring. Deferred Grant Income In September 2020, the Company executed a contract with the National Institutes of Health ("NIH") under NIH’s Rapid Acceleration of Diagnostics program to support the expansion of the Company’s production capacity for its COVID-19 test products. Under the now-completed contract, the Company received $34.0 million of funding from the NIH and used $22.2 million on capital expenditures for its Singapore manufacturing facility. The amortization of the deferred income, which is offset against depreciation, was $0.9 million for each of the three months ended September 30, 2024 and 2023, and $2.7 million for each of the nine months ended September 30, 2024 and 2023. Cumulative amounts applied against depreciation expense for these assets placed in service were $10.5 million and $7.8 million as of September 30, 2024 and December 31, 2023, respectively, and the carrying values of these assets were $11.7 million and $14.4 million as of these same dates, respectively. The current portion of deferred grant income on the Company’s condensed consolidated balance sheets represents amounts expected to be offset against depreciation expense over the next twelve months. The non-current portion of deferred grant income includes amounts expected to be offset against depreciation expense in later periods.

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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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