Balance Sheet Details

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

5. Balance 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.