Balance Sheet Details

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024
Cash and cash equivalents	$	129,418	$	166,728
Restricted cash		2,588		2,090
Total cash, cash equivalents and restricted cash	$	132,006	$	168,818

Restricted cash of $2.6 million and $2.1 million is included in other non-current assets on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

Accounts Receivable

Accounts receivable consisted of the following (in thousands):


	September 30, 2025			December 31, 2024
Trade receivables	$	13,933		$	15,001
Less: allowance for expected credit losses		(397	)		(260	)
Accounts receivable, net	$	13,536		$	14,741

Inventory

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	12,468	$	13,041
Work-in-process		270		443
Finished goods		12,680		7,260
Total inventory	$	25,418	$	20,744

The Company recorded charges for excess and obsolete inventory of $1.9 million and $2.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Property and Equipment, net

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


	September 30, 2025			December 31, 2024
Laboratory and manufacturing equipment	$	36,287		$	35,405
Leasehold improvements		13,974			13,749
Computer equipment		2,314			6,207
Internal-use software		13,191			—
Office furniture and fixtures		1,672			1,651
Property and equipment, gross		67,438			57,012
Less: accumulated depreciation and amortization		(47,075	)		(40,265	)
Construction-in-progress		375			6,028
Property and equipment, net	$	20,738		$	22,775

Depreciation and amortization expense related to property and equipment was $1.5 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $5.6 million and $3.0 million for the nine months ended September 30, 2025 and 2024, 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, 2025		December 31, 2024
Accrued legal fees	$	6,654	$	2,051
Accrued compensation and related benefits		13,560		10,040
Accrued warranties		889		1,165
Accrued restructuring		6,311		1,581
Uninvoiced receipts		899		1,940
Other		2,497		4,658
Accrued liabilities	$	30,810	$	21,435