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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 22,384 $ 26,892
Short-term investments 4,505 9,427
Accounts receivable, net of allowances of $121 and $34 as of September 30, 2020 and December 31, 2019 22,653 19,031
Inventories 48,357 49,152
Prepaid expenses and other current assets 10,649 8,703
Total current assets 108,548 113,205
Long-term investments 2,884  
Property, plant and equipment, net 108,295 97,403
Operating lease right-of-use assets 2,702 2,938
Other assets 10,308 9,803
Total assets 232,737 223,349
Current liabilities:    
Accounts payable 12,271 10,098
Accrued liabilities 10,842 11,681
Bank loan 3,380 5,747
Total current liabilities 26,493 27,526
Long-term portion of royalty payments 1,193  
Noncurrent operating lease liabilities 2,415 2,695
Other long-term liabilities 744 366
Total liabilities 30,845 30,587
Commitments and contingencies (Note 12)
Stockholders' equity:    
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of September 30, 2020 and December 31, 2019 (Liquidation preference of $7,301 and $7,169 as of September 30, 2020 and December 31, 2019) 3,532 3,532
Common stock, $0.001 par value; 70,000 shares authorized; 41,135 and 40,632 shares issued and outstanding as of September 30, 2020 and December 31, 2019 41 41
Additional paid-in capital 240,422 236,957
Accumulated deficit (46,609) (47,783)
Accumulated other comprehensive loss (1,992) (4,862)
Total AXT, Inc. stockholders' equity 195,394 187,885
Noncontrolling interests 6,498 4,877
Total stockholders' equity 201,892 192,762
Total liabilities and stockholders' equity $ 232,737 $ 223,349