Balance Sheets Details

6 Months Ended

Jun. 30, 2023

Cash Equivalents

Cash equivalents as of June 30, 2023 and December 31, 2022, consisted of the following (in thousands):


	June 30, 2023				December 31, 2022
	Adjusted Cost		Estimated Fair Value		Adjusted Cost		Estimated Fair Value
Money market funds (1)	$	80,109	$	80,109	$	77,309	$	77,309

(1) Money market funds are classified in cash and cash equivalents on our unaudited condensed consolidated balance sheets. Average contractual maturities (in days) is not applicable.

As of June 30, 2023, the total cash and cash equivalents balance of $92.1 million consisted of money market funds of $80.1 million and cash of $12.0 million held with major financial institutions. As of December 31, 2022, the total cash and cash equivalents balance of $114.0 million consisted of money market funds of $77.3 million and cash of $36.7 million held with major financial institutions.

Inventories

Inventories consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Raw materials	$	108	$	108
Work-in-process	6		91
Finished goods	1,938		1,830
Total Inventories	$	2,052	$	2,029

Inventories are recorded net of reserves of $1.2 million as of June 30, 2023 and December 31, 2022.

Property and Equipment, net

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


	June 30, 2023		December 31, 2022
Laboratory equipment	$	40,813	$	39,679
Leasehold improvements	16,771		16,633
Computer equipment and software	3,090		3,039
Office equipment and furniture	1,360		1,345
Construction in progress	3,763		1,739
Property and equipment	65,797		62,435
Less: accumulated depreciation and amortization	(42,472)		(39,821)
Property and equipment, net	$	23,325	$	22,614

Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Depreciation expense	$	1,480	$	1,341	$	2,946	$	2,556

Goodwill

Goodwill had a carrying value of $3.2 million as of June 30, 2023 and December 31, 2022.

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Accrued professional and outside service fees	$	3,296	$	3,495
Accrued purchases	2,884		10,852
Other	821		932
Total other accrued liabilities	$	7,001	$	15,279