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Balance Sheet Components | 9 Months Ended
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Sep. 30, 2025
Disclosure Text Block Supplement [Abstract] |
Balance Sheet Components | 4. Balance Sheet Components Inventory Inventory consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Raw materials | $ | 220 |  |  | $ | 238 |
Work-in-process | 9,989 |  |  | 7,510 |
Finished goods | 1,610 |  |  | 1,362 |
Total inventory | $ | 11,819 |  |  | $ | 9,110 |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Manufacturing equipment | $ | 15,147 |  |  | $ | 14,199 |
Computer and network equipment | 741 |  |  | 602 |
Furniture and fixtures | 113 |  |  | 113 |
Construction in Progress | 739 |  |  | — |
Leasehold improvements | 1,476 |  |  | 1,476 |
Total property and equipment, gross | 18,216 |  |  | 16,390 |
Less: accumulated depreciation | (14,142) |  |  | (13,170) |
Total property and equipment, net | $ | 4,074 |  |  | $ | 3,220 |
For the three months ended September 30, 2025 and 2024, the depreciation expense was $0.4 million and $0.4 million, respectively. For the nine months ended September 30, 2025 and 2024, depreciation expense was $1.1 million and $1.2 million, respectively. Intangible Assets, Net The gross carrying amounts and accumulated amortization of intangible assets are as follows at the dates indicated (in thousands):
| September 30, 2025
| Weighted- Average Life (in years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Internal-use software | 1.3 |  | $ | 4,446 |  |  | $ | (2,300) |  |  | $ | 2,146 |
Total intangible assets |  |  | $ | 4,446 |  |  | $ | (2,300) |  |  | $ | 2,146 |
| December 31, 2024
| Weighted- Average Life (in years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Internal-use software | 2.0 |  | $ | 4,389 |  |  | $ | (973) |  |  | $ | 3,416 |
Total intangible assets |  |  | $ | 4,389 |  |  | $ | (973) |  |  | $ | 3,416 |
For the three months ended September 30, 2025 and 2024, the amortization expense for the intangible assets was $0.4 million and zero, respectively. For the nine months ended September 30, 2025 and 2024, the amortization expense for the intangible assets was $1.3 million and zero, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands):
| September 30 2025 |  | December 31 2024
Payroll-related expenses | $ | 1,969 |  |  | $ | 1,606 |
Inventory | 395 |  |  | 157 |
Other | 616 |  |  | 686 |
Total accrued liabilities | $ | 2,980 |  |  | $ | 2,449 |
Deferred Revenue In March 2025, the Company renewed a contractual arrangement with a customer for the development of a strategic radiation hardened (“RAD-Hard”) field programmable gate array product. The total consideration in the arrangement is $1.2 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the first quarter of 2025. As of September 30, 2025, the Company has billed $0.7 million for performance under the agreement. The Company has recognized an immaterial amount of revenue for the three months ended September 30, 2025, and $0.7 million for the nine months ended September 30, 2025, with an immaterial amount in contract assets on the condensed balance sheets. The Company concluded this contractual arrangement represents one arrangement and evaluated its promises to the customer and whether the performance obligations granted under the arrangement were distinct. The licenses provided to the customer are not transferable, are of limited value without the promised development services, and the customer cannot benefit from the license agreements without the specific obligated services in the development subcontract, as there is strong interdependency between the licenses and the development subcontract. Accordingly, the Company determined the licenses were not distinct within the context of the contract and combined the license with other performance obligations. In January 2025, the Company executed a contractual arrangement with a customer to provide engineering services supporting the customer’s development that uses capabilities of MRAM for in-memory computing. The total consideration in the arrangement is $4.1 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the first quarter of 2025. As of September 30, 2025, the Company has billed $4.1 million for the performance under the agreement and has recognized $0.9 million and $3.1 million in revenue for the three and nine months ended September 30, 2025, with $0.9 million in deferred revenue. The Company concluded that this contractual arrangement represents one arrangement and assessed the nature of the promises made to the customer to determine whether the performance obligations were distinct. The Company determined that the engineering services are not separately identifiable from the promised development services, as the engineering services are highly interrelated with, and dependent upon, the overall development services over the life of the contract. Accordingly, the Company concluded that the engineering services are not distinct within the context of the contract and, therefore, should be combined with the other promised services into a single performance obligation.

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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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