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Balance Sheet Components

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Balance Sheet Components

Balance Sheet Components

6.Balance Sheet Components

Inventory

Inventories consists of the following (in thousands):


	March 31,		December 31,
	2024		2023
Raw materials	$	414	$	448
Work-in-process		498		601
Finished goods		872		437
Total inventory	$	1,784	$	1,486

There were no write-downs of inventory into cost of net revenues for the three months ended March 31, 2024 and 2023.

Prepaid expenses and other assets

Prepaid expenses and other assets consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Prepaid expenses	$	3,345	$	433
Prepaid inventory		1,429		279
Lease deposit		413		434
Other receivables and current assets		279		117
IPO expenses		—		1,643
Prepaid expenses and other current assets	$	5,466	$	2,906

Accrued and other current liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Payroll and related expenses	$	9,830	$	9,880
Accrued payables		7,853		6,319
Other taxes payable		3,399		158
Current portion of interest payable		3,395		6,915
Professional fees		444		499
Royalty and license fee		60		58
Product warranty		64		55
Other		107		72
Accrued and other current liabilities	$	25,152	$	23,956

3.	Balance Sheet Components

Inventory

Inventory as of December 31, 2023 and 2022 consists of the following:


(in thousands)	2023		2022
Raw materials	$	448	$	182
Work-in-process		601		891
Finished goods		437		2,407
	$	1,486	$	3,480

Prepaid expenses and other assets

Prepaid expenses and other assets as of December 31, 2023 and 2022 consist of the following:


(in thousands)	2023		2022
IPO expenses	$	1,643	$	—
Intellectual property rights		761		861
Lease deposit		554		555
Prepaid expenses		433		799
Prepaid inventory		279		1,310
Other receivables		105		102
Costs incurred to fulfill a contract		12		39
		3,787		3,666
Less: Non-current assets		(881)		(993)
Prepaid expenses and other current assets	$	2,906	$	2,673

Property and equipment, net

Property and equipment, net as of December 31, 2023 and 2022 consists of the following:


(in thousands)	2023		2022
Production equipment	$	14,887	$	14,800
IT equipment		1,127		1,212
Furniture and fixtures		784		799
Leasehold improvements		293		388
Fixed assets in process		—		39
Total property and equipment		17,091		17,238
Less: accumulated depreciation and amortization		(16,319)		(16,127)
	$	772	$	1,111

Depreciation expense was approximately $640,000 and $518,000 for the years ended December 31, 2023 and 2022, respectively.

3.Balance Sheet Components, continued

Leases

The Company is obligated under finance leases covering certain IT equipment that expire at various dates during the next year.

The Company also has several noncancellable operating leases, primarily for office equipment and office space that expire over the next four years. The office space leases generally contain renewal options for periods ranging from two to four years. Due to the Company’s reasonable certainty regarding the exercise of these renewal options for the Korea office lease, the options have been considered in determining the lease term. Consequently, any associated potential option payments are included in lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.

Payments due under the lease contracts include fixed payments plus, for many of the Company’s leases, variable payments. For office space leases, variable payments include payments for the Company’s proportionate share of the building’s property taxes, insurance, and common area maintenance. For office equipment leases for which the Company has elected not to separate lease and non-lease components, maintenance services are provided by the lessor at a fixed cost and are included in the fixed lease payments for the single, combined lease component. The Company also elected to discount its office equipment lease liabilities using a risk-free rate.

The components of lease expense for the years ended December 31, 2023 and 2022 were as follows:


(in thousands)	2023		2022
Operating lease expense	$	772	$	733
Finance lease expense
Amortization of right of use assets		14		18
Interest on lease liabilities		1		2
Total finance lease expense		15		20
	$	787	$	753

Other information related to leases for the years ended December 31, 2023 and 2022 was as follows:


(in thousands)	2023			2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operations for operating leases	$	766		$	770
Cash used in operations for finance leases		1			2
Payments made on finance leases		17			24
ROU assets obtained in exchange for lease obligations:
Operating leases		1,476			826
Weighted average remaining lease term:
Operating leases		2.25 years			3.57 years
Finance leases		—			0.90 years
Weighted average discount rate:
Operating leases		4.66	%		4.00	%
Finance leases		—			9.70	%

3.Balance Sheet Components, continued

Leases, continued

Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments.

Maturities of lease liabilities under noncancellable leases as of December 31, 2023 are as follows:


	Operating
(in thousands)	leases
2024	$	743
2025		712
2026		169
Total undiscounted lease payments		1,624
Less: imputed interest		(94)
Total lease liabilities	$	1,530

Intangibles, net

Intangibles, net as of December 31, 2023 and 2022 consist of the following:


(in thousands)	2023		2022
Intellectual properties	$	1,118	$	943
Intangible assets in process		—		180
Total acquired intangibles		1,118		1,123
Less: accumulated amortization		(873)		(451)
	$	245	$	672

Amortization expense was approximately $422,000 and $147,000 for the years ended December 31, 2023 and 2022, respectively.

Accrued and other current liabilities

Accrued and other current liabilities as of December 31, 2023 and 2022 consist of the following:


(in thousands)	2023		2022
Payroll and related expenses	$	10,038	$	6,635
Accrued payables		6,319		2,233
Royalty and license fee		58		37
Professional fees		499		479
Current portion of interest payable		6,915		2,944
Product warranty		55		64
Other		72		104
	$	23,956	$	12,496

3.Balance Sheet Components, continued

Other liabilities

Other liabilities as of December 31, 2023 and 2022 consist of the following:


(in thousands)	2023		2022
Severance payments liability	$	92	$	76
Interest payable		16		—
	$	108	$	76