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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following (in thousands):
| December 31,
| 2022 |  | 2021
Cash | $ | 97,089 |  |  | $ | 141,239 |
Cash equivalents: |  |  |
Money market funds | 4,647 |  |  | 831 |
Commercial paper | — |  |  | 2,000 |
Corporate bonds | — |  |  | 4,410 |
Total cash and cash equivalents | $ | 101,736 |  |  | $ | 148,480 |
Inventory Inventory consists of the following (in thousands):
| December 31,
| 2022 |  | 2021
Raw materials | $ | 3,820 |  |  | $ | 3,738 |
Work in process | 386 |  |  | 518 |
Finished goods | 15,641 |  |  | 12,029 |
Total inventory | $ | 19,847 |  |  | $ | 16,285 |
Reported as: |  |  |
Inventory | $ | 14,564 |  |  | $ | 16,285 |
Long-term inventory | 5,283 |  |  | — |
Total inventory | $ | 19,847 |  |  | $ | 16,285 |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
| December 31,
| 2022 |  | 2021
Prepaid expenses | $ | 2,044 |  |  | $ | 1,869 |
Prepaid insurance | 1,407 |  |  | 2,305 |
VAT and other receivable | 602 |  |  | 362 |
Other current assets | 290 |  |  | 347 |
Total prepaid expenses and other current assets | $ | 4,343 |  |  | $ | 4,883 |
Capitalized Implementation Costs of a Hosting Arrangement The Company has several software systems that are cloud-based hosting arrangements with service contracts. The Company accounts for costs incurred in connection with the implementation of these various software systems under ASU 2018-15, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350–40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The Company expenses all costs (internal and external) that are incurred in the planning and post-implementation operation stages. As of December 31, 2022, the Company has capitalized approximately $0.5 million of implementation costs, net of amortization. As of December 31, 2021, the Company did not capitalize expenses in implementation costs. The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, which are generally three years. As of December 31, 2022, approximately $0.3 million and $0.2 million capitalized costs were included in prepaid expenses and other current assets, and other long-term assets, respectively. Amortization expense, which was included in selling, general and administrative expenses, was $0.2 million and $0 for the years ended December 31, 2022 and December 31, 2021, respectively. Property and Equipment, Net Property and equipment, net consist of the following (in thousands):
| December 31,
| 2022 |  | 2021
Machinery and equipment | $ | 2,112 |  |  | $ | 1,635 |
Computer equipment and software | 1,773 |  |  | 1,561 |
Furniture and fixtures | 263 |  |  | 252 |
Leasehold improvements | 2,277 |  |  | 2,277 |
Construction in progress | 1,825 |  |  | 1,332 |
Total | 8,250 |  |  | 7,057 |
Less: accumulated depreciation | (3,556) |  |  | (2,243) |
Property and equipment, net | $ | 4,694 |  |  | $ | 4,814 |
Depreciation expense for the years ended December 31, 2022 and December 31, 2021 was $1.4 million and $0.7 million, respectively. Goodwill Goodwill was $2.3 million as of December 31, 2022 and December 31, 2021 arising from the Company’s acquisition of Emphasys Medical, Inc, in March 2009. No goodwill impairment losses have been recognized since the acquisition. There were no acquisitions or dispositions of goodwill in 2022 and 2021. The Company performed an annual test for goodwill impairment in the fourth quarter of the fiscal years ended December 31, 2022 and December 31, 2021 and determined that goodwill was not impaired. Intangible Assets Intangible assets consist of the following (in thousands):
| December 31, 2022
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Developed technology | $ | 1,658 |  |  | $ | (1,520) |  |  | $ | 138 |
Trademarks | 191 |  |  | (175) |  |  | 16 |
Total intangible assets | $ | 1,849 |  |  | $ | (1,695) |  |  | $ | 154 |
| December 31, 2021
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Developed technology | $ | 1,658 |  |  | $ | (1,410) |  |  | $ | 248 |
Trademarks | 191 |  |  | (162) |  |  | 29 |
Total intangible assets | $ | 1,849 |  |  | $ | (1,572) |  |  | $ | 277 |
Amortization expense relating to the intangibles totaled $0.1 million during each of the years ended on December 31, 2022 and 2021. Future amortization expense is as follows (in thousands):
Year Ending December 31, |
2023 | $ | 123 |
2024 | 31 |
Total amortization expense | $ | 154 |
Accrued Liabilities Accrued liabilities consist of the following (in thousands):
| December 31,
| 2022 |  | 2021
Accrued employee bonuses and commissions | $ | 4,973 |  |  | $ | 4,741 |
Accrued vacation | 2,113 |  |  | 1,850 |
Other accrued personnel related expenses | 2,513 |  |  | 2,145 |
Accrued professional fees | 2,366 |  |  | 2,420 |
Sales taxes, franchise tax and VAT | 627 |  |  | 730 |
Liability for early exercise of stock options | 145 |  |  | 399 |
Accrued inventory purchases | 167 |  |  | 258 |
Other | 372 |  |  | 823 |
Total accrued liabilities | $ | 13,276 |  |  | $ | 13,366 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI https://asc.fasb.org/topic&trid=2122208 + Details
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