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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2024
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):
| June 30, |  | December 31,
| 2024 |  | 2023
Cash | $ | 57,273 |  |  | $ | 58,418 |
Cash equivalents: |  |  |
Money market funds | 6,191 |  |  | 25,129 |
Total cash and cash equivalents | $ | 63,464 |  |  | $ | 83,547 |
Inventory Inventory consists of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Raw materials | $ | 3,032 |  |  | $ | 2,924 |
Work in process | 387 |  |  | 427 |
Finished goods | 15,861 |  |  | 15,972 |
Total inventory | $ | 19,280 |  |  | $ | 19,323 |
Reported as: |  |  |
Inventory | $ | 16,980 |  |  | $ | 16,743 |
Long-term inventory | 2,300 |  |  | 2,580 |
Total inventory | $ | 19,280 |  |  | $ | 19,323 |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Prepaid expenses | $ | 1,996 |  |  | $ | 1,910 |
Prepaid insurance | 424 |  |  | 906 |
VAT and other receivable | 700 |  |  | 915 |
Other current assets | 177 |  |  | 504 |
Total prepaid expenses and other current assets | $ | 3,297 |  |  | $ | 4,235 |
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 June 30, 2024 and December 31, 2023, the Company has capitalized less than $0.1 million and $0.1 million in implementation costs, net of amortization, respectively. The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, which are generally three years. As of June 30, 2024, the capitalized costs of less than $0.1 million were included in prepaid expenses and other current assets. Amortization expense, which was included in selling, general and administrative expenses, was less than $0.1 million and $0.1 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $0.1 million and $0.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Property and Equipment, Net Property and equipment, net consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Machinery and equipment | $ | 2,352 |  |  | $ | 2,271 |
Computer equipment and software | 2,476 |  |  | 1,872 |
Furniture and fixtures | 295 |  |  | 264 |
Leasehold improvements | 2,277 |  |  | 2,277 |
Construction in progress | 1,002 |  |  | 2,199 |
Total | 8,402 |  |  | 8,883 |
Less: accumulated depreciation | (5,572) |  |  | (4,855) |
Property and equipment, net | $ | 2,830 |  |  | $ | 4,028 |
In the second quarter of 2024, the Company recorded a non-cash impairment charge of $1.7 million related to certain previously capitalized software development costs that reduced the carrying value of those assets to zero. The impairment charge was recorded in research and development expenses on the Company’s condensed consolidated statements of operations and comprehensive loss. This impairment charge was primarily driven by the Company’s strategic decision to adopt a more cost-efficient solution in place of completing the development of the internally developed software. Depreciation expense was $0.3 million for each of the three months ended June 30, 2024 and June 30, 2023. Depreciation expense was $0.7 million for each of the six months ended June 30, 2024 and June 30, 2023. Goodwill Goodwill was $2.3 million as of June 30, 2024 and December 31, 2023. There were no acquisitions or dispositions of goodwill in the six months ended June 30, 2024 and June 30, 2023. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through June 30, 2024, there have been no events or changes in circumstances that indicated that the carrying value of goodwill may not be recoverable. As a result, no impairment charge was recorded during the six months ended June 30, 2024. Intangible Assets Amortization expense relating to intangibles was $0 and less than $0.1 million during each of the three months ended June 30, 2024 and June 30, 2023, respectively. Amortization expense relating to intangibles was less than $0.1 million and $0.1 million during each of the six months ended June 30, 2024 and June 30, 2023, respectively. The intangible assets were fully amortized as of June 30, 2024. Intangible assets as of December 31, 2023 consist of the following (in thousands):
| December 31, 2023
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Developed technology | $ | 1,658 |  |  | $ | (1,630) |  |  | $ | 28 |
Trademarks | 191 |  |  | (188) |  |  | 3 |
Total intangible assets | $ | 1,849 |  |  | $ | (1,818) |  |  | $ | 31 |
Accrued Liabilities Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Accrued employee bonuses and commissions | $ | 3,682 |  |  | $ | 7,875 |
Accrued vacation | 2,579 |  |  | 2,400 |
Other accrued personnel related expenses | 2,298 |  |  | 2,859 |
Accrued professional fees | 2,003 |  |  | 1,705 |
Sales taxes, franchise tax and VAT | 772 |  |  | 763 |
Other | 449 |  |  | 632 |
Total accrued liabilities | $ | 11,783 |  |  | $ | 16,234 |

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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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