Balance Sheet Details

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

5. Balance Sheet Details

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	79,655	$	81,309
Restricted cash		795		1,015
Total cash, cash equivalents and restricted cash	$	80,450	$	82,324

Restricted cash is included in other non-current assets in the condensed consolidated balance sheets.

Inventories, net

Inventories, net consisted of the following (in thousands):


	September 30, 2023			December 31, 2022
Raw materials	$	17,068		$	16,866
Work-in-process		409			945
Finished goods		11,212			15,245
Total inventory, gross		28,689			33,056
Allowance for excess and obsolete inventory		(6,762	)		(11,583	)
Total inventories, net	$	21,927		$	21,473

Property and Equipment, net

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


	September 30, 2023			December 31, 2022
Laboratory and manufacturing equipment	$	34,676		$	33,329
Leasehold improvements		12,507			12,234
Computer equipment and software		6,148			5,793
Office furniture and fixtures		1,794			1,713
Property and equipment, gross		55,125			53,069
Less accumulated depreciation and amortization		(33,641	)		(29,029	)
Construction-in-progress		3,054			1,612
Property and equipment, net	$	24,538		$	25,652

Accrued Compensation and Related Benefits

Accrued compensation and related benefits, which are included in current liabilities on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Accrued incentive compensation	$	5,580	$	1,170
Accrued vacation		2,710		2,795
Accrued payroll taxes and other		872		1,174
Accrued restructuring		1,261		4,014
Accrued compensation and related benefits	$	10,423	$	9,153

Refer to Note 14 for additional information on restructuring.

Other Accrued Liabilities

Other accrued liabilities, which are included in current liabilities on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Accrued commissions	$	928	$	800
Accrued interest		1,019		318
Accrued legal expenses		1,780		349
Accrued taxes		1,062		1,443
Uninvoiced receipts		1,766		1,078
Accrued warranties		2,111		678
Customer advances		538		577
Accrued restructuring		281		19
Accrued other		714		913
Other accrued liabilities	$	10,199	$	6,175

Deferred Grant Income

In September 2020, the Company executed a contract with the National Institutes of Health (NIH) under NIH’s Rapid Acceleration of Diagnostics program to support the expansion of the Company’s production capacity for its COVID-19 test products. Under the now-completed contract, the Company received $34.0 million of funding from the NIH and used $22.2 million on capital expenditures for their Singapore manufacturing facility. The amortization of the deferred income, which is offset against depreciation, was $0.9 million and $0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $2.7 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively. Cumulative amounts applied against depreciation expense for these assets placed in service were $6.9 million and $4.2 million as of September 30, 2023 and December 31, 2022, respectively, and the carrying values of these assets were $15.3 million and $18.0 million, respectively, as of these same dates.

The current portion of deferred grant income on the Company’s condensed consolidated balance sheets represents amounts expected to be offset against depreciation expense over the next twelve months. The non-current portion of deferred grant income includes amounts expected to be offset against depreciation expense in later periods.