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Supplemental Balance Sheet Information
6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information

5. Supplemental Balance Sheet Information

Inventories

Inventories are stated at the lower of cost or net realizable value on a first-in, first-out basis and are comprised of the following (in thousands):

 

 

 

June 30,
2023

 

 

December 31,
2022

 

Raw materials

 

$

2,704

 

 

$

2,004

 

Work-in-process

 

 

1,090

 

 

 

1,176

 

Finished goods

 

 

543

 

 

 

1,105

 

Total inventories, net

 

$

4,337

 

 

$

4,285

 

Property and Equipment

Property and equipment consist of the following (in thousands):

 

 

 

June 30,
2023

 

 

December 31,
2022

 

Office and computer equipment

 

$

757

 

 

$

757

 

Software

 

 

783

 

 

 

783

 

Laboratory equipment

 

 

5,593

 

 

 

5,570

 

Furniture

 

 

210

 

 

 

197

 

Manufacturing equipment

 

 

1,668

 

 

 

1,454

 

Manufacturing tooling and molds

 

 

494

 

 

 

494

 

T2-owned instruments and components

 

 

4,259

 

 

 

4,052

 

Leased T2-owned instruments

 

 

967

 

 

 

1,014

 

Leasehold improvements

 

 

3,785

 

 

 

3,784

 

Construction in progress

 

 

669

 

 

 

685

 

 

 

19,185

 

 

 

18,790

 

Less accumulated depreciation and amortization

 

 

(14,613

)

 

 

(14,257

)

Property and equipment, net

 

$

4,572

 

 

$

4,533

 

 

Construction in progress is primarily comprised of equipment that has not been placed in service. T2-owned instruments and components is comprised of raw materials and work-in-process inventory that are expected to be used or used to produce T2-owned instruments and completed instruments that will be used for internal research and development, clinical studies and reagent rental agreement with customers. At June 30, 2023 and December 31, 2022, there were $0.9 million and $0.8 million of T2-owned instrument raw materials and work-in-process, respectively. Depreciation expense, a component of cost of product revenue, from instruments under the T2-owned reagent rental pool was immaterial for the three months ended June 30, 2023 and 2022. Depreciation expense, a component of cost of product revenue, from instruments under the T2-owned reagent rental pool was $0.1 million for the six months ended June 30, 2023 and 2022.

Total depreciation expense for T2-owned instruments used for internal research and development and clinical studies is recorded as a component of research and development expense. Depreciation and amortization expense of $0.1 million and $0.2 million was charged to operations for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense of $0.4 million and $0.5 million was charged to operations for the six months ended June 30, 2023 and 2022, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):

 

 

June 30,
2023

 

 

December 31,
2022

 

Accrued payroll and compensation

 

$

2,771

 

 

$

2,930

 

Accrued clinical trial and development expenses

 

 

806

 

 

 

1,097

 

Accrued professional services

 

 

444

 

 

 

1,626

 

Accrued interest

 

 

1,016

 

 

 

1,009

 

Accrued final fee

 

 

4,979

 

 

 

 

Other accrued expenses

 

 

384

 

 

 

607

 

Total accrued expenses and other current liabilities

 

$

10,400

 

 

$

7,269

 

 

Accrued professional services at December 31, 2022 includes a $1.0 million estimated liability related to the Billerica, Massachusetts lease (Note 13).