Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

6. Balance Sheet Components

Cash and Cash Equivalents

The Company’s cash and cash equivalents consisted of the following (in thousands):

	September 30,		December 31,
	2023		2022
Cash	$	4,540	$	3,262
Cash equivalents:
Money market funds		2,738		13,141
Commercial paper		—		323
Corporate debt		—		2,197
Yankee CD		—		550
Total cash and cash equivalents	$	7,278	$	19,473

There were no changes to cash pledged to SVB for the nine months ended September 30, 2022. During the nine months ended September 30, 2023, $0.9 million of pledged cash was released by SVB.

Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):

	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	44,811	$	—	$	(86	)	$	44,725
Commercial paper		2,851		—		(5	)		2,846
Corporate debt		27,484		18		(23	)		27,479
Asset-backed securities		29,188		12		(59	)		29,141
Yankee CD		10,699		1		(6	)		10,694
Total marketable securities - short-term	$	115,033	$	31	$	(179	)	$	114,885

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	16,472	$	11	$	(40	)	$	16,443
Corporate debt		23,376		31		(35	)		23,372
Asset-backed securities		13,892		27		(23	)		13,896
Yankee CD		8,066		10		(8	)		8,068
Total marketable securities - short-term	$	61,806	$	79	$	(106	)	$	61,779

As of September 30, 2023, there were no available-for-sale securities with unrealized losses greater than 12 months. There was not an allowance for credit losses required as of September 30, 2023 and December 31, 2022.

Property and equipment, net

The Company’s property and equipment, net consisted of the following (in thousands):

	September 30,			December 31,
	2023			2022
Furniture and fixtures, and equipment	$	2,467		$	1,577
Construction in progress		649			705
Machinery and equipment		2,392			928
Capitalized surgical equipment		12,867			9,248
Computer equipment		928			571
Leasehold improvements		9,325			6,434
Software		138			138
Total property and equipment		28,766			19,601
Less: accumulated depreciation and amortization		(7,230	)		(4,263	)
Property and equipment, net	$	21,536		$	15,338

Depreciation and amortization expense on property and equipment was $1.4 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation and amortization expense on property and equipment was $3.4 million and $1.2 million for the nine months ended September 30, 2023 and 2022, respectively.

Accrued liabilities

Accrued liabilities consist of the following (in thousands):

	September 30,		December 31,
	2023		2022
Accrued royalties expense	$	1,683	$	2,299
Accrued interest		398		412
Accrued professional services		899		1,727
Accrued compensation expense for RPM-3D earn-out		1,828		—
Other accrued expense		4,128		1,778
Total accrued liabilities	$	8,936	$	6,216

Other liabilities

Other liabilities consist of the following (in thousands):

	September 30,		December 31,
	2023		2022
Current portion of operating lease liabilities	$	1,178	$	339
Contingent consideration		2,901		—
Payable to broker		1,100		—
Other		11		—
Total other liabilities	$	5,190	$	339