Balance Sheet Components

9 Months Ended

Sep. 30, 2021

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):

	September 30, 2021		December 31, 2020
Cash	$	2,300	$	869
Cash equivalents:
Money market funds(1)	219,276		10,493
Total cash and cash equivalents	$	221,576	$	11,362

(1)The Company maintains a cash sweep account which is included in money market funds as of September 30, 2021. Cash is invested in the short-term money market funds, which is a cash sweep for uninvested cash that earns interest.

Restricted Cash

Restricted cash consists of certificates of deposit held by a bank as security for outstanding letters of credit. The Company had a restricted cash balance of $2.0 million and $1.3 million as of September 30, 2021 and December 31, 2020, respectively, which has been excluded from the Company’s cash and cash equivalents balances. The Company presented $1.0 million and $0.3 million of the total amount of restricted cash within current assets on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively. The remaining restricted cash balance of $1.0 million and $1.0 million is included in non-current assets on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively.

Reconciliation of cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows to the respective accounts within the condensed consolidated balance sheet is as follows (in thousands):

	September 30, 2021		September 30, 2020
Cash and cash equivalents	$	221,576	$	18,367
Restricted cash, current	1,008		276
Restricted cash, non-current	1,004		1,280
Total cash, cash equivalents and restricted cash	$	223,588	$	19,923

Inventory

Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):

	September 30, 2021		December 31, 2020
Raw materials	$	2,269	$	1,376
Work in process	2,165		1,249
Finished goods	2,068		2,192
Total inventory	$	6,502	$	4,817

Total inventory balance as of September 30, 2021 and December 31, 2020 includes a write down of $2.6 million and $2.7 million, respectively, for obsolete, scrap, or returned inventory. During the three months ended September 30, 2021 and 2020, $0.7 million and $0 million of inventory write offs were charged to cost of revenue. During the nine months ended September 30, 2021 and 2020, respectively, $0.9 million and $1.2 million of inventory write offs were charged to cost of revenue.

Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following (in thousands):

	September 30, 2021		December 31, 2020
Prepaid insurance	$	3,473	$	206
Prepaid expenses	1,583		694
Receivable from contract manufacturer	53		1,521
Security deposit	1,179		20
Total prepaid and other current assets	$	6,288	$	2,441

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):

	September 30, 2021		December 31, 2020
Customer deposits	$	48	$	71
Accrued compensation	2,640		1,618
Uninvoiced receipts	7,726		1,947
Other	1,024		485
Total accrued and other current liabilities	$	11,438	$	4,121