FINANCIAL STATEMENT COMPONENTS

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

FINANCIAL STATEMENT COMPONENTS

7. FINANCIAL STATEMENT COMPONENTS

The following financial statement components have significant balances as of March 31, 2024.

Restricted Cash

During the quarter ended March 31, 2024, Restricted cash, current decreased by $3.3 million as that amount was released from escrow in connection with the Asset Purchase Agreement with Ibeo. In addition, Restricted cash, net of current portion increased by approximately $1.0 million related to cash that is held as collateral for a Hamburg, Germany lease.

Inventory

Inventory consists of the following:

	March 31,		December 31,
(in thousands)	2024		2023
Raw materials	$	1,709	$	1,574
Work in process		-		305
Finished goods		2,029		1,995
	$	3,738	$	3,874

Inventory is computed using the first-in, first-out (FIFO) method and is stated at the lower of cost and net realizable value. Management periodically assesses the need to account for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required.

Property and equipment

Property and equipment consists of the following:

	March 31,			December 31,
(in thousands)	2024			2023
Production equipment	$	6,140		$	6,140
Leasehold improvements		3,962			3,843
Computer hardware and software/lab equipment		12,200			12,149
Office furniture and equipment		5,235			5,367
		27,537			27,499
Less: Accumulated depreciation		(18,988	)		(18,467	)
	$	8,549		$	9,032

Depreciation expense was $0.6 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.

Intangible assets

The components of intangible assets were as follows:

	Gross				Net		Weighted Average
As of March 31, 2024	Carrying		Accumulated		Carrying		Remaining
(in thousands)	Amount		Amortization		Amount		Period (Years)
Acquired technology	$	20,172	$	3,510	$	16,662		11
Backlog		26		26		-		-
	$	20,198	$	3,536	$	16,662

	Gross				Net		Weighted Average
As of December 31, 2023	Carrying		Accumulated		Carrying		Remaining
(in thousands)	Amount		Amortization		Amount		Period (Years)
Acquired technology	$	20,172	$	2,940	$	17,232		12
Backlog		26		23		3		-
	$	20,198	$	2,963	$	17,235

Amortization expense was $0.6 million and $0.4 million during the three months ended March 31, 2024 and 2023, respectively.

The following table outlines our estimated future amortization expense related to intangible assets held at March 31, 2024 by line item on the statement of operations (in thousands):

			Research and
	Cost of		Development
Years Ended December 31,	Revenue		Expense		Total
2024 (remainder of the year)	$	1,161	$	396	$	1,557
2025		1,548		53		1,601
2026		1,548		24		1,572
2027		1,508		-		1,508
Thereafter		10,424		-		10,424
	$	16,189	$	473	$	16,662