Restricted cash as of December 31, 2020 consisted of a $40,000 security deposit for the Company’s corporate purchasing credit card. Restricted cash as of December 31, 2019 consisted of a $0.9 million standby letter of credit provided in lieu of a security deposit for the San Diego Lease (see Note 6).

	December 31,		December 31,
	2020		2019
Raw materials	$	802	$	-
Work-in-process		3,213		1,505
Finished goods		1,998		706
Total inventory, net	$	6,013	$	2,211

As of December 31, 2020, inventory, net includes $0.9 million of the fair value step-up adjustment to Tetraphase’s inventory recorded in connection with the acquisition of Tetraphase (see Note 11). As of December 31, 2020 and December 31, 2019, total inventory is recorded net of inventory reserves of $0.9 million and $0.1 million, respectively.

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

	December 31,		December 31,
	2020		2019
Prepaid manufacturing costs	$	930	$	351
Prepaid clinical costs		820		3,051
Prepaid insurance		505		415
Other prepaid expenses and current assets		1,133		650
Total prepaid expenses and other current assets	$	3,388	$	4,467

	December 31,			December 31,
	2020			2019
Software	$	733		$	733
Computer hardware		310			1,296
Furniture and fixtures		309			2,598
Leasehold improvements		-			14,504
Lab equipment		-			9,665
Total property and equipment, gross		1,352			28,796
Accumulated depreciation and amortization		(1,137	)		(10,407	)
Total property and equipment, net	$	215		$	18,389

The Company recorded a loss of approximately $13.0 million, net of $3.1 million of cash proceeds, in other income (expense), net, related to the disposal of tenant improvements and certain equipment in connection with the terminations of the San Diego and Watertown Leases (see Note 6). The $13.0 million loss is recorded in the consolidated statements of cash flows net of the gain from the terminations of the San Diego and Watertown Leases (see Note 6).

	Weighted-average	December 31,			December 31,
	Years	2020			2019
Technology	10	$	14,000		$	-
Trade name	10		1,520			-
Total intangible assets, gross			15,520			-
Accumulated amortization			(647	)		-
Total intangible assets, net		$	14,873		$	-

The intangible assets were recorded in connection with the acquisition of Tetraphase (see Note 11).

	December 31,		December 31,
	2020		2019
Accrued interest expense on deferred royalty obligation, current portion	$	3,567	$	2,692
Accrued manufacturing costs		627		1,339
Accrued professional fees		660		387
Accrued clinical costs		20		3,496
Accrued other		1,620		1,398
Total accrued expenses	$	6,494	$	9,312

	December 31,		December 31,
	2020		2019
Paycheck Protection Program loan		2,302		-
Fair value of CVRs (see Note 11)		1,810		-
Total other noncurrent liabilities	$	4,112	$	-

On April 22, 2020, Tetraphase entered into a promissory note for $2.3 million under the Paycheck Protection Program (the “PPP Loan”). The interest rate on the PPP Loan is 1.0% per annum. The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration (the “SBA”). The principal amount of the PPP Loan may be forgiven under the Paycheck Protection Program, subject to certain requirements and to the extent that the PPP Loan proceeds are used to pay permitted expenses, including certain payroll, rent and utility payments. The Company intends to apply for forgiveness of the PPP Loan. The Company will be obligated to make monthly payments of principal and interest with respect to any unforgiven portion of the PPP Loan. The obligation to repay the PPP Loan may be accelerated upon the occurrence of an event of default.