Balance Sheet Components (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Summary of Gross Unrealized Gains and Unrealized Losses of Investment Securities Excluding Investments in Money Market Funds |
The following is a summary of the gross unrealized gains and unrealized losses on the Company’s investment securities, excluding investments in money market funds (in thousands):
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March 31, 2024 |
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Amortized
Cost |
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Gross
Unrealized
Holding
Gains |
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Gross
Unrealized
Holding
Losses |
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Aggregate
Fair Value |
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Investment Securities |
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Agency bonds |
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$ |
25,969 |
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|
$ |
14 |
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|
$ |
(11 |
) |
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$ |
25,972 |
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Commercial paper |
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|
7,497 |
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|
|
— |
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|
|
— |
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7,497 |
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Treasury bonds |
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157,984 |
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|
47 |
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(319 |
) |
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|
157,712 |
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Total securities |
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$ |
191,450 |
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|
$ |
61 |
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$ |
(330 |
) |
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$ |
191,181 |
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December 31, 2023 |
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Amortized
Cost |
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|
Gross
Unrealized
Holding
Gains |
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|
Gross
Unrealized
Holding
Losses |
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|
Aggregate
Fair Value |
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Investment Securities |
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|
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Agency bonds |
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$ |
99,076 |
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|
$ |
68 |
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|
$ |
(90 |
) |
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$ |
99,054 |
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Commercial paper |
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|
22,369 |
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|
|
5 |
|
|
|
— |
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|
22,374 |
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Corporate notes |
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|
3,491 |
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— |
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(1 |
) |
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|
3,490 |
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Treasury bonds |
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|
93,312 |
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|
317 |
|
|
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(41 |
) |
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|
93,588 |
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Total securities |
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$ |
218,248 |
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|
$ |
390 |
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|
$ |
(132 |
) |
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$ |
218,506 |
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|
| Summary of Contractual Maturities of Investment Securities |
The contractual maturities of the Company’s investment securities as of March 31, 2024 were as follows (in thousands):
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Amortized Cost |
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Fair Value |
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Amounts maturing within one year |
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$ |
117,853 |
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$ |
117,851 |
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Amounts maturing after one year through five years |
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|
73,597 |
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|
73,330 |
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Total investment securities |
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$ |
191,450 |
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|
$ |
191,181 |
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| Components of Inventories |
Inventories (in thousands)
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March 31, |
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December 31, |
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|
2024 |
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2023 |
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Raw materials |
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$ |
52,994 |
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$ |
64,974 |
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Work in process |
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|
7,205 |
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2,149 |
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Finished goods |
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60,590 |
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51,553 |
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Total inventories |
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$ |
120,789 |
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$ |
118,676 |
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| Schedule of Property and Equipment, Net and Depreciation and Amortization Expense |
Property and Equipment, Net (in thousands)
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March 31, |
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December 31, |
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|
2024 |
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|
2023 |
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Laboratory and manufacturing equipment |
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$ |
15,979 |
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$ |
15,414 |
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Computer equipment and software |
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|
16,302 |
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|
15,451 |
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Internally developed software |
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9,082 |
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8,831 |
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Furniture and fixtures |
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|
4,745 |
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|
4,745 |
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Leasehold improvements |
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10,924 |
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10,924 |
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Construction in process |
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5,391 |
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|
4,865 |
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Total |
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62,423 |
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|
60,230 |
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Less: Accumulated depreciation and amortization |
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(37,715 |
) |
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(35,662 |
) |
Property and equipment, net |
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$ |
24,708 |
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$ |
24,568 |
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The Company recognized depreciation and amortization expense on property and equipment as follows (in thousands):
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Three Months Ended |
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March 31, |
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|
2024 |
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|
2023 |
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Depreciation and amortization expense |
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$ |
2,053 |
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|
$ |
1,541 |
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| Summary of Accrued Liabilities |
Accrued Liabilities (in thousands)
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March 31, |
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December 31, |
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|
2024 |
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|
2023 |
|
Accrued payroll and related expenses |
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$ |
27,705 |
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$ |
31,715 |
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Accrued professional fees |
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|
953 |
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|
2,909 |
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Accrued taxes |
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|
2,081 |
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|
1,482 |
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Accrued clinical and research expenses |
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|
685 |
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|
752 |
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Accrued interest |
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|
1,363 |
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|
1,123 |
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Accrued warranty |
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|
2,003 |
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|
1,531 |
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Accrued other |
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|
4,696 |
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|
5,785 |
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Total accrued liabilities |
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$ |
39,486 |
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$ |
45,297 |
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