v3.24.3
Condensed Consolidated Balance Sheet Components
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Balance Sheet Components Condensed Consolidated Balance Sheet Components
Inventory
Inventory consists of the following (in thousands):
As of
September 30, 2024December 31, 2023
Raw materials$1,085 $2,247 
Work-in-progress10,577 11,780 
Finished goods12,753 10,068 
Total inventory$24,415 $24,095 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
As of
September 30, 2024December 31, 2023
Construction in progress$29,072 $— 
Laboratory equipment9,417 6,470 
Office furniture314 242 
Leasehold improvements843 437 
Servers and workstations350 242 
Property and equipment, gross39,996 7,391 
Less: accumulated depreciation(4,859)(2,679)
Total property and equipment, net$35,137 $4,712 
Depreciation expense for the three months ended September 30, 2024 and 2023 was $0.8 million and $0.4 million, respectively, and $2.2 million and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively. Construction in progress primarily includes production mask costs capitalized relating to the Company’s products and will be placed in service and begin to depreciate when related manufacturing commences.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
As of
September 30, 2024December 31, 2023
Accrued compensation and benefits$23,097 $14,923 
Production mask costs
13,058 — 
Customer deposits10,000 — 
Accrued income taxes8,569 155 
Accrued software license costs6,359 3,224 
Other current liabilities
8,406 10,440 
Total accrued expenses and other current liabilities$69,489 $28,742 
Other Liabilities
Other liabilities consists of the following (in thousands):
As of
September 30, 2024December 31, 2023
Accrued income taxes $3,560 $1,394 
Other
1,853 2,393 
Total other liabilities
$5,413 $3,787