| Selected balance sheet information |
3. | Selected balance sheet information |
Inventory consists of the following at: | | | | | | | | | March 31, | | December 31, | (in thousands) | | 2026 | | 2025 | Raw material | | $ | 8,413 | | $ | 8,628 | Work-in-process | | | 623 | | | 473 | Finished goods | | | 3,367 | | | 3,104 | | | $ | 12,403 | | $ | 12,205 |
Property and equipment, net consists of the following at: | | | | | | | | | March 31, | | December 31, | (in thousands) | | 2026 | | 2025 | Office furniture and equipment | | $ | 399 | | $ | 512 | Lab equipment | | | 2,679 | | | 3,533 | Computer equipment and software | | | 962 | | | 1,194 | Leasehold improvements | | | 828 | | | 827 | Capital equipment in process | | | 374 | | | 325 | | | | 5,242 | | | 6,391 | Less: Accumulated depreciation and amortization | | | 3,083 | | | 4,148 | | | $ | 2,159 | | $ | 2,243 |
Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation expense was $0.2 for each of the three months ended March 31, 2026 and 2025, respectively. Accrued expenses consist of the following at: | | | | | | | | | March 31, | | December 31, | (in thousands) | | 2026 | | 2025 | Bonuses | | $ | 2,792 | | $ | 5,200 | Accrued interest payable | | | 479 | | | 403 | Paid time off | | | 472 | | | 630 | 401(k) match | | | 418 | | | 1,136 | Operating lease liability, current portion | | | 361 | | | 352 | Customer rebates | | | 313 | | | 801 | Employee stock purchase plan | | | 262 | | | 116 | Taxes | | | 127 | | | 93 | Clinical trial and other professional fees | | | 98 | | | 116 | Other | | | 1,166 | | | 637 | | | $ | 6,488 | | $ | 9,484 |
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