5. Balance Sheet Details

Inventories

Inventories consist of the following (in thousands):

 Schedule of Inventories

Prepaid and Other Current Assets

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

 Schedule of Prepaid and Other Current Assets

Property and Equipment, Net

Property and equipment, net, consists of the following (in thousands):

 Schedule of Property and Equipment Net

Depreciation expense for property and equipment was immaterial in each of the three months ended March 31, 2026 and 2025, respectively.

Intangible Asset, Net

Intangible asset, net, consists of the following (in thousands):

 Schedule of Intangible Assets, Net

The intangible asset relates entirely to the asset acquired with the SOLOSEC asset acquisition and as described further in Note 7 – Commitments and Contingencies, the useful life is based on the SOLOSEC IP patent expiration. Amortization expense was $0.1 million and $0.2 million in the three months ended March 31, 2026 and 2025, respectively. Amortization expense is expected to be immaterial for the remainder of 2026 and approximately $0.1 million in each subsequent year until the intangible asset is fully amortized, which will be in approximately 14.2 years. As described in Note 2 – Summary of Significant Accounting Policies, the intangible asset value is adjusted at each reporting date in conjunction with the mark-to-market adjustment of the contingent liabilities, which could impact the expected amortization. The intangible asset fair value was reduced by $3.5 million and $2.9 million in the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):

 Schedule of Accrued Expenses

Other current liabilities

Other current liabilities consist of the following (in thousands):

 Schedule of Other Current Liabilities