Balance Sheet Components

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of the following (in thousands):


	June 30,		December 31,
	2026		2025
Cash	$	55,293	$	68,713
Cash equivalents:
Money market funds	550		1,038
Total cash and cash equivalents	$	55,843	$	69,751

Inventory consists of the following (in thousands):


	June 30,		December 31,
	2026		2025
Raw materials	$	4,303	$	4,872
Work in process	781		529
Finished goods	15,109		14,048
Total inventory	$	20,193	$	19,449
Reported as:
Inventory	$	16,390	$	15,845
Long-term inventory	3,803		3,604
Total inventory	$	20,193	$	19,449

Prepaid Expenses and Other Current Assets

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


	June 30,		December 31,
	2026		2025
Prepaid expenses	$	2,473	$	1,927
Prepaid insurance	409		749
VAT and other receivable	480		591
Other current assets	32		491
Total prepaid expenses and other current assets	$	3,394	$	3,758

Capitalized Implementation Costs of a Hosting Arrangement

The Company has several software systems that are cloud-based hosting arrangements with service contracts. The Company accounts for costs incurred in connection with the implementation of these various software systems under ASU 2018-15, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350–40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The Company expenses all costs (internal and external) that are incurred in the planning and post-implementation operation stages. As of June 30, 2026 and December 31, 2025, the Company has capitalized $0.8 million and $0.9 million in implementation costs, net of amortization, respectively. The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, which are generally three to five years. As of June 30, 2026, the capitalized costs of $0.2 million and $0.6 million were included in prepaid expenses and other current assets, and other long-term assets, respectively. Amortization expense, which was included in selling, general and administrative expenses, was $0.1 million and less than $0.1 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $0.1 million and less than $0.1 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Property and Equipment, Net

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


	June 30,		December 31,
	2026		2025
Machinery and equipment	$	2,600	$	2,547
Computer equipment and software	3,690		3,600
Furniture and fixtures	339		336
Leasehold improvements	2,336		2,336
Construction in progress	4		51
Total	8,969		8,870
Less: accumulated depreciation	(7,084)		(6,650)
Property and equipment, net	$	1,885	$	2,220

Depreciation expense was $0.2 million and $0.3 million for the three months ended June 30, 2026 and June 30, 2025, respectively. Depreciation expense was $0.4 million and $0.6 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Goodwill was $2.3 million as of June 30, 2026 and December 31, 2025. There were no acquisitions or dispositions of goodwill in the six months ended June 30, 2026 and June 30, 2025. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through June 30, 2026, there have been no events or changes in circumstances that indicated that the carrying value of goodwill may not be recoverable. As a result, no impairment charge was recorded during the six months ended June 30, 2026.

Accrued liabilities consist of the following (in thousands):


	June 30,		December 31,
	2026		2025
Accrued employee bonuses and commissions	$	4,273	$	3,549
Accrued vacation	2,814		2,846
Other accrued personnel related expenses	2,420		3,181
Accrued professional fees	3,313		3,022
Sales taxes, franchise tax and VAT	782		1,011
Other	468		947
Total accrued liabilities	$	14,070	$	14,556