Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	270,026	$	120,863
Restricted cash		2,091		2,433
Total cash, cash equivalents and restricted cash	$	272,117	$	123,296

Restricted cash of $2.1 million and $2.4 million is included in other non-current assets on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.

Accounts receivable consisted of the following (in thousands):


	June 30, 2026			December 31, 2025
Trade receivables	$	15,973		$	13,715
Less: allowance for expected credit losses		(226	)		(284	)
Accounts receivable, net	$	15,747		$	13,431

Inventory consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Raw materials	$	8,031	$	8,631
Work-in-process		322		253
Finished goods		8,750		11,097
Total inventory	$	17,103	$	19,981

The Company recorded charges for excess and obsolete inventory of $1.8 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively.

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


	June 30, 2026			December 31, 2025
Laboratory and manufacturing equipment	$	34,230		$	35,383
Leasehold improvements		13,783			14,050
Computer equipment		2,741			2,303
Internal-use software		13,096			13,118
Office furniture and fixtures		1,625			1,683
Property and equipment, gross		65,475			66,537
Less: accumulated depreciation and amortization		(50,735	)		(48,162	)
Construction-in-progress		560			900
Property and equipment, net	$	15,300		$	19,275

Depreciation and amortization expense related to property and equipment was $2.7 million and $4.1 million for the six months ended June 30, 2026 and 2025, respectively.

Accrued liabilities, which are included in current liabilities on the condensed consolidated balance sheets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued legal fees	$	8,219	$	3,513
Accrued litigation settlement indemnification (1)		7,500		—
Accrued compensation and related benefits		6,025		18,146
Uninvoiced receipts		1,713		941
Accrued restructuring		459		2,916
Accrued warranties		497		683
Accrued taxes		3,031		2,133
Other		2,164		1,451
Accrued liabilities	$	29,608	$	29,783

(1)

Represents the Company’s indemnification obligation to Illumina related to the litigation described in Note 6, Commitments and Contingencies. The Company paid this amount in July 2026.