| Selected Balance Sheet Components |
Selected Balance Sheet Components Inventory
Inventory consisted of the following: | | | | | | | | | | | | | | | | (In thousands) | | September 30, 2026 | | December 31, 2025 | | Raw materials | | $ | 13,348 | | | $ | 12,953 | | | Work-in-process | | 1,281 | | | 1,584 | | | Finished goods | | 2,427 | | | 3,023 | | | Total inventory | | $ | 17,056 | | | $ | 17,560 | |
Property and Equipment
Property and Equipment, net consisted of the following:
| | | | | | | | | | | | | | | | (In thousands) | | September 30, 2026 | | December 31, 2025 | | Machinery and equipment | | $ | 26,131 | | | $ | 14,498 | | | Furniture, fixtures and office equipment | | 5,302 | | | 5,424 | | | Computer equipment and software | | 19,594 | | | 18,953 | | | Leasehold improvements | | 80,103 | | | 76,421 | | | Construction in process | | 13,270 | | | 24,651 | | | | | | | | Total property and equipment, gross | | 144,400 | | | 139,947 | | | Less accumulated depreciation | | (39,321) | | | (31,550) | | | Total property and equipment, net | | $ | 105,079 | | | $ | 108,397 | |
Depreciation expense for the three and nine months ended September 30, 2026 was $3.5 million and $10.0 million, respectively, and $2.8 million and $8.0 million, respectively, for the same periods in 2025.
Intangible Assets
Intangible assets, net consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | (In thousands) | | Useful Life (in years) | | Amortization Method | | Cost | | Accumulated Amortization | | Net | | Cost | | Accumulated Amortization | | Net | | NexoBrid license | | 12 | | Straight-line | | $ | 7,500 | | | $ | (2,344) | | | $ | 5,156 | | | $ | 7,500 | | | $ | (1,875) | | | $ | 5,625 | | | | | | | | | | | | | | | | | | |
Amortization expense for each of the three and nine months ended September 30, 2026 and 2025 was $0.2 million and $0.5 million, respectively. The NexoBrid intangible asset is amortized to cost of product sales.
Future amortization expense of intangible assets as of September 30, 2026 is estimated to be as follows:
| | | | | | | | | | (In thousands) | | Amount | | Remainder of 2026 | | $ | 156 | | | 2027 | | 625 | | | 2028 | | 625 | | | 2029 | | 625 | | | 2030 | | 625 | | | Thereafter | | 2,500 | | | Total | | $ | 5,156 | |
Accrued Expenses
Accrued Expenses consisted of the following: | | | | | | | | | | | | | | | | (In thousands) | | September 30, 2026 | | December 31, 2025 | | Bonus-related compensation | | $ | 9,920 | | | $ | 11,253 | | | Employee-related accruals | | 4,336 | | | 3,009 | | | Insurance reimbursement-related liabilities | | 2,599 | | | 4,401 | | | Accrued rebates | | 2,725 | | | 273 | | | Other accrued expenses | | 811 | | | 300 | | | Total accrued expenses | | $ | 20,391 | | | $ | 19,236 | |
|