Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

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


	March 31,		December 31,
	2025		2024
Cash	$	8,073	$	5,355
Cash equivalents:
Money market funds		4,101		4,798
Corporate debt		1,198		1,197
Total cash and cash equivalents	$	13,372	$	11,350

Summary of Available-For-Sale Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities–short-term
U.S. treasury and government agencies	$	13,508	$	9	$	(2	)	$	13,515
Commercial paper		—		—		—			—
Corporate debt		26,419		39		(2	)		26,456
Asset-backed securities		16,661		17		(4	)		16,674
Yankee CD		6,072		—		—			6,072
Total marketable securities–short-term	$	62,660	$	65	$	(8	)	$	62,717


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities—short-term
U.S. treasury and government agencies	$	9,998	$	10	$	—		$	10,008
Commercial paper		495		—		—			495
Corporate debt		32,216		55		(2	)		32,269
Asset-backed securities		14,747		35		(1	)		14,781
Yankee CD		6,774		—		—			6,774
Total marketable securities—short-term	$	64,230	$	100	$	(3	)	$	64,327

Summary of Property and Equipment, Net

The Company’s property and equipment, net consisted of the following (in thousands):


	March 31,			December 31,
	2025			2024
Furniture and fixtures	$	2,565		$	2,565
Construction in progress		520			612
Machinery and equipment		3,285			3,081
Capitalized surgical equipment1		25,374			22,669
Computer equipment		1,201			1,160
Leasehold improvements		10,738			10,244
Software and website development		1,000			927
Total property and equipment		44,683			41,258
Less: accumulated depreciation and amortization		(17,554	)		(15,305	)
Property and equipment, net	$	27,129		$	25,953

1 Capitalized surgical equipment includes $20.9 million and $18.5 million that is ready for its intended use and have started depreciating and $4.5 million and $4.4 million that is not ready for its intended use and have not started depreciating as of March 31, 2025 and December 31, 2024, respectively.

Summary of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2025		2024
Accrued royalties expense	$	1,836	$	2,259
Accrued interest		427		420
Accrued professional services		566		337
Accrued compensation expense for RPM-3D earn-out1		—		2,125
Other accrued expense		3,179		2,056
Total accrued liabilities	$	6,008	$	7,197

1 On June 12, 2023, the Company acquired certain assets of MIOS Marketing, LLC d/b/a RedPoint Medical3D ("RPM-3D") that included an earn-out payment related to the technological advancements and patent milestones, which was paid on January 15, 2025.

Schedule of Other Liabilities

Other liabilities consist of the following (in thousands):


	March 31,		December 31,
	2025		2024
Current portion of operating lease liabilities	$	2,031	$	413
Short-term debt1		45		—
Other		154		97
Total other liabilities	$	2,230	$	510

TREACE MEDICAL CONCEPTS, INC. 10-Q