DermTech, Inc. - 10-K filing on 2022-03-10

Balance Sheet Details

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

2. Balance Sheet Details

Short-Term Marketable Securities

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of debt securities classified as available-for-sale securities by major security type and class of security at December 31, 2021 were as follows (in thousands):

	December 31, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Market Value
Short-term marketable securities, available-for-sale:
Corporate debt securities	$	15,385	$	—	$	(33	)	$	15,352
Municipal securities		7,417		—		(5	)		7,412
U.S. government debt securities		25,771		1		(87	)		25,685
Total short-term marketable securities, available-for-sale	$	48,573	$	1	$	(125	)	$	48,449

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities classified as available-for-sale securities by major security type and class of security as of December 31, 2020 were as follows (in thousands):

	December 31, 2020
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Market Value
Short-term marketable securities, available-for-sale:
Corporate debt securities	$	8,946	$	—	$	(6	)	$	8,940
Municipal securities		7,325		1		(2	)		7,324
U.S. government debt securities		23,259		6		—			23,265
Total short-term marketable securities, available-for-sale	$	39,530	$	7	$	(8	)	$	39,529

As of December 31, 2021, the estimated market value of debt securities with contractual maturities of less than twelve months was $21.2 million; the remaining debt securities that we held at that date had an estimated market value of $27.2 million and contractual maturities of up to 23 months. As of December 31, 2020, the estimated market value of debt securities with contractual maturities of less than twelve months was $37.3 million; the remaining debt securities that we held at that date had an estimated market value of $2.3 million and contractual maturities of up to 14 months.

Gross realized gains and losses on our debt securities for the twelve months ended December 31, 2021 and 2020 were not significant.

Prepaid Expenses and PP&E

Consolidated balance sheet details are as follows (in thousands):

	December 31, 2021			December 31, 2020
Prepaid expenses and other current assets:
Prepaid insurance	$	1,801		$	1,172
Prepaid trade shows		440			—
Prepaid software fees		551			214
Deferred issuance costs		—			56
Prepaid employee compensation		238			—
Other current assets		136			79
Total prepaid expenses and other current assets	$	3,166		$	1,521
Property and equipment, gross:
Laboratory equipment	$	4,805		$	2,544
Computer equipment		171			38
Furniture and fixtures		124			109
Leasehold improvements		1,074			727
Total property and equipment, gross		6,174			3,418
Less accumulated depreciation		(1,625	)		(687	)
Total property and equipment, net	$	4,549		$	2,731

Accrued Compensation and Accrued Liabilities

Consolidated balance sheet details are as follows (in thousands):

	December 31, 2021		December 31, 2020
Accrued compensation:
Accrued paid time off	$	1,245	$	606
Accrued bonus and deferred compensation		3,875		1,469
Total accrued compensation	$	5,120	$	2,075
Accrued liabilities:
Accrued consulting services	$	775	$	285
Other accrued expenses		452		478
Total accrued liabilities	$	1,227	$	763