10-Q 1 ingn-10q_20220331.htm 10-Q ingn-10q_20220331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From              to             

Commission file number: 001-36309

 

INOGEN, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

33-0989359

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

301 Coromar Drive

Goleta, CA

93117

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (805) 562-0500

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value

 

INGN

 

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

As of April 29, 2022, the registrant had 22,835,794 shares of common stock, par value $0.001, outstanding.

 

 

 


 

 

TABLE OF CONTENTS

 

 

 

Part I – Financial Information

 

Page

Item 1.

 

Financial Statements

 

3

 

 

Consolidated Balance Sheets (unaudited) as of March 31, 2022 and December 31, 2021

 

3

 

 

Consolidated Statements of Comprehensive Loss (unaudited) for the Three Months Ended March 31, 2022 and March 31, 2021

 

5

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) for the Three Months Ended March 31, 2022 and March 31, 2021

 

6

 

 

Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2022 and March 31, 2021

 

7

 

 

Condensed Notes to the Consolidated Financial Statements (unaudited)

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

48

Item 4.

 

Controls and Procedures

 

49

 

 

Part II – Other Information

 

 

Item 1.

 

Legal Proceedings

 

50

Item 1A.

 

Risk Factors

 

51

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

89

Item 3.

 

Defaults Upon Senior Securities

 

90

Item 4.

 

Mine Safety Disclosures

 

90

Item 5.

 

Other Information

 

90

Item 6.

 

Exhibits

 

91

SIGNATURES

 

92

 

 

 

 

2


 

 

INOGEN, INC.

PART I – FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

Inogen, Inc.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

 

 

March 31,

 

 

December 31,

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

213,399

 

 

$

235,524

 

Marketable securities

 

9,989

 

 

 

9,989

 

Accounts receivable, net

 

33,983

 

 

 

24,452

 

Inventories, net

 

34,078

 

 

 

31,873

 

Income tax receivable

 

1,435

 

 

 

1,343

 

Prepaid expenses and other current assets

 

25,238

 

 

 

26,005

 

Total current assets

 

318,122

 

 

 

329,186

 

Property and equipment

 

 

 

 

 

 

 

Rental equipment, net

 

59,387

 

 

 

59,073

 

Manufacturing equipment and tooling

 

10,968

 

 

 

12,050

 

Computer equipment and software

 

8,320

 

 

 

8,585

 

Furniture and equipment

 

3,135

 

 

 

3,167

 

Leasehold improvements

 

6,045

 

 

 

5,956

 

Land and building

 

125

 

 

 

125

 

Construction in process

 

2,705

 

 

 

1,639

 

Total property and equipment

 

90,685

 

 

 

90,595

 

Less accumulated depreciation

 

(51,356

)

 

 

(51,669

)

Property and equipment, net

 

39,329

 

 

 

38,926

 

Goodwill

 

32,934

 

 

 

32,979

 

Intangible assets, net

 

58,000

 

 

 

60,147

 

Operating lease right-of-use asset

 

24,080

 

 

 

24,912

 

Other assets

 

2,151

 

 

 

3,363

 

Total assets

$

474,616

 

 

$

489,513

 

 

 

See accompanying condensed notes to the consolidated financial statements.

 

 

 

3


 

 

Inogen, Inc.

Consolidated Balance Sheets (continued)

(unaudited)

(amounts in thousands, except share and per share amounts)

 

 

March 31,

 

 

December 31,

 

 

2022

 

 

2021

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

32,375

 

 

$

25,689

 

Accrued payroll

 

8,839

 

 

 

17,307

 

Warranty reserve - current

 

6,519

 

 

 

6,480

 

Operating lease liability - current

 

3,401

 

 

 

3,393

 

Deferred revenue - current

 

8,689

 

 

 

8,568

 

Income tax payable

 

 

 

 

75

 

Total current liabilities

 

59,823

 

 

 

61,512

 

Long-term liabilities

 

 

 

 

 

 

 

Warranty reserve - noncurrent

 

6,574

 

 

 

7,246

 

Operating lease liability - noncurrent

 

22,409

 

 

 

23,281

 

Earnout liability - noncurrent

 

16,016

 

 

 

15,386

 

Deferred revenue - noncurrent

 

11,509

 

 

 

11,861

 

Total liabilities

 

116,331

 

 

 

119,286

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, $0.001 par value per share; 200,000,000 authorized; 22,836,472 and 22,731,586

   shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

23

 

 

 

23

 

Additional paid-in capital

 

302,020

 

 

 

299,463

 

Retained earnings

 

55,058

 

 

 

69,272

 

Accumulated other comprehensive income

 

1,184

 

 

 

1,469

 

Total stockholders' equity

 

358,285

 

 

 

370,227

 

Total liabilities and stockholders' equity

$

474,616

 

 

$

489,513

 

 

 

See accompanying condensed notes to the consolidated financial statements.

 

 

 

4


 

 

Inogen, Inc.

Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands, except share and per share amounts)

 

 

Three months ended

 

 

March 31,

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

Sales revenue

$

67,402

 

 

$

77,081

 

Rental revenue

 

12,983

 

 

 

9,851

 

Total revenue

 

80,385

 

 

 

86,932

 

Cost of revenue

 

 

 

 

 

 

 

Cost of sales revenue

 

39,500

 

 

 

42,635

 

Cost of rental revenue, including depreciation of $2,638 and $1,888, respectively

 

5,879

 

 

 

4,424

 

Total cost of revenue

 

45,379

 

 

 

47,059

 

Gross profit

 

 

 

 

 

 

 

Gross profit-sales revenue

 

27,902

 

 

 

34,446

 

Gross profit-rental revenue

 

7,104

 

 

 

5,427

 

Total gross profit

 

35,006

 

 

 

39,873

 

Operating expense

 

 

 

 

 

 

 

Research and development

 

5,364

 

 

 

4,015

 

Sales and marketing

 

28,039

 

 

 

25,491

 

General and administrative

 

15,189

 

 

 

12,499

 

Total operating expense

 

48,592

 

 

 

42,005

 

Loss from operations

 

(13,586

)

 

 

(2,132

)

Other income (expense)

 

 

 

 

 

 

 

Interest income

 

29

 

 

 

57

 

Other income (expense)

 

(433

)

 

 

(310

)

Total other expense, net

 

(404

)

 

 

(253

)

Loss before provision (benefit) for income taxes

 

(13,990

)

 

 

(2,385

)

Provision (benefit) for income taxes

 

224

 

 

 

(1,653

)

Net loss

 

(14,214

)

 

 

(732

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

(203

)

 

 

(457

)

Change in net unrealized gains (losses) on foreign currency hedging

 

(528

)

 

 

1,144

 

Less: reclassification adjustment for net (gains) losses included in net income

 

454

 

 

 

(241

)

Total net change in unrealized gains (losses) on foreign currency hedging

 

(74

)

 

 

903

 

Change in net unrealized gains (losses) on marketable securities

 

(8

)

 

 

4

 

Total other comprehensive income (loss), net of tax

 

(285

)

 

 

450

 

Comprehensive loss

$

(14,499

)

 

$

(282

)

 

 

 

 

 

 

 

 

Basic net loss per share attributable to common stockholders (Note 6)

$

(0.62

)

 

$

(0.03

)

Diluted net loss per share attributable to common stockholders (Note 6)

$

(0.62

)

 

$

(0.03

)

Weighted average number of shares used in calculating net loss per

  share attributable to common stockholders:

 

 

 

 

 

 

 

Basic common shares

 

22,754,421

 

 

 

22,181,394

 

Diluted common shares

 

22,754,421

 

 

 

22,181,394

 

 

 

See accompanying condensed notes to the consolidated financial statements.

 

 

5


 

 

Inogen, Inc.

Consolidated Statements of Stockholders’ Equity

(unaudited)

(amounts in thousands, except share amounts)

 

 

Three months ended March 31, 2022 and March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

 

Common stock

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

stockholders'

 

 

Shares

 

 

Amount

 

 

capital

 

 

earnings

 

 

income

 

 

equity

 

Balance, December 31, 2020

 

22,131,447

 

 

$

22

 

 

$

273,521

 

 

$

75,605

 

 

$

475

 

 

$

349,623

 

Stock-based compensation

 

 

 

 

 

 

 

2,516

 

 

 

 

 

 

 

 

 

2,516

 

Employee stock purchases

 

37,699

 

 

 

 

 

 

927

 

 

 

 

 

 

 

 

 

927

 

Restricted stock awards issued, net of forfeitures

 

(21,509

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

34,117

 

 

 

 

 

 

(275

)

 

 

 

 

 

 

 

 

(275

)

Shares withheld related to net restricted stock settlement

 

(1,713

)

 

 

 

 

 

(91

)

 

 

 

 

 

 

 

 

(91

)

Stock options exercised

 

205,753

 

 

 

 

 

 

3,866

 

 

 

 

 

 

 

 

 

3,866

 

Net loss

 

 

 

 

 

 

 

 

 

 

(732

)

 

 

 

 

 

(732

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

450

 

 

 

450

 

Balance, March 31, 2021

 

22,385,794

 

 

$

22

 

 

$

280,464

 

 

$

74,873

 

 

$

925

 

 

$

356,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

 

22,731,586

 

 

$

23

 

 

$

299,463

 

 

$

69,272

 

 

$

1,469

 

 

$

370,227

 

Stock-based compensation

 

 

 

 

 

 

 

2,665

 

 

 

 

 

 

 

 

 

2,665

 

Employee stock purchases

 

30,558

 

 

 

 

 

 

915

 

 

 

 

 

 

 

 

 

915

 

Vesting of restricted stock units

 

73,495

 

 

 

 

 

 

(958

)

 

 

 

 

 

 

 

 

(958

)

Shares withheld related to net restricted stock settlement

 

(2,666

)

 

 

 

 

 

(94

)

 

 

 

 

 

 

 

 

(94

)

Stock options exercised

 

3,499

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

29

 

Net loss

 

 

 

 

 

 

 

 

 

 

(14,214

)

 

 

 

 

 

(14,214

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(285

)

 

 

(285

)

Balance, March 31, 2022

 

22,836,472

 

 

$

23

 

 

$

302,020

 

 

$

55,058

 

 

$

1,184

 

 

$

358,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying condensed notes to the consolidated financial statements.

 

 

6


 

 

Inogen, Inc.

Consolidated Statements of Cash Flows

(unaudited)

(amounts in thousands)

 

 

Three months ended March 31,

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(14,214

)

 

$

(732

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

5,760

 

 

 

5,098

 

Loss on rental units and other fixed assets

 

706

 

 

 

158

 

Gain on sale of former rental assets

 

(52

)

 

 

(24

)

Provision for sales revenue returns and doubtful accounts

 

2,953

 

 

 

2,471

 

Provision for rental revenue adjustments

 

 

 

 

1,041

 

Provision for inventory losses

 

934

 

 

 

518

 

Stock-based compensation expense

 

2,665

 

 

 

2,516

 

Deferred income taxes

 

 

 

 

(1,527

)

Change in fair value of earnout liability

 

630

 

 

 

265

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(12,802

)

 

 

(12,418

)

Inventories

 

(2,515

)

 

 

(2,686

)

Income tax receivable

 

(92

)

 

 

64

 

Prepaid expenses and other current assets

 

764

 

 

 

8,171

 

Operating lease right-of-use asset

 

832

 

 

 

(8,696

)

Other noncurrent assets

 

66

 

 

 

41

 

Accounts payable and accrued expenses

 

6,539

 

 

 

(3,526

)

Accrued payroll

 

(8,465

)

 

 

2,105

 

Warranty reserve

 

(633

)

 

 

520

 

Deferred revenue

 

(231

)

 

 

518

 

Income tax payable

 

(79

)

 

 

80

 

Operating lease liability

 

(864

)

 

 

8,903

 

Net cash provided by (used in) operating activities

 

(18,098

)

 

 

2,860

 

Cash flows from investing activities

 

 

 

 

 

 

 

Maturities of marketable securities

 

 

 

 

6,125

 

Investment in intangible assets

 

 

 

 

(26

)

Investment in property and equipment

 

(1,366

)

 

 

(1,516

)

Production and purchase of rental equipment

 

(2,777

)

 

 

(3,643

)

Proceeds from sale of former assets

 

91

 

 

 

46

 

Net cash provided by (used in) investing activities

 

(4,052

)

 

 

986

 

 

 

 

 

 

 

 

 

(continued on next page)

 

 

 

See accompanying condensed notes to the consolidated financial statements.

 

7


 

 

Inogen, Inc.

Consolidated Statements of Cash Flows (continued)

(unaudited)

(amounts in thousands)

 

 

Three months ended March 31,

 

 

2022

 

 

2021

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from stock options exercised

 

29

 

 

 

3,866

 

Proceeds from employee stock purchases

 

915

 

 

 

927

 

Payment of employment taxes related to release of restricted stock

 

(1,052

)

 

 

(366

)

Net cash provided by (used in) financing activities

 

(108

)

 

 

4,427

 

Effect of exchange rates on cash

 

133

 

 

 

(221

)

Net increase (decrease) in cash and cash equivalents

 

(22,125

)

 

 

8,052

 

Cash and cash equivalents, beginning of period

 

235,524

 

 

 

211,962

 

Cash and cash equivalents, end of period

$

213,399

 

 

$

220,014

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

Cash paid during the period for income taxes, net of refunds received

$

372

 

 

$

17

 

Supplemental disclosure of non-cash transactions

 

 

 

 

 

 

 

Property and equipment in accounts payable and accrued liabilities

 

91

 

 

 

77

 

 

 

See accompanying condensed notes to the consolidated financial statements.

 

 

8


 

 

Inogen, Inc.

Condensed Notes to the Consolidated Financial Statements

(unaudited)

(amounts in thousands, except share and per share amounts)

 

1. Business overview

Inogen, Inc. (Company or Inogen) was incorporated in Delaware on November 27, 2001. The Company is a medical technology company that primarily develops, manufactures and markets innovative portable oxygen concentrators (POCs) used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. Traditionally, these patients have relied on stationary oxygen concentrator systems for use in the home and oxygen tanks or cylinders for mobile use, which the Company calls the delivery model. The tanks and cylinders must be delivered regularly and have a finite amount of oxygen, which requires patients to plan activities outside of their homes around delivery schedules and a finite oxygen supply. Additionally, patients must attach long, cumbersome tubing to their stationary concentrators simply to enable mobility within their homes. The Company’s proprietary Inogen One® systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a single battery and can be plugged into an outlet when at home, in a car, or in a public place with outlets available. The Company’s Inogen One systems reduce the patient’s reliance on stationary concentrators and scheduled deliveries of tanks with a finite supply of oxygen, thereby improving patient quality of life and fostering mobility.

The Company incorporated Inogen Europe Holding B.V., a Dutch limited liability company, on April 13, 2017. On May 4, 2017, Inogen Europe Holding B.V. acquired all issued and outstanding capital stock of MedSupport Systems B.V. (MedSupport) and began operating under the name Inogen Europe B.V. The Company merged Inogen Europe Holding B.V. and Inogen Europe B.V. on December 28, 2018. Inogen Europe B.V. is the remaining legal entity. Inogen completed the acquisition of New Aera, Inc. (New Aera) on August 9, 2019.

2. Basis of presentation and summary of significant accounting policies

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

The results of operations for the three months ended March 31, 2022 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2022. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows and stockholders’ equity. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations relating to interim financial statements. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K filed with the SEC on February 24, 2022.

Basis of consolidation

The consolidated financial statements include the accounts of Inogen, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. Significant areas requiring the use of management estimates relate to revenue recognition, warranty reserves and expense, determining the stand-alone selling price (SSP) and service period of performance obligations, rental asset valuations and write-downs, accounts receivable allowances for bad debts, returns and adjustments, impairment of long-lived assets, stock-based compensation expense, income taxes, fair value of acquired intangible assets and goodwill and fair value of earnout liabilities. Actual results could differ from these estimates.

9


Inogen, Inc.

Condensed Notes to the Consolidated Financial Statements (continued)

(unaudited)

(amounts in thousands, except share and per share amounts)

 

Business segments

The Company operates and reports in only one operating and reportable segment – development, manufacturing, marketing, sales, and rental of respiratory products. Management reports financial information on a consolidated basis to the Company’s chief operating decision maker.

3. Fair value measurements

Accounting Standards Codification (ASC) 820 — Fair Value Measurements and Disclosures creates a single definition of fair value, establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and states that a fair value measurement is to estimate the price at which an orderly transaction to sell an asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Assets and liabilities adjusted to fair value in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Level inputs, as defined by ASC 820, are as follows:

 

Level input

  

Input definition

Level 1

  

Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.

 

 

 

Level 2

  

Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability through corroboration with market data at the measurement date.

 

 

 

Level 3

  

Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

 

The Company’s financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying values of its financial instruments approximate fair value based on their short-term nature.

Cash, cash equivalents and marketable securities

The Company obtained the fair value of its available-for-sale investments, which are not in active markets, from a third-party professional pricing service using quoted market prices for identical or comparable instruments, rather than direct observations of quoted prices in active markets. The Company's professional pricing service gathers observable inputs for all of its fixed income securities from a variety of industry data providers (e.g., large custodial institutions) and other third-party sources. Once the observable inputs are gathered, all data points are considered, and the fair value is determined. The Company validates the quoted market prices provided by its primary pricing service by comparing their assessment of the fair values against the fair values provided by its investment managers. The Company's investment managers use similar techniques to its professional pricing service to derive pricing as described above. As all significant inputs were observable, derived from observable information in the marketplace or supported by observable levels at which transactions are executed in the marketplace, the Company has classified its marketable securities within Level 2 of the fair value hierarchy.

10


Inogen, Inc.

Condensed Notes to the Consolidated Financial Statements (continued)

(unaudited)

(amounts in thousands, except share and per share amounts)

 

The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents and marketable securities:

 

 

 

As of March 31, 2022

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

 

and cash

 

 

Marketable

 

 

 

cost

 

 

losses

 

 

Fair value

 

 

equivalents

 

 

securities

 

Cash

 

$

36,677

 

 

$

 

 

$

36,677

 

 

$

36,677

 

 

$

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

176,722