Company: RPID
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001380106-25-000102
Chunk: 310

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 310
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.1 million and $0.2 million, respectively, in banks located outside of the United States.Restricted cashAs of both March 31, 2025 and December 31, 2024, the Company was required to maintain guaranteed investment certificates of $0.4 million with maturities of three months to one year that are subject to an insignificant risk of changes in value. The guaranteed investment certificates are held for the benefit of the landlord in connection with operating leases which have remaining terms of greater than one year and are classified as restricted cash (non-current) on the Company’s condensed consolidated balance sheets.Accounts receivableAccounts receivable are customer obligations that are unconditional. Accounts receivable are presented net of an allowance for doubtful accounts for expected credit losses, which represents an estimate of amounts that may not be collectible. The Company performs ongoing credit evaluations of its customers and, if necessary, provides an allowance for doubtful accounts and expected credit losses. A provision to the allowance for doubtful accounts for expected credit losses is recorded based on factors including the length of time the receivables are past due, the current business environment, the geographic market, and the Company’s historical experience. Provisions to the allowance for doubtful accounts for expected credit losses are recorded to general and administrative expenses in the consolidated statements of operations. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to customers. As of March 31, 2025 and December 31, 2024, the allowance for doubtful accounts for expected credit losses was zero.Software development costsThe Company accounts for software development costs for internal-use software under the provisions of ASC 350-40, “Internal-Use Software” (“ASC 350”). Accordingly, certain costs to develop internal-use computer software are capitalized, provided these costs are expected to be recoverable. There was $1.6 million of software development costs related to the Company's enterprise resource planning ("ERP") system capitalized in other long-term assets at March 31, 2025 and December 31, 2024, net of accumulated amortization of $1.2 million and $1.1 million, respectively. These capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. For each of the three months ended March 31, 2025 and 2024, there was $0.1 million