Other Balance Sheet Details

3 Months Ended

Mar. 31, 2025

Other Balance Sheet Details [Abstract]

Inventory consisted of the following:


(in millions)	March 31, 2025		December 31, 2024
Raw materials	$	31.9	$	33.7
Work in process	13.8		10.9
Finished goods	13.6		12.8
	59.3		57.4
Less inventory reserves	(0.2)		—
Total inventory	$	59.1	$	57.4

Prior to FDA approval of CRENESSITY in December 2024, all costs related to its manufacturing were expensed as R&D in the period incurred. As a result, our physical inventories as of March 31, 2025 and December 31, 2024 included active pharmaceutical product with no cost basis. Costs related to the manufacturing of bulk drug product, finished bottling, and other labeling activities that occurred post-FDA approval are included in the inventory values as of March 31, 2025 and December 31, 2024.

Accounts payable and accrued liabilities consisted of the following:


(in millions)	March 31, 2025		December 31, 2024
Sales rebates and reserves	$	154.6	$	144.2
Accrued development costs (including unpaid development milestones)	89.7		50.8
Accrued employee related costs	57.5		107.5
Current branded prescription drug fee	38.0		49.2
Current income taxes payable	25.4		10.0
Accounts payable and other accrued liabilities	110.0		99.9
Total accounts payable and accrued liabilities	$	475.2	$	461.6

Other noncurrent liabilities consisted of the following:


(in millions)	March 31, 2025		December 31, 2024
Noncurrent income taxes payable	$	166.0	$	160.7
Other noncurrent liabilities	15.6		5.5
Total other noncurrent liabilities	$	181.6	$	166.2

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


(in millions)	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	194.1	$	396.3
Restricted cash included in other noncurrent assets	8.0		8.0
Total cash, cash equivalents, and restricted cash	$	202.1	$	404.3