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SUPPLEMENTAL BALANCE SHEET INFORMATION | 9 Months Ended
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Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SUPPLEMENTAL BALANCE SHEET INFORMATION | SUPPLEMENTAL BALANCE SHEET INFORMATION Inventory consisted of the following:
| September 30, 2021 |  | December 31, 2020
Raw materials | $ | 75,328 |  |  | $ | 76,673 |
Work-in-process | 412,434 |  |  | 308,286 |
Finished goods | 261,644 |  |  | 313,589 |
Total inventory | $ | 749,406 |  |  | $ | 698,548 |
Inventory as of September 30, 2021 included $4.8 million of Voxzogo pre-launch manufacturing-related costs incurred during the third quarter of 2021 that are intended for the U.S. Voxzogo, which was granted marketing approval in the EU on August 27, 2021, is still a product candidate in other regions, including the U.S., for the treatment of achondroplasia in children, the most common form of disproportionate short stature in humans. The Company must receive marketing approval from the U.S. Food and Drug Administration (FDA) before the Voxzogo inventory can be sold commercially in the U.S. Starting in 2021, the Company believed that material uncertainties related to the ultimate regulatory approval of Voxzogo had been significantly reduced. A number of factors were taken into consideration, including the current status in the drug development process, pivotal clinical trial results for the underlying product candidate, results from meetings with the relevant regulatory authorities, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, as well as commercialization and marketplace trends. See Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information related to the Company’s policies on inventory produced prior to regulatory approval. Property, Plant and Equipment, Net consisted of the following:
| September 30, 2021 |  | December 31, 2020
Property, plant and equipment, gross | $ | 1,724,702 |  |  | $ | 1,668,066 |
Accumulated depreciation | (699,915) |  |  | (635,595) |
Total property, plant and equipment, net | $ | 1,024,787 |  |  | $ | 1,032,471 |
Depreciation expense, net of amounts capitalized into inventory, for the three and nine months ended September 30, 2021 was $11.4 million and $35.7 million, respectively. Depreciation expense, net of amounts capitalized into inventory, for the three and nine months ended September 30, 2020 was $11.1 million and $31.1 million, respectively. Intangible Assets, Net consisted of the following:
| September 30, 2021 |  | December 31, 2020
Finite-lived intangible assets | $ | 661,781 |  |  | $ | 644,087 |
Less: Accumulated amortization | (273,294) |  |  | (226,816) |
Net carrying value | $ | 388,487 |  |  | $ | 417,271 |
Accounts Payable and Accrued Liabilities consisted of the following:
| September 30, 2021 |  | December 31, 2020
Accounts payable and accrued operating expenses | $ | 203,321 |  |  | $ | 191,429 |
Accrued compensation expense | 158,130 |  |  | 165,023 |
Accrued rebates payable | 68,329 |  |  | 65,526 |
Accrued royalties payable | 14,512 |  |  | 17,155 |
Lease liabilities | 9,659 |  |  | 11,754 |
Forward foreign currency exchange contracts | 5,323 |  |  | 17,798 |
Value added taxes payable | 1,412 |  |  | 9,562 |
Accrued income taxes | 564 |  |  | 9,661 |
Other | 5,461 |  |  | 4,640 |
Total accounts payable and accrued liabilities | $ | 466,711 |  |  | $ | 492,548 |

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