Certain Balance Sheet Items

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Accounts receivable, net and contract assets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Accounts receivable from product sales to partners	$	36,912	$	58,588
Accounts receivable from revenues under collaborative agreements	39,603		16,183
Accounts receivable from royalty payments	150,155		118,170
Accounts receivable from other product sales	52,981		47,060

Contract assets	12,681		956
Total accounts receivable and contract assets	292,332		240,957
Allowance for distribution fees and discounts	(6,589)		(6,747)
Total accounts receivable, net and contract assets	$	285,743	$	234,210

Inventories consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Raw materials	$	30,579	$	23,646
Work-in-process	14,886		34,025
Finished goods	143,518		69,930
Total inventories	188,983		127,601
Less long-term portion (1)	(57,571)		—
Total inventories, current	$	131,412	$	127,601

(1) Long-term portion of inventories represents inventory expected to remain on hand beyond one year and therefore is included in prepaid expenses and other assets in the condensed consolidated balance sheets.

Prepaid expenses and other assets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Prepaid manufacturing expenses	$	31,055	$	36,850

Other prepaid expenses	18,476		12,902
Long-term inventories	57,571		—
Other assets	16,564		16,677
Total prepaid expenses and other assets	123,666		66,429
Less long-term portion	(80,151)		(17,816)
Total prepaid expenses and other assets, current	$	43,515	$	48,613

Prepaid manufacturing expenses include raw materials, slot reservation fees and other amounts paid to contract manufacturing organizations. Such amounts are reclassified to work-in-process inventory as materials are used or the contract manufacturing organization services are complete.

Property and equipment, net consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Research equipment	$	8,621	$	8,588
Manufacturing equipment	38,762		32,472
Computer and office equipment	9,410		9,722
Leasehold improvements	6,995		6,987
Subtotal	63,788		57,769
Accumulated depreciation and amortization	(23,812)		(19,661)
Subtotal	39,976		38,108
Right of use of assets	34,514		36,836
Total property and equipment, net	$	74,490	$	74,944

Depreciation and amortization expense was approximately $2.6 million and $2.7 million, inclusive of ROU asset amortization of $1.4 million and $1.4 million for the three months ended September 30, 2024 and 2023, respectively.

Depreciation and amortization expense was approximately $7.6 million and $8.2 million, inclusive of ROU asset amortization of $4.3 million and $4.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Accrued expenses consisted of the following (in thousands):


	September 30, 2024		December 31, 2023

Accrued compensation and payroll taxes	$	17,441	$	17,361
Accrued outsourced manufacturing expenses	11,179		12,361
Taxes payable	3,517		963
Product returns and sales allowance	44,718		41,932
Other accrued expenses	29,213		33,584
Lease liability	30,755		32,197
Total accrued expenses	136,823		138,398
Less long-term portion	(40,406)		(37,720)
Total accrued expenses, current	$	96,417	$	100,678

Expense associated with the accretion of the lease liabilities was approximately $0.5 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively and $1.7 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively. Total lease expense for the three months ended September 30, 2024 and 2023 was $2.0 million and $2.0 million, respectively, and $6.0 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Cash paid for amounts related to leases for the three months ended September 30, 2024 and 2023 was $1.6 million and $1.6 million, respectively, and $5.1 million and $5.0 million for the nine months ended September 30, 2024 and 2023, respectively.