Certain Balance Sheet Items

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

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


	December 31, 2024		December 31, 2023
Accounts receivable, net and contract assets
Product sales to partners	$	37,599	$	58,588
Revenues under collaborative agreements	29,452		16,183
Royalty payments	164,348		118,170
Other product sales	65,542		47,060

Contract assets	20,251		956
Total accounts receivable and contract assets	317,192		240,957
Allowance for distribution fees and discounts	(8,737)		(6,747)
Total accounts receivable, net and contract assets	$	308,455	$	234,210

Inventories consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Raw materials	$	24,015	$	23,646
Work-in-process	30,169		34,025
Finished goods	142,944		69,930
Total inventories	197,128		127,601
Less long-term portion(1)	(55,268)		—
Total inventories, current	$	141,860	$	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 consolidated balance sheets.

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


	December 31, 2024		December 31, 2023
Prepaid manufacturing expenses	$	36,317	$	36,850

Other prepaid expenses	10,562		12,902
Long-term inventories	55,268		—
Other assets	17,400		16,677
Total prepaid expenses and other assets	119,547		66,429
Less long-term portion	(80,596)		(17,816)
Total prepaid expenses and other assets, current	$	38,951	$	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):


	December 31, 2024		December 31, 2023
Research equipment	$	9,811	$	8,588
Manufacturing equipment	39,760		32,472
Computer and office equipment	9,710		9,722
Leasehold improvements	7,012		6,987
Subtotal	66,293		57,769
Accumulated depreciation and amortization	(25,429)		(19,661)
Subtotal	40,864		38,108
Right of use of assets	34,171		36,836
Total property and equipment, net	$	75,035	$	74,944

Depreciation and amortization expense was approximately $10.3 million, $11.1 million, and $6.5 million, inclusive of ROU asset amortization of $5.7 million, $5.5 million and $3.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Accrued expenses consisted of the following (in thousands):


	December 31, 2024		December 31, 2023

Accrued compensation and payroll taxes	$	24,400	$	17,361
Accrued outsourced manufacturing expenses	16,682		12,361
Taxes payable	30,995		963
Product returns and sales allowance	54,588		41,932
Other accrued expenses	26,239		33,584
Lease liability	30,705		32,197
Total accrued expenses	183,609		138,398
Less long-term portion	(54,758)		(37,720)
Total accrued expenses, current	$	128,851	$	100,678

Expense associated with the accretion of the lease liabilities was approximately $2.2 million, $2.5 million and $0.5 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively. Total lease expense for the twelve months ended December 31, 2024, 2023 and 2022 was $7.9 million, $8.0 million and $3.3 million, respectively.

Cash paid for amounts related to leases for the twelve months ended December 31, 2024, 2023 and 2022 was $6.9 million, $6.7 million and $4.2 million, respectively.