Certain Balance Sheet Items

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

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


	June 30, 2025		December 31, 2024
Product sales to partners	$	31,152	$	37,599
Revenues under collaborative agreements	27,082		29,452
Royalty payments	203,070		164,348
Other product sales	61,132		65,542

Contract assets	1,266		20,251
Total accounts receivable and contract assets	323,702		317,192
Allowance for distribution fees and discounts	(7,363)		(8,737)
Total accounts receivable, net and contract assets	$	316,339	$	308,455

Inventories consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Raw materials	$	17,785	$	24,015
Work-in-process	30,932		30,169
Finished goods	164,871		142,944
Total inventories	213,588		197,128
Less long-term portion (1)	(32,083)		(55,268)
Total inventories, current	$	181,505	$	141,860

(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):


	June 30, 2025		December 31, 2024
Prepaid manufacturing expenses	$	50,132	$	36,317

Other prepaid expenses	29,426		10,562
Long-term inventories	32,083		55,268
Other assets	21,382		17,400
Total prepaid expenses and other assets	133,023		119,547
Less long-term portion	(56,371)		(80,596)
Total prepaid expenses and other assets, current	$	76,652	$	38,951

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):


	June 30, 2025		December 31, 2024
Research equipment	$	9,934	$	9,811
Manufacturing equipment	41,641		39,760
Computer and office equipment	9,884		9,710
Leasehold improvements	7,352		7,012
Subtotal	68,811		66,293
Accumulated depreciation and amortization	(29,208)		(25,429)
Subtotal	39,603		40,864
Right of use of assets	31,917		34,171
Total property and equipment, net	$	71,520	$	75,035

Depreciation and amortization expense was approximately $2.7 million and $2.6 million, inclusive of ROU asset amortization of $1.5 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively.

Depreciation and amortization expense was approximately $5.4 million and $5.0 million, inclusive of ROU asset amortization of $3.0 million and $2.9 million for the six months ended June 30, 2025 and 2024, respectively.

Accrued expenses consisted of the following (in thousands):


	June 30, 2025		December 31, 2024

Accrued compensation and payroll taxes	$	12,365	$	24,400
Accrued outsourced manufacturing expenses	9,961		16,682
Taxes payable	24,959		30,995
Product returns and sales allowance	55,064		54,588
Other accrued expenses	62,041		26,239
Lease liability	28,970		30,705
Total accrued expenses	193,360		183,609
Less long-term portion	(77,769)		(54,758)
Total accrued expenses, current	$	115,591	$	128,851

Expense associated with the accretion of the lease liabilities was approximately $0.5 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively, and $1.0 million and $1.2 million for the six months ended June 30, 2025 and 2024, respectively. Total lease expense for the three months ended June 30, 2025 and 2024 was $2.0 million and $2.0 million, respectively, and $4.0 million and $4.0 million for the six months ended June 30, 2025 and 2024, respectively.

Cash paid for amounts related to leases for the three months ended June 30, 2025 and 2024 was $1.8 million and $1.7 million, respectively, and $3.5 million and $3.5 million for the six months ended June 30, 2025 and 2024, respectively.