Certain Balance Sheet Items

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

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


	September 30, 2025		December 31, 2024
Product sales to partners	$	39,602	$	37,599
Revenues under collaborative agreements	21,238		29,452
Royalty payments	233,030		164,348
Other product sales	57,469		65,542

Contract assets	2,500		20,251
Total accounts receivable and contract assets	353,839		317,192
Allowance for distribution fees and discounts	(7,804)		(8,737)
Total accounts receivable, net and contract assets	$	346,035	$	308,455

Inventories consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	18,961	$	24,015
Work-in-process	34,840		30,169
Finished goods	161,590		142,944
Total inventories	215,391		197,128
Less long-term portion (1)	(29,595)		(55,268)
Total inventories, current	$	185,796	$	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):


	September 30, 2025		December 31, 2024
Prepaid manufacturing expenses	$	56,027	$	36,317

Other prepaid expenses	47,084		10,562
Long-term inventories	29,595		55,268
Other assets	17,947		17,400
Total prepaid expenses and other assets	150,653		119,547
Less long-term portion	(55,698)		(80,596)
Total prepaid expenses and other assets, current	$	94,955	$	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):


	September 30, 2025		December 31, 2024
Research equipment	$	10,540	$	9,811
Manufacturing equipment	43,366		39,760
Computer and office equipment	8,054		7,955
Internal-use software	2,246		1,755
Leasehold improvements	7,428		7,012
Subtotal	71,634		66,293
Accumulated depreciation and amortization	(31,059)		(25,429)
Subtotal	40,575		40,864
Right of use of assets	30,845		34,171
Total property and equipment, net	$	71,420	$	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 September 30, 2025 and 2024, respectively.

Depreciation and amortization expense was approximately $8.1 million and $7.6 million, inclusive of ROU asset amortization of $4.5 million and $4.3 million for the nine months ended September 30, 2025 and 2024, respectively.

Accrued expenses consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Accrued compensation and payroll taxes	$	15,831	$	24,400
Accrued outsourced manufacturing expenses	8,429		16,682
Taxes payable	26,021		30,995
Product returns and sales allowance	48,442		54,588
Other accrued expenses	56,158		26,239
Lease liability	28,101		30,705
Total accrued expenses	182,982		183,609
Less long-term portion	(71,799)		(54,758)
Total accrued expenses, current	$	111,183	$	128,851

Expense associated with the accretion of the lease liabilities was approximately $0.6 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.6 million and $1.7 million for the nine months ended September 30, 2025 and 2024, respectively. Total lease expense for the three months ended September 30, 2025 and 2024 was $2.1 million and $2.0 million, respectively, and $6.1 million and $6.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Cash paid for amounts related to leases for the three months ended September 30, 2025 and 2024 was $1.9 million and $1.6 million, respectively, and $5.4 million and $5.1 million for the nine months ended September 30, 2025 and 2024, respectively.