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Balance Sheet Account Details | 12 Months Ended
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Dec. 31, 2021
Other Balance Sheet Details [Abstract] |
Balance Sheet Account Details | Balance Sheet Account DetailsShort-term Investments Excluding our investments in Viking, the following table summarizes the various investment categories at December 31, 2021 and 2020 (in thousands):
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
December 31, 2021 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |
Mutual Fund | $ | 152,136 |  |  | $ | — |  |  | $ | (249) |  |  | $ | 151,887 |
Bank deposits | 63,389 |  |  | 13 |  |  | (21) |  |  | 63,381 |
Commercial paper | 36,008 |  |  | 2 |  |  | (12) |  |  | 35,998 |
Corporate bonds | 29,308 |  |  | 17 |  |  | (38) |  |  | 29,287 |
Corporate equity securities | 5,807 |  |  | 402 |  |  | (2,027) |  |  | 4,182 |
U.S. government securities | 5,577 |  |  | — |  |  | (23) |  |  | 5,554 |
Warrants | — |  |  | 408 |  |  | — |  |  | 408 |
| $ | 292,225 |  |  | $ | 842 |  |  | $ | (2,370) |  |  | $ | 290,697 |
December 31, 2020 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |
Mutual fund | $ | 151,512 |  |  | 386 |  |  | $ | — |  |  | $ | 151,898 |
Bank deposits | 84,120 |  |  | 35 |  |  | (1) |  |  | $ | 84,154 |
Commercial paper | 45,459 |  |  | 27 |  |  | (1) |  |  | $ | 45,485 |
Corporate bonds | 30,512 |  |  | 99 |  |  | (1) |  |  | $ | 30,610 |
Agency bonds | 4,499 |  |  | 2 |  |  | — |  |  | $ | 4,501 |
Corporate equity securities | 4,466 |  |  | 360 |  |  | (1,388) |  |  | $ | 3,438 |
Treasury bills | 3,999 |  |  | — |  |  | — |  |  | $ | 3,999 |
Warrants | — |  |  | 393 |  |  | — |  |  | $ | 393 |
| $ | 324,567 |  |  | $ | 1,302 |  |  | $ | (1,391) |  |  | $ | 324,478 |
Gain (loss) from short-term investments on our consolidated statements of operations includes both realized and unrealized gain (loss) from our short-term investments in public equity and warrant securities, and realized gain (loss) from available-for-sale debt securities. The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| December 31, 2021
| Amortized Cost |  | Fair Value
Within one year | $ | 111,334 |  |  | $ | 111,315 |
After one year through five years | 24,952 |  |  | 24,909 |
After five years | — |  |  | — |
Total | $ | 136,286 |  |  | $ | 136,224 |
The following table summarizes our available-for-sale debt securities in an unrealized loss position (in thousands):
| Less than 12 months |  | 12 months or greater |  | Total
| Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | (13) |  |  | $ | 20,008 |  |  | $ | — |  |  | $ | — |  |  | $ | (13) |  |  | $ | 20,008 |
Corporate bonds | (15) |  |  | 27,252 |  |  | (5) |  |  | 2,996 |  |  | (20) |  |  | 30,248 |
Commercial paper | (6) |  |  | 6,689 |  |  | (32) |  |  | 10,125 |  |  | (38) |  |  | 16,814 |
U.S. Government Securities | — |  |  | — |  |  | (23) |  |  | 5,553 |  |  | (23) |  |  | 5,553 |
Total | $ | (34) |  |  | $ | 53,949 |  |  | $ | (60) |  |  | $ | 18,674 |  |  | $ | (94) |  |  | $ | 72,623 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | (1) |  |  | $ | 14,013 |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | 14,013 |
Corporate bonds | (1) |  |  | 4,526 |  |  | — |  |  | — |  |  | (1) |  |  | 4,526 |
Commercial paper | (1) |  |  | 7,693 |  |  | — |  |  | — |  |  | (1) |  |  | 7,693 |
Total | $ | (3) |  |  | $ | 26,232 |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | 26,232 |
Our investment policy is capital preservation and we only invested in U.S.-dollar denominated investments. We held a total of 55 positions which were in an unrealized loss position as of December 31, 2021. We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses are largely due to changes in interest rates and not to unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. We do not intend to sell these securities nor do we believe that we will be required to sell these securities before the recovery of the amortized cost basis. Accordingly, no credit losses were recognized for the twelve months ended December 31, 2021. Property and equipment are stated at cost and consists of the following (in thousands):
| December 31,
| 2021 |  | 2020
Lab and office equipment | $ | 20,183 |  |  | $ | 14,666 |
Leasehold improvements | 7,983 |  |  | 3,519 |
Computer equipment and software | 1,056 |  |  | 1056 |
| 29,222 |  |  | 19,241 |
Less accumulated depreciation and amortization | (8,711) |  |  | (4,807) |
| $ | 20,511 |  |  | $ | 14,434 |
Depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets which ranges from three to ten years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or their related lease term, whichever is shorter. Depreciation expense of $3.9 million, $1.8 million, and $1.5 million was recognized for the twelve months ended December 31, 2021, 2020, and 2019, respectively, and was included in operating expenses. Goodwill and identifiable intangible assets consist of the following (in thousands):
| December 31,
| 2021 |  | 2020
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 181,206 |  |  | $ | 189,662 |
Definite-lived intangible assets |  |  |
Complete technology | 280,617 |  |  | 277,740 |
Less: Accumulated amortization | (78,991) |  |  | (63,600) |
Trade name | 2,642 |  |  | 2,642 |
Less: Accumulated amortization | (1,444) |  |  | (1,312) |
Customer relationships | 40,700 |  |  | 40,700 |
Less: Accumulated amortization | (18,267) |  |  | (15,597) |
Contractual relationships | 362,000 |  |  | 362,000 |
Less: Accumulated amortization | (36,217) |  |  | (7,243) |
Total goodwill and other identifiable intangible assets, net | $ | 732,246 |  |  | $ | 784,992 |
Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful life of the asset of up to 20 years. Amortization expense of $47.2 million, $23.4 million, and $16.9 million was recognized for the years ended December 31, 2021, 2020, and 2019, respectively. Estimated amortization expense for the years ending December 31, 2022 through 2026 is $47.0 million per year. For each of the years ended December 31, 2021, 2021, and 2019, there was no material impairment of intangible assets with finite lives. Accrued liabilities consist of the following (in thousands):
| December 31,
| 2021 |  | 2020
Compensation | $ | 6,532 |  |  | $ | 8,810 |
Professional fees | 2,046 |  |  | 977 |
Amounts owed to former licensees | 630 |  |  | 421 |
Royalties owed to third parties | 149 |  |  | 693 |
Return reserve and customer refunds | 2,420 |  |  | 687 |
Acquisition related liabilities | 1,000 |  |  | 1,500 |
Subcontractor | 1,759 |  |  | 733 |
Supplier | 848 |  |  | 604 |
Other | 2,195 |  |  | 4,105 |
| $ | 17,579 |  |  | $ | 18,530 |
Contingent liabilities: In connection with the acquisition of Crystal in October 2017, we entered into contingent liabilities based on achievement of certain research and business milestones as well as certain revenue goal. In connection with the acquisition of CyDex in January 2011, we issued a series of CVRs and also assumed certain contingent liabilities. We may be required to make additional payments upon achievement of certain clinical and regulatory milestones to the CyDex shareholders and former license holders. In connection with the acquisition of Metabasis in January 2010, we entered into four CVR agreements with Metabasis shareholders. The CVRs entitle the holders to cash payments as frequently as every six months as proceeds are received by us upon the sale or licensing of any of the Metabasis drug development programs and upon the achievement of specified milestones. For CVRs associated with the Pfenex and Icagen acquisitions, see “Note (4), Acquisitions” for more information. The following table summarizes roll-forward of contingent liabilities as of December 2021 and 2020 (in thousands):
| December 31, 2019 | Additional Contingent Liabilities | Payments | Fair Value Adjustment | Repurchases | December 31, 2020 |  |  | Payments | Fair Value Adjustment | Repurchases | December 31, 2021
Cydex | $ | 348 |  | $ | — |  | $ | — |  | $ | 160 |  | $ | — |  | $ | 508 |  |  |  | $ | (50) |  | $ | (108) |  | $ | — |  | $ | 350 |
Metabasis | 5,935 |  | — |  | — |  | (1,867) |  | (247) |  | 3,821 |  |  |  | — |  | (464) |  | — |  | 3,357 |
Crystal | 2,659 |  | — |  | (1,800) |  | (59) |  | — |  | 800 |  |  |  | — |  | (800) |  | — |  | — |
Icagen | — |  | 4,800 |  | (525) |  | 2,129 |  | — |  | 6,404 |  |  |  | (1,050) |  | 2,010 |  | — |  | 7,364 |
Pfenex | — |  | 37,000 |  | — |  | 600 |  | — |  | 37,600 |  |  |  | — |  | (37,600) |  | — |  | — |
xCella | — |  | — |  | — |  | — |  | — |  | — |  |  |  | (720) |  | 720 |  | — |  | — |
Total | $ | 8,942 |  | $ | 41,800 |  | $ | (2,325) |  | $ | 963 |  | $ | (247) |  | $ | 49,133 |  |  |  | $ | (1,820) |  | $ | (36,242) |  | $ | — |  | $ | 11,071 |

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