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Balance Sheet Account Details | 12 Months Ended
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Dec. 31, 2023
Other Balance Sheet Details [Abstract] |
Balance Sheet Account Details | Balance Sheet Account Details Short-term Investments Excluding our investments in Viking, the following table summarizes the various investment categories at December 31, 2023 and 2022 (in thousands):
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
December 31, 2023 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |
Bond Fund | $ | 63,763 |  |  | $ | — |  |  | $ | (537) |  |  | $ | 63,226 |
Bank deposits | 17,165 |  |  | 12 |  |  | (1) |  |  | 17,176 |
Corporate bonds | 14,850 |  |  | 40 |  |  | (2) |  |  | 14,888 |
Commercial paper | 11,578 |  |  | 9 |  |  | (1) |  |  | 11,586 |
U.S. government securities | 6,736 |  |  | 18 |  |  | (3) |  |  | 6,751 |
Municipal bonds | 1,007 |  |  | — |  |  | (4) |  |  | 1,003 |
Corporate equity securities | 5,775 |  |  | — |  |  | (5,235) |  |  | 540 |
| $ | 120,874 |  |  | $ | 79 |  |  | $ | (5,783) |  |  | $ | 115,170 |
December 31, 2022 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |
Bond fund | $ | 81,815 |  |  | $ | — |  |  | $ | (1050) |  |  | $ | 80,765 |
Commercial paper | 7,211 |  |  | 3 |  |  | — |  |  | 7,214 |
Corporate bonds | 6,701 |  |  | 13 |  |  | (58) |  |  | 6,656 |
Bank deposits | 5,012 |  |  | 2 |  |  | (34) |  |  | 4,980 |
U.S. government securities | 2,232 |  |  | — |  |  | (70) |  |  | 2,162 |
Corporate equity securities | 5,807 |  |  | 262 |  |  | (4,239) |  |  | 1,830 |
Warrants | — |  |  | 135 |  |  | — |  |  | 135 |
| $ | 108,778 |  |  | $ | 415 |  |  | $ | (5,451) |  |  | $ | 103,742 |
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, 2023
| Amortized Cost |  | Fair Value
Within one year | $ | 55,361 |  |  | $ | 55,380 |
After one year through five years | 13,478 |  |  | 13,524 |
Total | $ | 68,839 |  |  | $ | 68,904 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | (1) |  |  | $ | 4,175 |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | 4,175 |
Corporate bonds | (1) |  |  | 1,410 |  |  | (1) |  |  | 1,447 |  |  | (2) |  |  | 2,857 |
Commercial paper | (4) |  |  | 10,222 |  |  | — |  |  | — |  |  | (4) |  |  | 10,222 |
Municipal bonds | (4) |  |  | 1,004 |  |  | — |  |  | — |  |  | (4) |  |  | 1,004 |
U.S. Government Securities | — |  |  | 998 |  |  | (3) |  |  | 1,502 |  |  | (3) |  |  | 2,500 |
Total | $ | (10) |  |  | $ | 17,809 |  |  | $ | (4) |  |  | $ | 2,949 |  |  | $ | (14) |  |  | $ | 20,758 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | (34) |  |  | $ | 2,470 |  |  | $ | — |  |  | $ | — |  |  | $ | (34) |  |  | $ | 2,470 |
Corporate bonds | (21) |  |  | 3,887 |  |  | (37) |  |  | 947 |  |  | (58) |  |  | 4,834 |
Commercial paper | — |  |  | 3,836 |  |  | — |  |  | — |  |  | — |  |  | 3,836 |
U.S. Government Securities | (70) |  |  | 2,161 |  |  | — |  |  | — |  |  | (70) |  |  | 2,161 |
Total | $ | (125) |  |  | $ | 12,354 |  |  | $ | (37) |  |  | $ | 947 |  |  | $ | (162) |  |  | $ | 13,301 |
Our investment policy is capital preservation and we only invested in U.S.-dollar denominated investments. We held a total of 31 positions which were in an unrealized loss position with a total of $0.01 million unrealized losses as of December 31, 2023. 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 year ended December 31, 2023. Short-term Investments: Investment in Viking: Our ownership in Viking was approximately 1.7% as of December 31, 2023, and we account for it as an investment in available-for-sale equity securities, which is measured at fair value, with changes in fair value recognized in net income. As of December 31, 2023 and December 31, 2022, our investment in Viking is $32.2 million and $63.1 million, respectively, and included in short-term investments on the balance sheet. During the year ended December 31, 2023, we sold 5.0 million shares of Viking common stock and recognized a realized gain of $44.4 million. During the year ended December 31, 2021, we sold 0.6 million shares of Viking common stock and recognized a realized gain of $3.6 million. There were no sales of Viking common stock during the year ended December 31, 2022. Property and equipment are stated at cost and consists of the following (in thousands):
| December 31,
| 2023 |  | 2022
Lab and office equipment | $ | 9,264 |  |  | $ | 14,172 |
Leasehold improvements | 12,282 |  |  | 7,446 |
Computer equipment and software | 716 |  |  | 989 |
| 22,262 |  |  | 22,607 |
Less accumulated depreciation and amortization | (6,655) |  |  | (10,125) |
| $ | 15,607 |  |  | $ | 12,482 |
Depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets which ranges from one to nine 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 $2.9 million, $3.8 million, and $2.4 million was recognized for the years ended December 31, 2023, 2022, and 2021, respectively, and was included in operating expenses. Goodwill and identifiable intangible assets consist of the following (in thousands):
| December 31,
| 2023 |  | 2022
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 103,370 |  |  | $ | 105,673 |
Definite-lived intangible assets |  |  |
Completed technology | 42,911 |  |  | 55,211 |
Less: Accumulated amortization | (20,894) |  |  | (22,560) |
Trade name | 2,642 |  |  | 2,642 |
Less: Accumulated amortization | (1,710) |  |  | (1,577) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: Accumulated amortization | (19,161) |  |  | (17,670) |
Contractual relationships | 360,000 |  |  | 362,000 |
Less: Accumulated amortization | (93,782) |  |  | (65,191) |
Total goodwill and other identifiable intangible assets, net | $ | 402,976 |  |  | $ | 448,128 |
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 $33.7 million, $34.2 million, and $34.2 million was recognized for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated amortization expense for the years ending December 31, 2024 through 2028 is $32.8 million per year. For each of the years ended December 31, 2023, 2022, and 2021, there was no material impairment of intangible assets with finite lives. Accrued liabilities consist of the following (in thousands):
| December 31,
| 2023 |  | 2022
Compensation | $ | 4,682 |  |  | $ | 6,201 |
Professional fees | 2,394 |  |  | 662 |
Customer deposit | 621 |  |  | 621 |
Amounts owed to former licensees | 45 |  |  | 3,989 |
Royalties owed to third parties | 900 |  |  | 12 |
Subcontractor | 1,756 |  |  | 1,756 |
Supplier | 303 |  |  | 634 |
Other | 1,766 |  |  | 1,806 |
| $ | 12,467 |  |  | $ | 15,681 |
Other long-term liabilities consist of the following (in thousands):
| December 31,
| 2023 |  | 2022
Unrecognized tax benefits | $ | 14,039 |  |  | $ | 21,421 |
Novan contract liability | 13,700 |  |  | — |
Other long-term liabilities | 19 |  |  | 501 |
| $ | 27,758 |  |  | $ | 21,922 |
Contingent liabilities: 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. The following table summarizes roll-forward of contingent liabilities as of December 31, 2023 and 2022 (in thousands):
| December 31, 2021 |  | Payments | Fair Value Adjustment | December 31, 2022 |  |  | Payments | Fair Value Adjustment | Repurchases | December 31, 2023
Cydex | $ | 349 |  |  | $ | — |  | $ | (265) |  | $ | 84 |  |  |  | $ | (50) |  | $ | 286 |  | $ | — |  | $ | 320 |
Metabasis | 3,358 |  |  | — |  | 71 |  | 3,429 |  |  |  | — |  | (551) |  | — |  | 2,878 |
Total | $ | 3,707 |  |  | $ | — |  | $ | (194) |  | $ | 3,513 |  |  |  | $ | (50) |  | $ | (265) |  | $ | — |  | $ | 3,198 |

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