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Prepaid and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

5. Prepaid and Other Current Assets

Prepaid assets and other current assets consisted of the following as of December 31, 2023, and December 31, 2022 (in thousands):


	December 31,
	2023		2022
Down payments for inventory	$	16,296	$	13,987
Prepaid research and development		13,931		15,181
Other prepaid expenses		8,593		7,182
Total prepaid expenses	$	38,820	$	36,350


	December 31,
	2023		2022
Royalties receivable		3,054	$	1,442
ERC credit		—		8,711
Receivable from collaboration agreement (1)		15,000		20,000
Deposits and other current assets		4,354		6,505
Total other current assets	$	22,408	$	36,658

(1)

In January 2024 the Company waived the remaining reimbursement payment of $15.0 million in connection with the decision to discontinue the CAD program.

Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) signed into law on March 27, 2020 and the subsequent extension of the CARES Act, the Company was eligible for a refundable employee retention credit (“ERC”) subject to certain criteria. The ERC provides eligible employers with less than 500 employees a refundable tax credit against the employer’s share of social security taxes. The ERC is equal to 70% of qualified wages paid to employees during 2021 calendar year for a maximum credit of $7,000 per employee for each calendar quarter through September 30, 2021. In November 2022, the Company filed for an $8.7 million refund under the CARES Act relating to the ERC. The full refund amount was received in 2023.