Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

9. BALANCE SHEET COMPONENTS

Inventory

Inventory consisted of the following:


	December 31,
(In thousands)	2024		2023
Raw materials	$	11,113	$	11,257
Work-in-process		20,529		15,670
Finished goods		2,083		13,810
Total inventory	$	33,725	$	40,737

As of December 31, 2024 and 2023, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $9.2 million and $23.0 million, respectively, which will be recognized as cost of products sold when sales occur in future periods. The fair value adjustments recorded as part of cost of products sold amounted to $13.8 million, $27.2 million and $10.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Other Accrued Liabilities

Other accrued liabilities consisted of the following:


	December 31,
(In thousands)	2024		2023
Accrued contract manufacturing expenses	$	1,071	$	1,966
Accrued clinical and research expenses		611		776
Accrued professional services		8,682		8,876
Current portion of lease liabilities		1,572		1,207
Royalty obligation payable		2,951		1,928
Current portion of deferred royalty obligation		6,438		—
Accrued license fees and royalties		1,727		1,575
Other		6,947		3,370
Total other accrued liabilities	$	29,999	$	19,698

Amount in “Other” as of December 31, 2024 includes $5.3 million in consideration received under a letter agreement we have entered into with Zai Lab as discussed in Note 4, “License and Collaboration Arrangements”.

Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	December 31,
(In thousands)	2024		2023
Long-term portion of deferred royalty obligation	$	63,096	$	69,876
Long-term portion of lease liabilities		1,179		1,635
Contingent value rights liability		—		359
Total other long-term liabilities	$	64,275	$	71,870