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Restructuring and Impairment (Tables) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Impairment | In connection with our 2022 and 2023 Restructuring Plans, restructuring and impairment includes the following (in thousands):
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Severance and benefit expense |  | $ | — |  |  | $ | 7,885 |
Impairment of right-of-use assets and property, plant and equipment |  |  | 8,329 |  |  |  | 35,328 |
Loss on sale of other property, plant and equipment, net |  |  | — |  |  |  | 1,300 |
Contract termination and other restructuring costs |  |  | 7,341 |  |  |  | 7,445 |
Restructuring and impairment |  | $ | 15,670 |  |  | $ | 51,958 |
The following table provides details regarding the severanc e and benefit expense for the years ended December 31, 2024 and 2023 pursuant to the 2022 and 2023 Restructuring Plans and a reconciliation of the severance and benefits liability for the year ended December 31, 2024 pursuant to the 2022 and 2023 Restructuring Plans, which we report within accrued expenses on our Consolidated Balance Sheets (in thousands):
|  | 2023 Restructuring Plan |  |  | 2022 Restructuring Plan |  |  | Total |
Liability balance as of December 31, 2022 |  | $ | — |  |  | $ | 3,299 |  |  | $ | 3,299 |
Expense recognized during the period |  |  | 7,885 |  |  |  | — |  |  |  | 7,885 |
Payments during the period |  |  | (7,689 | ) |  |  | (3,299 | ) |  |  | (10,988 | )
Liability balance as of December 31, 2023 |  | $ | 196 |  |  | $ | — |  |  | $ | 196 |
Expense recognized during the period |  |  | — |  |  |  | — |  |  |  | — |
Payments during the period |  |  | (196 | ) |  |  | — |  |  |  | (196 | )
Liability balance as of December 31, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |
We recorded non-cash impairment charges of lease assets pertaining to the 2022 and 2023 Restructuring Plans as follows (in thousands):
|  | Three-months Ended |
Sublease Spaces |  | March 31, 2023 |  |  | June 30, 2023 |  |  | September 30, 2023 |  |  | December 31, 2023 |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | Total |
Mission Bay Blvd. South |  | $ | — |  |  | $ | 7,061 |  |  | $ | 1,467 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,528 |
Third St |  |  | — |  |  |  | 6,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,429 |  |  |  | 10,629 |
Total 2022 Restructuring Plan |  |  | — |  |  |  | 13,261 |  |  |  | 1,467 |  |  |  | — |  |  |  | — |  |  |  | 4,429 |  |  |  | 19,157 |
Mission Bay Blvd. South - 2023 Restructuring Plan |  |  | 11,500 |  |  |  | — |  |  |  | 9,100 |  |  |  | — |  |  |  | — |  |  |  | 3,900 |  |  |  | 24,500 |
Total impairment of lease assets |  | $ | 11,500 |  |  | $ | 13,261 |  |  | $ | 10,567 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,329 |  |  | $ | 43,657 |
|  | Year Ended December 31, 2023 |
|  | Operating Lease Right-of-Use Assets |  |  | Property, Plant and Equipment |  |  | Total |
Net book value of impaired sublease assets |  | $ | 44,921 |  |  | $ | 6,943 |  |  | $ | 51,864 |
Less: Fair value of impaired sublease assets — Level 3 of Fair Value Hierarchy |  |  | (14,364 | ) |  |  | (2,172 | ) |  |  | (16,536 | )
Book value in excess of fair value |  | $ | 30,557 |  |  | $ | 4,771 |  |  | $ | 35,328 |
|  | Year-Ended December 31, 2024 |
|  | Operating Lease Right-of-Use Assets |  |  | Property, Plant and Equipment |  |  | Total |
Net book value of impaired sublease assets |  | $ | 12,506 |  |  | $ | 1,897 |  |  | $ | 14,403 |
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy |  |  | (5,219 | ) |  |  | (855 | ) |  |  | (6,074 | )
Total impairment of right-of-use assets and property, plant and equipment |  | $ | 7,287 |  |  | $ | 1,042 |  |  | $ | 8,329 |
Contract termination and other restructuring costs include the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Contract termination costs |  | $ | 7,341 |  |  | $ | 1,953 |
Costs for the wind down of the bempegaldesleukin program |  |  | — |  |  |  | 5,492 |
Contract termination and other restructuring costs |  | $ | 7,341 |  |  | $ | 7,445 |
The following is a reconciliation of the contract termination costs, for the years ended December 31, 2024 and 2023. We reported $3.0 million and $2.8 million in accrued expenses as of December 31, 2023 and December 31, 2024, respectively, and reported $2.5 million and $6.3 million, respectively, in other long-term liabilities on our Consolidated Balance Sheets (in thousands):
|  | Year Ended |
|  | December 31, 2024 |
Liability balance as of December 31, 2022 |  | $ | 7,710 |
Expense recognized during the period |  |  | 1,919 |
Payments during the period |  |  | (4,087 | )
Liability balance as of December 31, 2023 |  |  | 5,542 |
Expense recognized during the period |  |  | 7,341 |
Payments during the period |  |  | (3,805 | )
Liability balance as of December 31, 2024 |  | $ | 9,078 |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Building and leasehold improvements |  | $ | 3,881 |  |  | $ | 43,184 |
Laboratory equipment |  |  | 552 |  |  |  | 14,537 |
Computer equipment and software |  |  | 14,616 |  |  |  | 22,438 |
Manufacturing equipment |  |  | — |  |  |  | 24,315 |
Furniture, fixtures, and other |  |  | 27 |  |  |  | 541 |
Depreciable property, plant and equipment at cost |  |  | 19,076 |  |  |  | 105,015 |
Less: accumulated depreciation |  |  | (15,910 | ) |  |  | (86,898 | )
Depreciable property, plant and equipment, net |  |  | 3,166 |  |  |  | 18,117 |
Construction-in-progress |  |  | 245 |  |  |  | 739 |
Property, plant and equipment, net |  | $ | 3,411 |  |  | $ | 18,856 |
We determined the loss as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  | 2023 |
Proceeds from sales |  | $ | — |  | $ | 1,245 |
Net book value of assets |  |  | — |  |  | 2,545 |
Total loss on sale of other property, plant and equipment, net |  | $ | — |  | $ | 1,300 |

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