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Consolidated Financial Statement Details | 12 Months Ended
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Dec. 31, 2024
Inventory Disclosure [Abstract] |
Consolidated Financial Statement Details | Note 3 — Consolidated Financial Statement Details Inventory Inventory consists of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | — |  |  | $ | 1,861 |
Work-in-process |  |  | — |  |  |  | 12,880 |
Finished goods |  |  | — |  |  |  | 1,360 |
Total inventory |  | $ | — |  |  | $ | 16,101 |
For the year ended December 31, 2023, we recorded a provision of $2.0 million for the net realizable value of our batches as an increase to cost of goods sold. Our manufacturing agreement with UCB Pharma (UCB) for the reagent used in the manufacture of CIMZIA® provided for a fixed selling price which we had negotiated in exchange for a higher royalty rate. Accordingly, when evaluating the net realizable value of our inventory for UCB, we included the negotiated increase of the royalties in our analysis, and the aggregate revenue has historically been greater than our manufacturing cost. Due to the decreases in the royalty rates for 2024 as a result of a settlement agreement with UCB, the aggregate revenue was expected to be less than our manufacturing cost for these years, and therefore we previously recorded a provision for net realizable value. As further disclosed in Note 9, on July 31, 2024, we entered into a long-term supply agreement with UCB that increases the selling price of the reagent used in the manufacture of CIMZIA®, which resulted in the aggregate revenue exceeding our manufacturing costs. As a result, we reduced the provision to $0 during the three months ended September 30, 2024. See Note 9 for additional information on the settlement agreement with UCB. As of December 2, 2024, we sold all of our inventory to Gannet BioChem. Other Current Assets Other current assets consists of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Prepaid research and development expenses |  | $ | 1,947 |  |  | $ | 4,325 |
Interest and other non-trade receivables |  |  | 1,609 |  |  |  | 1,047 |
Other prepaid expenses |  |  | 2,510 |  |  |  | 4,407 |
Total other current assets |  | $ | 6,066 |  |  | $ | 9,779 |
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 |
Laboratory and manufacturing equipment, including construction-in-process, include assets that support both our manufacturing and research and development activities. On December 2, 2024, we sold the Facility, including buildings and the Facility’s associated manufacturing equipment, laboratory equipment and computer equipment and software, to Gannet BioChem. Due to the weakening lease markets, during the years ended December 31, 2024 and 2023, we have recorded non-cash impairment charges on our lease-related property, plant and equipment, primarily for our leasehold improvements, including $1.0 million during the three months ended June 30, 2024, which we report in restructuring and impairment in our Consolidated Statement of Operations. See Note 10 for additional information. Depreciation and amortization expense for property, plant and equipment for the years ended December 31, 2024 and 2023 totaled $4.1 million and $7.0 million, respectively. Goodwill The following is a reconciliation of the change in our goodwill for the year ended December 31, 2023 (in thousands):
|  | Year Ended December 31, 2023 |
Goodwill – beginning balance |  | $ | 76,501 |
Impairment of goodwill |  |  | (76,501 | )
Goodwill – ending balance |  | $ | — |
As a result of the decrease in the fair value of our single reporting unit during the three months ended March 31, 2023, we recorded a non-cash goodwill impairment charge of $76.5 million, which we report as impairment of goodwill in our Consolidated Statement of Operations. We had previously recognized goodwill primarily from our acquisitions of Shearwater Corp. and Aerogen, Inc. in 2001 and 2005, respectively. See Note 11 for additional information. Accrued Expenses Accrued expenses consist of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Accrued compensation |  | $ | 2,832 |  |  | $ | 5,553 |
Accrued research and development expenses |  |  | 14,453 |  |  |  | 10,118 |
Accrued contract termination costs |  |  | 2,767 |  |  |  | 3,020 |
Other accrued expenses |  |  | 9,920 |  |  |  | 3,471 |
Total accrued expenses |  | $ | 29,972 |  |  | $ | 22,162 |
Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component (in thousands):
|  | Foreign currency translation |  |  | Available-for-sale securities |  |  | Accumulated Other Comprehensive Income (Loss) |
Balance at December 31, 2022 |  | $ | (5,131 | ) |  | $ | (1,776 | ) |  | $ | (6,907 | )
Foreign currency translation gain (loss) |  |  | 62 |  |  |  | — |  |  |  | 62 |
Unrealized gain on available-for-sale securities |  |  | — |  |  |  | 1,826 |  |  |  | 1,826 |
Reclassification adjustments to income |  |  | 5,099 |  |  |  | — |  |  |  | 5,099 |
Balance at December 31, 2023 |  |  | 30 |  |  |  | 50 |  |  |  | 80 |
Foreign currency translation gain (loss) |  |  | (4 | ) |  |  | — |  |  |  | (4 | )
Unrealized gain on available-for-sale securities |  |  | — |  |  |  | (15 | ) |  |  | (15 | )
Balance at December 31, 2024 |  | $ | 26 |  |  | $ | 35 |  |  | $ | 61 |
The reclassification from accumulated other comprehensive loss relates to the closure of the operations of our foreign subsidiaries and has been included within other income (expense), net in our Consolidated Statement of Operations for the year ended December 31, 2023.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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