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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 44,252,000 $ 35,277,000
Short-term investments 210,974,000 268,339,000
Accounts receivable 0 1,205,000
Inventory 0 16,101,000
Other current assets 6,066,000 9,779,000
Total current assets 261,292,000 330,701,000
Long-term investments 13,869,000 25,825,000
Property, plant and equipment, net 3,411,000 18,856,000
Operating lease right-of-use assets 8,413,000 18,007,000
Equity method investment in Gannet BioChem 12,218,000  
Other assets 4,647,000 4,644,000
Total assets 303,850,000 398,033,000
Current liabilities:    
Accounts payable 11,560,000 9,848,000
Accrued expenses 29,972,000 22,162,000
Operating lease liabilities, current portion 19,868,000 19,259,000
Total current liabilities 61,400,000 51,269,000
Operating lease liabilities, less current portion 82,696,000 98,517,000
Liabilities related to the sales of future royalties, net 91,776,000 112,625,000
Other long-term liabilities 7,241,000 4,635,000
Total liabilities 243,113,000 267,046,000
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares designated, issued or outstanding at December 31, 2024 or 2022 0 0
Common stock, $0.0001 par value; 300,000 shares authorized; 194,062 shares and 191,384 shares issued at December 31, 2024 and 2023, respectively; 185,777 shares and 191,384 shares outstanding at December 31, 2024 and 2023, respectively 19,000 19,000
Capital in excess of par value 3,659,867,000 3,608,137,000
Treasury stock, at cost; 8,285 shares as of December 31, 2024 and none as of December 31, 2023, respectively (3,000,000)  
Accumulated other comprehensive income (loss) 61,000 80,000
Accumulated deficit (3,596,210,000) (3,477,249,000)
Total stockholders’ equity 60,737,000 130,987,000
Total liabilities and stockholders’ equity $ 303,850,000 $ 398,033,000