XML 48 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1

Restructuring and Impairment (Tables)

12 Months Ended

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 severance 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

X

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

+ Details

Name:	us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration