Balance Sheet Details

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Short-Term Investments

The following is a summary of our short-term investments (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury bills and government agency obligations	$	35,734	$	—	$	(19	)	$	35,715
U.S. commercial paper		5,481		—		—			5,481
Foreign commercial paper		28,292		—		—			28,292
Total	$	69,507	$	—	$	(19	)	$	69,488


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. corporate debt securities	$	15,009	$	—	$	(3	)	$	15,006
Foreign corporate debt securities		10,551		—		(3	)		10,548
U.S. commercial paper		5,998		—		—			5,998
Foreign commercial paper		35,487		—		—			35,487
Total	$	67,045	$	—	$	(6	)	$	67,039

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. We regularly monitor and evaluate the realizable value of our marketable securities. We did not recognize any impairment losses for the years ended December 31, 2022 and 2021.

Unrealized gains and losses associated with our investments are reported in accumulated other comprehensive loss. For the years ended December 31, 2022 and 2021, we recorded $13,000 and $263,000, respectively, in net unrealized losses associated with our short-term investments.

Realized gains and losses associated with our investments, if any, are reported in the statements of operations and comprehensive loss. We did not recognize any realized gains or losses during the years ended December 31, 2022 and 2021.

Inventory

Inventory consists of the following (in thousands):


	December 31,
	2022		2021
Raw materials	$	15,137	$	21,193
Work in process		20,723		20,935
Finished goods		18,713		6,254
Total inventory	$	54,573	$	48,382

As of December 31, 2022, total inventory included $30.9 million related to ZYNRELEF, $19.9 million related to CINVANTI, $2.6 million related to SUSTOL and $1.2 million related to APONVIE. As of December 31, 2021, total inventory included $23.6 million related to ZYNRELEF, $23.1 million related to CINVANTI, and $1.7 million related to SUSTOL. Cost of product sales for the year ended December 31, 2022 included charges of $8.9 million, resulting primarily from the write-off of short-dated ZYNRELEF inventory. In addition, cost of product sales for the year ended December 31, 2021 included charges of $3.8 million, resulting from the write-off of short-dated SUSTOL inventory.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following (in thousands):


	December 31,
	2022		2021
Prepaid expenses	$	21,120	$	27,945
Other receivables		6,197		103
Prepaid insurance		1,947		2,135
Deposits		254		254
Interest receivable		154		245
Total prepaid expenses and other assets	$	29,672	$	30,682

Property and Equipment

Property and equipment, net consists of the following (in thousands):


	December 31,
	2022			2021
Scientific equipment	$	33,318		$	33,403
Leasehold improvements		647			610
Computer equipment and software		1,506			1,497
Furniture, fixtures and office equipment		982			1,467
Property and equipment, gross		36,453			36,977
Less: accumulated depreciation and amortization		(14,293	)		(13,243	)
Property and equipment, net	$	22,160		$	23,734

Depreciation and amortization expense for the years ended December 31, 2022 and 2021 was $2.9 million and $3.0 million, respectively. As of December 31, 2022 and 2021, $5.4 million and $15.9 million of property and equipment, respectively, was in process and not depreciated during the respective years.

Accrued Payroll and Employee Liabilities and Other Accrued Liabilities

Accrued payroll and employee liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Accrued employee salaries and benefits	$	2,134	$	1,784
Accrued bonuses		7,783		9,439
Accrued vacation		3,499		4,040
Total accrued payroll and employee liabilities	$	13,416	$	15,263

Other accrued liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Accrued product sales allowances	$	33,317	$	22,560
Accrued consulting and professional fees		4,236		2,666
Accrued accounts payable		363		70
Other accrued liabilities		636		563
Total other accrued liabilities	$	38,552	$	25,859