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Balance Sheet Details | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Details | 4. Balance Sheet Details Short-Term Investments The following is a summary of our short-term investments (in thousands):
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. treasury bills and government agency obligations |  | $ | 14,860 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 14,868 |
U.S. corporate debt securities |  |  | 11,699 |  |  |  | 3 |  |  |  | — |  |  |  | 11,702 |
Foreign corporate debt securities |  |  | 5,911 |  |  |  | 2 |  |  |  | — |  |  |  | 5,913 |
Foreign commercial paper |  |  | 998 |  |  |  | — |  |  |  | — |  |  |  | 998 |
Total |  | $ | 33,468 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 33,481 |
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. treasury bills and government agency obligations |  | $ | 31,625 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 31,636 |
U.S. corporate debt securities |  |  | 11,652 |  |  |  | 1 |  |  |  | — |  |  |  | 11,653 |
Foreign corporate debt securities |  |  | 5,459 |  |  |  | 1 |  |  |  | — |  |  |  | 5,460 |
U.S. commercial paper |  |  | 1,990 |  |  |  | — |  |  |  | — |  |  |  | 1,990 |
Foreign commercial paper |  |  | 993 |  |  |  | — |  |  |  | — |  |  |  | 993 |
Total |  | $ | 51,719 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 51,732 |
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 no t recognize any impairment losses for the years ended December 31, 2024 and 2023. Unrealized gains and losses associated with our investments are reported in accumulated other comprehensive income (loss). For the year ended December 31, 2024, we recorded no net unrealized gains or losses associated with our short-term investments. For the year ended December 31, 2023, we recorded $32,000 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 recognized $5,000 in realized gains during the year ended December 31, 2024, $1,000 in realized losses during the year ended December 31, 2023. We did no t recognize any realized gains or losses during the year ended December 31, 2022. Inventory Inventory consists of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | 19,733 |  |  | $ | 17,643 |
Work in process |  |  | 27,190 |  |  |  | 14,550 |
Finished goods |  |  | 6,237 |  |  |  | 9,917 |
Total inventory |  | $ | 53,160 |  |  | $ | 42,110 |
As of December 31, 2024, total inventory included $11.8 million related to ZYNRELEF, $36.6 million related to CINVANTI, $3.2 million related to SUSTOL and $1.6 million related to APONVIE. As of December 31, 2023, total inventory included $11.2 million related to ZYNRELEF, $26.4 million related to CINVANTI, $4.1 million related to SUSTOL and $0.4 million related to APONVIE. Cost of product sales for the years ended December 31, 2024 and 2023 included charges of $2.5 million and $20.3 million, respectively, relating to the reserves and write-offs of inventory. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Prepaid expenses |  | $ | 21,224 |  |  | $ | 11,731 |
Prepaid insurance |  |  | 2,203 |  |  |  | 1,910 |
Deposits |  |  | 274 |  |  |  | 274 |
Interest receivables |  |  | 263 |  |  |  | 310 |
Other receivables |  |  | 209 |  |  |  | 21 |
Total prepaid expenses and other assets |  | $ | 24,173 |  |  | $ | 14,246 |
Property and Equipment Property and equipment, net consists of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Scientific equipment |  | $ | 30,342 |  |  | $ | 34,027 |
Leasehold improvements |  |  | 307 |  |  |  | 647 |
Computer equipment and software |  |  | 1,047 |  |  |  | 1,506 |
Furniture, fixtures and office equipment |  |  | 1,014 |  |  |  | 1,014 |
Property and equipment, gross |  |  | 32,710 |  |  |  | 37,194 |
Less: accumulated depreciation and amortization |  |  | (17,847 | ) |  |  | (17,028 | )
Property and equipment, net |  | $ | 14,863 |  |  | $ | 20,166 |
Depreciation and amortization expense for the years ended December 31, 2024 and 2023 was $2.5 million and $2.9 million, respectively. As of December 31, 2024 and 2023, $2.6 million and $6.3 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, |
|  | 2024 |  |  | 2023 |
Accrued employee salaries and benefits |  | $ | 1,591 |  |  | $ | 1,371 |
Accrued bonuses |  |  | 5,907 |  |  |  | 5,499 |
Accrued vacation |  |  | 2,056 |  |  |  | 2,354 |
Total accrued payroll and employee liabilities |  | $ | 9,554 |  |  | $ | 9,224 |
Other accrued liabilities consist of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Accrued product sales allowances |  | $ | 37,419 |  |  | $ | 36,529 |
Accrued consulting and professional fees |  |  | 3,036 |  |  |  | 3,940 |
Other accrued liabilities |  |  | 1,063 |  |  |  | 415 |
Accrued interest |  |  | 237 |  |  |  | 412 |
Accrued accounts payable |  |  | — |  |  |  | 559 |
Total other accrued liabilities |  | $ | 41,755 |  |  | $ | 41,855 |

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