Balance Sheet Details

12 Months Ended

Dec. 31, 2024

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, 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 not 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 not 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