XML 36 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
Balance Sheet Details
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details Balance Sheet Details
Inventories
Inventories consisted of the following (in thousands): 
 December 31,
 20242023
Raw materials $— $108 
Work in process29 7 
Finished goods 1,770 2,570 
Total inventories$1,799 $2,685 
Prepaid expenses and other current assets
As of December 31, 2024, prepaid expenses and other current assets consists of prepaid expenses of $3.7 million and other current assets of $0.5 million. As of December 31, 2023, prepaid expenses and other current assets consists of prepaid expenses of $4.6 million and other current assets of $0.6 million.
Property and Equipment, net
Property and equipment, net consisted of the following (in thousands): 
 December 31,
 20242023
Laboratory equipment(1)
$35,949 $37,216 
Leasehold improvements12,159 11,912 
Computer equipment2,459 2,565 
Office furniture and equipment1,124 1,469 
Construction in progress(2)
3,441 1,636 
Property and Equipment55,132 54,798 
Less: accumulated depreciation(40,935)(39,311)
Property and equipment, net$14,197 $15,487 
(1) Fully depreciated property and equipment with a cost of $2.6 million and $3.0 million were retired during the years ended December 31, 2024 and 2023, respectively.
(2) Construction in progress includes equipment received but not yet placed into service pending installation.
In July 2023, we announced our plan to consolidate operations from our San Carlos facility to our headquarters in Redwood City. As part of this plan, we entered into agreements to sell certain laboratory equipment located in our San Carlos facility through an asset auction and as part of the lease assignment of the San Carlos facility to Vaxcyte (see further discussion at Note 13, “Commitments and Contingencies”). These certain items of laboratory equipment met the assets held for sale criteria and were sold during the fourth quarter of 2023. Using a fair value estimate based on Level 3 inputs in the fair value hierarchy, the Company determined that the carrying value of these assets exceeded fair value less costs to sell, which resulted in a write-down of $1.5 million, presented within the asset impairment and other charges line item in the consolidated statements of operations in the year ended December 31, 2023.
During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $4.7 million associated with the San Carlos facility leasehold improvements. For additional information, see Note 13, “Commitments and Contingencies.”
Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands):
 Year Ended December 31,
 202420232022
Research and development$3,964 $4,594 $4,556 
Selling, general and administrative881 924 846 
Total depreciation expense    $4,845 $5,518 $5,402 
Goodwill
December 31,
20242023
Goodwill at beginning of period
$2,463 $3,241 
Impairment— (778)
Goodwill at end of period
$2,463 $2,463 
Goodwill was previously allocated to each of the Company's reporting units. In July 2023, we announced a restructuring of our business and that we are discontinuing investment in certain development programs, primarily in Novel Biotherapeutics. As a result of this plan, the Company determined that a triggering event had occurred that required an interim goodwill impairment test during the third quarter of 2023. The fair value estimate used in the interim goodwill impairment test was primarily based on Level 3 inputs in the fair value hierarchy. Based on the results of the impairment evaluation, the Company determined that the goodwill within the Novel Biotherapeutics reporting unit was impaired, which resulted in a non-cash impairment charge of $0.8 million to write off all of the associated goodwill. The impairment charge is recorded within the asset impairment and other charges in the consolidated statements of operation in the year ended December 31, 2023. Goodwill had a carrying value of $2.5 million as of December 31, 2024 and 2023, respectively.
Other Accrued Liabilities
Other accrued liabilities consisted of the following (in thousands): 
 December 31,
 20242023
Accrued professional and outside service fees$3,064 $2,330 
Accrued purchases2,908 1,402 
Other251 1,003 
Total other accrued liabilities
$6,223 $4,735