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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Balance Sheet Components |
6. | Balance Sheet Components
Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Cash |  | $ | 100,735 |  |  | $ | 88,046 |
Commercial paper |  |  | 41,419 |  |  |  | — |
Corporate bonds |  |  | 9,085 |  |  |  | — |
Money market funds |  |  | 282,269 |  |  |  | 590,347 |
Total cash and cash equivalents |  | $ | 433,508 |  |  | $ | 678,393 |
At March 31, 2021 and December 31, 2020, a total of $76.5 million and $66.0 million, respectively, of the Company’s cash and cash equivalents were held outside of the U.S. in its foreign subsidiaries to be used primarily for its China operations. Investments The Company’s investments consist of available-for-sale debt investments and marketable equity investments. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s investments by major investments type are summarized in the tables below (in thousands):
|  | March 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
Corporate bonds |  | $ | 75,503 |  |  | $ | 4 |  |  | $ | (54 | ) |  | $ | 75,453 |
Commercial paper |  |  | 59,536 |  |  |  | 4 |  |  |  | (1 | ) |  |  | 59,539 |
U.S. government bonds |  |  | 30,060 |  |  |  | 2 |  |  |  | (3 | ) |  |  | 30,059 |
Agency bonds |  |  | 14,349 |  |  |  | 1 |  |  |  | (3 | ) |  |  | 14,347 |
Asset-backed securities |  |  | 12,573 |  |  |  | — |  |  |  | (4 | ) |  |  | 12,569 |
Foreign government bonds |  |  | 12,195 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 12,194 |
Equity investments |  |  | 125 |  |  |  | 117 |  |  |  | — |  |  |  | 242 |
Total investments |  | $ | 204,341 |  |  | $ | 129 |  |  | $ | (67 | ) |  | $ | 204,403 |
|  | December 31, 2020 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
Bond and mutual funds |  | $ | 8,147 |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 8,144 |
Equity investments |  |  | 125 |  |  |  | 119 |  |  |  | — |  |  |  | 244 |
Total investments |  | $ | 8,272 |  |  | $ | 119 |  |  | $ | (3 | ) |  | $ | 8,388 |
At March 31, 2021, the available-for-sale investments had contractual maturities range from several months to four years. During the three months ended March 31, 2021, the Company did not recognize any other-than-temporary impairment loss. Inventories Inventories consisted of the following (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Raw materials |  | $ | 3,308 |  |  | $ | 2,303 |
Work-in-progress |  |  | 9,661 |  |  |  | 8,114 |
Finished goods |  |  | 7,795 |  |  |  | 6,113 |
Total inventories |  | $ | 20,764 |  |  | $ | 16,530 |
The Company capitalizes inventory costs for FibroGen Beijing’s productions of roxadustat for commercial sales purposes. The Company started capitalizing pre-launch inventory costs in the U.S. in the second quarter of 2020 prior to regulatory approval. As of March 31, 2021 and December 31, 2020, pre-launch inventory capitalized was 37% and 29% of the total inventory balance, respectively. The provision to write-down excess and obsolete inventory was immaterial for the three months ended March 31, 2021 and 2020. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Unbilled contract assets |  | $ | 7,721 |  |  | $ | 2,147 |
Deferred revenues from associated contracts |  |  | (3,691 | ) |  |  | (2,147 | )
Net unbilled contract assets |  |  | 4,030 |  |  |  | — |
Prepaid assets |  |  | 9,602 |  |  |  | 8,353 |
Other current assets |  |  | 2,523 |  |  |  | 1,807 |
Total prepaid expenses and other current assets |  | $ | 16,155 |  |  | $ | 10,160 |
The unbilled contract assets as of March 31, 2021 included $4.0 million related to a change in estimated variable consideration associated with the API shipments fulfilled under the terms of the Japan Amendment with Astellas in 2018, and $3.7 million related to unbilled co-development revenue under the China Amendment with AstraZeneca. The unbilled contract assets as of December 31, 2020 were related to unbilled co-development revenue under the China Amendment with AstraZeneca. See Note 2, Collaboration Agreements and Revenues, for details. Property and Equipment Property and equipment consisted of the following (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Leasehold improvements |  | $ | 102,265 |  |  | $ | 102,006 |
Laboratory equipment |  |  | 18,541 |  |  |  | 18,143 |
Machinery |  |  | 8,231 |  |  |  | 8,312 |
Computer equipment |  |  | 9,107 |  |  |  | 9,545 |
Furniture and fixtures |  |  | 6,195 |  |  |  | 6,128 |
Construction in progress |  |  | 228 |  |  |  | 760 |
Total property and equipment |  | $ | 144,567 |  |  | $ | 144,894 |
Less: accumulated depreciation |  |  | (113,634 | ) |  |  | (111,247 | )
Property and equipment, net |  | $ | 30,933 |  |  | $ | 33,647 |
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Preclinical and clinical trial accruals |  | $ | 39,775 |  |  | $ | 44,113 |
Payroll and related accruals |  |  | 15,473 |  |  |  | 22,800 |
Contract liabilities to pharmaceutical distributors |  |  | 15,979 |  |  |  | 15,137 |
Accrued co-promotion expenses - current |  |  | 17,431 |  |  |  | 11,537 |
Roxadustat profit share to AstraZeneca |  |  | 7,007 |  |  |  | 7,007 |
Property taxes and other taxes |  |  | 9,242 |  |  |  | 5,970 |
Professional services |  |  | 5,948 |  |  |  | 4,869 |
Other |  |  | 8,926 |  |  |  | 8,088 |
Total accrued and other current liabilities |  | $ | 119,781 |  |  | $ | 119,521 |
The profit share liability of $7.0 million to AstraZeneca as of March 31, 2021 and December 31, 2020 represented the profit/loss share between FibroGen Beijing and AstraZeneca that was calculated for the interim period pursuant to the China Amendment. This liability correspondingly reduced the deferred revenue related to the performance obligation in accordance with the China Amendment. Other Long-term Liabilities Other long-term liabilities consisted of the following (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Accrued long-term co-promotion expenses |  | $ | 23,295 |  |  | $ | 27,424 |
Other long-term tax liabilities |  |  | 9,025 |  |  |  | 8,675 |
Operating lease liabilities, non-current |  |  | 3,354 |  |  |  | 853 |
Other |  |  | 2,661 |  |  |  | 2,690 |
Total other long-term liabilities |  | $ | 38,335 |  |  | $ | 39,642 |

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