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Balance Sheet Components | 9 Months Ended
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Sep. 30, 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):
|  | September 30, 2021 |  |  | December 31, 2020 |
Cash |  | $ | 90,899 |  |  | $ | 88,046 |
Commercial paper |  |  | 12,000 |  |  |  | — |
Money market funds |  |  | 171,628 |  |  |  | 590,347 |
Total cash and cash equivalents |  | $ | 274,527 |  |  | $ | 678,393 |
At September 30, 2021 and December 31, 2020, a total of $77.4 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):
|  | September 30, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
Corporate bonds |  | $ | 127,005 |  |  | $ | 35 |  |  | $ | (46 | ) |  | $ | 126,994 |
Commercial paper |  |  | 95,402 |  |  |  | — |  |  |  | — |  |  |  | 95,402 |
U.S. government bonds |  |  | 73,119 |  |  |  | 5 |  |  |  | (16 | ) |  |  | 73,108 |
Agency bonds |  |  | 23,399 |  |  |  | 4 |  |  |  | (4 | ) |  |  | 23,399 |
Asset-backed securities |  |  | 27,261 |  |  |  | 2 |  |  |  | (7 | ) |  |  | 27,256 |
Foreign government bonds |  |  | 8,127 |  |  |  | — |  |  |  | — |  |  |  | 8,127 |
Equity investments |  |  | 118 |  |  |  | 107 |  |  |  | — |  |  |  | 225 |
Total investments |  | $ | 354,431 |  |  | $ | 153 |  |  | $ | (73 | ) |  | $ | 354,511 |
|  | 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 September 30, 2021, the available-for-sale investments had contractual maturities range from several months to two years. During the three and nine months ended September 30, 2021 and 2020, the Company did not recognize any other-than-temporary impairment loss. Inventories Inventories consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Raw materials |  | $ | 820 |  |  | $ | 2,303 |
Work-in-progress |  |  | 20,662 |  |  |  | 8,114 |
Finished goods |  |  | 7,833 |  |  |  | 6,113 |
Total inventories |  | $ | 29,315 |  |  | $ | 16,530 |
The Company capitalizes inventory costs for FibroGen Beijing’s production of roxadustat for commercial sales purposes. The Company started capitalizing inventory costs in the U.S. in the second quarter of 2020 prior to regulatory approvals in the U.S., Europe and other territories. As of September 30, 2021 and December 31, 2020, inventory capitalized in the U.S. was 40% and 29% of the total inventory balance, respectively, which will be used for commercial launches in Europe and other territories where the Company has received regulatory approvals. The provision to write-down excess and obsolete inventory was immaterial for three and nine months ended September 30, 2021 and 2020. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Unbilled contract assets |  | $ | 15,003 |  |  | $ | 2,147 |
Deferred revenues from associated contracts |  |  | (7,003 | ) |  |  | (2,147 | )
Net unbilled contract assets |  |  | 8,000 |  |  |  | — |
Prepaid assets |  |  | 6,598 |  |  |  | 8,353 |
Other current assets |  |  | 7,090 |  |  |  | 1,807 |
Total prepaid expenses and other current assets |  | $ | 21,688 |  |  | $ | 10,160 |
The unbilled contract assets as of September 30, 2021 included the $8.0 million unbilled upfront license payment under the Eluminex Agreement, and $7.0 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, License Agreement and Revenues, for details. Property and Equipment Property and equipment consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Leasehold improvements |  | $ | 102,843 |  |  | $ | 102,006 |
Laboratory equipment |  |  | 18,809 |  |  |  | 18,143 |
Machinery |  |  | 8,234 |  |  |  | 8,312 |
Computer equipment |  |  | 9,262 |  |  |  | 9,545 |
Furniture and fixtures |  |  | 6,175 |  |  |  | 6,128 |
Construction in progress |  |  | 1,920 |  |  |  | 760 |
Total property and equipment |  | $ | 147,243 |  |  | $ | 144,894 |
Less: accumulated depreciation |  |  | (118,191 | ) |  |  | (111,247 | )
Property and equipment, net |  | $ | 29,052 |  |  | $ | 33,647 |
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Preclinical and clinical trial accruals |  | $ | 64,212 |  |  | $ | 44,113 |
Payroll and related accruals |  |  | 20,121 |  |  |  | 22,800 |
Contract liabilities to pharmaceutical distributors |  |  | 10,335 |  |  |  | 15,137 |
Accrued co-promotion expenses - current |  |  | 27,071 |  |  |  | 11,537 |
Roxadustat profit share to AstraZeneca |  |  | 7,764 |  |  |  | 7,007 |
Property taxes and other taxes |  |  | 11,532 |  |  |  | 5,970 |
Professional services |  |  | 4,565 |  |  |  | 4,869 |
Other |  |  | 5,746 |  |  |  | 6,900 |
Total accrued and other current liabilities |  | $ | 151,346 |  |  | $ | 118,333 |
The profit share liability to AstraZeneca as of September 30, 2021 and December 31, 2020 was $7.8 million and $7.0 million, respectively, which 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):
|  | September 30, 2021 |  |  | December 31, 2020 |
Accrued long-term co-promotion expenses |  | $ | 13,514 |  |  | $ | 27,424 |
Other long-term tax liabilities |  |  | 9,120 |  |  |  | 8,675 |
Other |  |  | 1,688 |  |  |  | 2,690 |
Total other long-term liabilities |  | $ | 24,322 |  |  | $ | 38,789 |

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