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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Balance Sheet Components |
7. | Balance Sheet Components
Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Cash |  | $ | 111,422 |  |  | $ | 88,046 |
Commercial paper |  |  | 1,000 |  |  |  | — |
Money market funds |  |  | 58,801 |  |  |  | 590,347 |
Total cash and cash equivalents |  | $ | 171,223 |  |  | $ | 678,393 |
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):
|  | December 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
Corporate bonds |  | $ | 183,136 |  |  | $ | 2 |  |  | $ | (492 | ) |  | $ | 182,646 |
Commercial paper |  |  | 68,079 |  |  |  | — |  |  |  | — |  |  |  | 68,079 |
U.S. government bonds |  |  | 91,840 |  |  |  | — |  |  |  | (318 | ) |  |  | 91,522 |
Agency bonds |  |  | 23,339 |  |  |  | — |  |  |  | (64 | ) |  |  | 23,275 |
Asset-backed securities |  |  | 27,105 |  |  |  | — |  |  |  | (18 | ) |  |  | 27,087 |
Foreign government bonds |  |  | 9,165 |  |  |  | — |  |  |  | (11 | ) |  |  | 9,154 |
Total investments |  | $ | 402,664 |  |  | $ | 2 |  |  | $ | (903 | ) |  | $ | 401,763 |
|  | 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 |
The contractual maturities of the available-for-sale investments were as follows (in thousands):
|  | December 31, 2021 |
Within one year - Bond and mutual funds |  | $ | 233,967 |
After one year through three years |  |  | 167,796 |
Total investments |  | $ | 401,763 |
The Company periodically reviews its available-for-sale investments for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three years ended December 31, 2021, the Company did not recognize any other-than-temporary impairment loss. Inventories Inventories consisted of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Raw materials |  | $ | 1,363 |  |  | $ | 2,303 |
Work-in-progress |  |  | 21,499 |  |  |  | 8,114 |
Finished goods |  |  | 8,153 |  |  |  | 6,113 |
Total inventories |  | $ | 31,015 |  |  | $ | 16,530 |
The Company capitalizes inventory costs for FibroGen Beijing’s production of roxadustat for commercial sales purposes. The Company started capitalizing inventory costs for the U.S. entity in the second quarter of 2020 prior to regulatory approvals in the U.S., Europe and other territories. As of December 31, 2021 and 2020, inventory capitalized for the U.S. entity was 38% 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 as of December 31, 2021 and 2020. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Unbilled contract assets |  | $ | 66,909 |  |  | $ | 2,147 |
Deferred revenues from associated contracts |  |  | (58,909 | ) |  |  | (2,147 | )
Net unbilled contract assets |  |  | 8,000 |  |  |  | — |
Prepaid assets |  |  | 7,383 |  |  |  | 8,353 |
Other current assets |  |  | 5,070 |  |  |  | 1,807 |
Total prepaid expenses and other current assets |  | $ | 20,453 |  |  | $ | 10,160 |
The unbilled contract assets as of December 31, 2021 included $49.8 million related to transfer price true up for bulk drug product under the Europe Agreement with Astellas, $9.1 million related to unbilled co-development revenue under the China Amendment with AstraZeneca, and the $8.0 million unbilled upfront license payment under the Eluminex Agreement. The unbilled contract assets as of December 31, 2020 were related to unbilled co-development revenue under the China Amendment with AstraZeneca. See Note 3, Collaboration Agreements, License Agreement and Revenues, for details. Property and Equipment Property and equipment consisted of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Leasehold improvements |  | $ | 103,352 |  |  | $ | 102,006 |
Laboratory equipment |  |  | 19,300 |  |  |  | 18,143 |
Machinery |  |  | 8,339 |  |  |  | 8,312 |
Computer equipment |  |  | 9,670 |  |  |  | 9,545 |
Furniture and fixtures |  |  | 6,201 |  |  |  | 6,128 |
Construction in progress |  |  | 2,423 |  |  |  | 760 |
Total property and equipment |  | $ | 149,285 |  |  | $ | 144,894 |
Less: accumulated depreciation |  |  | (121,008 | ) |  |  | (111,247 | )
Property and equipment, net |  | $ | 28,277 |  |  | $ | 33,647 |
Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $10.2 million, $11.7 million, and $11.1 million, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Preclinical and clinical trial accruals |  | $ | 56,283 |  |  | $ | 44,113 |
Acquired in-process research and development asset |  |  | 35,000 |  |  |  | — |
Payroll and related accruals |  |  | 20,909 |  |  |  | 22,800 |
Contract liabilities to pharmaceutical distributors |  |  | 3,176 |  |  |  | 15,137 |
Accrued co-promotion expenses - current |  |  | 25,746 |  |  |  | 11,537 |
Roxadustat profit share to AstraZeneca |  |  | 7,895 |  |  |  | 7,007 |
Property taxes and other taxes |  |  | 12,610 |  |  |  | 5,970 |
Professional services |  |  | 6,074 |  |  |  | 4,869 |
Other |  |  | 4,895 |  |  |  | 6,900 |
Total accrued and other current liabilities |  | $ | 172,588 |  |  | $ | 118,333 |
The acquired IPR&D asset of $35.0 million as of December 31, 2021 was related to the upfront payment to HiFiBiO under the HiFiBiO Agreement. See Note 2, Summary of Significant Accounting Policies - License Acquisition Agreement, for details. The profit share liability to AstraZeneca as of December 31, 2021 and 2020 was $7.9 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. See Note 3, Collaboration Agreements, License Agreement and Revenues, for details. Other Long-term Liabilities Other long-term liabilities consisted of the following (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
Accrued long-term co-promotion expenses |  | $ | 15,236 |  |  | $ | 27,424 |
Other long-term tax liabilities |  |  | 9,192 |  |  |  | 8,675 |
Other |  |  | 1,590 |  |  |  | 2,690 |
Total other long-term liabilities |  | $ | 26,018 |  |  | $ | 38,789 |

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