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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Balance Sheet Components | 5. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | March 31, 2022 |  |  | December 31, 2021 |
Cash |  | $ | 165,436 |  |  | $ | 111,422 |
Commercial paper |  |  | 3,994 |  |  |  | 1,000 |
Money market funds |  |  | 16,466 |  |  |  | 58,801 |
Total cash and cash equivalents |  | $ | 185,896 |  |  | $ | 171,223 |
At March 31, 2022 and December 31, 2021, a total of $95.2 million and $91.2 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, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
Corporate bonds |  | $ | 148,022 |  |  | $ | — |  |  | $ | (1,749 | ) |  | $ | 146,273 |
Commercial paper |  |  | 50,357 |  |  |  | — |  |  |  | — |  |  |  | 50,357 |
U.S. government bonds |  |  | 99,764 |  |  |  | — |  |  |  | (1,388 | ) |  |  | 98,376 |
Agency bonds |  |  | 23,279 |  |  |  | — |  |  |  | (261 | ) |  |  | 23,018 |
Asset-backed securities |  |  | 12,693 |  |  |  | — |  |  |  | (33 | ) |  |  | 12,660 |
Foreign government bonds |  |  | 5,044 |  |  |  | — |  |  |  | (61 | ) |  |  | 4,983 |
Total investments |  | $ | 339,159 |  |  | $ | — |  |  | $ | (3,492 | ) |  | $ | 335,667 |
|  | 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 |
At March 31, 2022, the available-for-sale investments had contractual maturities range from several months to two years. During the three months ended March 31, 2022, the Company did no t recognize any other-than-temporary impairment loss. Inventories Inventories consisted of the following (in thousands):
|  | March 31, 2022 |  |  | December 31, 2021 |
Raw materials |  | $ | 1,359 |  |  | $ | 1,363 |
Work-in-progress |  |  | 33,837 |  |  |  | 21,499 |
Finished goods |  |  | 7,871 |  |  |  | 8,153 |
Total inventories |  | $ | 43,067 |  |  | $ | 31,015 |
As of March 31, 2022 and December 31, 2021, inventory capitalized for the U.S. entity was 51% and 38% 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 March 31, 2022 and December 31, 2021. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | March 31, 2022 |  |  | December 31, 2021 |
Preclinical and clinical trial accruals |  | $ | 65,112 |  |  | $ | 56,283 |
API and bulk drug product price true-up |  |  | 60,834 |  |  |  | — |
Acquired in-process research and development asset |  |  | — |  |  |  | 35,000 |
Payroll and related accruals |  |  | 12,325 |  |  |  | 20,909 |
Contract liabilities to pharmaceutical distributors |  |  | 2,759 |  |  |  | 3,176 |
Accrued co-promotion expenses - current |  |  | 28,117 |  |  |  | 25,746 |
Roxadustat profit share to AstraZeneca |  |  | 7,917 |  |  |  | 7,895 |
Property taxes and other taxes |  |  | 13,928 |  |  |  | 12,610 |
Professional services |  |  | 6,819 |  |  |  | 6,074 |
Other |  |  | 5,488 |  |  |  | 4,906 |
Total accrued and other current liabilities |  | $ | 203,299 |  |  | $ | 172,599 |
The accrued liabilities of $60.8 million for API and bulk drug product price true-up as of March 31, 2022 resulted from changes in estimated variable consideration associated with the API shipments fulfilled under the terms of the Japan Amendment with Astellas, the bulk drug product transferred under the terms of the Europe Agreement and the EU Supply Agreement with Astellas, and the bulk drug product shipments to AstraZeneca under the terms of the Master Supply Agreement. See Note 2, Collaboration Agreements, License Agreement and Revenues, for details. The acquired in-process research and development asset of $35.0 million as of December 31, 2021 was related to the upfront payment under the exclusive license and option agreement with HiFiBiO Therapeutics, which was paid during the three months ended March 31, 2022.

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