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Balance Sheet Components | 9 Months Ended
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Sep. 30, 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):
|  | September 30, 2022 |  |  | December 31, 2021 |
Cash |  | $ | 104,509 |  |  | $ | 111,422 |
Commercial paper |  |  | 4,981 |  |  |  | 1,000 |
Money market funds |  |  | 46,470 |  |  |  | 58,801 |
Total cash and cash equivalents |  | $ | 155,960 |  |  | $ | 171,223 |
At September 30, 2022 and December 31, 2021, a total of $84.4 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):
|  | September 30, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Corporate bonds |  | $ | 103,539 |  |  | $ | — |  |  | $ | (1,844 | ) |  | $ | 101,695 |
Commercial paper |  |  | 38,589 |  |  |  | — |  |  |  | — |  |  |  | 38,589 |
U.S. government bonds |  |  | 110,559 |  |  |  | 1 |  |  |  | (1,813 | ) |  |  | 108,747 |
Agency bonds |  |  | 14,210 |  |  |  | — |  |  |  | (330 | ) |  |  | 13,880 |
Asset-backed securities |  |  | 2,479 |  |  |  | — |  |  |  | — |  |  |  | 2,479 |
Foreign government bonds |  |  | 5,020 |  |  |  | — |  |  |  | (70 | ) |  |  | 4,950 |
Total investments |  | $ | 274,396 |  |  | $ | 1 |  |  | $ | (4,057 | ) |  | $ | 270,340 |
|  | December 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated 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 |
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position (in thousands):
|  | September 30, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Estimated Fair Value |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Holding Losses |
Corporate bonds |  | $ | 79,274 |  |  | $ | (1,275 | ) |  | $ | 22,421 |  |  | $ | (569 | ) |  | $ | 101,695 |  |  | $ | (1,844 | )
U.S. government bonds |  |  | 81,493 |  |  |  | (1,166 | ) |  |  | 22,309 |  |  |  | (647 | ) |  |  | 103,802 |  |  |  | (1,813 | )
Agency bonds |  |  | 11,401 |  |  |  | (288 | ) |  |  | 2,479 |  |  |  | (42 | ) |  |  | 13,880 |  |  |  | (330 | )
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 4,950 |  |  |  | (70 | ) |  |  | — |  |  |  | — |  |  |  | 4,950 |  |  |  | (70 | )
Total |  | $ | 177,118 |  |  | $ | (2,799 | ) |  | $ | 47,209 |  |  | $ | (1,258 | ) |  | $ | 224,327 |  |  | $ | (4,057 | )
|  | December 31, 2021 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Estimated Fair Value |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Holding Losses |
Corporate bonds |  | $ | 177,124 |  |  | $ | (492 | ) |  | $ | — |  |  | $ | — |  |  | $ | 177,124 |  |  | $ | (492 | )
U.S. government bonds |  |  | 91,522 |  |  |  | (318 | ) |  |  | — |  |  |  | — |  |  |  | 91,522 |  |  |  | (318 | )
Agency bonds |  |  | 23,274 |  |  |  | (64 | ) |  |  | — |  |  |  | — |  |  |  | 23,274 |  |  |  | (64 | )
Asset-backed securities |  |  | 27,087 |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | 27,087 |  |  |  | (18 | )
Foreign government bonds |  |  | 9,155 |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | 9,155 |  |  |  | (11 | )
Total |  | $ | 328,162 |  |  | $ | (903 | ) |  | $ | — |  |  | $ | — |  |  | $ | 328,162 |  |  | $ | (903 | )
At September 30, 2022, the available-for-sale investments had contractual maturities range from several months to two years. 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. Based on the results of its review, the Company did no t recognize any other-than-temporary impairment loss during the three and nine months ended September 30, 2022 and 2021. Inventories Inventories consisted of the following (in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Raw materials |  | $ | 1,231 |  |  | $ | 1,363 |
Work-in-progress |  |  | 35,205 |  |  |  | 21,499 |
Finished goods |  |  | 3,514 |  |  |  | 8,153 |
Total inventories |  | $ | 39,950 |  |  | $ | 31,015 |
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Preclinical and clinical trial accruals |  | $ | 71,303 |  |  | $ | 56,283 |
API and bulk drug product price true-up |  |  | 66,474 |  |  |  | — |
Acquired in-process research and development asset |  |  | — |  |  |  | 35,000 |
Payroll and related accruals |  |  | 17,782 |  |  |  | 20,909 |
Accrued co-promotion expenses - current |  |  | 31,883 |  |  |  | 25,746 |
Contract liabilities to pharmaceutical distributors |  |  | 733 |  |  |  | 3,176 |
Roxadustat profit share to AstraZeneca |  |  | 7,058 |  |  |  | 7,895 |
Property taxes and other taxes |  |  | 7,685 |  |  |  | 12,610 |
Professional services |  |  | 6,184 |  |  |  | 6,074 |
Other |  |  | 4,704 |  |  |  | 4,906 |
Total accrued and other current liabilities |  | $ | 213,806 |  |  | $ | 172,599 |
The accrued liabilities of $66.5 million for API and bulk drug product price true-up as of September 30, 2022 resulted from changes in estimated variable consideration associated with the API shipments fulfilled under the terms of the Astellas Japan Amendment, the bulk drug product transferred under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and the bulk drug product shipments to AstraZeneca under the terms of the AstraZeneca Master Supply Agreement. See the Drug Product Revenue section in 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 an exclusive license and option agreement with HiFiBiO Therapeutics (“HiFiBiO”), which was paid during the nine months ended September 30, 2022.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI https://asc.fasb.org/topic&trid=2122208 + Details
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