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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2022
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, |
|  | 2022 |  |  | 2021 |
Cash |  | $ | 135,819 |  |  | $ | 111,422 |
Commercial paper |  |  | — |  |  |  | 1,000 |
Money market funds |  |  | 19,881 |  |  |  | 58,801 |
Total cash and cash equivalents |  | $ | 155,700 |  |  | $ | 171,223 |
At December 31, 2022 and 2021, a total of $92.5 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 primarily of available-for-sale debt 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, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Corporate bonds |  | $ | 83,080 |  |  | $ | — |  |  | $ | (1,072 | ) |  | $ | 82,008 |
Commercial paper |  |  | 57,381 |  |  |  | — |  |  |  | — |  |  |  | 57,381 |
U.S. government bonds |  |  | 112,547 |  |  |  | 5 |  |  |  | (1,207 | ) |  |  | 111,345 |
Agency bonds |  |  | 11,690 |  |  |  | — |  |  |  | (222 | ) |  |  | 11,468 |
Asset-backed securities |  |  | 2,484 |  |  |  | — |  |  |  | (10 | ) |  |  | 2,474 |
Foreign government bonds |  |  | 5,007 |  |  |  | — |  |  |  | (27 | ) |  |  | 4,980 |
Convertible promissory note |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Total investments |  | $ | 273,189 |  |  | $ | 5 |  |  | $ | (2,538 | ) |  | $ | 270,656 |
|  | 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):
|  | December 31, 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 |  | $ | 6,738 |  |  | $ | (147 | ) |  | $ | 75,270 |  |  | $ | (925 | ) |  | $ | 82,008 |  |  | $ | (1,072 | )
U.S. government bonds |  |  | 22,326 |  |  |  | (13 | ) |  |  | 67,909 |  |  |  | (1,194 | ) |  |  | 90,235 |  |  |  | (1,207 | )
Agency bonds |  |  | — |  |  |  | — |  |  |  | 11,468 |  |  |  | (222 | ) |  |  | 11,468 |  |  |  | (222 | )
Asset-backed securities |  |  | 2,474 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 2,474 |  |  |  | (10 | )
Foreign government bonds |  |  | — |  |  |  | — |  |  |  | 4,980 |  |  |  | (27 | ) |  |  | 4,980 |  |  |  | (27 | )
Total |  | $ | 31,538 |  |  | $ | (170 | ) |  | $ | 159,627 |  |  | $ | (2,368 | ) |  | $ | 191,165 |  |  | $ | (2,538 | )
|  | 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 | )
The contractual maturities of the available-for-sale investments were as follows (in thousands):
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Estimated Fair Value |
Within one year - Bond and mutual funds |  | $ | 268,709 |  |  | $ | 266,308 |
After one year through three years |  |  | 4,480 |  |  |  | 4,348 |
Total investments |  | $ | 273,189 |  |  | $ | 270,656 |
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, 2022, the Company did no t recognize any other-than-temporary impairment loss. Inventories Inventories consisted of the following (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Raw materials |  | $ | 1,241 |  |  | $ | 1,363 |
Work-in-progress |  |  | 36,003 |  |  |  | 21,499 |
Finished goods |  |  | 3,192 |  |  |  | 8,153 |
Total inventories |  | $ | 40,436 |  |  | $ | 31,015 |
The provision to write-down excess and obsolete inventory were immaterial as of December 31, 2022 and December 31, 2021. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Contract assets |  | $ | 17,488 |  |  | $ | 66,909 |
Deferred revenues from associated contracts |  |  | (17,488 | ) |  |  | (58,909 | )
Net unbilled contract assets |  |  | — |  |  |  | 8,000 |
Prepaid assets |  |  | 9,730 |  |  |  | 7,383 |
Other current assets |  |  | 4,353 |  |  |  | 5,070 |
Total prepaid expenses and other current assets |  | $ | 14,083 |  |  | $ | 20,453 |
The unbilled contract assets of $17.5 million as of December 31, 2022 was related to unbilled co-development revenue under the AstraZeneca China Amendment. 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 Astellas Europe Agreement, $9.1 million related to unbilled co-development revenue under the AstraZeneca China Amendment, and the $8.0 million unbilled upfront license payment under the Eluminex Agreement. See the Eluminex Agreements section in Note 3, Collaboration Agreements, License Agreement and Revenues, for details. Property and Equipment Property and equipment consisted of the following (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Leasehold improvements |  | $ | 102,580 |  |  | $ | 103,352 |
Laboratory equipment |  |  | 21,175 |  |  |  | 19,300 |
Machinery |  |  | 9,642 |  |  |  | 8,339 |
Computer equipment |  |  | 9,486 |  |  |  | 9,670 |
Furniture and fixtures |  |  | 6,200 |  |  |  | 6,201 |
Construction in progress |  |  | 204 |  |  |  | 2,423 |
Total property and equipment |  | $ | 149,287 |  |  | $ | 149,285 |
Less: accumulated depreciation |  |  | (128,682 | ) |  |  | (121,008 | )
Property and equipment, net |  | $ | 20,605 |  |  | $ | 28,277 |
Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $10.0 million, $10.2 million and $11.7 million, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Preclinical and clinical trial accruals |  | $ | 57,780 |  |  | $ | 56,283 |
API and bulk drug product price true-up |  |  | 75,055 |  |  |  | — |
Acquired in-process research and development asset |  |  | — |  |  |  | 35,000 |
Payroll and related accruals |  |  | 22,562 |  |  |  | 20,909 |
Accrued co-promotion expenses - current |  |  | 36,677 |  |  |  | 25,746 |
Contract liabilities to pharmaceutical distributors |  |  | 390 |  |  |  | 3,176 |
Roxadustat profit share to AstraZeneca |  |  | 7,280 |  |  |  | 7,895 |
Property taxes and other taxes |  |  | 7,691 |  |  |  | 12,610 |
Professional services |  |  | 5,480 |  |  |  | 6,074 |
Other |  |  | 6,858 |  |  |  | 4,906 |
Total accrued and other current liabilities |  | $ | 219,773 |  |  | $ | 172,599 |
The accrued liabilities of $75.1 million for API and bulk drug product price true-up as of December 31, 2022 resulted from changes in estimated variable consideration of $6.5 million associated with the API shipments fulfilled under the terms of the Astellas Japan Amendment, $57.4 million associated with the bulk drug product transferred under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement, and $11.2 million associated with the bulk drug product shipments to AstraZeneca under the terms of the AstraZeneca Master Supply Agreement. See the Drug Product Revenue section in Note 3, Collaboration Agreements, License Agreement and Revenues, for details. 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.

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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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