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v3.23.1

Balance Sheet Components (Tables) | 3 Months Ended
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Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
Cash |  | $ | 145,810 |  |  | $ | 135,819 |
Money market funds |  |  | 42,740 |  |  |  | 19,881 |
Total cash and cash equivalents |  | $ | 188,550 |  |  | $ | 155,700 |
Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of 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):
|  | March 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Corporate bonds |  | $ | 41,760 |  |  | $ | 1 |  |  | $ | (457 | ) |  | $ | 41,304 |
Commercial paper |  |  | 42,970 |  |  |  | — |  |  |  | — |  |  |  | 42,970 |
U.S. government bonds |  |  | 72,130 |  |  |  | 1 |  |  |  | (565 | ) |  |  | 71,566 |
Agency bonds |  |  | 9,183 |  |  |  | — |  |  |  | (108 | ) |  |  | 9,075 |
Asset-backed securities |  |  | 2,491 |  |  |  | — |  |  |  | (7 | ) |  |  | 2,484 |
Total investments |  | $ | 168,534 |  |  | $ | 2 |  |  | $ | (1,137 | ) |  | $ | 167,399 |
|  | 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 |
Summary of Available for Sale Securities in Unrealized Loss Position, Fair Value and Gross Unrealized Loss By Length of Time Security in Continual Unrealized Loss Position | 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):
|  | March 31, 2023 |
|  | 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 |  | $ | 2,469 |  |  | $ | (7 | ) |  | $ | 36,084 |  |  | $ | (450 | ) |  | $ | 38,553 |  |  | $ | (457 | )
U.S. government bonds |  |  | 4,955 |  |  |  | (1 | ) |  |  | 43,794 |  |  |  | (564 | ) |  |  | 48,749 |  |  |  | (565 | )
Agency bonds |  |  | — |  |  |  | — |  |  |  | 9,075 |  |  |  | (108 | ) |  |  | 9,075 |  |  |  | (108 | )
Asset-backed securities |  |  | 2,483 |  |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | 2,483 |  |  |  | (7 | )
Total |  | $ | 9,907 |  |  | $ | (15 | ) |  | $ | 88,953 |  |  | $ | (1,122 | ) |  | $ | 98,860 |  |  | $ | (1,137 | )
|  | 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 | )
Schedule of Inventory | Inventories consisted of the following (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
Raw materials |  | $ | 1,226 |  |  | $ | 1,241 |
Work-in-progress |  | $ | 37,273 |  |  |  | 36,003 |
Finished goods |  | $ | 3,957 |  |  |  | 3,192 |
Total inventories |  | $ | 42,456 |  |  | $ | 40,436 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
Preclinical and clinical trial accruals |  | $ | 42,953 |  |  | $ | 57,780 |
API and bulk drug product price true-up |  |  | 30,758 |  |  |  | 75,055 |
Payroll and related accruals |  |  | 12,230 |  |  |  | 22,562 |
Accrued co-promotion expenses - current |  |  | 36,688 |  |  |  | 36,677 |
Roxadustat profit share to AstraZeneca |  |  | 7,311 |  |  |  | 7,280 |
Property taxes and other taxes |  |  | 8,041 |  |  |  | 7,691 |
Professional services |  |  | 8,354 |  |  |  | 5,480 |
Current portion of liability related to sale of future revenues |  |  | 3,212 |  |  |  | — |
Other |  |  | 7,495 |  |  |  | 7,248 |
Total accrued and other current liabilities |  | $ | 157,042 |  |  | $ | 219,773 |

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