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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | 6. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
Cash |  | $ | 81,727 |  |  | $ | 135,819 |
Commercial paper |  |  | 39,708 |  |  |  | — |
Money market funds |  |  | 31,150 |  |  |  | 19,881 |
Total cash and cash equivalents |  | $ | 152,585 |  |  | $ | 155,700 |
At June 30, 2023 and December 31, 2022, a total of $79.7 million and $92.5 million 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, respectively. 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):
|  | June 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Corporate bonds |  | $ | 22,465 |  |  | $ | — |  |  | $ | (219 | ) |  | $ | 22,246 |
Commercial paper |  |  | 86,608 |  |  |  | — |  |  |  | (3 | ) |  |  | 86,605 |
U.S. government bonds |  |  | 58,690 |  |  |  | 9 |  |  |  | (242 | ) |  |  | 58,457 |
Agency bonds |  |  | 13,351 |  |  |  | 7 |  |  |  | (28 | ) |  |  | 13,330 |
Asset-backed securities |  |  | 2,496 |  |  |  | — |  |  |  | (3 | ) |  |  | 2,493 |
Total investments |  | $ | 183,610 |  |  | $ | 16 |  |  | $ | (495 | ) |  | $ | 183,131 |
|  | 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 |
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):
|  | June 30, 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 |  | $ | 2,472 |  |  | $ | (11 | ) |  | $ | 19,773 |  |  | $ | (208 | ) |  | $ | 22,245 |  |  | $ | (219 | )
U.S. government bonds |  |  | 10,852 |  |  |  | (5 | ) |  |  | 23,372 |  |  |  | (237 | ) |  |  | 34,224 |  |  |  | (242 | )
Agency bonds |  |  | — |  |  |  | — |  |  |  | 3,471 |  |  |  | (28 | ) |  |  | 3,471 |  |  |  | (28 | )
Asset-backed securities |  |  | 2,493 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 2,493 |  |  |  | (3 | )
Commercial paper |  |  | 3,433 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 3,433 |  |  |  | (3 | )
Total |  | $ | 19,250 |  |  | $ | (22 | ) |  | $ | 46,616 |  |  | $ | (473 | ) |  | $ | 65,866 |  |  | $ | (495 | )
|  | 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 | )
At June 30, 2023, the available-for-sale investments had remaining contractual maturities of less than twelve months. The Company periodically assesses whether the unrealized losses on its available-for-sale investments were temporary. The Company considers factors such as the severity and the reason for the decline in value and 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 impairment for its available-for-sale investments during the three and six months ended June 30, 2023 and 2022. Inventories Inventories consisted of the following (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
Raw materials |  | $ | 1,083 |  |  | $ | 1,241 |
Work-in-progress |  |  | 35,347 |  |  |  | 36,003 |
Finished goods |  |  | 4,749 |  |  |  | 3,192 |
Total inventories |  | $ | 41,179 |  |  | $ | 40,436 |
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
Preclinical and clinical trial accruals |  | $ | 43,886 |  |  | $ | 57,780 |
API and bulk drug product price true-up |  |  | 36,389 |  |  |  | 75,055 |
Payroll and related accruals |  |  | 15,234 |  |  |  | 22,562 |
Accrued co-promotion expenses - current |  |  | 34,460 |  |  |  | 36,677 |
Roxadustat profit share to AstraZeneca |  |  | 6,921 |  |  |  | 7,280 |
Property taxes and other taxes |  |  | 6,322 |  |  |  | 7,691 |
Professional services |  |  | 6,412 |  |  |  | 5,480 |
Current portion of liability related to sale of future revenues |  |  | 4,511 |  |  |  | — |
Other |  |  | 8,634 |  |  |  | 7,248 |
Total accrued and other current liabilities |  | $ | 162,769 |  |  | $ | 219,773 |
The accrued liabilities of $36.4 million for API and bulk drug product price true-up as of June 30, 2023 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, Net section in Note 2, Collaboration Agreements, License Agreement and Revenues, 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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