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Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 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):

		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

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):

		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

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):

		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	)

Schedule of Inventory

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

Schedule of 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

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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