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Balance Sheet Components (Tables)
 9 Months Ended
Sep. 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):

 

 

 

September 30, 2023

 

 

December 31, 2022

 

Cash

 

$

70,982

 

 

$

135,819

 

Commercial paper

 

 

22,942

 

 

 

—

 

Money market funds

 

 

22,016

 

 

 

19,881

 

U.S. government bonds

 

 

4,974

 

 

 

—

 

Total cash and cash equivalents

 

$

120,914

 

 

$

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):

 

 

 

September 30, 2023

 

 

 

Amortized Cost

 

 

Gross Unrealized
Holding Gains

 

 

Gross Unrealized
Holding Losses

 

 

Estimated
Fair Value

 

Corporate bonds

 

$

11,987

 

 

$

—

 

 

$

(77

)

 

$

11,910

 

Commercial paper

 

 

55,859

 

 

 

—

 

 

 

(1

)

 

 

55,858

 

U.S. government bonds

 

 

57,734

 

 

 

3

 

 

 

(46

)

 

 

57,691

 

Agency bonds

 

 

4,965

 

 

 

2

 

 

 

—

 

 

 

4,967

 

Total investments

 

$

130,545

 

 

$

5

 

 

$

(124

)

 

$

130,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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):

 

 

 

September 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

 

$

2,483

 

 

$

(8

)

 

$

9,427

 

 

$

(69

)

 

$

11,910

 

 

$

(77

)

U.S. government bonds

 

 

17,360

 

 

 

(4

)

 

 

8,960

 

 

 

(42

)

 

 

26,320

 

 

 

(46

)

Commercial paper

 

 

3,481

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

3,481

 

 

 

(1

)

Total

 

$

23,324

 

 

$

(13

)

 

$

18,387

 

 

$

(111

)

 

$

41,711

 

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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):

 

 

 

September 30, 2023

 

 

December 31, 2022

 

Raw materials

 

$

1,179

 

 

$

1,241

 

Work-in-progress

 

 

34,906

 

 

 

36,003

 

Finished goods

 

 

4,611

 

 

 

3,192

 

Total inventories

 

$

40,696

 

 

$

40,436

 
Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):

 

 

September 30, 2023

 

 

December 31, 2022

 

Preclinical and clinical trial accruals

 

$

34,670

 

 

$

57,780

 

API and bulk drug product price true-up

 

 

40,325

 

 

 

75,055

 

Litigation settlement

 

 

28,500

 

 

 

—

 

Payroll and related accruals

 

 

14,054

 

 

 

22,562

 

Accrued restructuring charge

 

 

4,694

 

 

 

—

 

Accrued co-promotion expenses - current

 

 

10,065

 

 

 

36,677

 

Roxadustat profit share to AstraZeneca

 

 

6,884

 

 

 

7,280

 

Property taxes and other taxes

 

 

7,950

 

 

 

7,691

 

Professional services

 

 

11,016

 

 

 

5,480

 

Current portion of liability related to sale of future revenues

 

 

5,860

 

 

 

—

 

Other

 

 

6,968

 

 

 

7,248

 

Total accrued and other current liabilities

 

$

170,986

 

 

$

219,773