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Balance Sheet Components (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  |  | December 31, 2023 |
Cash |  | $ | 49,894 |  |  | $ | 63,396 |
Commercial paper |  |  | 52,869 |  |  |  | 36,016 |
Money market funds |  |  | 11,080 |  |  |  | 12,288 |
U.S. government bonds |  |  | 21,891 |  |  |  | 1,988 |
Agency bonds |  |  | 4,980 |  |  |  | — |
Total cash and cash equivalents |  | $ | 140,714 |  |  | $ | 113,688 |
Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Investments | he Company’s investments consist primarily of available-for-sale debt investments, and 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, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Corporate bonds |  | $ | 13,988 |  |  | $ | 9 |  |  | $ | (5 | ) |  | $ | 13,992 |
Commercial paper |  |  | 52,273 |  |  |  | — |  |  |  | — |  |  |  | 52,273 |
U.S. government bonds |  |  | 45,783 |  |  |  | 20 |  |  |  | — |  |  |  | 45,803 |
Agency bonds |  |  | 9,830 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 9,830 |
Total investments |  | $ | 121,874 |  |  | $ | 30 |  |  | $ | (6 | ) |  | $ | 121,898 |
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 as of December 31, 2023, 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, 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 |  | $ | — |  |  | $ | — |  |  | $ | 3,495 |  |  | $ | (5 | ) |  | $ | 3,495 |  |  | $ | (5 | )
U.S. government bonds |  |  | 4,984 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,984 |  |  |  | — |
Agency bonds |  |  | 4,987 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 4,987 |  |  |  | (1 | )
Total |  | $ | 9,971 |  |  | $ | (1 | ) |  | $ | 3,495 |  |  | $ | (5 | ) |  | $ | 13,466 |  |  | $ | (6 | )
Schedule of Inventory | Inventories consisted of the following (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 1,018 |  |  | $ | 1,376 |
Work-in-progress |  |  | 19,492 |  |  |  | 34,614 |
Finished goods |  |  | 4,887 |  |  |  | 5,575 |
Total inventories |  | $ | 25,397 |  |  | $ | 41,565 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Contract assets |  | $ | 27,258 |  |  | $ | 26,481 |
Deferred revenues from associated contracts |  |  | (27,258 | ) |  |  | (26,481 | )
Net contract assets |  |  | — |  |  |  | — |
Insurance proceeds receivable for litigation settlement |  |  | 28,500 |  |  |  | 28,500 |
Prepaid assets |  |  | 4,846 |  |  |  | 6,644 |
Other current assets |  |  | 3,590 |  |  |  | 6,711 |
Total prepaid expenses and other current assets |  | $ | 36,936 |  |  | $ | 41,855 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Preclinical and clinical trial accruals |  | $ | 20,091 |  |  | $ | 27,663 |
API and bulk drug product price true-up |  |  | 10,991 |  |  |  | 50,978 |
Litigation settlement |  |  | 28,500 |  |  |  | 28,500 |
Payroll and related accruals |  |  | 10,292 |  |  |  | 20,267 |
Inventory cost related |  |  | 8,521 |  |  |  | — |
Accrued co-promotion expenses - current |  |  | 13,209 |  |  |  | 10,309 |
Roxadustat profit share to AstraZeneca |  |  | 6,909 |  |  |  | 7,084 |
Property taxes and other taxes |  |  | 4,674 |  |  |  | 6,615 |
Professional services |  |  | 5,616 |  |  |  | 7,103 |
Current portion of liability related to sale of future revenues |  |  | 631 |  |  |  | 5,654 |
Accrued restructuring charge |  |  | — |  |  |  | 3,697 |
Other |  |  | 4,140 |  |  |  | 5,021 |
Total accrued and other current liabilities |  | $ | 113,574 |  |  | $ | 172,891 |

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