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Balance Sheet Components (Tables)

9 Months Ended

Sep. 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):

		September 30, 2024				December 31, 2023
Cash		$	56,176			$	63,396
Commercial paper			25,631				36,016
Money market funds			49,196				12,288
U.S. government bonds			—				1,988
Total cash and cash equivalents		$	131,003			$	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):

		September 30, 2024				December 31, 2023
Raw materials		$	948			$	1,376
Work-in-progress			17,775				34,614
Finished goods			5,214				5,575
Total inventories		$	23,937			$	41,565

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

		September 30, 2024				December 31, 2023
Contract assets		$	25,804			$	26,481
Deferred revenues from associated contracts			—				(26,481	)
Net contract assets			25,804				—
Insurance proceeds receivable for litigation settlement			28,500				28,500
Prepaid assets			3,062				6,644
Other current assets			3,193				6,711
Total prepaid expenses and other current assets		$	60,559			$	41,855

Schedule of Accrued and Other Current Liabilities

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

		September 30, 2024				December 31, 2023
Preclinical and clinical trial accruals		$	6,689			$	27,663
API and bulk drug product price true-up			12,592				50,978
Litigation settlement			28,500				28,500
Payroll and related accruals			6,144				20,267
Accrued restructuring charge			14,173				3,697
Inventory cost related			8,521				—
Accrued co-promotion expenses - current			53,714				10,309
Roxadustat profit share to AstraZeneca			—				7,084
Lease termination related			4,558				—
Value added taxes and other taxes			7,121				6,615
Professional services			4,396				7,103
Current portion of liability related to sale of future revenues			332				5,654
Other			4,401				5,021
Total accrued and other current liabilities		$	151,141			$	172,891

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