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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | 8. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Cash |  | $ | 2,004 |  |  | $ | 31,261 |
Commercial paper |  |  | 14,269 |  |  |  | 36,016 |
Money market funds |  |  | 28,241 |  |  |  | 12,288 |
U.S. government bonds |  |  | 5,968 |  |  |  | 1,988 |
Total cash and cash equivalents |  | $ | 50,482 |  |  | $ | 81,553 |
Investments The Company did no t have any short-term or long-term investments as of December 31, 2024. As of December 31, 2023, The 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 |
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 | )
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, 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 other-than-temporary impairment loss during the two years ended December 31, 2024. Inventories Inventories consisted of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | — |  |  | $ | 787 |
Work-in-progress |  |  | 3,155 |  |  |  | 16,386 |
Total inventories |  | $ | 3,155 |  |  | $ | 17,173 |
Resulting from the AstraZeneca Termination and Transition Agreement related to the AstraZeneca U.S./RoW Agreement, as described under Note 4, Collaboration Agreements, License Agreement and Revenues, the Company was reimbursed $12.6 million for work-in-progress inventory, which was written off and recognized as cost of goods sold during the first quarter of 2024. The provision to write-down excess and obsolete inventory were immaterial as of December 31, 2024 and December 31, 2023. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Insurance proceeds receivable for litigation settlement |  | $ | 28,500 |  |  | $ | 28,500 |
Prepaid assets |  |  | 1,903 |  |  |  | 4,855 |
Other current assets |  |  | 1,139 |  |  |  | 6,683 |
Total prepaid expenses and other current assets |  | $ | 31,542 |  |  | $ | 40,038 |
As of December 31, 2024 and 2023, the Company recorded a $28.5 million receivable in prepaid expenses and other current assets, corresponding to the accrued litigation settlement of the same amount related to the Company’s agreement in principle with plaintiffs to settle the class action lawsuit. As the Company maintains insurance that covers exposure related to the class action lawsuit, this amount is fully recoverable under the Company’s insurance policies. The determination that the recorded receivables are probable of collection is based on the terms of the applicable insurance policies and communications with the insurers. See the Accrued and Other Current Liabilities section below, and the Legal Proceedings and Other Matters section in Note 12, Commitments and Contingencies, for details. Property and Equipment Property and equipment consisted of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Leasehold improvements |  | $ | — |  |  | $ | 84,920 |
Laboratory equipment |  |  | — |  |  |  | 20,589 |
Computer equipment |  |  | — |  |  |  | 6,510 |
Furniture and fixtures |  |  | — |  |  |  | 5,723 |
Total property and equipment |  | $ | — |  |  | $ | 117,742 |
Less: accumulated depreciation |  |  | — |  |  |  | (112,957 | )
Property and equipment, net |  | $ | — |  |  | $ | 4,785 |
The Company has disposed of all its property and equipment during the year ended December 31, 2024, as part of the efforts to streamline operations, and recorded $2.5 million of loss on disposal. Depreciation expense for the continuing operations for the years ended December 31, 2024 and 2023 was $1.2 million and $7.0 million respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Preclinical and clinical trial accruals |  | $ | 6,327 |  |  | $ | 17,900 |
API and bulk drug product price true-up |  |  | 13,071 |  |  |  | 50,978 |
Litigation settlement |  |  | 28,500 |  |  |  | 28,500 |
Payroll and related accruals |  |  | 4,640 |  |  |  | 16,019 |
Accrued restructuring charge |  |  | 4,572 |  |  |  | 3,697 |
Professional services |  |  | 2,049 |  |  |  | 6,475 |
Current portion of liability related to sale of future revenues |  |  | 460 |  |  |  | 5,654 |
Other |  |  | 2,416 |  |  |  | 3,764 |
Total accrued and other current liabilities |  | $ | 62,035 |  |  | $ | 132,987 |
The accrued liabilities of $13.1 million for API and bulk drug product price true-up as of December 31, 2024 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. During the second quarter of 2024, the Company paid $35.3 million to Astellas and $11.5 million to AstraZeneca related to accrued amounts. See the Drug Product Revenue, Net section in Note 4, Collaboration Agreements, License Agreement and Revenues, for details. As of December 31, 2024 and 2023, the accrued litigation settlement of $28.5 million was related to the Company’s agreement in principle with plaintiffs to settle the class action lawsuit. See the Prepaid Expenses and Other Current Assets section above, and the Legal Proceedings and Other Matters section in Note 12, Commitments and Contingencies, for details. Responding to the reported results for pamrevlumab in July 2024, the Company implemented an immediate and significant cost reduction plan in the U.S., including terminating pamrevlumab research and development investment and expeditiously wind down remaining obligations, and reducing U.S. workforce by approximately 75%. As a result, the Company recorded a total of $19.5 million non-recurring restructuring charge during the year ended December 31, 2024, primarily consisting of notice period and severance payments, accrued vacation, and employee benefits contributions. Total cash payments under the reduction in force was $16.5 million during the year ended December 31, 2024. The remaining accrued restructuring charge was $4.6 million as of December 31, 2024 and will be substantially paid out in the first half of 2025. As of December 31, 2023, the remaining accrued restructuring charge was $3.7 million related to the restructuring plan in 2023 and was paid out by early 2024.

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