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

The Company did not 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 not recognize any other-than-temporary impairment loss during the two years ended December 31, 2024.

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 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 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 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.