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Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 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):

 

 

 

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

 

 
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 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):

 

 

 

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.
Schedule of 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

 
Schedule of 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

 
Schedule of 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