Cash and cash equivalents consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Cash	$	1,730	$	2,004
Commercial paper		17,328		14,269
Money market funds		8,063		28,241
U.S. government bonds		6,488		5,968
Total cash and cash equivalents	$	33,609	$	50,482

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


	March 31, 2025		December 31, 2024
Insurance proceeds receivable for litigation settlement	$	—	$	28,500
Prepaid assets		2,069		1,903
Other current assets		1,257		1,139
Total prepaid expenses and other current assets	$	3,326	$	31,542

As of December 31, 2024, 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. Such amount was fully distributed during the three months ended March 31, 2025. As a result, the related accrued liability and the corresponding receivable were fully settled as of March 31, 2025. See the Accrued and Other Current Liabilities section below, and the Legal Proceedings and Other Matters section in Note 10, Commitments and Contingencies, for details.

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


	March 31, 2025		December 31, 2024
Preclinical and clinical trial accruals	$	6,151	$	6,327
API and bulk drug product price true-up		13,331		13,071
Litigation settlement		—		28,500
Payroll and related accruals		4,362		4,640
Accrued restructuring charge		2,583		4,572
Professional services		4,626		2,049
Current portion of liability related to sale of future revenues		1,858		460
Other		2,413		2,416
Total accrued and other current liabilities	$	35,324	$	62,035

The accrued liabilities of $13.3 million and $13.1 million for API and bulk drug product price true-up as of March 31, 2025 and December 31, 2024, respectively, resulted from changes in estimated variable consideration associated with the API shipments fulfilled under the terms of the Astellas Japan Amendment, and the bulk drug product transferred under the terms of the Astellas Europe Agreement and the Astellas EU Supply Agreement. See the Drug Product Revenue, Net section in Note 3, Collaboration Agreements, License Agreement and Revenues, for details.

As of December 31, 2024, 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, which was fully distributed during the three months ended March 31, 2025, as mentioned above. See the Legal Proceedings and Other Matters section in Note 10, 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%. The total cash payments under the reduction in force was $1.6 million during the three months ended March 31, 2025. The remaining accrued restructuring charge of $2.6 million as of March 31, 2025 will be substantially paid out by mid-2025.