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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | 6. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Cash |  | $ | 1,504 |  |  | $ | 2,004 |
Commercial paper |  |  | 12,082 |  |  |  | 14,269 |
Money market funds |  |  | 5,296 |  |  |  | 28,241 |
U.S. government bonds |  |  | 4,485 |  |  |  | 5,968 |
Total cash and cash equivalents |  | $ | 23,367 |  |  | $ | 50,482 |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Insurance proceeds receivable for litigation settlement |  | $ | — |  |  | $ | 28,500 |
Prepaid assets |  |  | 1,031 |  |  |  | 1,903 |
Other current assets |  |  | 1,275 |  |  |  | 1,139 |
Total prepaid expenses and other current assets |  | $ | 2,306 |  |  | $ | 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 first quarter of 2025. As a result, the related accrued liability and the corresponding receivable were fully settled in the same period. 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 Accrued and other current liabilities consisted of the following (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Preclinical and clinical trial accruals |  | $ | 5,991 |  |  | $ | 6,327 |
API and bulk drug product price true-up |  |  | 12,444 |  |  |  | 13,071 |
Litigation settlement |  |  | — |  |  |  | 28,500 |
Payroll and related accruals |  |  | 4,998 |  |  |  | 4,640 |
Accrued restructuring charge |  |  | 1,715 |  |  |  | 4,572 |
Professional services |  |  | 6,204 |  |  |  | 2,049 |
Current portion of liability related to sale of future revenues |  |  | 1,702 |  |  |  | 460 |
Other |  |  | 2,862 |  |  |  | 2,416 |
Total accrued and other current liabilities |  | $ | 35,916 |  |  | $ | 62,035 |
The accrued liabilities of $12.4 million and $13.1 million for API and bulk drug product price true-up as of June 30, 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 first quarter of 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 $0.8 million and $2.4 million during the three and six months ended June 30, 2025, respectively. The remaining accrued restructuring charge of $1.7 million as of June 30, 2025 will be substantially paid out in the second half of 2025.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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