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


	September 30, 2025		December 31, 2024
Cash	$	1,754	$	2,004
Commercial paper		59,578		14,269
Money market funds		34,207		28,241
U.S. government bonds		22,436		5,968
Total cash and cash equivalents	$	117,975	$	50,482

As of September 30, 2025, the Company’s investments consist primarily of available-for-sale debt investments. 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 table below (in thousands):


	September 30, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
Corporate bonds	$	3,034	$	1	$	—	$	3,035
Total investments	$	3,034	$	1	$	—	$	3,035

As of September 30, 2025, the available-for-sale investments had remaining contractual maturities of two years.

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. There was no available for sale security in an unrealized loss position as of September 30, 2025, and the Company did not recognize any other-than-temporary impairment loss during the three and nine months ended September 30, 2025 and 2024.

The Company did not have any short-term or long-term investments as of December 31, 2024.

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


	September 30, 2025		December 31, 2024
Insurance proceeds receivable for litigation settlement	$	—	$	28,500
Holdback consideration receivable related to divestiture		10,000		—
Prepaid assets		768		1,903
Other current assets		695		1,139
Total prepaid expenses and other current assets	$	11,463	$	31,542

As of September 30, 2025, the Company recorded a $10.0 million receivable in prepaid expenses and other current assets for the holdbacks related to the closing of the divestiture of FibroGen International. See Note 2, Discontinued Operations and Divestiture, for details.

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 11, Commitments and Contingencies, for details.

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


	September 30, 2025		December 31, 2024
Preclinical and clinical trial accruals	$	3,312	$	6,327
API and bulk drug product price true-up		12,398		13,071
Litigation settlement		—		28,500
Payroll and related accruals		3,060		4,640
Accrued restructuring charge		802		4,572
Professional services		2,527		2,049
Current portion of liability related to sale of future revenues		1,569		460
Other		2,108		2,416
Total accrued and other current liabilities	$	25,776	$	62,035

The accrued liabilities of $12.4 million and $13.1 million for API and bulk drug product price true-up as of September 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 11, 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 $0.9 million and $3.2 million during the three and nine months ended September 30, 2025, respectively. The remaining accrued restructuring charge of $0.8 million as of September 30, 2025 will be substantially paid out by the end of 2025.