Other Financial Information

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at December 31 (in thousands):


	2020		2019
Prepaid expenses	$	171,602	$	3,601
Other current assets	9,662		4,376
Prepaid expenses and other current assets	$	181,264	$	7,977

Property and Equipment, net

Property and equipment is comprised of the following at December 31 (in thousands):


	2020		2019
Land and buildings	$	79,096	$	—
Machinery and equipment	31,609		9,946
Leasehold improvements	9,684		9,088
Computer hardware	6,126		4,987
Construction in progress	71,232		448
	197,747		24,469
Less ― accumulated depreciation	(17,793)		(13,024)
Property and equipment, net	$	179,954	$	11,445

Depreciation expense was approximately $4.3 million, $5.1 million and $7.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Accrued Expenses

Accrued expenses consist of the following at December 31 (in thousands):


	2020		2019
Employee benefits and compensation	$	20,752	$	7,504
Research and development accruals	99,994		6,175
Other accrued expenses	16,644		1,188
Accrued expenses	$	137,390	$	14,867

Purchase Commitments

During 2020, the Company entered into agreements in the normal course of business with CMOs and CDMOs supplying the Company with production capabilities, and with vendors for preclinical studies, clinical trials and other goods or services. A number of these arrangements are within the scope of lease accounting (see Note 7). Certain agreements provide for termination rights subject to termination fees. Under such agreements, the Company is contractually obligated to make payments to vendors, mainly to reimburse them for their estimated unrecoverable expenses. The exact amount of such obligations are dependent on the timing of termination, and the terms of the relevant agreement, and cannot be reasonably estimated. As of December 31, 2020, these agreements are active ongoing arrangements and the Company expects to receive value from these arrangements in the future.

As of December 31, 2020, the Company had approximately $117 million of such non-cancelable purchase commitments with a remaining term of more than one year.