BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

9. BALANCE SHEET COMPONENTS

Inventory

Inventory consisted of the following:

(In thousands)	December 31, 2022
Raw materials	$	5,757
Work-in-process		25,052
Finished goods		25,088
Total inventory	$	55,897

As of December 31, 2022, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $49.5 million, which will be recognized as cost of products sold when sales occur in future periods. The fair value adjustments recorded as part of cost of products sold amounted to $10.0 million for the year ended December 31, 2022. There was no inventory as of December 31, 2021.

Other Accrued Liabilities

Other accrued liabilities consisted of the following:

	December 31,
(In thousands)	2022		2021
Accrued contract manufacturing expenses	$	8,382	$	—
Accrued clinical expenses		692		—
Accrued research expenses		349		—
Accrued professional services		3,977		894
Current portion of lease liabilities		1,316		106
Current portion of deferred royalty obligation		2,639		—
Accrued license fees and royalties		943		—
Other		2,909		9
Total other accrued liabilities	$	21,207	$	1,009

Other Long-Term Liabilities

Other long-term liabilities consisted of the following:

(In thousands)	December 31, 2022
Long-term portion of deferred royalty obligation	$	67,947
Long-term portion of lease liabilities		2,376
Contingent value rights liability		595
Total other long-term liabilities	$	70,918

There were no other long-term liabilities as of December 31, 2021.