BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

9. BALANCE SHEET COMPONENTS

Inventory

Inventory consisted of the following:

	December 31,
(In thousands)	2023		2022
Raw materials	$	11,257	$	5,757
Work-in-process		15,670		25,052
Finished goods		13,810		25,088
Total inventory	$	40,737	$	55,897

As of December 31, 2023 and 2022, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $23.0 million and $49.5 million, respectively, 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 $27.2 million and $10.0 million for the years ended December 31, 2023 and 2022.

Other Accrued Liabilities

Other accrued liabilities consisted of the following:

	December 31,
(In thousands)	2023		2022
Accrued contract manufacturing expenses	$	1,966	$	8,382
Accrued clinical expenses		591		692
Accrued research expenses		185		349
Accrued professional services		8,876		3,977
Current portion of lease liabilities		1,207		1,316
Royalty obligation payable		1,928		—
Current portion of deferred royalty obligation		—		2,639
Accrued license fees and royalties		1,575		943
Other		3,370		2,909
Total other accrued liabilities	$	19,698	$	21,207

Other Long-Term Liabilities

Other long-term liabilities consisted of the following:

	December 31,
(In thousands)	2023		2022
Long-term portion of deferred royalty obligation	$	69,876	$	67,947
Long-term portion of lease liabilities		1,635	$	2,376
Contingent value rights liability		359		595
Total other long-term liabilities	$	71,870	$	70,918