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Balance Sheet Components
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Balance Sheet Components
4.
Balance Sheet Components

Cash Equivalents and Marketable Debt Securities

The fair values of cash equivalents and marketable debt securities classified as available-for-sale securities consisted of the following (in thousands):

 

December 31, 2022

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

Amortized
Cost

 

 

Gains

 

 

Losses

 

 

Estimated
Fair Value

 

Money market funds

$

102,847

 

 

$

 

 

$

 

 

$

102,847

 

Certificates of deposit and time deposits

 

25,972

 

 

 

 

 

 

 

 

 

25,972

 

Corporate bonds

 

432,211

 

 

 

87

 

 

 

(4,700

)

 

 

427,598

 

Commercial paper

 

135,393

 

 

 

 

 

 

 

 

 

135,393

 

Asset-backed securities

 

12,002

 

 

 

 

 

 

(22

)

 

 

11,980

 

U.S. Government Treasury and agency securities

 

157,933

 

 

 

320

 

 

 

(1,263

)

 

 

156,990

 

Debt securities in government-sponsored entities

 

16,005

 

 

 

 

 

 

(150

)

 

 

15,855

 

Total

$

882,363

 

 

$

407

 

 

$

(6,135

)

 

$

876,635

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Estimated
Fair Value

 

Money market funds

$

266,765

 

 

$

 

 

$

 

 

$

266,765

 

Certificates of deposit and time deposits

 

16,000

 

 

 

 

 

 

 

 

 

16,000

 

Corporate bonds

 

350,667

 

 

 

3

 

 

 

(979

)

 

 

349,691

 

Commercial paper

 

187,624

 

 

 

 

 

 

 

 

 

187,624

 

Asset-backed securities

 

41,282

 

 

 

1

 

 

 

(38

)

 

 

41,245

 

U.S. Government Treasury and agency securities

 

87,642

 

 

 

1

 

 

 

(208

)

 

 

87,435

 

Debt securities in government-sponsored entities

 

19,612

 

 

 

 

 

 

(63

)

 

 

19,549

 

Total

$

969,592

 

 

$

5

 

 

$

(1,288

)

 

$

968,309

 

At December 31, 2022, the remaining contractual maturities of available-for-sale securities were less than three years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. The unrealized losses on the Company’s investments in marketable debt securities were caused by increases in market yields on these investments. The contractual terms of these investments do not permit the issuers to settle the securities at a price less than the par value. Accordingly, it is expected that the securities will not be settled at a price less than the amortized cost basis of these investments. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis.

Inventory

Inventory consists of the following (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Work-in-process

 

$

17,486

 

 

$

10,504

 

Finished goods

 

 

9,280

 

 

 

5,727

 

Total

 

$

26,766

 

 

$

16,231

 

Property, Plant, and Equipment, net

Property, plant, and equipment, net consists of the following (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Leasehold improvements

 

$

43,941

 

 

$

44,081

 

Research and development equipment

 

 

50,291

 

 

 

38,661

 

Furniture and office equipment

 

 

5,540

 

 

 

5,413

 

Computer equipment and software

 

 

13,876

 

 

 

10,238

 

Land

 

 

16,619

 

 

 

15,487

 

Construction-in-progress

 

 

189,448

 

 

 

76,849

 

Other

 

 

3,392

 

 

 

556

 

Property, plant, and equipment, gross

 

 

323,107

 

 

 

191,285

 

Less: accumulated depreciation

 

 

(63,381

)

 

 

(50,038

)

Property, plant, and equipment, net

 

$

259,726

 

 

$

141,247

 

 

Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $15.0 million, $12.9 million and $12.1 million, respectively. Amortization of leasehold improvements and software is included in depreciation expense. The construction-in-progress balance primarily relates to the construction costs for the gene therapy manufacturing plant in Bedford, Massachusetts.

Accrued Liabilities

Accrued liabilities consists of the following (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Research, clinical study, and manufacturing expenses

 

$

73,558

 

 

$

40,880

 

Payroll and related expenses

 

 

78,938

 

 

 

62,591

 

Other

 

 

52,182

 

 

 

42,084

 

Total

 

$

204,678

 

 

$

145,555