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, 2023 |
|
|
|
|
|
Gross Unrealized |
|
|
|
|
|
Amortized Cost |
|
|
Gains |
|
|
Losses |
|
|
Estimated Fair Value |
|
Money market funds |
$ |
162,289 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
162,289 |
|
Certificates of deposit and time deposits |
|
17,986 |
|
|
|
— |
|
|
|
— |
|
|
|
17,986 |
|
Corporate bonds |
|
214,792 |
|
|
|
711 |
|
|
|
(337 |
) |
|
|
215,166 |
|
Commercial paper |
|
20,620 |
|
|
|
— |
|
|
|
— |
|
|
|
20,620 |
|
Asset-backed securities |
|
2,715 |
|
|
|
— |
|
|
|
(3 |
) |
|
|
2,712 |
|
U.S. Government Treasury and agency securities |
|
316,160 |
|
|
|
982 |
|
|
|
(100 |
) |
|
|
317,042 |
|
Total |
$ |
734,562 |
|
|
$ |
1,693 |
|
|
$ |
(440 |
) |
|
$ |
735,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
At December 31, 2023, 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. Inventory Inventory consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Work-in-process |
|
$ |
18,859 |
|
|
$ |
17,486 |
|
Finished goods |
|
|
15,110 |
|
|
|
9,280 |
|
Total inventory |
|
$ |
33,969 |
|
|
$ |
26,766 |
|
Property, Plant, and Equipment, net Property, plant, and equipment, net consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
Useful life (years) |
|
2023 |
|
|
2022 |
|
Building |
|
20-30 |
|
$ |
181,356 |
|
|
$ |
2,798 |
|
Leasehold improvements |
|
Shorter of lease term or estimated useful life |
|
|
58,683 |
|
|
|
43,941 |
|
Research and development equipment |
|
5 |
|
|
56,347 |
|
|
|
50,291 |
|
Furniture and office equipment |
|
5 |
|
|
6,419 |
|
|
|
5,540 |
|
Computer equipment and software |
|
3-5 |
|
|
16,196 |
|
|
|
13,876 |
|
Manufacturing equipment |
|
5-15 |
|
|
37,297 |
|
|
|
570 |
|
Land |
|
Not applicable |
|
|
16,619 |
|
|
|
16,619 |
|
Construction-in-progress |
|
Not applicable |
|
|
867 |
|
|
|
189,448 |
|
Other |
|
Varies by asset |
|
|
183 |
|
|
|
24 |
|
Property, plant, and equipment, gross |
|
|
|
|
373,967 |
|
|
|
323,107 |
|
Less: accumulated depreciation |
|
|
|
|
(83,401 |
) |
|
|
(63,381 |
) |
Property, plant, and equipment, net |
|
|
|
$ |
290,566 |
|
|
$ |
259,726 |
|
Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $22.2 million, $15.0 million and $12.9 million, respectively. Amortization of leasehold improvements and software is included in depreciation expense. Construction in progress reflects amounts incurred for construction or improvements of property or costs for equipment that has not been placed in service. The construction-in-progress balance as of December 31, 2022 is primarily the construction costs for the gene therapy manufacturing facility in Bedford, Massachusetts. Accrued Liabilities Accrued liabilities consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Research, clinical study, and manufacturing expenses |
|
$ |
65,326 |
|
|
$ |
73,558 |
|
Payroll and related expenses |
|
|
82,936 |
|
|
|
78,938 |
|
Other |
|
|
48,224 |
|
|
|
52,182 |
|
Total accrued liabilities |
|
$ |
196,486 |
|
|
$ |
204,678 |
|
|