XML 31 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
Balance Sheet Components
12 Months Ended
Dec. 31, 2023
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, 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