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Balance Sheet Details
12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Balance Sheet Details

4.

Balance Sheet Details

Short-Term Investments

The following is a summary of our short-term investments (in thousands):

 

 

 

December 31, 2019

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. treasury bills and government agency obligations

 

$

140,567

 

 

$

59

 

 

$

 

 

$

140,626

 

U.S. corporate debt

 

 

80,159

 

 

 

11

 

 

 

 

 

 

80,170

 

Foreign corporate debt

 

 

23,188

 

 

 

15

 

 

 

 

 

 

23,203

 

U.S. commercial paper

 

 

32,801

 

 

 

 

 

 

 

 

 

32,801

 

Foreign commercial paper

 

 

42,274

 

 

 

 

 

 

 

 

 

42,274

 

Total

 

$

318,989

 

 

$

85

 

 

$

 

 

$

319,074

 

 

 

 

December 31, 2018

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. treasury bills and government agency obligations

 

$

59,747

 

 

$

 

 

$

(6

)

 

$

59,741

 

U.S. corporate debt securities

 

 

59,164

 

 

 

 

 

 

(77

)

 

 

59,087

 

Foreign corporate debt securities

 

 

5,041

 

 

 

5

 

 

 

 

 

 

5,046

 

U.S. commercial paper

 

 

52,800

 

 

 

 

 

 

 

 

 

52,800

 

Foreign commercial paper

 

 

123,870

 

 

 

 

 

 

(9

)

 

 

123,861

 

Total

 

$

300,622

 

 

$

5

 

 

$

(92

)

 

$

300,535

 

 

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. We regularly monitor and evaluate the realizable value of our marketable securities. We did not recognize any impairment losses for the years ended December 31, 2019 and 2018.

 

Unrealized gains and losses associated with our investments are reported in accumulated other comprehensive loss. For the years ended December 31, 2019 and 2017, we recorded $172,000 and $7,000, respectively, in net unrealized gains associated with our short-term investments. For the year ended December 31, 2018, we recorded $77,000 in net unrealized losses associated with our short-term investments.

 

Realized gains and losses associated with our investments, if any, are reported in the statements of operations and comprehensive loss. We recognized $8,000 in realized gains during the year ended December 31, 2019. We did not recognize any realized gains or losses during the years ended December 31, 2018 and 2017.

 

Inventory

Inventory consists of the following (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Raw materials

 

$

6,635

 

 

$

10,112

 

Work in process

 

 

12,571

 

 

 

20,604

 

Finished goods

 

 

5,762

 

 

 

8,316

 

Total inventory

 

$

24,968

 

 

$

39,032

 

 

As of December 31, 2019, total inventory included $23.5 million related to CINVANTI and $1.5 million related to SUSTOL. As of December 31, 2018, total inventory included $32.3 million related to CINVANTI and $6.7 million related to SUSTOL. In addition, cost of product sales for the years ended December 31, 2019 and 2018 included charges of $3.3 million and $1.8 million, respectively, resulting from the write-off of short-dated SUSTOL inventory.

Property and Equipment

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

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Scientific equipment

 

$

24,603

 

 

$

18,077

 

Leasehold improvements

 

 

206

 

 

 

1,783

 

Computer equipment and software

 

 

1,314

 

 

 

1,190

 

Furniture, fixtures and office equipment

 

 

1,520

 

 

 

1,722

 

Property and equipment, gross

 

 

27,643

 

 

 

22,772

 

Less: accumulated depreciation and amortization

 

 

(8,025

)

 

 

(8,095

)

Property and equipment, net

 

$

19,618

 

 

$

14,677

 

 

Depreciation and amortization expense for the years ended December 31, 2019, 2018 and 2017 was $2.0 million, $1.5 million and $1.5 million, respectively. As of December 31, 2019 and 2018, $13.5 million and $10.3 million of property and equipment, respectively, was in process and not depreciated during the respective years.

Accrued Payroll and Employee Liabilities and Other Accrued Liabilities

Accrued payroll and employee liabilities consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Accrued employee salaries and benefits

 

$

3,047

 

 

$

2,330

 

Accrued bonuses

 

 

9,545

 

 

 

9,139

 

Accrued vacation

 

 

2,656

 

 

 

1,928

 

Total accrued payroll and employee liabilities

 

$

15,248

 

 

$

13,397

 

 

Other accrued liabilities consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Accrued product sales allowances

 

$

27,939

 

 

$

25,503

 

Accrued consulting and professional fees

 

 

7,742

 

 

 

5,768

 

Deferred rent

 

 

 

 

 

780

 

Accrued accounts payable

 

 

310

 

 

 

224

 

Other accrued liabilities

 

 

544

 

 

 

440

 

Total other accrued liabilities

 

$

36,535

 

 

$

32,715