Balance Sheet Account Detail

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The composition of selected financial statement captions that comprise the accompanying Condensed Consolidated Balance Sheets are summarized below:

(a) Cash and Cash Equivalents and Marketable Securities

We maintain cash balances with select major financial institutions. The Federal Deposit Insurance Corporation (FDIC) and other third parties insure a fraction of these deposits. Accordingly, these cash deposits are not insured against the possibility

of a substantial or complete loss of principal and are inherently subject to the credit risk of the corresponding financial institution.

Our investment policy requires that purchased investments may only be in highly-rated and liquid financial instruments and limits our holdings of any single issuer (excluding any debt or equity securities that may be received from our strategic partners in connection with an out-license arrangement).

The carrying amount of our equity securities, money market funds, and bank CDs approximates their fair value (utilizing “Level 1” or “Level 2” inputs) because of our ability to immediately convert these instruments into cash with minimal expected change in value. There were no material unrealized losses on our investment securities at March 31, 2022 or December 31, 2021.

The following is a summary of our presented composition of “cash and cash equivalents” and “marketable securities”:


	Historical or Amortized Cost		Fair Value		Cash and Cash Equivalents		Marketable Securities
March 31, 2022
Money market funds	$	56,326	$	56,326	$	56,326	$	—
Equity securities(1)	3,508		4,655		—		4,655


Mutual funds	5,400		5,880		—		5,880

Bank deposits	22,353		22,353		22,353		—
Total cash and cash equivalents and marketable securities	$	87,587	$	89,214	$	78,679	$	10,535
December 31, 2021
Equity securities(1)	$	3,512	$	5,718	$	—	$	5,718
Money market funds	66,322		66,322		66,322		—



Bank deposits	22,217		22,217		22,217		—
Mutual funds	5,218		6,390		—		6,390
Total cash and cash equivalents and marketable securities	$	97,269	$	100,647	$	88,539	$	12,108

(1)Our aggregate equity holdings consist of 4.7 million common shares of CASI Pharmaceuticals, Inc., a NASDAQ-listed biopharmaceutical company, with a fair market value of $3.8 million as of March 31, 2022. We completed the sale of 0.4 million shares of common stock and recognized a $0.3 million gain within “other expense, net” within the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2022. Additionally, we hold 0.7 million common shares of Unicycive Therapeutics, Inc., a NASDAQ-listed biopharmaceutical company, with a fair market value of $0.9 million as of March 31, 2022. We completed the sale of 0.2 million shares of common stock and recognized a $0.2 million gain within “other expense, net” within the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2022.

(b) Accounts Payable and Other Accrued Liabilities

“Accounts payable and other accrued liabilities” consists of the following:


	March 31, 2022		December 31, 2021
Trade accounts payable and other	$	25,305	$	33,408
Lease liability - current portion	1,001		1,282







Commercial Product Portfolio accruals (Note 7)	6,269		6,568
Accounts payable and other accrued liabilities	$	32,575	$	41,258

Amounts presented within “accounts payable and other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets for our categories of gross-to-net (“GTN”) estimates related to the Commercial Product Portfolio accruals were as follows:


	Commercial/Medicaid Rebates and Government Chargebacks		Distribution, Data, Inventory and GPO Administrative Fees		Product Return Allowances		Total
Balance as of December 31, 2020	$	2,601	$	942	$	4,299	$	7,842

(Less): Payments and credits against GTN accruals	(1,159)		—		(115)		(1,274)
Balance as of December 31, 2021	$	1,442	$	942	$	4,184	6,568

(Less): Payments and credits against GTN accruals	(35)		—		(264)		(299)
Balance as of March 31, 2022	$	1,407	$	942	$	3,920	$	6,269