Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

8. Balance Sheet Components

Inventory

Inventory consisted of the following:


	June 30,		December 31,
(in thousands)	2024		2023
Raw materials	$	9,525	$	11,257
Work-in-process		22,802		15,670
Finished goods		4,337		13,810
Total inventory	$	36,664	$	40,737

As of June 30, 2024 and December 31, 2023, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $12.7 million and $23.0 million, respectively, which will be amortized and recognized as cost of products sold when sales occur in future periods. The fair value adjustments recorded as part of cost of products sold amounted to $3.5 million and $10.3 million, respectively, for the three and six months ended June 30, 2024. The fair value adjustments recorded as

part of cost of products sold amounted to $7.0 million and $13.8 million for the three and six months ended June 30, 2023, respectively.

Other Accrued Liabilities

Other accrued liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2024		2023
Accrued contract manufacturing expenses	$	1,052	$	1,966
Accrued clinical and research expenses		460		776
Accrued professional services		5,988		8,876
Current portion of lease liabilities		1,451		1,207
Current portion of deferred royalty obligations		663		—
Royalty obligation payable		2,646		1,928
Accrued license fees and royalties		1,465		1,575
Other		3,408		3,370
Total other accrued liabilities	$	17,133	$	19,698

Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2024		2023
Long-term portion of deferred royalty obligation	$	69,868	$	69,876
Long-term portion of lease liabilities		1,983	$	1,635
Contingent value rights liability		214		359
Total other long-term liabilities	$	72,065	$	71,870