Composition of Certain Balance Sheet Items

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Composition of Certain Balance Sheet Items

Inventory

	March 31, 2022		December 31, 2021
	(in thousands)
Work in progress	$	12,637	$	11,450
Finished goods	5,540		6,500
Total inventory	18,177		17,950
Less strategic inventory classified as non-current	(13,098)		(12,962)
Total inventory classified as current	$	5,079	$	4,988

Because we rely on a single manufacturer to produce Korlym’s active pharmaceutical ingredient (“API”), we have purchased and hold significant quantities of API, included in work in progress inventory. We classify inventory we do not expect to sell within 12 months of the balance sheet date as “Strategic Inventory,” a long-term asset. 

Property and equipment

	March 31, 2022		December 31, 2021
	(in thousands)
Furniture and equipment	$	1,169	$	1,157
Software	1,508		1,508
Leasehold improvements	1,262		1,262
Total property and equipment	3,939		3,927
Less accumulated depreciation and amortization	(3,213)		(2,925)
Property and equipment, net of accumulated depreciation and amortization	$	726	$	1,002

Accrued and other liabilities

	March 31, 2022		December 31, 2021
	(in thousands)
Government rebates	$	12,377	$	11,174
Accrued income taxes payable	11,523		513
Accrued compensation	4,968		13,339
Legal fees	1,802		842
Accrued selling and marketing costs	861		1,351
Professional fees	652		150
Other	477		296
Total accrued and other liabilities	$	32,660	$	27,665

Other assets

    As of March 31, 2022 and December 31, 2021, other assets included $2.8 million and $2.9 million of deposits for clinical trials, respectively.