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Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Summary of Net Product Revenues Earned
The following table summarizes net product revenues for FOTIVDA in the United States earned in the three and six months ended June 30, 2022 and 2021, respectively (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Product revenues:
Gross product revenues$30,404 $7,993 $55,048 $9,249 
Discounts and allowances(5,398)(1,258)(9,956)(1,448)
Net product revenues$25,006 $6,735 $45,092 $7,801 
Summary of Percentage of Total Product Revenues
The following table summarizes the percentage of total product revenues for FOTIVDA in the United States by any Customer who individually accounted for 10% or more of total product revenues earned in the three and six months ended June 30, 2022 and 2021, respectively:
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Affiliates of McKesson Corporation38 %41 %40 %40 %
Affiliates of AmerisourceBergen Corporation29 %25 %28 %24 %
OncoMed Specialty, LLC (Onco360)24 %24 %23 %25 %
Affiliates of Cardinal Health Specialty%10 %%11 %
100 %100 %100 %100 %
Schedule of Provision on Discounts and Allowances by Category
The activities and ending allowance balances for each significant category of discounts and allowances for FOTIVDA (which constitute variable consideration) for the six months ended June 30, 2022 were as follows (in thousands):
Chargebacks, Discounts for
Prompt Pay and Other Allowances
Rebates, Customer Fees / Credits
and Co-Pay Assistance
Totals
Balance at December 31, 2021
$1,193 $1,170 $2,363 
Provision related to sales made in:
Current period5,960 4,146 10,106 
Prior periods(136)(14)(150)
Payments and customer credits issued(5,390)(3,004)(8,394)
Balance at June 30, 2022
$1,627 $2,298 $3,925 
Schedule of Collaborative Revenues Under Collaboration Agreement
The following table summarizes the total collaboration revenues earned in the three and six months ended June 30, 2022 and 2021, respectively, by partner (in thousands). Refer to Note 4, “Collaborations and License Agreements” regarding specific details.
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
EUSA$298 $821 $1,132 $1,675 
Total$298 $821 $1,132 $1,675 
Summary of Cash, Cash Equivalents and Marketable Securities
Below is a summary of cash, cash equivalents and marketable securities at June 30, 2022 and December 31, 2021 (in thousands):
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
June 30, 2022
Cash and cash equivalents:
Cash and money market funds$70,168 $— $— $70,168 
Total cash and cash equivalents70,168 — — 70,168 
Marketable securities:
Government agency securities due within 1 year$6,994 $— $(2)$6,992 
Total marketable securities6,994 — (2)6,992 
Total cash, cash equivalents and marketable securities$77,162 $ $(2)$77,160 
December 31, 2021
Cash and cash equivalents:
Cash and money market funds$70,542 $— $— $70,542 
Total cash and cash equivalents70,542 — — 70,542 
Marketable securities:
Corporate debt securities due within 1 year$16,787 $— $(3)$16,784 
Total marketable securities16,787 — (3)16,784 
Total cash, cash equivalents and marketable securities$87,329 $ $(3)$87,326 
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in thousands):
Fair Value Measurements as of June 30, 2022
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash and money market funds$70,168 $— $— $70,168 
Total cash and cash equivalents$70,168 $— $— $70,168 
Marketable securities:
Government agency securities due within 1 year$— $6,992 $— $6,992 
Total marketable securities$— $6,992 $— $6,992 
Total cash, cash equivalents and marketable securities$70,168 $6,992 $ $77,160 
Fair Value Measurements as of December 31, 2021
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash and money market funds$70,542 $— $— $70,542 
Total cash and cash equivalents$70,542 $— $— $70,542 
Marketable securities:
Corporate debt securities due within 1 year$— $16,784 $— $16,784 
Total marketable securities$— $16,784 $— $16,784 
Total cash, cash equivalents and marketable securities$70,542 $16,784 $ $87,326 
Summary of Outstanding Securities not Included in Computation of Diluted Net Loss Per Common Share
The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as the effect would have been anti-dilutive for the three and six months ended June 30, 2022 and 2021, respectively (in thousands):
Outstanding at
June 30,
20222021
Stock options outstanding5,366 3,242 
Total5,366 3,242 
Stock-Based Compensation Expense During the three and six months ended June 30, 2022 and 2021, the Company recorded the following stock-based compensation expense (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Research and development$224 $289 $436 $644 
Selling, general and administrative$1,182 $880 2,237 1,729 
Total$1,406 $1,169 $2,673 $2,373 
Schedule of Inventory
The following table summarizes the Company’s inventory balances as of June 30, 2022 and December 31, 2021:
 June 30,
2022
December 31,
2021
Raw materials$— $— 
Work in process862 1,656 
Finished goods458 — 
Total$1,320 $1,656