Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021, respectively (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Product revenues:
Gross product revenues	$	36,255	$	16,978	$	91,303	$	26,227
Discounts and allowances	(6,065)		(2,660)		(16,021)		(4,108)
Net product revenues	$	30,190	$	14,318	$	75,282	$	22,119

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 nine months ended September 30, 2022 and 2021, respectively:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Affiliates of McKesson Corporation	38	%	45	%	39	%	43	%
Affiliates of AmerisourceBergen Corporation	32	%	22	%	30	%	23	%
OncoMed Specialty, LLC (Onco360)	21	%	21	%	22	%	23	%
Affiliates of Cardinal Health Specialty	9	%	12	%	9	%	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 nine months ended September 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 period	10,368		5,803		16,171
Prior periods	(136)		(14)		(150)
Payments and customer credits issued	(9,224)		(4,644)		(13,868)
Balance at September 30, 2022	$	2,201	$	2,315	$	4,516

Schedule of Collaborative Revenues Under Collaboration Agreement

The following table summarizes the total collaboration revenues earned in the three and nine months ended September 30, 2022 and 2021, respectively, by partner (in thousands). Refer to Note 4, “Collaborations and License Agreements” regarding specific details.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
EUSA	$	259	$	855	$	1,391	$	2,530
Total	$	259	$	855	$	1,391	$	2,530

Summary of Cash, Cash Equivalents and Marketable Securities

Below is a summary of cash, cash equivalents and marketable securities at September 30, 2022 and December 31, 2021 (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
September 30, 2022
Cash and cash equivalents:
Cash and money market funds	$	77,398	$	—	$	—	$	77,398
Total cash, cash equivalents and marketable securities	$	77,398	$	—	$	—	$	77,398
December 31, 2021
Cash and cash equivalents:
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	$	16,787	$	—	$	(3)	$	16,784
Total marketable securities	16,787		—		(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 September 30, 2022 and December 31, 2021 (in thousands):

	Fair Value Measurements as of September 30, 2022
	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash and money market funds	$	77,398	$	—	$	—	$	77,398
Total cash, cash equivalents and marketable securities	$	77,398	$	—	$	—	$	77,398

	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
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 nine months ended September 30, 2022 and 2021, respectively (in thousands):

	Outstanding at September 30,
	2022	2021
Stock options outstanding	5,383	3,078
Total	5,383	3,078

Stock-Based Compensation Expense

During the three and nine months ended September 30, 2022 and 2021, the Company recorded the following stock-based compensation expense (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	227	$	314	$	663	$	958
Selling, general and administrative	1,259		1,087		3,496		2,816
Total	$	1,486	$	1,401	$	4,159	$	3,774

Schedule of Inventory

The following table summarizes the Company’s inventory balances as of September 30, 2022 and December 31, 2021:

	September 30, 2022		December 31, 2021
Raw materials	$	—	$	—
Work in process	698		1,656
Finished goods	408		—
Total	$	1,106	$	1,656