Financial Statement Details

6 Months Ended

Jun. 30, 2020

Financial Statement Details [Abstract]

3. Financial Statement Details

Prepaid expenses and other current assets

As of June 30, 2020 and December 31, 2019, prepaid expenses and other current assets were made up of (in thousands):

	June 30, 2020		December 31, 2019
	(Unaudited)
Prepaid preclinical and clinical trial services - with related party (Note 9)	$	2,638	$	1,021
Prepaid services		553		440
Prepaid rent		414		392
Prepaid supplies - with related party (Note 9)		328		467
Prepaid insurance		189		372
Prepaid equipment maintenance		176		251
Prepaid license fees		160		78
Interest receivable - marketable debt securities		113		222
Due from related parties		26		47
Insurance premium financing asset		—		757
Insurance claim receivables		—		34
Other		67		24
	$	4,664	$	4,105

Property, plant and equipment, net

As of June 30, 2020 and December 31, 2019, property, plant and equipment, net, was made up of (in thousands):

	June 30, 2020			December 31, 2019
	(Unaudited)
Leasehold improvements	$	33,436		$	33,406
Buildings		22,690			22,690
Equipment		23,948			21,434
Software		1,195			1,195
Furniture & fixtures		414			383
		81,683			79,108
Accumulated depreciation		(23,068	)		(18,607	)
	$	58,615		$	60,501

Depreciation expense related to property, plant and equipment was $2.3 million and $2.2 million for the three months ended June 30, 2020 and 2019, respectively, and $4.5 million and $4.0 million for the six months ended June 30, 2020 and 2019, respectively.

Other assets

As of June 30, 2020 and December 31, 2019, other assets were made up of (in thousands):

	June 30, 2020		December 31, 2019
	(Unaudited)
Prepaid preclinical and clinical trial services - with related party (Note 9)	$	2,289	$	4,075
Restricted cash		179		179
Security deposit		113		113
Other		21		19
	$	2,602	$	4,386

Restricted cash is comprised of a certificate of deposit that serves as collateral for a letter of credit required by our landlord as a security deposit related to our facility in San Diego, California.

Accrued expenses

As of June 30, 2020 and December 31, 2019, accrued expenses were made up of (in thousands):

	June 30, 2020		December 31, 2019
	(Unaudited)
Accrued bonus	$	3,105	$	2,002
Accrued compensation		1,304		1,064
Accrued laboratory equipment, supplies and related services		1,134		640
Accrued professional and service fees		1,102		975
Accrued preclinical and clinical trial costs		509		281
Accrued franchise and sales/use taxes		220		200
Other		75		181
	$	7,449	$	5,343

Other current liabilities

As of June 30, 2020 and December 31, 2019, other current liabilities were made up of (in thousands):

	June 30, 2020		December 31, 2019
	(Unaudited)
Operating lease liability - current portion (including amounts with related parties, Note 9)	$	3,093	$	3,206
Due to broker - marketable debt securities		250		—
Financing obligation - current portion		—		757
Other		58		18
	$	3,401	$	3,981

Investment income, net

Net investment income is as follows for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
	(Unaudited)					(Unaudited)
Interest income	$	122		$	491	$	346		$	901
Investment amortization expense (accretion income), net		(48	)		42		(93	)		2
Net realized losses on investments		1			—		—			—
	$	75		$	533	$	253		$	903

Interest income includes interest from marketable debt securities, notes receivable, other assets, and interest from bank deposits. We did not recognize an impairment loss on any investments during the three and six months ended June 30, 2020 and 2019.