Accrued Expenses and Other Current liabilities

6 Months Ended

Jun. 30, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current liabilities

Accrued Expenses and Other Current liabilities

Accrued expenses consisted of the following (in thousands):

	June 30, 2024		December 31, 2023
Accrued property and equipment purchases	$	29,472	$	29,433
Accrued research and development costs	12,505		15,913
Accrued professional fees	7,051		6,623
ERC financing liability	9,013		—
Operating lease liabilities, current portion	3,273		3,086
Other accrued expenses	9,277		8,846
Total accrued expenses and other current liabilities	$	70,591	$	63,901

The ERC financing liability represents the amount received in May 2024, in accordance with an agreement entered into with a third-party investor ("ERC Agreement") pursuant to which the investor purchased, for approximately $9.0 million in cash, the economic interest, at a discount, in our rights to payment from the Internal Revenue Service

("IRS") with respect to the employee retention credits for the nine month period ended September 30, 2021, as filed by the Company in January 2024 under the Coronavirus Aid, Relief, and Economic Security Act. The amount received by the Company pursuant to the ERC Agreement was recorded as an accrued liability, pending final determination by and receipt of such payment from the IRS.