| Balance Sheet Components |
Balance Sheet Components Inventory Inventory consists of the following (in thousands): | | | | | | | | | | | | | | March 31,
2025 | | December 31,
2024 | | Raw materials | $ | 3,026 | | | $ | 3,030 | | | Work in progress | 15,817 | | | 16,089 | | | Finished goods | 3,575 | | | 3,284 | | | Total inventory | $ | 22,418 | | | $ | 22,403 | |
Intangible Assets, Net The components of the Company’s intangible assets were as follows (in thousands, except for weighted-average remaining amortization period): | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Amount | | Weighted-Average Remaining Amortization Period (Years) | | Commercial milestones | $ | 59,000 | | | $ | (8,235) | | | $ | 50,765 | | | 12.3 | | Developed technology | 226,620 | | | (33,998) | | | 192,622 | | | 10.4 | | Assembled workforce | 970 | | | (512) | | | 458 | | | 1.4 | | Total intangible assets | $ | 286,590 | | | $ | (42,745) | | | $ | 243,845 | | | 10.8 |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Amount | | Weighted-Average Remaining Amortization Period (Years) | | Commercial milestones | $ | 59,000 | | | $ | (7,092) | | | $ | 51,908 | | | 12.6 | | Developed technology | 226,620 | | | (29,248) | | | 197,372 | | | 10.7 | | Assembled workforce | 970 | | | (431) | | | 539 | | | 1.7 | | Total intangible assets | $ | 286,590 | | | $ | (36,771) | | | $ | 249,819 | | | 11.1 |
Amortization expense was $6.0 million and $5.5 million for the three months ended March 31, 2025 and 2024, respectively. Amortization expense was included in cost of sales in the accompanying unaudited condensed consolidated statements of operations. The following table summarizes the estimated future amortization expense associated with the Company’s intangible assets as of March 31, 2025 (in thousands): | | | | | | | | Amount | | 2025 (remaining nine months) | 17,924 | | | 2026 | 23,791 | | | 2027 | 23,575 | | | 2028 | 23,575 | | | 2029 | 23,575 | | | Thereafter | 131,405 | | | | $ | 243,845 | |
Accrued Expenses Accrued expenses consist of the following (in thousands): | | | | | | | | | | | | | | March 31,
2025 | | December 31,
2024 | | Accrued sales deductions | $ | 43,132 | | | $ | 37,361 | | | Accrued compensation and related benefits | 16,599 | | | 32,248 | | | Accrued professional service fees | 13,969 | | | 12,545 | | | Accrued contract manufacturing and non-clinical costs | 8,304 | | | 7,555 | | | Accrued royalties payable | 10,088 | | | 9,361 | | | Accrued clinical trials | 9,843 | | | 7,148 | | | Accrued interest | 5,271 | | | 2,108 | | | Accrued loss on firm purchase commitments | 2,088 | | | 1,898 | | | Operating lease liabilities, current | 1,644 | | | 1,709 | | | Accrued milestone payment | 5,000 | | | — | | | Total accrued expenses and other current liabilities | $ | 115,938 | | | $ | 111,933 | |
Other liabilities Other liabilities consist of the following (in thousands): | | | | | | | | | | | | | | March 31,
2025 | | December 31,
2024 | | Noncurrent accrued sales deductions and other | $ | 9,952 | | | $ | — | | | Noncurrent accrued loss on firm purchase commitments | 3,948 | | | 2,509 | | | Total other liabilities | $ | 13,900 | | | $ | 2,509 | |
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