Balance Sheet Account Details
|12 Months Ended|
Dec. 31, 2020
|Other Balance Sheet Details [Abstract]|
|Balance Sheet Account Details||Balance Sheet Account DetailsShort-term Investments
Excluding our investments in Viking, the following table summarizes the various investment categories at December 31, 2020 and 2019 (in thousands):
In addition, as of December 31, 2020 and December 31, 2019, we recorded shares of Viking common stock we own at fair value of $32.8 million and $48.4 million, respectively, in “Short-term investments” in our consolidated balance sheets. We also own warrants to purchase up to 1.5 million shares of Viking's common stock at an exercise price of $1.50 per share. We recorded the warrants in “Short-term investments” in our consolidated balance sheet at fair value of $6.3 million and $9.9 million at December 31, 2020 and December 31, 2019, respectively.
Gain (loss) from short-term investments on our consolidated statements of operations includes both realized and unrealized gain (loss) from our short-term investments in public equity and warrant securities.
The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
The following table summarizes our available-for-sale debt securities in an unrealized loss position (in thousands):
Our investment policy is capital preservation and we only invested in U.S.-dollar denominated investments. We held a total of 14 positions which were in an unrealized loss position as of December 31, 2020. We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses are largely due to changes in interest rates and not to unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. We do not intend to sell these securities nor do we believe that we will be required to sell these securities before the recovery of the amortized cost basis. Accordingly, no credit losses were recognized for the twelve months ended December 31, 2020.
Property and equipment are stated at cost and consists of the following (in thousands):
Depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets which ranges from to ten years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or their related lease term, whichever is shorter. Depreciation expense of $1.8 million, $1.5 million, and $0.9 million was recognized for the twelve months ended December 31, 2020, 2019, and 2018, respectively, and was included in operating expenses.
Goodwill and identifiable intangible assets consist of the following (in thousands):
Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful life of the asset of 20 years. Amortization expense of $23.4 million, $16.9 million, and $15.8 million was recognized for the years ended December 31, 2020 and 2019, and 2018, respectively. Estimated amortization expense for the years ending December 31, 2021 through 2025 is $47.1 million per year. For each of the years ended December 31, 2020, 2019, and 2018, there was no material impairment of intangible assets with finite lives.
Accrued liabilities consist of the following (in thousands):
In connection with the acquisition of Crystal in October 2017, we entered into contingent liabilities based on achievement of certain research and business milestones as well as certain revenue goal.
In connection with the acquisition of CyDex in January 2011, we issued a series of CVRs and also assumed certain contingent liabilities. We may be required to make additional payments upon achievement of certain clinical and regulatory milestones to the CyDex shareholders and former license holders.
In connection with the acquisition of Metabasis in January 2010, we entered into four CVR agreements with Metabasis shareholders. The CVRs entitle the holders to cash payments as frequently as every six months as proceeds are received by us upon the sale or licensing of any of the Metabasis drug development programs and upon the achievement of specified milestones.
For CVRs associated with the Pfenex and Icagen acquisitions, see “Note (4), Acquisitions” for more information.
The following table summarizes rollfoward of contingent liabilities as of December 2020 and 2019 (in thousands):
The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef