Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2025

The following table summarizes the financial assets measured at fair value on a recurring basis (in thousands):


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Cash, cash equivalents and restricted cash	$	53,002	$	—	$	—	$	53,002
U.S. treasury bills	—		248,608		—		248,608
U.S. treasury bonds	—		11,834		—		11,834
Commercial paper	—		1,489		—		1,489
Corporate bonds	—		200		—		200
Total	$	53,002	$	262,131	$	—	$	315,133


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash, cash equivalents and restricted cash	$	83,433	$	—	$	—	$	83,433
U.S. treasury bills	—		192,101		—		192,101
U.S. treasury bonds	—		81,402		—		81,402
Commercial paper	—		1,339		—		1,339
Corporate bonds	—		201		—		201
Total	$	83,433	$	275,043	$	—	$	358,476

The carrying amount and related unrealized gains (losses) by type of investment consisted of the following (in thousands):


	June 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash, cash equivalents and restricted cash	$	53,002	$	—	$	—	$	53,002
U.S. treasury bills	248,701		—		(93)		248,608
U.S. treasury bonds	11,841		—		(7)		11,834
Commercial paper	1,489		—		—		1,489
Corporate bonds	200		—		—		200
Total cash, cash equivalents, restricted cash and short-term investments	$	315,233	$	—	$	(100)	$	315,133

	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash, cash equivalents and restricted cash	$	83,433	$	—	$	—	$	83,433
U.S. treasury bills	192,054		47		—		192,101
U.S. treasury bonds	81,292		110		—		81,402
Commercial paper	1,339		—		—		1,339
Corporate bonds	200		1		—		201
Total cash, cash equivalents, restricted cash and short-term investments	$	358,318	$	158	$	—	$	358,476

Inventory, net consisted of the following (in thousands):

Prepaid expenses and deposits consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Prepaid manufacturing and other deposits	$	1,887	$	5,645
Prepaid insurance	1,711		1,186
Other prepaid expenses	2,980		4,388
Total prepaid expenses and deposits	$	6,578	$	11,219

Intangible assets, net consisted of the following (in thousands):


	June 30, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Acquired intellectual property and reacquired right	$	15,126	$	(11,934)	$	3,192
Patents	2,243		(1,389)		854
Internal-use software implementation costs	2,873		(2,873)		—
Total intangible assets, net	$	20,242	$	(16,196)	$	4,046


	December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Acquired intellectual property and reacquired right	$	15,126	$	(11,535)	$	3,591
Patents	2,128		(1,364)		764
Internal-use software implementation costs	2,873		(2,873)		—
Total intangible assets, net	$	20,127	$	(15,772)	$	4,355

Property and equipment, net consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Leasehold improvements	$	3,243	$	3,243
Furniture	1,155		1,155
Office equipment	631		631
Computer equipment	235		235
Total gross property and equipment	5,264		5,264
Less accumulated depreciation	(2,843)		(2,533)
Property and equipment, net	$	2,421	$	2,731

Accrued expenses consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Accrued sales rebates and fees	$	25,000	$	24,568
Accrued payroll and related expenses	7,256		18,639
Accrued research and development expenses	6,495		3,990
Accrued corporate and excise taxes	2,357		503
Accrued sales and marketing expenses	1,605		2,329
Accrued restructuring expenses	312		10,855
Accrued other expenses	6,679		4,087
Total accrued expenses	$	49,704	$	64,971

Aurinia Pharmaceuticals Inc. 10-Q