0001178879-24-000003 | 10-K | XBRL Viewer

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 649,254	$ 632,233
Increase in the valuation allowance	17,000
Federal
Operating Loss Carryforwards [Line Items]
Amount of net operating loss carry forwards	1,200,000
Federal \| Research and experimentation tax credit carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	18,400
Federal \| Orphan drug tax credit carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	203,100
Foreign
Operating Loss Carryforwards [Line Items]
Amount of net operating loss carry forwards	28,400
State
Operating Loss Carryforwards [Line Items]
Amount of net operating loss carry forwards	1,000,000
State \| Research and experimentation tax credit carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	$ 14,100

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4,800	$ 4,800
Loss on impairment of assets	$ 1,134	$ 6,616	$ 0

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Finite-lived Intangible Assets As of December 31, 2023, the Company had intangible assets of $20.5 million. Intangible assets consist of lead enzyme replacement therapy assets acquired with the Callidus Biopharma, Inc. ("Callidus") acquisition in 2013, previously accounted for as in-process research and development. In March 2023, as a result of the European Commission's ("EC") approval of Pombiliti™, the Company began amortizing the assets over the initial regulatory exclusivity period of 7 years. The Company completed an impairment assessment before changing the classification to finite-lived intangible asset noting no impairment. Amortization expense for finite-lived intangible assets was $2.5 million for the year ended December 31, 2023. There was no amortization expense for finite-lived intangible asset for the year ended December 31, 2022. Total estimated amortization expense for the finite-lived intangible assets for each of the next 5 years is approximately $3.3 million and has a remaining amortization period of 6.2 years. Goodwill As of December 31, 2023, in connection with the acquisition of Callidus in 2013 and Scioderm, Inc. in 2015, the Company had goodwill of $197.8 million. There has been no change to the balance of goodwill since the dates of acquisition.

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Cash and cash equivalents	$ 246,994	$ 148,813	$ 245,197
Restricted cash	3,083	4,302	4,259
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 250,077	$ 153,115	$ 249,456	$ 166,162

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Reserve for inventory	$ 0.5	$ 0.4

Leases - Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease
2024	$ 9,236
2025	9,157
2026	9,213
2027	9,351
2028	9,144
Thereafter	43,715
Total lease payments	89,816
Less lease incentives	(22,299)
Less imputed interest	(10,316)
Total operating lease liability	$ 57,201	$ 60,130

Basic and Diluted Net Loss per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Common Share

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss attributable to common stockholders per common share:


	Years Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(151,584)	$	(236,568)	$	(250,460)
Denominator:
Weighted average common shares outstanding — basic and diluted	295,164,515		289,057,198		271,421,986

Dilutive common stock equivalents would include the dilutive effect of outstanding common stock options and unvested RSUs. Potentially dilutive common stock equivalents were excluded from the diluted earnings per share denominator for all periods because of their anti-dilutive effect. Weighted average common shares outstanding includes outstanding pre-funded warrants with an exercise price of $0.01.

The table below presents potential shares of common stock that were excluded from the computation as they were anti-dilutive using the treasury stock method:


	Years ended December 31,
(in thousands)	2023	2022	2021
Options to purchase common stock	23,002	19,064	14,731
Unvested restricted stock units	10,033	9,717	7,341
Total number of potentially issuable shares	33,035	28,781	22,072

Stock based Compensation - Expense Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 86,077	$ 76,512	$ 57,838
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	21,470	25,089	17,340
Selling, general, and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 64,607	$ 51,423	$ 40,498

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease ROU assets, net	$ 26,312	$ 29,534
Current portion of the operating lease liabilities	8,324	8,552
Non-current portion of the operating lease liabilities	48,877	51,578
Total operating lease liability	$ 57,201	$ 60,130
Weighted-average remaining lease terms (years)	9 years 4 months 24 days	17 years
Weighted-average discount rate	9.70%	12.20%

Stockholders' Equity - Common Stock and Warrants (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended
	Oct. 31, 2023 USD ($) $ / shares shares	Nov. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Convertible Debt
Common stock, shares authorized (in shares)					500,000,000	500,000,000
Voting right for each share held, number \| vote					1
Proceeds from issuance of private placement \| $	$ 29,800
Proceeds from equity financing, net of issuance costs \| $			$ 199,800
Gross cash proceeds from warrant exercises \| $				$ 19,200	$ 12	$ 0	$ 19,230
Common Stock
Convertible Debt
Stock issued from equity financing (in shares)	2,467,104		11,296,660				11,296,660
Warrants exercised (in shares)					1,220,100		2,554,999
At-The-Market
Convertible Debt
Sale of stock, maximum aggregate gross offering proceeds \| $		$ 250,000
Number of shares issued, private placement (in shares)					5,244,936	0
Offering price per share (in dollars per share) \| $ / shares					$ 12.50
Aggregate net proceeds from stock offering \| $					$ 63,100
Common stock, capital share reserved for future issuance (in shares)					184,400,000
At-The-Market \| Common Stock
Convertible Debt
Stock issued from equity financing (in shares)					5,244,936
Private Placement
Convertible Debt
Offering price per share (in dollars per share) \| $ / shares	$ 12.16		$ 10.18
Number of common shares called by warrants (in shares)			8,349,705
Exercise price of warrants (in dollars per share) \| $ / shares			$ 0.01		$ 0.01
Private Placement \| Warrants
Convertible Debt
Offering price per share (in dollars per share) \| $ / shares			$ 10.17
Private Placement \| Common Stock
Convertible Debt
Stock issued from equity financing (in shares)					2,467,104
Stock Exercises at $7.98
Convertible Debt
Exercise price of warrants (in dollars per share) \| $ / shares				$ 7.98
Stock Exercises at $7.98 \| Warrants
Convertible Debt
Stock issued from equity financing (in shares)				1,294,999
Stock Exercises at $7.06
Convertible Debt
Exercise price of warrants (in dollars per share) \| $ / shares				$ 7.06
Stock Exercises at $7.06 \| Warrants
Convertible Debt
Stock issued from equity financing (in shares)				1,260,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey

Assets and Liabilities Measured at Fair Value - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Acquisitions
Contingent consideration payable					$ 21,417
Callidus
Acquisitions
Contingent consideration payable	$ 15,000	$ 15,000	$ 9,000	$ 9,000

Summary of Significant Accounting Policies - Concentration of Credit Risk and Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Allowance for doubtful accounts receivable	$ 0.2
Net product sales \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	28.00%	27.00%
Accounts receivable \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	14.00%
Accounts receivable \| Customer Concentration Risk \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%

Stock based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting option, vesting, anniversary period	2 years
Vesting option, exercisable, anniversary period	4 years
Weighted average grant-date fair value, options (in dollars per share)	$ 6.75	$ 6.11	$ 9.08
Aggregate intrinsic value of options exercised	$ 7,100	$ 2,500	$ 8,500
Proceeds from stock options exercised, net	10,261	$ 4,310	$ 10,228
Total unrecognized compensation costs	$ 35,000
Unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period following separation for accelerated vesting	2 years
Unrecognized compensation costs, period for recognition (in years)	2 years
Unrecognized compensation cost	$ 53,600
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)	3 years

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

Supplemental balance sheet information related to operating leases were as follows:


(in thousands, except year and discount rate amounts)	December 31, 2023			December 31, 2022
Operating lease ROU assets, net	$	26,312		$	29,534

Current portion of the operating lease liabilities	$	8,324		$	8,552
Non-current portion of the operating lease liabilities	48,877			51,578
Total operating lease liability	$	57,201		$	60,130

Weighted-average remaining lease terms (years)	9.4			17.0
Weighted-average discount rate	9.7		%	12.2		%

Schedule of Future Minimum Operating Lease Payments

At December 31, 2023, the future minimum operating lease payments were as follows:


(in thousands)	Operating Lease
2024	$	9,236
2025	9,157
2026	9,213
2027	9,351
2028	9,144
Thereafter	43,715
Total lease payments	89,816
Less lease incentives	(22,299)
Less imputed interest	(10,316)
Total operating lease liability	$	57,201

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 30,230	$ 10,054
Work-in-process	22,597	9,615
Finished goods	6,869	4,147
Total inventories	$ 59,696	$ 23,816

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	At-The-Market	Private Placement	Common Stock	Common Stock At-The-Market	Common Stock Private Placement	Additional Paid-In Capital	Additional Paid-In Capital At-The-Market	Additional Paid-In Capital Private Placement	Warrants	Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance (in shares) at Dec. 31, 2020				262,063,461
Balance at Dec. 31, 2020	$ 286,380			$ 2,650			$ 2,308,578			$ 12,387	$ 8,227	$ (2,045,462)
Increase (Decrease) in Stockholders' Equity
Stock options exercised, net (in shares)	1,483,000			1,461,189
Stock options exercised, net	$ 10,228			$ 15			10,213
Common stock issued from equity financing and pre-funded warrants, net of offering costs (in shares)				11,296,660
Common stock issued from equity financing and pre-funded warrants, net of offering costs	199,747			$ 112			199,552			83
Vesting of restricted stock units, net of taxes (in shares)				1,064,135
Vesting of restricted stock units, net of taxes	(15,009)						(15,009)
Stock-based compensation	57,838						57,838
Warrants exercised (in shares)				2,554,999
Warrants exercised	19,230			$ 26			31,591			(12,387)
Equity component of the convertible notes (in shares)				472,356
Equity component of the convertible notes	2,661			$ 5			2,656
Unrealized (loss) gain on available-for-sale securities	(85)										(85)
Foreign currency translation adjustment	(3,161)										(3,161)
Net loss	(250,460)											(250,460)
Balance (in shares) at Dec. 31, 2021				278,912,800
Balance at Dec. 31, 2021	$ 307,369			$ 2,808			2,595,419			83	4,981	(2,295,922)
Increase (Decrease) in Stockholders' Equity
Stock options exercised, net (in shares)	660,000			656,377
Stock options exercised, net	$ 4,310			$ 7			4,303
Vesting of restricted stock units, net of taxes (in shares)				1,539,096
Vesting of restricted stock units, net of taxes	(11,490)						(11,490)
Stock-based compensation	76,512						76,512
Unrealized (loss) gain on available-for-sale securities	154										154
Foreign currency translation adjustment	(17,240)										(17,240)
Net loss	$ (236,568)											(236,568)
Balance (in shares) at Dec. 31, 2022	281,108,273			281,108,273
Balance at Dec. 31, 2022	$ 123,047			$ 2,815			2,664,744			83	(12,105)	(2,532,490)
Increase (Decrease) in Stockholders' Equity
Stock options exercised, net (in shares)	1,361,000			1,357,945
Stock options exercised, net	$ 10,261			$ 14			10,247
Common stock issued from equity financing and pre-funded warrants, net of offering costs (in shares)					5,244,936	2,467,104
Common stock issued from equity financing and pre-funded warrants, net of offering costs		$ 63,108	$ 29,827		$ 52	$ 25		$ 63,056	$ 29,802
Vesting of restricted stock units, net of taxes (in shares)				2,195,851
Vesting of restricted stock units, net of taxes	(17,920)						(17,920)
Stock-based compensation	86,077						86,077
Warrants exercised (in shares)				1,220,100
Warrants exercised	12			$ 12			12			(12)
Unrealized (loss) gain on available-for-sale securities	(72)										(72)
Foreign currency translation adjustment	17,418										17,418
Net loss	$ (151,584)											(151,584)
Balance (in shares) at Dec. 31, 2023	293,594,209			293,594,209
Balance at Dec. 31, 2023	$ 160,174			$ 2,918			$ 2,836,018			$ 71	$ 5,241	$ (2,684,074)

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Cash and cash equivalents	$ 246,994,000	$ 148,813,000	$ 245,197,000
Debt securities, available-for-sale	39,206,000	144,782,000
Debt securities, realized gain (loss)	0	$ 0
Fair value of available-for-sale debt securities in unrealized loss positions	$ 11,400,000

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Margaret G. McGlynn [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes, for the quarterly period covered by this report, each director and officer (as defined in Rule 16a-1(f) under the Exchange Act who has adopted, modified, or terminated a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act (each plan, a “Rule 10b5-1 Trading Plan”). Each Rule 10b5-1 Trading Plan described below was adopted during an open insider trading window and in accordance with the Company’s policies regarding both insider trading and transactions relating to Company securities.

Name
(Title)

Action Taken
(Date of Action)

Rule 10b5-1 Trading Plan Provides for Purchase/Sale

Duration of the Trading Plan(1)

Aggregate Number of Securities

Margaret G. McGlynn

(Director)

Adoption

(November 10, 2023)

Sale

June 12, 2024

15,000(2)

____________________________

(1) The dates in this column represent the scheduled expiration date of each director or officer’s Rule 10b5-1 Trading Plan. Each Rule 10b5-1 Trading Plan may terminate earlier than the date provided should all transactions contemplated thereunder occur prior to such date.

(2) Ms. McGlynn’s Rule 10b5-1 Trading Plan provides for the exercise of up to 15,000 stock options and the sale of up to 15,000 underlying shares of common stock.

Name

Margaret G. McGlynn

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 10, 2023

Arrangement Duration

215 days

Aggregate Available

15,000

Margaret G. McGlynn Trading Arrangement, Stock Options [Member] | Margaret G. McGlynn [Member]

Trading Arrangements, by Individual

Aggregate Available

15,000

Margaret G. McGlynn Trading Arrangement, Common Stock [Member] | Margaret G. McGlynn [Member]

Trading Arrangements, by Individual

Aggregate Available

15,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (151,584)	$ (236,568)	$ (250,460)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount and deferred financing	2,616	2,634	2,490
Depreciation and amortization	7,873	5,342	6,209
Stock-based compensation	86,077	76,512	57,838
Loss on extinguishment of debt	13,933	0	257
Non-cash changes in the fair value of contingent consideration payable	2,583	1,078	6,514
Foreign currency remeasurement loss	19,613	6,121	3,565
Non-cash deferred taxes	(4,939)	9	34
Asset impairment charges and other asset write-offs	2,727	18,177	0
Changes in operating assets and liabilities:
Accounts receivable	(20,108)	(17,330)	(8,189)
Inventories	(44,614)	(5,343)	(7,790)
Prepaid expenses and other current assets	(8,062)	(6,194)	(5,919)
Accounts payable, accrued expenses, and other current liabilities	49,195	(6,377)	7,430
Other non-current assets and liabilities	(3,054)	(4,636)	(4,117)
Payment of contingent consideration	(21,347)	0	(10,353)
Net cash used in operating activities	(69,091)	(166,575)	(202,491)
Investing activities
Sale and redemption of marketable securities	197,227	335,926	424,043
Purchases of marketable securities	(91,723)	(243,255)	(341,398)
Capital expenditures	(7,440)	(3,766)	(3,884)
Proceeds from sale of assets	0	3,411	0
Net cash provided by investing activities	98,064	92,316	78,761
Financing activities
Proceeds from the issuance of shares in connection with at-the-market offering, net of issuance costs	63,108	0	0
Proceeds from equity financing, net of issuance costs	29,827	0	199,750
Withholding taxes paid on vested restricted stock units	(17,920)	(11,490)	(15,009)
Proceeds from stock options exercised, net	10,261	4,310	10,228
Proceeds from warrants exercised, net	12	0	19,230
Payment of long-term debt	(408,043)	0	0
Proceeds from long-term debt, net of issuance costs	387,360	0	0
Payment of contingent consideration	(2,653)	0	(1,647)
Payment of finance leases	(275)	(283)	(479)
Net cash provided by (used in) financing activities	61,677	(7,463)	212,073
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	6,312	(14,619)	(5,049)
Net increase (decrease) in cash, cash equivalents, and restricted cash	96,962	(96,341)	83,294
Cash, cash equivalents, and restricted cash at the beginning of the year	153,115	249,456	166,162
Cash, cash equivalents, and restricted cash at the end of the year	250,077	153,115	249,456
Supplemental disclosures of cash flow information
Tenant improvements paid through lease incentive	105	0	300
Cash paid during the period for interest	36,090	34,358	30,468
Capital expenditures unpaid at the end of period	868	1,141	1,448
Cash paid for income taxes	$ 8,525	$ 1,609	$ 20,032

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation of property and equipment	$ 25,429	$ 22,281
Accumulated amortization of intangible assets	$ 2,510	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	293,594,209	281,108,273
Common stock, shares outstanding (in shares)	293,594,209	281,108,273

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Revenue Disaggregated by Product and Geographical Area

The following table summarizes the Company's net product sales disaggregated by product:


	For the Year
(in thousands)	2023		2022		2021
Galafold®	$	387,777	$	329,046	$	305,514
Pombiliti™ + Opfolda™	11,579		187		—
Total net product sales	$	399,356	$	329,233	$	305,514

The following table summarizes the Company's net product sales disaggregated by geographic area:


	For the Year
(in thousands)	2023		2022		2021
U.S.	$	146,937	$	115,946	$	95,387
Ex-U.S.	252,419		213,287		210,127
Total net product sales	$	399,356	$	329,233	$	305,514

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Amicus Therapeutics, Inc. (the "Company") is a global, patient-dedicated biotechnology company focused on discovering, developing, and delivering novel medicines for rare diseases. The Company seeks to deliver the highest quality therapies that have the potential to obsolete current treatments, provide significant benefits to patients, and be first- or best-in-class. The Company's two marketed therapies are Galafold®, the first oral monotherapy for people living with Fabry disease who have amenable genetic variants, and Pombiliti™ + Opfolda™, a novel treatment designed to improve uptake of active enzyme into key disease relevant tissues for adults living with late-onset Pompe disease. Galafold® (also referred to as "migalastat"), is approved in over 40 countries around the world, including the United States ("U.S."), European Union ("E.U."), United Kingdom ("U.K."), and Japan. Additionally, Galafold® has been granted orphan drug designation in the U.S., E.U., U.K., Japan and several other countries. Pombiliti™ + Opfolda™ (also referred to as "cipaglucosidase alfa-atga/miglustat"), was approved in 2023 in the three largest Pompe markets: the U.S., the E.U., and the U.K. Multiple regulatory submissions and reimbursement processes with global health authorities are currently underway. Additionally, Pombiliti™ + Opfolda™ has been granted orphan drug designation in the U.S., E.U., U.K., Japan and several other countries. The Company had an accumulated deficit of $2.7 billion as of December 31, 2023 and anticipates incurring losses through the fiscal year ending December 31, 2024. The Company has historically funded its operations through stock offerings, product revenues, debt issuances, collaborations, and other financing arrangements. Based on its current operating model, the Company believes the current cash position, which includes expected revenues, is sufficient to fund the Company's operations and ongoing research programs for at least the next 12 months. Potential business development opportunities, pipeline expansion, and investment in manufacturing capabilities could impact the Company's long-term capital requirements.

Assets and Liabilities Measured at Fair Value - Level 3 Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of the period	$ 21,417	$ 20,339
Changes in fair value during the period, included in the Consolidated Statements of Operations	2,583	1,078	$ 6,514
Payment of contingent consideration in cash	(24,000)	0
Balance, end of the period	$ 0	$ 21,417	$ 20,339

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
(in thousands)	2023		2022
Accrued compensation and benefits	$	38,305	$	25,701
Accrued sales rebates and discounts	31,190		21,886
Accrued program fees	13,607		10,515
Accrued contract manufacturing & contract research costs	13,380		8,230
Accrued taxes	12,434		5,938
Accrued interest on debt	11,661		125
Accrued royalties	8,238		6,908
Accrued professional fees	5,059		6,868
Other	10,371		7,465
	$	144,245	$	93,636

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash and Available for Sale Securities

Cash, cash equivalents, and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:


	As of December 31, 2023
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	246,994	$	—	$	—	$	246,994
Commercial paper	14,651		12		—		14,663
Treasury bill	12,944		2		—		12,946
U.S. government agency bonds	11,450		—		(4)		11,446
Money market	100		—		—		100
Certificates of deposit	51		—		—		51
	$	286,190	$	14	$	(4)	$	286,200
Included in cash and cash equivalents	$	246,994	$	—	$	—	$	246,994
Included in marketable securities	39,196		14		(4)		39,206
Total cash, cash equivalents, and marketable securities	$	286,190	$	14	$	(4)	$	286,200


	As of December 31, 2022
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	148,813	$	—	$	—	$	148,813
Commercial paper	144,299		82		—		144,381
Money market	350		—		—		350
Certificates of deposit	51		—		—		51
	$	293,513	$	82	$	—	$	293,595
Included in cash and cash equivalents	$	148,813	$	—	$	—	$	148,813
Included in marketable securities	144,700		82		—		144,782
Total cash, cash equivalents, and marketable securities	$	293,513	$	82	$	—	$	293,595

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	246,994	$	148,813	$	245,197
Restricted cash	3,083		4,302		4,259
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	250,077	$	153,115	$	249,456

Basic and Diluted Net Loss per Common Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (151,584)	$ (236,568)	$ (250,460)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	295,164,515	289,057,198	271,421,986
Weighted-average common shares outstanding - diluted (in shares)	295,164,515	289,057,198	271,421,986
Antidilutive securities
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	33,035,000	28,781,000	22,072,000
Options to purchase common stock
Antidilutive securities
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	23,002,000	19,064,000	14,731,000
Unvested restricted stock units
Antidilutive securities
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	10,033,000	9,717,000	7,341,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Liability Components of the Convertible Notes

The Company's debt consists of the following:


	As of December 31,
(in thousands)	2023		2022
Senior Secured Term Loan due 2029:
Principal	$	400,000	$	—
Less: debt discount (1)	(9,652)		—
Less: deferred financing (1)	(2,490)		—
Net carrying value of Long-term debt	$	387,858	$	—

Senior Secured Term Loan due 2026(2):
Principal	$	—	$	400,000
Less: debt discount (1)	—		(4,571)
Less: deferred financing (1)	—		(3,439)
Net carrying value of Long-term debt	$	—	$	391,990

Net carrying value of Long-term debt	$	387,858	$	391,990

_____________________________

(1) Included in the Consolidated Balance Sheets within long-term debt and amortized to interest expense over the remaining life of the corresponding Senior Secured Term Loan using the effective interest rate method.

(2) The principal, accrued interest and prepayment premiums associated with the Senior Secured Term Loan due 2026 were fully paid in October 2023.

Components of Total Interest Expense Recognized Related to the Convertible Notes

The following table sets forth interest expense recognized related to the Company's debt for the years ended December 31, 2023 and 2022, respectively:


(in thousands, except interest rate amounts)	December 31, 2023			December 31, 2022
Contractual interest expense	$	47,626		$	34,446
Amortization of debt discount	$	1,605		$	1,503
Amortization of deferred financing	$	1,011		$	1,131
Effective interest rate of the liability component, Senior Secured Term Loan due 2029	12.8		%	—		%
Effective interest rate of the liability component, Senior Secured Term Loan due 2026	—		%	12.1		%

Assets and Liabilities Measured at Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The Company's financial assets and liabilities are measured at fair value and classified within the fair value hierarchy which is defined as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.

Level 3 — Inputs that are unobservable for the asset or liability.

A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2023 are identified in the following tables:


(in thousands)	Level 1		Level 2		Total
Assets:
Commercial paper	$	—	$	14,663	$	14,663
Treasury bill	—		12,946		12,946
U.S. government agency bonds	—		11,446		11,446
Money market	7,631		—		7,631
	$	7,631	$	39,055	$	46,686


(in thousands)	Level 1		Level 2		Total
Liabilities:
Deferred compensation plan liability	$	7,531	$	—	$	7,531
	$	7,531	$	—	$	7,531


(in thousands)	Level 2		Total
Assets:
Commercial paper	$	144,381	$	144,381
Money market	5,808		5,808
	$	150,189	$	150,189


(in thousands)	Level 2		Level 3		Total
Liabilities:
Contingent consideration payable	$	—	$	21,417	$	21,417
Deferred compensation plan liability	5,458		—		5,458
	$	5,458	$	21,417	$	26,875

The Company's Senior Secured Term Loan due 2029 falls into the Level 2 category within the fair value level hierarchy and the fair value was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. The carrying value of the Senior Secured Term Loan due 2029 approximates the fair value. Deferred compensation plan liability is recorded as a component of other non-current liabilities on the Company's Consolidated Balance Sheets.

The Company did not have any Level 3 assets as of December 31, 2023 or 2022.

Cash, Money Market Funds and Marketable Securities

The Company classifies its cash and cash equivalents within the fair value hierarchy as Level 1 as these assets are valued using quoted prices in an active market for identical assets at the measurement date. The Company considers its investments in marketable securities as available-for-sale and classifies these assets within the fair value hierarchy as Level 2 primarily utilizing broker quotes in a non-active market for valuation of these securities. No changes in valuation techniques or inputs occurred during the year ended December 31, 2023. No transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy occurred during the year ended December 31, 2023.

Contingent Consideration Payable

The contingent consideration payable resulted from the acquisition of Callidus in November 2013. The Company reached regulatory milestones of $9.0 million in March 2023 and $15.0 million in September 2023 associated with the approval of Pombiliti™ by the EC and U.S. Food and Drug Administration ("FDA"), respectively. The $9.0 million and $15.0 million payments were paid in the second and fourth quarter of 2023, respectively.

The following table shows the change in the balance of contingent consideration payable for the year ended December 31, 2023 and 2022, respectively:


	Years ended December 31,
(in thousands)	2023		2022
Balance, beginning of the period	$	21,417	$	20,339
Changes in fair value during the period, included in the Consolidated Statements of Operations	2,583		1,078
Payment of contingent consideration in cash	(24,000)		—
Balance, end of the period	$	—	$	21,417

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and include all adjustments necessary for the fair presentation of the Company's financial position for the periods presented. Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results of operations, net assets or cash flows.
Consolidation	Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency for most of the Company's foreign subsidiaries is their local currency. For non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the weighted average foreign exchange rates for the period. Adjustments resulting from the translation of the financial statements of the Company's foreign operations into U.S. dollars are excluded from the determination of net income and are recorded in accumulated other comprehensive income, a separate component of stockholders' equity. Transactions which are not in the functional currency of the entity are remeasured into the functional currency with gains or losses resulting from the remeasurement recorded in other (expense) income.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash	Cash, Cash Equivalents, Marketable Securities, and Restricted Cash The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents. Marketable securities consist of fixed income investments with a maturity of greater than three months and other highly liquid investments that can be readily purchased or sold using established markets. These investments are classified as available-for-sale and are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are reported within other comprehensive gain (loss) in the Company's Consolidated Statements of Comprehensive Loss. Fair value is based on available market information including quoted market prices, broker or dealer quotations, or other observable inputs. Restricted cash consists primarily of funds held to satisfy the requirements of certain agreements that are restricted in their use and is included as a component of other non-current assets on the Company's Consolidated Balance Sheets.
Concentration of Credit Risk	Concentration of Credit Risk The Company's financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. The Company maintains its cash and cash equivalents in bank accounts, which, at times, exceed federally insured limits. The Company invests its marketable securities in high-quality commercial financial instruments. The Company has not recognized any losses from credit risks on such accounts during any of the periods presented. The Company believes it is not exposed to significant credit risk on its cash, cash equivalents, or marketable securities. The Company is subject to credit risk from its accounts receivable primarily related to its product sales of Galafold®. The Company's accounts receivable at December 31, 2023 have arisen from product sales primarily in Europe, the U.S., and Japan. The Company will periodically assess the financial strength of its customers to establish allowances for anticipated losses, if any. For accounts receivable that have arisen from named patient sales, the payment terms are predetermined, and the Company evaluates the creditworthiness of each customer on a regular basis.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated over the estimated useful lives of the respective assets, which range from three to five years, or the lesser of the related initial term of the lease or useful life for leasehold improvements. The initial cost of property and equipment consists of its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance, are expensed as incurred. Major replacements, improvements, and additions are capitalized in accordance with Company policy. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset or asset group are compared to the carrying value of the asset to determine whether the asset or asset group's value is recoverable. If impairment is determined, the Company writes down the asset to its estimated fair value and records an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.
Revenue Recognition	Revenue Recognition The Company has recorded revenue on sales where its products are available either on a commercial basis or through a reimbursed early access program. Product orders are generally received from distributors and pharmacies, with the ultimate payor often a government authority. In 2023, one customer accounted for 28% of net product sales and 16% of accounts receivable from product sales while another customer accounted for 17% of accounts receivable from product sales. In 2022, one customer accounted for 27% of net product sales and 14% of accounts receivable from product sales. The Company recognizes revenue when its performance obligations to its customers have been satisfied, which occurs at a point in time when the pharmacies or distributors obtain control of the products. The transaction price is determined based on fixed consideration in the Company's customer contracts and is recorded net of estimates for variable consideration, which primarily consist of third-party discounts and rebates. The identified variable consideration is recorded as a reduction of revenue at the time revenue from the sale is recognized. The Company recognizes revenue to the extent that it is probable that a significant revenue reversal will not occur in a future period. These estimates may differ from actual consideration received. The Company evaluates these estimates each reporting period to reflect known changes.
Inventories and Cost of Goods Sold	Inventories and Cost of Goods Sold Until regulatory approval of Pombiliti™ + Opfolda™, the Company expensed all manufacturing costs as research and development expense. Upon regulatory approval, the Company began capitalizing costs related to the purchase and manufacture of Pombiliti™ + Opfolda™. Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method. Inventories are reviewed periodically to identify slow-moving or obsolete inventory based on projected sales activity as well as product shelf-life. In evaluating the recoverability of inventories produced, the probability that revenue will be obtained from the future sale of the related inventory is considered and inventory value is written down for inventory quantities in excess of expected requirements. Expired inventory is disposed of and the related costs are recognized as cost of goods sold in the Company's Consolidated Statements of Operations. Cost of goods sold includes the cost of inventory sold, manufacturing and supply chain costs, product shipping and handling costs, provisions for excess and obsolete inventory, as well as royalties payable. A portion of inventory available for sale was expensed as research and development costs prior to regulatory approval and, as such, the cost of goods sold and related gross margins are not necessarily indicative of future costs of goods sold and gross margin.
Fair Value Measurements	Fair Value Measurements The Company records certain asset and liability balances under the fair value measurements as defined by the Financial Accounting Standard Board ("FASB") guidance. Current FASB fair value guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, current FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions that market participant's assumptions would use in pricing assets or liabilities (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Contingent Liabilities	Contingent Liabilities On an ongoing basis, the Company may be involved in various claims and legal proceedings. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company will accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals will be based on the Company's best estimates based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company's operating results.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development expense consist primarily of costs related to personnel, including salaries and other personnel related expenses, consulting fees, and the cost of facilities and support services used in drug development. Assets acquired that are used for research and development and have no future alternative use are expensed as in-process research and development.
Interest Income and Interest Expense	Interest Income and Interest Expense Interest income consists of interest earned on the Company's cash, cash equivalents, and marketable securities. Interest expense consists of interest incurred on debt and finance leases.
Income Taxes	Income Taxes The Company accounts for income taxes under the liability method. Under this method deferred income tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax basis of assets and liabilities and for operating losses and tax credit carry forwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded if it is "more likely than not" that a portion or all of a deferred tax asset will not be realized. The Company’s tax returns are subject to examination by U.S. Federal, state, and foreign taxing jurisdictions. The impact of an uncertain tax position taken or expected to be taken on an income tax return must be recognized in the financial statements at the largest amount that is more likely than not to be sustained. An uncertain income tax position will not be recognized in the financial statements unless it is more likely than not to be sustained.
Other Comprehensive Gain (Loss)	Other Comprehensive Gain (Loss) Components of other comprehensive gain (loss) include unrealized gains and losses on available-for-sale securities and gains and losses on foreign currency transactions, and are included in the Consolidated Statements of Comprehensive Loss.
Leases	Leases The Company primarily enters into lease agreements for office space, equipment, and vehicles. The leases have varying terms, some of which could include options to renew, extend, and early terminate. The Company determines if an arrangement is a lease at contract inception. Operating leases are included in right-of-use ("ROU") assets and lease liabilities on the Consolidated Balance Sheets. ROU assets represent the Company's right to control the use of an explicitly or implicitly identified fixed asset for a period of time and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Lease payments included in the measurement of the lease liability are comprised of fixed payments. Variable lease payments are excluded from the ROU asset and lease liability and are recognized in the period in which the obligation for those payments is incurred. Variable lease payments are presented in the Consolidated Statements of Operations in the same line item as expenses arising from fixed lease payments for operating leases. The Company has lease agreements that include lease and non-lease components, which the Company accounts for as a single lease component for all underlying asset categories. The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company applies this policy to all underlying asset categories.
Nonqualified Cash Deferral Plan	Nonqualified Cash Deferral Plan The Company's Cash Deferral Plan (the "Deferral Plan") provides certain key employees and members of the Board of Directors as selected by the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee"), with an opportunity to defer the receipt of such participant's base salary, bonus, and director's fees, as applicable. The Deferral Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code. All of the investments held in the Deferral Plan are classified as trading securities and recorded at fair value with changes in the investments' fair value recognized as earnings in the period they occur. The corresponding liability for the Deferral Plan is included in other non-current liability in the Consolidated Balance Sheets.
Equity-based Compensation	Equity-based Compensation At December 31, 2023, the Company had one equity-based employee compensation plan, which is described more fully in "— Note 8. Stockholders' Equity." The Company applies the fair value method of measuring equity-based compensation, which requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.
Loss per Common Share	Loss per Common Share The Company calculates net loss per share as a measurement of the Company's performance while giving effect to all dilutive potential common shares that were outstanding during the reporting period. The Company had a net loss for all periods presented; accordingly, the inclusion of common stock options and unvested restricted stock units would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted earnings per share are the same.
Segment Information	Segment Information The Company currently operates in one business segment focused on the discovery, development, and commercialization of advanced therapies to treat a range of devastating rare and orphan diseases. The Company is not organized by market and is managed and operated as one business. A single management team reports to the chief operating decision maker, its Chief Executive Officer, who comprehensively manages the entire business. The Company does not operate any separate lines of business or separate business entities with respect to its products. Accordingly, the Company does not accumulate discrete financial information with respect to separate service lines, and thus there is one reporting unit.
Business Combinations	Business Combinations The Company assigns fair value to the tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date from acquired businesses. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets and in-process research and development ("IPR&D"). In connection with the purchase price allocations for acquisitions, the Company estimates the fair value of contingent payments utilizing a probability-based income approach inclusive of an estimated discount rate.
Contingent Consideration Payable	Contingent Consideration Payable Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable. This does not apply in circumstances when the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired. Upon recognition of the contingent consideration payable, the amount is included in the cost of the acquired asset or group of assets. For contingent consideration payments in business combinations, the Company determines the fair value of contingent acquisition consideration payable on the acquisition date using a probability-based income approach utilizing an appropriate discount rate, with changes in fair value recorded on the Consolidated Statements of Operations. The payments made related to the settlement of the contingent consideration payable recognized at fair value as of the acquisition date (including measurement-period adjustments) were disclosed as cash outflows for financing activities, whereas the payments related to the change in fair value of the contingent consideration payable were disclosed as cash outflows for operating activities in the Consolidated Statement of Cash Flows.
Intangible Assets and Goodwill	Intangible Assets and Goodwill The Company records goodwill in a business combination when the total consideration exceeds the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is assessed annually for impairment on October 1 and whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company first assesses the qualitative factors to determine if a quantitative test is necessary. If required, or if the Company elects to bypass the qualitative assessment, a quantitative goodwill impairment test is concluded. If it is determined the Company's single reporting unit's carrying value, including goodwill, exceeds its fair value, an impairment loss is recorded for the difference. Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is determined, the Company writes down the asset to its estimated fair value and records an impairment loss equal to the excess of the carrying value of the asset over its estimated fair value in the period at which such a determination is made.
Recent Accounting Developments - Guidance Not Yet Adopted	Recent Accounting Developments - Guidance Not Yet Adopted In November 2023, the FASB issued the Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require, among other things, disclosure of the title and position of the chief operating decision maker and require that public entities with a single reportable segment provide all disclosures required by this update and existing segment disclosures in Topic 280. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required unless it is impracticable, and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, must be applied prospectively with an option to apply retrospectively, and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements.

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest expense
Contractual interest expense	$ 47,626	$ 34,446
Amortization of debt discount	1,605	1,503
Amortization of deferred financing	$ 1,011	$ 1,131
Senior Notes \| Senior Secured Term Loan due 2029:
Interest expense
Effective interest rate of the liability component	12.80%	0.00%
Senior Notes \| Senior Secured Term Loan due 2026
Interest expense
Effective interest rate of the liability component	0.00%	12.10%

Legal Proceedings	12 Months Ended
Legal Proceedings	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings In the fourth quarter of 2022, the Company received Paragraph IV Certification Notice Letters from Teva Pharmaceuticals USA, Inc. ("Teva"), Aurobindo Pharma Limited ("Aurobindo"), and Lupin Limited ("Lupin") in connection with Abbreviated New Drug Applications (“ANDA”) filed with the FDA requesting approval to market generic Galafold®. In November 2022, the Company filed four lawsuits against Teva, Lupin, and Aurobindo in the U.S. District Court for the District of Delaware for infringement of its Orange Book-listed patents. In the fourth quarter of 2023, a stipulation order to stay litigation with respect to Lupin was ordered. Additionally, in the first quarter of 2024, a stipulation was filed with the court and approved by the presiding judge, whereby the parties agreed to accept the Company’s definition of the terms that were in dispute. As such, the scheduled Markman hearing was deemed unneeded and cancelled. The Company has, and will continue to, vigorously enforce its Galafold® intellectual property rights.

Legal Proceedings (Details)	Nov. 30, 2022 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits	4

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock and Warrants As of December 31, 2023, the Company was authorized to issue 500 million shares of common stock. Dividends on common stock will be paid when, and if, declared by the Board of Directors. Each holder of common stock is entitled to vote on all matters that are appropriate for stockholder voting and is entitled to one vote for each share held. In November 2022, the Company entered into a Sales Agreement with The Goldman Sachs & Co. LLC to create an at-the-market equity program ("ATM program"), pursuant to which the Company may offer to sell shares of its common stock having an aggregate offering gross proceeds of up to $250.0 million. During the year ended December 31, 2023, the Company issued and sold an aggregate of 5,244,936 shares through its ATM program at a weighted-average public offering price of $12.50 per share, resulting in net proceeds of $63.1 million. During the year ended December 31, 2022, no shares were sold under this ATM program. As of December 31, 2023, an aggregate of $184.4 million worth of shares remain available to be issued and sold under the ATM program. In October 2023, the Company entered into a securities purchase agreement with funds managed by Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C. (collectively, “Blackstone”), for the private placement of an aggregate of 2,467,104 shares of the Company’s common stock, at a purchase price of $12.16 per share. Proceeds from the private placement, net of offering costs, were $29.8 million. In September 2021, the Company entered into a securities purchase agreement with certain entities, the (“Purchase Agreements”) for the private placement of an aggregate of 11,296,660 shares of the Company’s common stock, at a purchase price of $10.18 per share, and pre-funded warrants to purchase an aggregate of 8,349,705 shares of common stock, at a purchase price of $10.17 per pre-funded warrant. Proceeds from the private placement, net of offering costs, were $199.8 million. Each pre-funded warrant has an initial exercise price of $0.01 per share and is exercisable at any time after its original issuance, subject generally to the lock-up period, at the option of each holder, in such holder’s discretion, by (i) payment in full in immediately available funds of the initial exercise price for the number of shares of common stock purchased upon such exercise or (ii) a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the pre-funded warrant. Certain of the Purchase Agreements provide for a lock-up period of either 60 days or nine months based on the individual agreements. As of December 31, 2023, 1,220,100 pre-funded warrants have been exercised. During the first quarter of 2021, 1,294,999 and 1,260,000 warrants were exercised at $7.98 and $7.06 per share of common stock, respectively, resulting in gross cash proceeds of $19.2 million. Nonqualified Cash Deferral Plan The Company's Deferral Plan provides certain key employees and members of the Board of Directors, as selected by the Compensation Committee, with an opportunity to defer the receipt of such participant's base salary, bonus, and director's fees, as applicable. The Deferral Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code of 1986 as amended. The Company had a deferred compensation investment balance of $7.5 million and $5.5 million as of December 31, 2023 and 2022, respectively, with corresponding approximate amounts of liability. Deferral Plan investment assets are classified as trading securities and recorded at fair value with changes in the investments' fair value recognized as earnings in the period they occur. Deferred compensation liability amounts under the Deferral Plan are included in other long-term liabilities. Equity Incentive Plan The Company's Amended and Restated 2007 Equity Incentive Plan (the "Plan") provides for the granting of restricted stock units and options to purchase common stock in the Company to employees, directors, advisors, and consultants at a price to be determined by the Company's Board of Directors. The Plan is intended to encourage ownership of stock by employees and consultants of the Company and to provide additional incentives for them to promote the success of the Company's business. Under the provisions of the Plan, no option will have a term in excess of 10 years. The Board of Directors, or its committee, is responsible for determining the individuals to be granted options, the number of options each individual will receive, the option price per share, and the exercise period of each option. Options granted pursuant to the Plan generally vest 25% on the first year anniversary date of grant plus an additional 1/48th for each month thereafter and may be exercised in whole or in part for 100% of the shares vested at any time after the date of grant. As of December 31, 2023, the Company has reserved up to 12,413,532 shares for issuance under the Plan.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2023
Minimum
Property and Equipment
Estimated useful lives	3 years
Maximum
Property and Equipment
Estimated useful lives	5 years

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (151,584)	$ (236,568)	$ (250,460)
Other comprehensive gain (loss), net of tax:
Foreign currency translation adjustment gain (loss)	17,418	(17,240)	(3,161)
Unrealized (loss) gain on available-for-sale securities	(72)	154	(85)
Other comprehensive gain (loss)	17,346	(17,086)	(3,246)
Comprehensive loss	$ (134,238)	$ (253,654)	$ (253,706)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net product sales	$ 399,356	$ 329,233	$ 305,514
Cost of goods sold	37,326	38,599	34,466
Gross profit	362,030	290,634	271,048
Operating expenses:
Research and development	152,381	276,677	272,049
Selling, general, and administrative	275,270	213,041	192,710
Changes in fair value of contingent consideration payable	2,583	1,078	6,514
Loss on impairment of assets	1,134	6,616	0
Depreciation and amortization	7,873	5,342	6,209
Total operating expenses	439,241	502,754	477,482
Loss from operations	(77,211)	(212,120)	(206,434)
Other (expense) income:
Interest income	7,078	3,024	509
Interest expense	(50,149)	(37,119)	(32,471)
Loss on extinguishment of debt	(13,933)	0	(257)
Other (expense) income	(15,886)	4,176	(2,901)
Loss before income tax	(150,101)	(242,039)	(241,554)
Income tax (expense) benefit	(1,483)	5,471	(8,906)
Net loss attributable to common stockholders	$ (151,584)	$ (236,568)	$ (250,460)
Net loss attributable to common stockholders per common share - basic (in dollars per share)	$ (0.51)	$ (0.82)	$ (0.92)
Net loss attributable to common stockholders per common share - diluted (in dollars per share)	$ (0.51)	$ (0.82)	$ (0.92)
Weighted-average common shares outstanding - basic (in shares)	295,164,515	289,057,198	271,421,986
Weighted-average common shares outstanding - diluted (in shares)	295,164,515	289,057,198	271,421,986

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts payable and accrued expenses
Accrued compensation and benefits	$ 38,305	$ 25,701
Accrued sales rebates and discounts	31,190	21,886
Accrued program fees	13,607	10,515
Accrued contract manufacturing & contract research costs	13,380	8,230
Accrued taxes	12,434	5,938
Accrued interest on debt	11,661	125
Accrued royalties	8,238	6,908
Accrued professional fees	5,059	6,868
Other	10,371	7,465
Accrued expenses and other current liabilities	$ 144,245	$ 93,636

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 246,994	$ 148,813
Investments in marketable securities	39,206	144,782
Accounts receivable	87,632	66,196
Inventories	59,696	23,816
Prepaid expenses and other current assets	49,533	40,209
Total current assets	483,061	423,816
Operating lease right-of-use assets, net	26,312	29,534
Property and equipment, less accumulated depreciation of $25,429 and $22,281 at December 31, 2023 and 2022, respectively	31,667	30,778
Intangible assets, less accumulated amortization of $2,510 and $0 at December 31, 2023 and December 31, 2022, respectively	20,490	23,000
Goodwill	197,797	197,797
Other non-current assets	18,553	19,242
Total Assets	777,880	724,167
Current liabilities:
Accounts payable	15,120	15,413
Accrued expenses and other current liabilities	144,245	93,636
Contingent consideration payable	0	21,417
Operating lease liabilities	8,324	8,552
Total current liabilities	167,689	139,018
Long-term debt	387,858	391,990
Operating lease liabilities	48,877	51,578
Other non-current liabilities	13,282	18,534
Total liabilities	617,706	601,120
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 293,594,209 and 281,108,273 shares issued and outstanding at December 31, 2023 and 2022, respectively	2,918	2,815
Additional paid-in capital	2,836,018	2,664,744
Accumulated other comprehensive gain (loss):
Foreign currency translation adjustment	5,429	(11,989)
Unrealized loss on available-for-sale securities	(188)	(116)
Warrants	71	83
Accumulated deficit	(2,684,074)	(2,532,490)
Total stockholders' equity	160,174	123,047
Total Liabilities and Stockholders' Equity	$ 777,880	$ 724,167

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories as of December 31, 2023 and December 31, 2022 consisted of the following:


(in thousands)	December 31, 2023		December 31, 2022
Raw materials	$	30,230	$	10,054
Work-in-process	22,597		9,615
Finished goods	6,869		4,147
Total inventories	$	59,696	$	23,816

The Company's reserve for inventory was $0.5 million and $0.4 million as of December 31, 2023 and 2022, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

For financial reporting purposes, income (loss) before income taxes includes the following components:


	Years Ended December 31,
(in thousands)	2023		2022		2021
United States	$	(234,482)	$	(343,424)	$	(333,571)
Foreign	84,381		101,385		92,017
Total	$	(150,101)	$	(242,039)	$	(241,554)

Following were the components of income tax expense (benefit) for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	—	$	—	$	—
State	14		6		15
Foreign	6,408		(5,760)		8,857
Deferred
Federal	(4,801)		274		—
State	(138)		9		34
Foreign	—		—		—
Total	$	1,483	$	(5,471)	$	8,906

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Years Ended December 31,
	2023		2022		2021
Statutory rate	(21)	%	(21)	%	(21)	%
Tax credits	(8)		(11)		(9)
Impact of foreign operations	(9)		18		3
Other	8		3		3
Valuation allowance	31		9		28
Net	1	%	(2)	%	4	%

On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act ("Tax Act"). The Tax Act significantly revised U.S. tax law by, among other provisions, lowering the U.S. federal statutory income tax rate to 21%, imposing a mandatory one-time transition tax on previously deferred foreign earnings, and eliminating or reducing certain income tax deductions. The Tax Act also introduced an additional U.S. tax on certain non-U.S. subsidiaries’ earnings which are considered to be Global Intangible Low Taxed Income (referred to as "GILTI"). After consideration of the relevant guidance and completing the accounting for the tax effects of the Tax Act, the Company has elected to treat GILTI as a period cost.

Beginning in 2022, the Tax Act eliminated the right to deduct research and development expenditures for tax purposes in the period the expenses were incurred and instead requires all U.S. and foreign research and development expenditures to be amortized over five and fifteen tax years, respectively.

Tax returns for years 2017 through 2022 are open to examination by tax authorities. The Company is also subject to examination in any period for which it has net operating losses.

Deferred income taxes reflect the net effect of temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the deferred tax assets and liabilities are as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Deferred tax assets
Intellectual property	$	—	$	68,567
Research tax credit	235,532		223,366
Capitalized research and development costs	34,425		29,317
Net operating loss carry forwards	321,004		315,444
Share-based compensation	17,314		16,417
Interest carry forward limitation	17,627		12,558
Lease liability	10,567		11,428
Inventory	1,931		10,400
Other	20,858		20,109
Gross deferred tax assets	659,258		707,606
Deferred tax liabilities
Royalty payable	—		(68,567)
Other	(10,004)		(11,745)
Total net deferred tax assets	649,254		627,294
Less: valuation allowance	(649,254)		(632,233)
Net deferred tax liability	$	—	$	(4,939)

The Company records a valuation allowance for temporary differences for which it is more likely than not that the Company will not receive future tax benefits. At December 31, 2023 and 2022, the Company recorded valuation allowances of $649.3 million and $632.2 million, respectively, representing an increase in the valuation allowance of $17.0 million in 2023, due to the uncertainty regarding the realization of such deferred tax assets, to offset the benefits of net operating losses generated during those years. The deferred tax liability related to business acquisitions pertains to the basis difference in intangible assets acquired by the Company. The Company's policy is to record a deferred tax liability related to acquired intangible assets that may eventually be realized either upon amortization of the asset when the research is completed, and a product is successfully launched or the write-off of the asset if it is abandoned or unsuccessful.

As of December 31, 2023, the Company had U.S. federal, U.K. and state net operating loss carry forwards ("NOLs") of approximately $1.2 billion, $28.4 million and $1.0 billion, respectively. The federal carry forward for losses generated prior to 2018 will expire in 2029 through 2037. Federal net operating losses incurred in 2018 and onward have an indefinite expiration under the Tax Act. The U.K. carryforward period is unlimited. Most of the state net operating loss carry forwards generated prior to 2009 have expired through 2016. The remaining state net operating loss carry forwards including those generated in 2009 through 2023 will expire in 2030 through 2042. State research and development credits will expire beginning 2024 through 2033. Utilization of NOLs may be subject to a substantial limitation pursuant to Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state statutes in the event of an ownership change. Such ownership changes have occurred in the past and could occur again in the future. Under Section 382 of the Internal Revenue Code of 1986, as amended, or Section 382, if a corporation undergoes an "ownership change," generally defined as a greater than 50% change (by value) in its equity ownership over a three-year period, the corporation's ability to use its pre-change NOLs and other pre-change tax attributes (such as research and development tax credits) to offset its post-change income may be limited. The Company may experience ownership changes in the future as a result of shifts in the stock ownership some of which are outside the Company's control. The Company completed a detailed study of the NOLs for the tax year 2023 and determined that there was not an ownership change in excess of 50%. Ownership changes in future periods may place additional limits on the Company's ability to utilize net operating loss and tax credit carry forwards. In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently decrease the amount of state attributes and increase state taxes owed.

The Company also has U.S. federal research and experimentation and orphan drug credit carryforwards of approximately $18.4 million and $203.1 million, respectively, which will expire in the years 2030 through 2043. The Company also has state research and development tax credit carryforwards of $14.1 million. Deferred tax assets for these carryforwards are subject to a full valuation allowance.

The Organization Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as January 1, 2024, with general implementation of a global minimum tax by January 1, 2025. The Company does not expect this new rule to apply until the Company meets the minimum global revenue threshold.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
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+ Details

Debt - Narrative (Details)	1 Months Ended		12 Months Ended
Debt - Narrative (Details)	Oct. 31, 2023 USD ($) payment	Jul. 31, 2020 USD ($) payment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Convertible Debt
Loss on extinguishment of debt			$ (13,933,000)	$ 0	$ (257,000)
Secured Debt \| Senior Loans
Convertible Debt
Number of payments \| payment	12
Secured Debt \| Senior Secured Term Loan due 2029: \| Senior Loans
Convertible Debt
Maximum borrowing capacity	$ 400,000,000
Basis spread on variable rate	6.25%
Periodic payment	$ 33,300,000
Proceeds from secured lines of credit	$ 387,400,000
Secured Debt \| Senior Secured Term Loan due 2029: \| Senior Loans \| Secured Overnight Financing Rate Floor
Convertible Debt
Basis spread on variable rate	2.50%
Secured Debt \| Senior Secured Term Loan due 2029: \| Senior Loans \| Secured Overnight Financing Rate Adjustment
Convertible Debt
Basis spread on variable rate	0.26161%
Secured Debt \| Senior Secured Term Loan due 2026 \| Senior Loans
Convertible Debt
Maximum borrowing capacity		$ 400,000,000
Number of payments \| payment		9
Periodic payment		$ 44,400,000
Proceeds from secured lines of credit	$ 408,900,000
Interest expense, debt	800,000
Early settlement premiums	$ 8,000,000
Secured Debt \| Senior Secured Term Loan due 2026 \| Senior Loans \| LIBOR
Convertible Debt
Basis spread on variable rate		6.50%
Variable rate		1.00%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33497
Entity Registrant Name	Amicus Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0869350
Entity Address, Address Line One	47 Hulfish Street
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08542
City Area Code	(609)
Local Phone Number	662-2000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FOLD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3,556,948,517
Entity Common Stock, Shares Outstanding		295,382,614
Documents Incorporated by Reference	Portions of the Proxy Statement for the registrant's 2024 Annual Meeting of Stockholders which is to be filed subsequent to the date hereof are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001178879
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Assets and Liabilities Measured at Fair Value - Summary of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Fair value of assets	$ 46,686	$ 150,189
Liabilities:
Contingent consideration payable		21,417
Deferred compensation plan liability	7,531	5,458
Fair value of liabilities	7,531	26,875
Commercial paper
Assets:
Fair value of assets	14,663	144,381
Treasury bill
Assets:
Fair value of assets	12,946
U.S. government agency bonds
Assets:
Fair value of assets	11,446
Money market
Assets:
Fair value of assets	7,631	5,808
Level 1
Assets:
Fair value of assets	7,631
Liabilities:
Deferred compensation plan liability	7,531
Fair value of liabilities	7,531
Level 1 \| Commercial paper
Assets:
Fair value of assets	0
Level 1 \| Treasury bill
Assets:
Fair value of assets	0
Level 1 \| U.S. government agency bonds
Assets:
Fair value of assets	0
Level 1 \| Money market
Assets:
Fair value of assets	7,631
Level 2
Assets:
Fair value of assets	39,055	150,189
Liabilities:
Contingent consideration payable		0
Deferred compensation plan liability	0	5,458
Fair value of liabilities	0	5,458
Level 2 \| Commercial paper
Assets:
Fair value of assets	14,663	144,381
Level 2 \| Treasury bill
Assets:
Fair value of assets	12,946
Level 2 \| U.S. government agency bonds
Assets:
Fair value of assets	11,446
Level 2 \| Money market
Assets:
Fair value of assets	$ 0	5,808
Level 3
Liabilities:
Contingent consideration payable		21,417
Deferred compensation plan liability		0
Fair value of liabilities		$ 21,417

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 9.5	$ 9.8
Variable lease cost	2.1	1.7
Cash paid for amounts included in operating lease liabilities	9.5	8.3
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0.6	$ 8.9

Summary of Significant Accounting Policies - Equity-Based Compensation (Details)	Dec. 31, 2023 plan
Equity-based Compensation
Number of equity-based employee compensation plans	1

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories for the Period

Inventories as of December 31, 2023 and December 31, 2022 consisted of the following:


(in thousands)	December 31, 2023		December 31, 2022
Raw materials	$	30,230	$	10,054
Work-in-process	22,597		9,615
Finished goods	6,869		4,147
Total inventories	$	59,696	$	23,816

Description of Business (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 2,684,074	$ 2,532,490

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	$ 20,490	$ 23,000
Initial regulatory exclusivity period	7 years
Amortization expense	$ 2,500	0
Finite-lived intangible assets, year one	3,300
Finite-lived intangible assets, year two	3,300
Finite-lived intangible assets, year three	3,300
Finite-lived intangible assets, year four	3,300
Finite-lived intangible assets, year five	$ 3,300
Finite-lived intangible assets, remaining amortization period (in years)	6 years 2 months 12 days
Goodwill	$ 197,797	$ 197,797

Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Subject to Fair Value Measurements


(in thousands)	Level 1		Level 2		Total
Assets:
Commercial paper	$	—	$	14,663	$	14,663
Treasury bill	—		12,946		12,946
U.S. government agency bonds	—		11,446		11,446
Money market	7,631		—		7,631
	$	7,631	$	39,055	$	46,686


(in thousands)	Level 1		Level 2		Total
Liabilities:
Deferred compensation plan liability	$	7,531	$	—	$	7,531
	$	7,531	$	—	$	7,531


(in thousands)	Level 2		Total
Assets:
Commercial paper	$	144,381	$	144,381
Money market	5,808		5,808
	$	150,189	$	150,189


(in thousands)	Level 2		Level 3		Total
Liabilities:
Contingent consideration payable	$	—	$	21,417	$	21,417
Deferred compensation plan liability	5,458		—		5,458
	$	5,458	$	21,417	$	26,875

Schedule of Changes in Contingent Consideration Payable

The following table shows the change in the balance of contingent consideration payable for the year ended December 31, 2023 and 2022, respectively:


	Years ended December 31,
(in thousands)	2023		2022
Balance, beginning of the period	$	21,417	$	20,339
Changes in fair value during the period, included in the Consolidated Statements of Operations	2,583		1,078
Payment of contingent consideration in cash	(24,000)		—
Balance, end of the period	$	—	$	21,417

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Cash and Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 246,994	$ 148,813	$ 245,197
Fair value, cash balances	246,994	148,813
Cost, available-for-sale securities	39,196	144,700
Gross unrealized gain, available-for-sale securities	14	82
Gross unrealized loss, available-for-sale securities	(4)	0
Fair value, available-for-sale debt securities	39,206	144,782
Cost, cash balances and available-for-sale securities	286,190	293,513
Gross unrealized gain, cash balances and available-for-sale securities	14	82
Gross unrealized loss, cash balances and available-for-sale securities	(4)	0
Fair value, cash balances and available-for-sale securities	286,200	293,595
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost, available-for-sale securities	14,651	144,299
Gross unrealized gain, available-for-sale securities	12	82
Gross unrealized loss, available-for-sale securities	0	0
Fair value, available-for-sale debt securities	14,663	144,381
Treasury bill
Debt Securities, Available-for-sale [Line Items]
Cost, available-for-sale securities	12,944
Gross unrealized gain, available-for-sale securities	2
Gross unrealized loss, available-for-sale securities	0
Fair value, available-for-sale debt securities	12,946
U.S. government agency bonds
Debt Securities, Available-for-sale [Line Items]
Cost, available-for-sale securities	11,450
Gross unrealized gain, available-for-sale securities	0
Gross unrealized loss, available-for-sale securities	(4)
Fair value, available-for-sale debt securities	11,446
Money market
Debt Securities, Available-for-sale [Line Items]
Cost, available-for-sale securities	100	350
Gross unrealized gain, available-for-sale securities	0	0
Gross unrealized loss, available-for-sale securities	0	0
Fair value, available-for-sale debt securities	100	350
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Cost, available-for-sale securities	51	51
Gross unrealized gain, available-for-sale securities	0	0
Gross unrealized loss, available-for-sale securities	0	0
Fair value, available-for-sale debt securities	$ 51	$ 51

Stock based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Balance at the beginning of the period (in shares)	19,064	14,731	14,032
Options, Granted (in shares)	5,733	5,733	3,262
Options, Exercised (in shares)	(1,361)	(660)	(1,483)
Options, Forfeited (in shares)	(356)	(495)	(844)
Options, Expired (in shares)	(78)	(245)	(236)
Balance at the end of the period (in shares)	23,002	19,064	14,731
Vested and unvested expected to vest as of the end of the period (in shares)	21,215
Exercisable at the end of the period (in shares)	13,431
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 11.31	$ 11.08	$ 9.54
Options, Granted (in dollars per share)	11.99	11.53	16.53
Options, Exercised (in dollars per share)	7.54	6.58	7.05
Options, Forfeited (in dollars per share)	11.59	12.57	12.97
Options, Expired (in dollars per share)	15.09	12.84	13.28
Balance at the end of the period (in dollars per share)	11.69	$ 11.31	$ 11.08
Vested and unvested expected to vest as of the end of the period (in dollars per share)	11.64
Exercisable at the end of the period (in dollars per share)	$ 11.26
Weighted Average Remaining Years and Aggregate Intrinsic Value
Balance at the end of the period	6 years 6 months
Vested and unvested expected to vest at the end of the period	6 years 3 months 18 days
Exercisable at the end of the period	5 years
Aggregate intrinsic value of options outstanding	$ 70.8
Aggregate intrinsic value of options vested and unvested expected to vest	66.5
Aggregate intrinsic value of options exercisable	$ 49.0

Stock based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock based Compensation

Stock-based Compensation

The Plan provides for the granting of restricted stock units and options to purchase common stock in the Company to employees, directors, advisors, and consultants at a price to be determined by the Company’s Board of Directors. The Plan is intended to encourage ownership of stock by employees and consultants of the Company and to provide additional incentives for them to promote the success of the Company’s business. The Board of Directors, or its committee, is responsible for determining the individuals to be granted options, the number of options each individual will receive, the option price per share, and the exercise period of each option.

The Plan provides for certain benefits to qualifying Plan participants who separate from service with the Company due to death, disability or "retirement" (as such term is defined under the Plan) ("Qualified Participants"). Options granted under the Plan to a Qualified Participant shall continue to vest until the 2nd anniversary of the Qualified Participant’s separation and all vested options held by such Qualified Participant shall remain exercisable until the earlier of the 4th anniversary of the Qualified Participant’s separation or the original expiration date of the option. Options that are not exercised during this exercise period shall be forfeited. Time-based restricted stock units and restricted stock granted to a Qualified Participant under the Plan that was scheduled to vest within the two year period following the Qualified Participant's separation shall accelerate and be delivered upon such separation. Any time-based restricted stock units or restricted stock that would have vested after such two year period will be forfeited upon the Qualified Participant's separation. Also, per the Amendment, any performance-based restricted stock units under the Plan ("PRSUs") received by the Qualified Participant, shall remain eligible to vest after the Qualified Participant’s separation based on the actual performance of the Company through the end of the performance period applicable to any such PRSUs.

Stock Option Grants

The Company uses the fair value method of measuring share-based compensation, using the fair value of each equity award granted. The Company chose the ‘‘straight-line’’ attribution method for allocating compensation costs and recognized the fair value of each stock option on a straight-line basis over the vesting period of the related awards.

The Company uses the Black-Scholes option pricing model when estimating the grant date fair value for share-based awards. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility is based on the historical volatility of the Company's common stock over the look-back period corresponding to the expected life of the options. The average expected life is determined using the Company's actual historical data. The risk-free interest rate is based on U.S. Treasury, zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. Forfeitures are estimated based on a historical analysis of actual option forfeitures.

The fair value of the stock options granted were estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:


	Years Ended December 31,
	2023			2022			2021
Expected stock price volatility	59.2		%	62.1		%	65.4		%
Risk free interest rate	3.9		%	1.7		%	0.6		%
Expected life of options (years)	5.47			5.34			5.40
Expected annual dividend per share	$	—		$	—		$	—

The weighted average grant-date fair value per share of options granted during 2023, 2022, and 2021 were $6.75, $6.11, and $9.08, respectively.

A summary of the Company's stock options for the year ended December 31, 2023 were as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Years	Aggregate Intrinsic Value
	(in thousands)				(in millions)
Options outstanding, December 31, 2020	14,032	$	9.54
Granted	3,262	$	16.53
Exercised	(1,483)	$	7.05
Forfeited	(844)	$	12.97
Expired	(236)	$	13.28
Options outstanding, December 31, 2021	14,731	$	11.08
Granted	5,733	$	11.53
Exercised	(660)	$	6.58
Forfeited	(495)	$	12.57
Expired	(245)	$	12.84
Options outstanding, December 31, 2022	19,064	$	11.31
Granted	5,733	$	11.99
Exercised	(1,361)	$	7.54
Forfeited	(356)	$	11.59
Expired	(78)	$	15.09
Options outstanding, December 31, 2023	23,002	$	11.69	6.5	$	70.8
Vested and unvested expected to vest, December 31, 2023	21,215	$	11.64	6.3	$	66.5
Exercisable at December 31, 2023	13,431	$	11.26	5.0	$	49.0

The aggregate intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $7.1 million, $2.5 million, and $8.5 million, respectively. Cash proceeds from stock options exercised during the years ended December 31, 2023, 2022, and 2021 were $10.3 million, $4.3 million, and $10.2 million, respectively. As of December 31, 2023, the total unrecognized compensation cost related to non-vested stock options granted was $35.0 million and is expected to be recognized over a weighted average period of three years.

Restricted Stock Units and Performance-Based Restricted Stock Units (collectively "RSUs")

RSUs awarded under the Plan are generally subject to graded vesting and are contingent on an employee's continued service. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. The Company expenses the cost of the RSUs, which is determined to be the fair market value of the shares of common stock underlying the RSUs at the date of grant, ratably over the period during which the vesting restrictions lapse. A summary of non-vested RSU activity under the Plan for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Years	Aggregate Intrinsic Value
	(in thousands)				(in millions)
Non-vested units as of December 31, 2020	7,080	$	11.35
Granted	3,191	$	16.94
Vested	(1,863)	$	15.77
Forfeited	(1,067)	$	12.82
Non-vested units as of December 31, 2021	7,341	$	13.90
Granted	5,048	$	11.93
Vested	(2,251)	$	12.48
Forfeited	(421)	$	12.06
Non-vested units as of December 31, 2022	9,717	$	13.07
Granted	4,762	$	13.02
Vested	(3,610)	$	12.21
Forfeited	(836)	$	11.63
Non-vested units as of December 31, 2023	10,033	$	13.37	2.1	$	142.4

As of December 31, 2023, there was $53.6 million of total unrecognized compensation cost related to unvested RSUs with service-based vesting conditions. These costs are expected to be recognized over a weighted average period of two years.

Compensation Expense Related to Equity Awards

The following table summarizes information related to compensation expense recognized in the Company's Consolidated Statements of Operations related to the equity awards:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Research and development expense	$	21,470	$	25,089	$	17,340
Selling, general, and administrative expense	64,607		51,423		40,498
Total equity compensation expense	$	86,077	$	76,512	$	57,838

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	December 31,
(in thousands)	2023		2022
Leasehold improvements	$	28,032	$	24,162
Research equipment	16,220		16,345
Computer equipment	4,934		4,486
Construction in progress	3,810		4,160
Furniture and fixtures	2,928		2,734
Computer software	1,106		1,106
Vehicles	66		66
Gross property and equipment	57,096		53,059
Less accumulated depreciation	(25,429)		(22,281)
Net property and equipment	$	31,667	$	30,778

Stockholders' Equity - Nonqualified Cash Deferral Plan and Equity Incentive Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation investment	$ 7.5	$ 5.5
Expiration period	10 years
Vesting percentage	100.00%
Maximum \| Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	12,413,532
First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Monthly vesting percentage	2.08%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
(in thousands)	2023		2022
Leasehold improvements	$	28,032	$	24,162
Research equipment	16,220		16,345
Computer equipment	4,934		4,486
Construction in progress	3,810		4,160
Furniture and fixtures	2,928		2,734
Computer software	1,106		1,106
Vehicles	66		66
Gross property and equipment	57,096		53,059
Less accumulated depreciation	(25,429)		(22,281)
Net property and equipment	$	31,667	$	30,778

For both the years ended December 31, 2023 and 2022, depreciation expense was $4.8 million. Additionally, during the year ended December 31, 2022, in connection with the strategic deprioritization of its gene therapy portfolio, the Company performed an assessment of its fixed assets. As a result, the Company recognized an impairment charge of $6.6 million.

Income Taxes - Deferred and Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Intellectual property	$ 0	$ 68,567
Research tax credit	235,532	223,366
Capitalized research and development costs	34,425	29,317
Net operating loss carry forwards	321,004	315,444
Share-based compensation	17,314	16,417
Interest carry forward limitation	17,627	12,558
Lease liability	10,567	11,428
Inventory	1,931	10,400
Other	20,858	20,109
Gross deferred tax assets	659,258	707,606
Deferred tax liabilities
Royalty payable	0	(68,567)
Other	(10,004)	(11,745)
Total net deferred tax assets	649,254	627,294
Less: valuation allowance	(649,254)	(632,233)
Net deferred tax liability	$ 0	$ (4,939)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (151,584)	$ (236,568)	$ (250,460)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock based Compensation - Weighted-average Assumptions (Details) - Options to purchase common stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	59.20%	62.10%	65.40%
Risk free interest rate	3.90%	1.70%	0.60%
Expected life of options (years)	5 years 5 months 19 days	5 years 4 months 2 days	5 years 4 months 24 days
Expected annual dividend per share (in dollars per share)	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

For financial reporting purposes, income (loss) before income taxes includes the following components:


	Years Ended December 31,
(in thousands)	2023		2022		2021
United States	$	(234,482)	$	(343,424)	$	(333,571)
Foreign	84,381		101,385		92,017
Total	$	(150,101)	$	(242,039)	$	(241,554)

Schedule of Income Tax Expense (Benefit)

Following were the components of income tax expense (benefit) for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	—	$	—	$	—
State	14		6		15
Foreign	6,408		(5,760)		8,857
Deferred
Federal	(4,801)		274		—
State	(138)		9		34
Foreign	—		—		—
Total	$	1,483	$	(5,471)	$	8,906

Schedule of Reconciliation of the Statutory Tax Rates and the Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Years Ended December 31,
	2023		2022		2021
Statutory rate	(21)	%	(21)	%	(21)	%
Tax credits	(8)		(11)		(9)
Impact of foreign operations	(9)		18		3
Other	8		3		3
Valuation allowance	31		9		28
Net	1	%	(2)	%	4	%

Schedule of Significant Components of the Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities are as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Deferred tax assets
Intellectual property	$	—	$	68,567
Research tax credit	235,532		223,366
Capitalized research and development costs	34,425		29,317
Net operating loss carry forwards	321,004		315,444
Share-based compensation	17,314		16,417
Interest carry forward limitation	17,627		12,558
Lease liability	10,567		11,428
Inventory	1,931		10,400
Other	20,858		20,109
Gross deferred tax assets	659,258		707,606
Deferred tax liabilities
Royalty payable	—		(68,567)
Other	(10,004)		(11,745)
Total net deferred tax assets	649,254		627,294
Less: valuation allowance	(649,254)		(632,233)
Net deferred tax liability	$	—	$	(4,939)

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2023 segment unit
Accounting Policies [Abstract]
Number of business segments \| segment	1
Number of reporting units \| unit	1

Basic and Diluted Net Loss per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Net Loss Per Common Share

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss attributable to common stockholders per common share:


	Years Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(151,584)	$	(236,568)	$	(250,460)
Denominator:
Weighted average common shares outstanding — basic and diluted	295,164,515		289,057,198		271,421,986

Schedule of Potential Shares of Common Stock that were Excluded from the Computation as they were Anti-Dilutive Using the Treasury Stock Method

The table below presents potential shares of common stock that were excluded from the computation as they were anti-dilutive using the treasury stock method:


	Years ended December 31,
(in thousands)	2023	2022	2021
Options to purchase common stock	23,002	19,064	14,731
Unvested restricted stock units	10,033	9,717	7,341
Total number of potentially issuable shares	33,035	28,781	22,072

Collaborative Agreements (Details) $ in Thousands	1 Months Ended	12 Months Ended
Collaborative Agreements (Details) $ in Thousands	Nov. 30, 2013 USD ($) market	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Agreements
Net product sales		$ 399,356	$ 329,233	$ 305,514
Accrued expenses and other current liabilities		144,245	93,636
Collaborative Arrangements
Collaborative Agreements
Conditional aggregate payments per indication		86,500	$ 23,700
Revised Agreement \| GSK
Collaborative Agreements
Potential milestone payments upon achievement of post-approval and sales-based milestones	$ 40,000
Number of major markets outside the U.S. from whom parties to contractual arrangement is eligible to receive post-approval and sales-based milestones \| market	8
Deferred credits and other liabilities, noncurrent		5,900
Net product sales		27,700
Accrued expenses and other current liabilities		$ 8,200

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instruments
Net carrying value of Long-term debt	$ 387,858	$ 391,990
Senior Loans
Debt Instruments
Net carrying value of Long-term debt	387,858	391,990
Senior Loans \| Senior Secured Term Loan due 2029:
Debt Instruments
Principal	400,000	0
Less: debt discount	(9,652)	0
Less: deferred financing	(2,490)	0
Net carrying value of Long-term debt	387,858	0
Senior Loans \| Senior Secured Term Loan due 2026
Debt Instruments
Principal	0	400,000
Less: debt discount	0	(4,571)
Less: deferred financing	0	(3,439)
Net carrying value of Long-term debt	$ 0	$ 391,990

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

As of December 31, 2023, the Company held $247.0 million in cash and cash equivalents and $39.2 million of marketable securities which are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are generally reported within other comprehensive gain (loss) in the Consolidated Statements of Comprehensive Loss. If a decline in the fair value of a marketable security below the Company's cost basis is determined to be other-than-temporary or if an available-for-sale debt security’s fair value is determined to be less than the amortized cost and the Company intends or is more than likely to sell the security before recovery and it is not considered a credit loss, such security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in the Consolidated Statements of Operations as an impairment charge. If the unrealized loss of an available-for-sale debt security is determined to be a result of credit loss the Company would recognize an allowance and the corresponding credit loss would be included in the Consolidated Statements of Operations.

The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as, in accordance with Company policy, securities are of high credit rating. Investments that have original maturities greater than three months but less than one year are classified as current.

Cash, cash equivalents, and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:


	As of December 31, 2023
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	246,994	$	—	$	—	$	246,994
Commercial paper	14,651		12		—		14,663
Treasury bill	12,944		2		—		12,946
U.S. government agency bonds	11,450		—		(4)		11,446
Money market	100		—		—		100
Certificates of deposit	51		—		—		51
	$	286,190	$	14	$	(4)	$	286,200
Included in cash and cash equivalents	$	246,994	$	—	$	—	$	246,994
Included in marketable securities	39,196		14		(4)		39,206
Total cash, cash equivalents, and marketable securities	$	286,190	$	14	$	(4)	$	286,200


	As of December 31, 2022
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	148,813	$	—	$	—	$	148,813
Commercial paper	144,299		82		—		144,381
Money market	350		—		—		350
Certificates of deposit	51		—		—		51
	$	293,513	$	82	$	—	$	293,595
Included in cash and cash equivalents	$	148,813	$	—	$	—	$	148,813
Included in marketable securities	144,700		82		—		144,782
Total cash, cash equivalents, and marketable securities	$	293,513	$	82	$	—	$	293,595

For the year ended December 31, 2023 and 2022, there were no realized gains or losses. The cost of securities sold is based on the specific identification method.

Unrealized loss positions in the marketable securities as of December 31, 2023 reflect temporary impairments and are not a result of credit loss. Additionally, as these positions have been in a loss position for less than twelve months and the Company does not intend to sell these securities before recovery, the losses are recognized in other comprehensive gain (loss) . The fair value of these marketable securities in unrealized loss positions are $11.4 million as of December 31, 2023. The Company had no marketable securities in an unrealized loss position as of December 31, 2022.


(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	246,994	$	148,813	$	245,197
Restricted cash	3,083		4,302		4,259
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	250,077	$	153,115	$	249,456

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company currently has operating leases for office and research laboratory space, equipment, and vehicles under agreements expiring at various dates through 2034, which include renewal options on leases which the Company is reasonably certain to exercise.

For the years ended December 31, 2023 and 2022, operating lease expense was $9.5 million and $9.8 million and variable lease expense was $2.1 million and $1.7 million, respectively. For the years ended December 31, 2023 and 2022, the Company paid $9.5 million and $8.3 million, respectively, for amounts included in the measurement of operating lease liabilities and recorded right-of-use assets of $0.6 million and $8.9 million, respectively.

Commitments under finance leases are not significant for the year ended December 31, 2023.

Supplemental balance sheet information related to operating leases were as follows:


(in thousands, except year and discount rate amounts)	December 31, 2023			December 31, 2022
Operating lease ROU assets, net	$	26,312		$	29,534

Current portion of the operating lease liabilities	$	8,324		$	8,552
Non-current portion of the operating lease liabilities	48,877			51,578
Total operating lease liability	$	57,201		$	60,130

Weighted-average remaining lease terms (years)	9.4			17.0
Weighted-average discount rate	9.7		%	12.2		%

At December 31, 2023, the future minimum operating lease payments were as follows:


(in thousands)	Operating Lease
2024	$	9,236
2025	9,157
2026	9,213
2027	9,351
2028	9,144
Thereafter	43,715
Total lease payments	89,816
Less lease incentives	(22,299)
Less imputed interest	(10,316)
Total operating lease liability	$	57,201

Collaborative Agreements	12 Months Ended
Collaborative Agreements	Dec. 31, 2023
Collaborative Agreements
Collaborative Agreements	Collaborative Agreements University of Pennsylvania In October 2018, as amended, the Company entered into a collaboration agreement with the University of Pennsylvania ("Penn") to pursue research and development of novel gene therapies. The Company's gene therapy portfolio pipeline expanded to include Pompe disease, Fabry disease and other rare diseases. In December 2022, the Company entered into a mutual termination agreement (the "Termination Agreement") pursuant to which the Company and Penn mutually agreed to terminate the collaboration agreement, as amended. In connection with the Termination Agreement, the Company agreed to pay Penn an aggregate of $23.7 million in connection with an unpaid portion of the discovery support payments, research program wind-down activities, and outstanding patent costs which was recorded as a component of research and development expense within the Consolidated Statements of Operations. Concurrently, the Company entered into a license agreement with Penn pursuant to which it obtained a license with respect to the pre-clinical research and development of next-generation parvovirus gene therapy products for the treatment of Pompe disease and Fabry disease. Under the agreement, the Company will be responsible for clinical development and commercialization of the licensed products for the indications and Penn is eligible to receive certain milestone and royalty payments with respect to licensed products for each indication, up to an aggregate of $86.5 million per indication. Royalty payments are based on net sales of licensed products on a licensed product-by-licensed product and country-by-country basis. GlaxoSmithKline In July 2012, as amended in November 2013, the Company entered into an agreement with GlaxoSmithKline ("GSK"), pursuant to which Amicus obtained global rights to develop and commercialize Galafold® as a monotherapy and in combination with ERT for Fabry disease (“Collaboration Agreement”). Under the terms of the Collaboration Agreement, GSK is eligible to receive post-approval and sales-based milestones up to $40 million, as well as tiered royalties in the mid-teens in eight major markets outside the U.S. As of December 31, 2023, the contingent milestone payments due to GSK were $5.9 million and are recorded within the other current and other non-current liabilities accounts on the Consolidated Balance Sheets. Sales based tiered royalties due to GSK are recorded within the cost of goods sold within the Consolidated Statements of Operations. For the year ended December 31, 2023, under the GSK collaboration agreement, the Company incurred approximately $27.7 million of royalty expenses, of which $8.2 million is recorded within accrued expenses in the Consolidated Balance Sheets.

Income Taxes - Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes:
United States	$ (234,482)	$ (343,424)	$ (333,571)
Foreign	84,381	101,385	92,017
Loss before income tax	(150,101)	(242,039)	(241,554)
Current
Federal	0	0	0
State	14	6	15
Foreign	6,408	(5,760)	8,857
Deferred
Federal	(4,801)	274	0
State	(138)	9	34
Foreign	0	0	0
Total	$ 1,483	$ (5,471)	$ 8,906
Reconciliation of the statutory tax rates and the effective tax rates
Statutory rate	(21.00%)	(21.00%)	(21.00%)
Tax credits	(8.00%)	(11.00%)	(9.00%)
Impact of foreign operations	(9.00%)	18.00%	3.00%
Other	8.00%	3.00%	3.00%
Valuation allowance	31.00%	9.00%	28.00%
Net	1.00%	(2.00%)	4.00%

Basic and Diluted Net Loss per Common Share - Narrative (Details) - $ / shares	Dec. 31, 2023	Sep. 30, 2021
Private Placement
Antidilutive securities
Warrants exercise price (in dollars per share)	$ 0.01	$ 0.01

Summary of Significant Accounting Policies - Revenue by Product and Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net product sales	$ 399,356	$ 329,233	$ 305,514
Galafold
Disaggregation of Revenue [Line Items]
Net product sales	387,777	329,046	305,514
Pombiliti + Opfolda
Disaggregation of Revenue [Line Items]
Net product sales	11,579	187	0
U.S.
Disaggregation of Revenue [Line Items]
Net product sales	146,937	115,946	95,387
Ex-U.S.
Disaggregation of Revenue [Line Items]
Net product sales	$ 252,419	$ 213,287	$ 210,127

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The Company has prepared the accompanying Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and include all adjustments necessary for the fair presentation of the Company's financial position for the periods presented. Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results of operations, net assets or cash flows.

Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.

Foreign Currency Transactions

The functional currency for most of the Company's foreign subsidiaries is their local currency. For non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the weighted average foreign exchange rates for the period. Adjustments resulting from the translation of the financial statements of the Company's foreign operations into U.S. dollars are excluded from the determination of net income and are recorded in accumulated other comprehensive income, a separate component of stockholders' equity. Transactions which are not in the functional currency of the entity are remeasured into the functional currency with gains or losses resulting from the remeasurement recorded in other (expense) income.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents. Marketable securities consist of fixed income investments with a maturity of greater than three months and other highly liquid investments that can be readily purchased or sold using established markets. These investments are classified as available-for-sale and are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are reported within other comprehensive gain (loss) in the Company's Consolidated Statements of Comprehensive Loss. Fair value is based on available market information including quoted market prices, broker or dealer quotations, or other observable inputs.

Restricted cash consists primarily of funds held to satisfy the requirements of certain agreements that are restricted in their use and is included as a component of other non-current assets on the Company's Consolidated Balance Sheets.

Concentration of Credit Risk

The Company's financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. The Company maintains its cash and cash equivalents in bank accounts, which, at times, exceed federally insured limits. The Company invests its marketable securities in high-quality commercial financial instruments. The Company has not recognized any losses from credit risks on such accounts during any of the periods presented. The Company believes it is not exposed to significant credit risk on its cash, cash equivalents, or marketable securities.

The Company is subject to credit risk from its accounts receivable primarily related to its product sales of Galafold®. The Company's accounts receivable at December 31, 2023 have arisen from product sales primarily in Europe, the U.S., and Japan. The Company will periodically assess the financial strength of its customers to establish allowances for anticipated losses, if any. For accounts receivable that have arisen from named patient sales, the payment terms are predetermined, and the Company evaluates the creditworthiness of each customer on a regular basis. As of December 31, 2023, the Company's allowance for doubtful accounts was $0.2 million.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated over the estimated useful lives of the respective assets, which range from three to five years, or the lesser of the related initial term of the lease or useful life for leasehold improvements.

The initial cost of property and equipment consists of its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance, are expensed as incurred. Major replacements, improvements, and additions are capitalized in accordance with Company policy.

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset or asset group are compared to the carrying value of the asset to determine whether the asset or asset group's value is recoverable. If impairment is determined, the Company writes down the asset to its estimated fair value and records an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.

Revenue Recognition

The Company has recorded revenue on sales where its products are available either on a commercial basis or through a reimbursed early access program. Product orders are generally received from distributors and pharmacies, with the ultimate payor often a government authority. In 2023, one customer accounted for 28% of net product sales and 16% of accounts receivable from product sales while another customer accounted for 17% of accounts receivable from product sales. In 2022, one customer accounted for 27% of net product sales and 14% of accounts receivable from product sales.

The Company recognizes revenue when its performance obligations to its customers have been satisfied, which occurs at a point in time when the pharmacies or distributors obtain control of the products. The transaction price is determined based on fixed consideration in the Company's customer contracts and is recorded net of estimates for variable consideration, which primarily consist of third-party discounts and rebates. The identified variable consideration is recorded as a reduction of revenue at the time revenue from the sale is recognized. The Company recognizes revenue to the extent that it is probable that a significant revenue reversal will not occur in a future period. These estimates may differ from actual consideration received. The Company evaluates these estimates each reporting period to reflect known changes.

The following table summarizes the Company's net product sales disaggregated by product:


	For the Year
(in thousands)	2023		2022		2021
Galafold®	$	387,777	$	329,046	$	305,514
Pombiliti™ + Opfolda™	11,579		187		—
Total net product sales	$	399,356	$	329,233	$	305,514

The following table summarizes the Company's net product sales disaggregated by geographic area:


	For the Year
(in thousands)	2023		2022		2021
U.S.	$	146,937	$	115,946	$	95,387
Ex-U.S.	252,419		213,287		210,127
Total net product sales	$	399,356	$	329,233	$	305,514

Inventories and Cost of Goods Sold

Until regulatory approval of Pombiliti™ + Opfolda™, the Company expensed all manufacturing costs as research and development expense. Upon regulatory approval, the Company began capitalizing costs related to the purchase and manufacture of Pombiliti™ + Opfolda™.

Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method. Inventories are reviewed periodically to identify slow-moving or obsolete inventory based on projected sales activity as well as product shelf-life. In evaluating the recoverability of inventories produced, the probability that revenue will be obtained from the future sale of the related inventory is considered and inventory value is written down for inventory quantities in excess of expected requirements. Expired inventory is disposed of and the related costs are recognized as cost of goods sold in the Company's Consolidated Statements of Operations.

Cost of goods sold includes the cost of inventory sold, manufacturing and supply chain costs, product shipping and handling costs, provisions for excess and obsolete inventory, as well as royalties payable. A portion of inventory available for sale was expensed as research and development costs prior to regulatory approval and, as such, the cost of goods sold and related gross margins are not necessarily indicative of future costs of goods sold and gross margin.

Fair Value Measurements

The Company records certain asset and liability balances under the fair value measurements as defined by the Financial Accounting Standard Board ("FASB") guidance. Current FASB fair value guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, current FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions that market participant's assumptions would use in pricing assets or liabilities (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Contingent Liabilities

On an ongoing basis, the Company may be involved in various claims and legal proceedings. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company will accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals will be based on the Company's best estimates based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company's operating results.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expense consist primarily of costs related to personnel, including salaries and other personnel related expenses, consulting fees, and the cost of facilities and support services used in drug development. Assets acquired that are used for research and development and have no future alternative use are expensed as in-process research and development.

Interest Income and Interest Expense

Interest income consists of interest earned on the Company's cash, cash equivalents, and marketable securities. Interest expense consists of interest incurred on debt and finance leases.

Income Taxes

The Company accounts for income taxes under the liability method. Under this method deferred income tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax basis of assets and liabilities and for operating losses and tax credit carry forwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded if it is "more likely than not" that a portion or all of a deferred tax asset will not be realized.

The Company’s tax returns are subject to examination by U.S. Federal, state, and foreign taxing jurisdictions. The impact of an uncertain tax position taken or expected to be taken on an income tax return must be recognized in the financial statements at the largest amount that is more likely than not to be sustained. An uncertain income tax position will not be recognized in the financial statements unless it is more likely than not to be sustained.

Other Comprehensive Gain (Loss)

Components of other comprehensive gain (loss) include unrealized gains and losses on available-for-sale securities and gains and losses on foreign currency transactions, and are included in the Consolidated Statements of Comprehensive Loss.

Leases

The Company primarily enters into lease agreements for office space, equipment, and vehicles. The leases have varying terms, some of which could include options to renew, extend, and early terminate. The Company determines if an arrangement is a lease at contract inception. Operating leases are included in right-of-use ("ROU") assets and lease liabilities on the Consolidated Balance Sheets.

ROU assets represent the Company's right to control the use of an explicitly or implicitly identified fixed asset for a period of time and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

Lease payments included in the measurement of the lease liability are comprised of fixed payments. Variable lease payments are excluded from the ROU asset and lease liability and are recognized in the period in which the obligation for those payments is incurred. Variable lease payments are presented in the Consolidated Statements of Operations in the same line item as expenses arising from fixed lease payments for operating leases. The Company has lease agreements that include lease and non-lease components, which the Company accounts for as a single lease component for all underlying asset categories.

The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company applies this policy to all underlying asset categories.

Nonqualified Cash Deferral Plan

The Company's Cash Deferral Plan (the "Deferral Plan") provides certain key employees and members of the Board of Directors as selected by the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee"), with an opportunity to defer the receipt of such participant's base salary, bonus, and director's fees, as applicable. The Deferral Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code. All of the investments held in the Deferral Plan are classified as trading securities and recorded at fair value with changes in the investments' fair value recognized as earnings in the period they occur. The corresponding liability for the Deferral Plan is included in other non-current liability in the Consolidated Balance Sheets.

Equity-based Compensation

At December 31, 2023, the Company had one equity-based employee compensation plan, which is described more fully in "— Note 8. Stockholders' Equity." The Company applies the fair value method of measuring equity-based compensation, which requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.

Loss per Common Share

The Company calculates net loss per share as a measurement of the Company's performance while giving effect to all dilutive potential common shares that were outstanding during the reporting period. The Company had a net loss for all periods presented; accordingly, the inclusion of common stock options and unvested restricted stock units would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted earnings per share are the same.

Segment Information

The Company currently operates in one business segment focused on the discovery, development, and commercialization of advanced therapies to treat a range of devastating rare and orphan diseases. The Company is not organized by market and is managed and operated as one business. A single management team reports to the chief operating decision maker, its Chief Executive Officer, who comprehensively manages the entire business. The Company does not operate any separate lines of business or separate business entities with respect to its products. Accordingly, the Company does not accumulate discrete financial information with respect to separate service lines, and thus there is one reporting unit.

Business Combinations

The Company assigns fair value to the tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date from acquired businesses. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets and in-process research and development ("IPR&D"). In connection with the purchase price allocations for acquisitions, the Company estimates the fair value of contingent payments utilizing a probability-based income approach inclusive of an estimated discount rate.

Contingent Consideration Payable

Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable. This does not apply in circumstances when the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired. Upon recognition of the contingent consideration payable, the amount is included in the cost of the acquired asset or group of assets. For contingent consideration payments in business combinations, the Company determines the fair value of contingent acquisition consideration payable on the acquisition date using a probability-based income approach utilizing an appropriate discount rate, with changes in fair value recorded on the Consolidated Statements of Operations. The payments made related to the settlement of the contingent consideration payable recognized at fair value as of the acquisition date (including measurement-period adjustments) were disclosed as cash outflows for financing activities, whereas the payments related to the change in fair value of the contingent consideration payable were disclosed as cash outflows for operating activities in the Consolidated Statement of Cash Flows.

Intangible Assets and Goodwill

The Company records goodwill in a business combination when the total consideration exceeds the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is assessed annually for impairment on October 1 and whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company first assesses the qualitative factors to determine if a quantitative test is necessary. If required, or if the Company elects to bypass the qualitative assessment, a quantitative goodwill impairment test is concluded. If it is determined the Company's single reporting unit's carrying value, including goodwill, exceeds its fair value, an impairment loss is recorded for the difference.

Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is determined, the Company writes down the asset to its estimated fair value and records an impairment loss equal to the excess of the carrying value of the asset over its estimated fair value in the period at which such a determination is made.

No indicators of impairment were noted during the years ended December 31, 2023 and 2022.

Recent Accounting Developments - Guidance Not Yet Adopted

In November 2023, the FASB issued the Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require, among other things, disclosure of the title and position of the chief operating decision maker and require that public entities with a single reportable segment provide all disclosures required by this update and existing segment disclosures in Topic 280. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required unless it is impracticable, and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, must be applied prospectively with an option to apply retrospectively, and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements.

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Gross property and equipment	$ 57,096	$ 53,059
Less accumulated depreciation	(25,429)	(22,281)
Net property and equipment	31,667	30,778
Leasehold improvements
Property and Equipment
Gross property and equipment	28,032	24,162
Research equipment
Property and Equipment
Gross property and equipment	16,220	16,345
Computer equipment
Property and Equipment
Gross property and equipment	4,934	4,486
Construction in progress
Property and Equipment
Gross property and equipment	3,810	4,160
Furniture and fixtures
Property and Equipment
Gross property and equipment	2,928	2,734
Computer software
Property and Equipment
Gross property and equipment	1,106	1,106
Vehicles
Property and Equipment
Gross property and equipment	$ 66	$ 66

Stock based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value of Options

The fair value of the stock options granted were estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:


	Years Ended December 31,
	2023			2022			2021
Expected stock price volatility	59.2		%	62.1		%	65.4		%
Risk free interest rate	3.9		%	1.7		%	0.6		%
Expected life of options (years)	5.47			5.34			5.40
Expected annual dividend per share	$	—		$	—		$	—

Schedule of Stock Options Activity

A summary of the Company's stock options for the year ended December 31, 2023 were as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Years	Aggregate Intrinsic Value
	(in thousands)				(in millions)
Options outstanding, December 31, 2020	14,032	$	9.54
Granted	3,262	$	16.53
Exercised	(1,483)	$	7.05
Forfeited	(844)	$	12.97
Expired	(236)	$	13.28
Options outstanding, December 31, 2021	14,731	$	11.08
Granted	5,733	$	11.53
Exercised	(660)	$	6.58
Forfeited	(495)	$	12.57
Expired	(245)	$	12.84
Options outstanding, December 31, 2022	19,064	$	11.31
Granted	5,733	$	11.99
Exercised	(1,361)	$	7.54
Forfeited	(356)	$	11.59
Expired	(78)	$	15.09
Options outstanding, December 31, 2023	23,002	$	11.69	6.5	$	70.8
Vested and unvested expected to vest, December 31, 2023	21,215	$	11.64	6.3	$	66.5
Exercisable at December 31, 2023	13,431	$	11.26	5.0	$	49.0

Schedule of Non-Vested RSU Activity under the Plan

A summary of non-vested RSU activity under the Plan for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Years	Aggregate Intrinsic Value
	(in thousands)				(in millions)
Non-vested units as of December 31, 2020	7,080	$	11.35
Granted	3,191	$	16.94
Vested	(1,863)	$	15.77
Forfeited	(1,067)	$	12.82
Non-vested units as of December 31, 2021	7,341	$	13.90
Granted	5,048	$	11.93
Vested	(2,251)	$	12.48
Forfeited	(421)	$	12.06
Non-vested units as of December 31, 2022	9,717	$	13.07
Granted	4,762	$	13.02
Vested	(3,610)	$	12.21
Forfeited	(836)	$	11.63
Non-vested units as of December 31, 2023	10,033	$	13.37	2.1	$	142.4

Schedule of Equity Compensation Expenses

The following table summarizes information related to compensation expense recognized in the Company's Consolidated Statements of Operations related to the equity awards:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Research and development expense	$	21,470	$	25,089	$	17,340
Selling, general, and administrative expense	64,607		51,423		40,498
Total equity compensation expense	$	86,077	$	76,512	$	57,838

Stock based Compensation - RSUs and PBRSUs Summary (Details) - Unvested restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Non-vested units as of the beginning of the period (in shares)	9,717	7,341	7,080
Granted (in shares)	4,762	5,048	3,191
Vested (in shares)	(3,610)	(2,251)	(1,863)
Forfeited (in shares)	(836)	(421)	(1,067)
Non-vested units as of the end of the period (in shares)	10,033	9,717	7,341
Weighted Average Grant Date Fair Value
Non-vested units as of the beginning of the period (in dollars per share)	$ 13.07	$ 13.90	$ 11.35
Granted (in dollars per share)	13.02	11.93	16.94
Vested (in dollars per share)	12.21	12.48	15.77
Forfeited (in dollars per share)	11.63	12.06	12.82
Non-vested units as of the end of the period (in dollars per share)	$ 13.37	$ 13.07	$ 13.90
Weighted Average Remaining Years and Aggregate Intrinsic Value
Non-vested units, weighted average remaining years	2 years 1 month 6 days
Non-vested units, aggregate intrinsic value	$ 142.4

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The Company's debt consists of the following:


	As of December 31,
(in thousands)	2023		2022
Senior Secured Term Loan due 2029:
Principal	$	400,000	$	—
Less: debt discount (1)	(9,652)		—
Less: deferred financing (1)	(2,490)		—
Net carrying value of Long-term debt	$	387,858	$	—

Senior Secured Term Loan due 2026(2):
Principal	$	—	$	400,000
Less: debt discount (1)	—		(4,571)
Less: deferred financing (1)	—		(3,439)
Net carrying value of Long-term debt	$	—	$	391,990

Net carrying value of Long-term debt	$	387,858	$	391,990

_____________________________

(2) The principal, accrued interest and prepayment premiums associated with the Senior Secured Term Loan due 2026 were fully paid in October 2023.

Senior Secured Term Loan due 2029

In October 2023, the Company entered into a $400 million loan agreement (the “Senior Secured Term Loan due 2029”) with Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C. (collectively, “Blackstone”) with an interest rate equal to 3-month Term SOFR, subject to a 2.5% floor, plus a Term SOFR adjustment of 0.26161% and a margin of 6.25% that requires interest-only payments until early-2027. The Senior Secured Term Loan due 2029 will be repaid in twelve quarterly payments of $33.3 million, starting on January 2027 with the final balance due on the maturity date in October 2029. This transaction resulted in net proceeds of $387.4 million, after deducting fees and expenses. There were no warrants or equity conversion features associated with the Senior Secured Term Loan due 2029.

The Senior Secured Term Loan due 2029 is subject to mandatory prepayment provisions that require prepayment upon a change of control, the incurrence of certain additional indebtedness, asset sale, or an event of loss, subject to certain conditions set forth in the Senior Secured Term Loan due 2029. The Company may prepay the Senior Secured Term Loan due 2029 in whole or in part, at its option at any time. Any prepayment of the Senior Secured Term Loan due 2029 is subject to certain make-whole premiums and prepayment premiums, the latter of which decrease until the fifth anniversary of the transaction date at which point no prepayment penalty shall exist. The obligations under the Senior Secured Term Loan due 2029 are secured by a first lien security interest in certain assets of the Company. The Senior Secured Term Loan due 2029 contains certain customary representations and warranties, affirmative and negative covenants and events of default applicable to the Company. If an event of default occurs and is continuing, Blackstone may declare all amounts outstanding under the Senior Secured Term Loan due 2029 to be immediately due and payable.

Senior Secured Term Loan due 2026

In July 2020, the Company entered into a definitive agreement for a $400 million credit facility with Hayfin Capital Management (“Senior Secured Term Loan due 2026”) with an interest rate equal to 3-month LIBOR, subject to a 1% floor, plus 6.5% per annum and requires interest-only payments until mid-2024. The Senior Secured Term Loan due 2026 was to be repaid in nine quarterly payments of $44.4 million, starting on July 2024 with the final balance due on the maturity date in July 2026. There were no warrants or equity conversion features associated with the Senior Secured Term Loan due 2026.

In October of 2023, the Company used $408.9 million of the net proceeds from the Senior Secured Term Loan due 2029 and the private placement to prepay the Senior Secured Term Loan due 2026, inclusive of the outstanding principal amount, $0.8 million in accrued interest and $8.0 million as a prepayment premium. In connection with the prepayment, the Company recorded a loss from early extinguishment of debt of $13.9 million in the Company's Consolidated Statements of Operations.

Interest Expense

The following table sets forth interest expense recognized related to the Company's debt for the years ended December 31, 2023 and 2022, respectively:


(in thousands, except interest rate amounts)	December 31, 2023			December 31, 2022
Contractual interest expense	$	47,626		$	34,446
Amortization of debt discount	$	1,605		$	1,503
Amortization of deferred financing	$	1,011		$	1,131
Effective interest rate of the liability component, Senior Secured Term Loan due 2029	12.8		%	—		%
Effective interest rate of the liability component, Senior Secured Term Loan due 2026	—		%	12.1		%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accrued expenses and other current liabilities consist of the following:


	December 31,
(in thousands)	2023		2022
Accrued compensation and benefits	$	38,305	$	25,701
Accrued sales rebates and discounts	31,190		21,886
Accrued program fees	13,607		10,515
Accrued contract manufacturing & contract research costs	13,380		8,230
Accrued taxes	12,434		5,938
Accrued interest on debt	11,661		125
Accrued royalties	8,238		6,908
Accrued professional fees	5,059		6,868
Other	10,371		7,465
	$	144,245	$	93,636