Collaboration and License Agreements and Supply Agreements (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
In accordance with its agreements, the Company recognized revenue as follows:
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Year Ended December 31, |
|
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|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Bristol-Myers Squibb Company ("BMS") |
|
$ |
9,752 |
|
|
$ |
11,483 |
|
|
$ |
11,407 |
|
Merck Sharp & Dohme Corporation ("Merck") (1) |
|
|
11,600 |
|
|
|
42,780 |
|
|
|
26,075 |
|
Merck KGaA, Darmstadt, Germany (operating in the United
States and Canada under the name "EMD Serono") |
|
|
2,695 |
|
|
|
4,576 |
|
|
|
5,042 |
|
Astellas Pharma Inc. (“Astellas”) |
|
|
10,897 |
|
|
|
- |
|
|
|
- |
|
Vaxcyte, Inc. ('Vaxcyte") (2) |
|
|
3,828 |
|
|
|
3,041 |
|
|
|
198 |
|
BioNova Pharmaceuticals, Ltd. (“BioNova”) |
|
|
4,000 |
|
|
|
- |
|
|
|
- |
|
Tasly Biopharmaceuticals Co., Ltd. (“Tasly”) |
|
|
25,000 |
|
|
|
- |
|
|
|
- |
|
Total revenue |
|
$ |
67,772 |
|
|
$ |
61,880 |
|
|
$ |
42,722 |
|
(1)Merck was a related party until the closing of the Company's public offering on May 14, 2020.
(2)Vaxcyte was a related party until the closing of its initial public offering on June 16, 2020.
|
| Summary of Deferred Revenue Balance |
The following table presents the changes in the Company’s deferred revenue balance from its agreements during the year ended December 31, 2022:
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|
|
Year ended |
|
|
|
December 31, 2022 |
|
|
|
(in thousands) |
|
Deferred revenue—December 31, 2021 |
|
$ |
5,496 |
|
Additions to deferred revenue |
|
|
113,717 |
|
Recognition of revenue in current period |
|
|
(12,569 |
) |
Deferred revenue—December 31, 2022 |
|
$ |
106,644 |
|
|
| 2018 BMS Master Services Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the BMS Agreement and the 2018 BMS Master Services Agreement were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,974 |
|
Research and development services |
|
|
700 |
|
|
|
940 |
|
|
|
646 |
|
Materials supply |
|
|
9,052 |
|
|
|
10,543 |
|
|
|
7,787 |
|
Total revenue |
|
$ |
9,752 |
|
|
$ |
11,483 |
|
|
$ |
11,407 |
|
|
| 2020 Merck Master Services Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the 2018 Merck Agreement and the 2020 Merck Master Services Agreement were as follows:
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|
|
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|
|
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|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
862 |
|
|
$ |
35,098 |
|
|
$ |
18,474 |
|
Contingent payment earned |
|
|
10,000 |
|
|
|
- |
|
|
|
- |
|
Research and development services |
|
|
577 |
|
|
|
2,666 |
|
|
|
5,485 |
|
Financing component on unearned revenue |
|
|
- |
|
|
|
610 |
|
|
|
1,852 |
|
Materials supply |
|
|
161 |
|
|
|
4,406 |
|
|
|
264 |
|
Total revenue |
|
$ |
11,600 |
|
|
$ |
42,780 |
|
|
$ |
26,075 |
|
|
| 2019 EMD Serono Supply Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the EMD Serono agreements were as follows:
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|
|
|
|
|
|
|
|
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|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Contingent payment earned |
|
$ |
- |
|
|
$ |
2,000 |
|
|
$ |
1,000 |
|
Research and development services |
|
|
510 |
|
|
|
851 |
|
|
|
1,316 |
|
Materials supply |
|
|
2,185 |
|
|
|
1,725 |
|
|
|
2,726 |
|
Total revenue |
|
$ |
2,695 |
|
|
$ |
4,576 |
|
|
$ |
5,042 |
|
|
| Supply Agreement | Vaxcyte |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Vaxcyte Supply Agreement were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Research and development services |
|
$ |
2,356 |
|
|
$ |
1,131 |
|
|
$ |
184 |
|
Materials supply |
|
|
1,472 |
|
|
|
1,910 |
|
|
|
14 |
|
Total revenue |
|
$ |
3,828 |
|
|
$ |
3,041 |
|
|
$ |
198 |
|
|
| Astellas License and Collaboration Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Astellas Agreement were as follows:
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|
|
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|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
3,940 |
|
|
$ |
- |
|
|
$ |
- |
|
Research and development services |
|
|
1,878 |
|
|
|
- |
|
|
|
- |
|
Financing component on unearned revenue |
|
|
5,079 |
|
|
|
- |
|
|
|
- |
|
Total revenue |
|
$ |
10,897 |
|
|
$ |
- |
|
|
$ |
- |
|
|