Collaboration and License Agreements and Supply Agreements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
In accordance with the collaboration agreements, the Company recognized revenue as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Three Months Ended |
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|
Six Months Ended |
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June 30, |
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|
June 30, |
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|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Bristol Myers Squibb Company (“BMS”) |
|
$ |
2,236 |
|
|
$ |
2,266 |
|
|
$ |
5,402 |
|
|
$ |
4,431 |
|
Merck Sharp & Dohme Corporation (“Merck”) |
|
|
140 |
|
|
|
146 |
|
|
|
2,693 |
|
|
|
1,210 |
|
Merck KGaA, Darmstadt, Germany (operating in the United
States and Canada under the name “EMD Serono”) |
|
|
- |
|
|
|
137 |
|
|
|
8 |
|
|
|
2,034 |
|
Astellas Pharma Inc. (“Astellas”) |
|
|
7,333 |
|
|
|
- |
|
|
|
13,605 |
|
|
|
- |
|
Vaxcyte |
|
|
703 |
|
|
|
547 |
|
|
|
1,378 |
|
|
|
1,318 |
|
Tasly Biopharmaceuticals Co., Ltd. (“Tasly”) |
|
|
- |
|
|
|
25,000 |
|
|
|
- |
|
|
|
25,000 |
|
Total revenue |
|
$ |
10,412 |
|
|
$ |
28,096 |
|
|
$ |
23,086 |
|
|
$ |
33,993 |
|
|
| Summary of Deferred Revenue Balance |
The following table presents the changes in the Company’s deferred revenue balance from collaboration agreements during the six months ended June 30, 2023:
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|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
|
(in thousands) |
|
Deferred revenue—December 31, 2022 |
|
$ |
106,644 |
|
Additions to deferred revenue |
|
|
1,018 |
|
Recognition of revenue in current period |
|
|
(9,746 |
) |
Deferred revenue—June 30, 2023 |
|
$ |
97,916 |
|
|
| 2018 BMS Master Services Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [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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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
192 |
|
|
$ |
240 |
|
|
$ |
413 |
|
|
$ |
484 |
|
Materials supply |
|
|
2,044 |
|
|
|
2,026 |
|
|
|
4,989 |
|
|
|
3,947 |
|
Total revenue |
|
$ |
2,236 |
|
|
$ |
2,266 |
|
|
$ |
5,402 |
|
|
$ |
4,431 |
|
|
| 2020 Merck Master Services Agreement |
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| Collaborative Arrangements And Noncollaborative Arrangement Transactions [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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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
– |
|
|
$ |
862 |
|
Research and development services |
|
|
79 |
|
|
|
93 |
|
|
|
204 |
|
|
|
266 |
|
Materials supply |
|
|
61 |
|
|
|
53 |
|
|
|
2,489 |
|
|
|
82 |
|
Total revenue |
|
$ |
140 |
|
|
$ |
146 |
|
|
$ |
2,693 |
|
|
$ |
1,210 |
|
|
| 2019 EMD Serono Supply Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the EMD Serono agreements were as follows:
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|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
- |
|
|
$ |
132 |
|
|
$ |
6 |
|
|
$ |
416 |
|
Materials supply |
|
|
- |
|
|
|
5 |
|
|
|
2 |
|
|
|
1,618 |
|
Total revenue |
|
$ |
- |
|
|
$ |
137 |
|
|
$ |
8 |
|
|
$ |
2,034 |
|
|
| Supply Agreement | Vaxcyte, Inc. |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Vaxcyte Supply Agreement were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
567 |
|
|
$ |
542 |
|
|
$ |
1,071 |
|
|
$ |
1,143 |
|
Materials supply |
|
|
136 |
|
|
|
5 |
|
|
|
307 |
|
|
|
175 |
|
Total revenue |
|
$ |
703 |
|
|
$ |
547 |
|
|
$ |
1,378 |
|
|
$ |
1,318 |
|
|
| Astellas License and Collaboration Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Astellas Agreement were as follows:
|
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|
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|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
3,239 |
|
|
$ |
- |
|
|
$ |
5,811 |
|
|
$ |
- |
|
Research and development services |
|
|
1,562 |
|
|
|
- |
|
|
|
2,719 |
|
|
|
- |
|
Financing component on unearned revenue |
|
|
2,532 |
|
|
|
- |
|
|
|
5,075 |
|
|
|
- |
|
Total revenue |
|
$ |
7,333 |
|
|
$ |
- |
|
|
$ |
13,605 |
|
|
$ |
- |
|
|