Collaboration and License Agreements and Supply Agreements (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
In accordance with the collaboration, license, and supply agreements, the Company recognized revenue as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Bristol-Myers Squibb Company ("BMS") |
|
$ |
5,590 |
|
|
$ |
9,752 |
|
|
$ |
11,483 |
|
Merck Sharp & Dohme Corporation ("Merck") |
|
|
5,869 |
|
|
|
11,600 |
|
|
|
42,780 |
|
Merck KGaA, Darmstadt, Germany (operating in the United
States and Canada under the name "EMD Serono") |
|
|
8 |
|
|
|
2,695 |
|
|
|
4,576 |
|
Astellas Pharma Inc. (“Astellas”) |
|
|
33,992 |
|
|
|
10,897 |
|
|
|
- |
|
Tasly Biopharmaceuticals Co., Ltd. (“Tasly”) |
|
|
6,970 |
|
|
|
25,000 |
|
|
|
- |
|
Vaxcyte, Inc. ('Vaxcyte") |
|
|
101,302 |
|
|
|
3,828 |
|
|
|
3,041 |
|
BioNova Pharmaceuticals, Ltd. (“BioNova”) |
|
|
- |
|
|
|
4,000 |
|
|
|
- |
|
Total revenue |
|
$ |
153,731 |
|
|
$ |
67,772 |
|
|
$ |
61,880 |
|
|
| Summary of Deferred Revenue Balance |
The following table presents the changes in the Company’s deferred revenue balance from the agreements during the year ended December 31, 2023:
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|
|
|
|
|
Year ended |
|
|
|
December 31, 2023 |
|
|
|
(in thousands) |
|
Deferred revenue—December 31, 2022 |
|
$ |
106,644 |
|
Additions to deferred revenue |
|
|
11,018 |
|
Recognition of revenue in current period |
|
|
(43,617 |
) |
Deferred revenue—December 31, 2023 |
|
$ |
74,045 |
|
|
| Vaxcyte Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Vaxcyte agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Upfront payments |
|
$ |
97,500 |
|
|
$ |
- |
|
|
$ |
- |
|
Research and development services |
|
|
2,435 |
|
|
|
2,356 |
|
|
|
1,131 |
|
Materials supply |
|
|
1,367 |
|
|
|
1,472 |
|
|
|
1,910 |
|
Total revenue |
|
$ |
101,302 |
|
|
$ |
3,828 |
|
|
$ |
3,041 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Research and development services |
|
$ |
412 |
|
|
$ |
700 |
|
|
$ |
940 |
|
Materials supply |
|
|
5,178 |
|
|
|
9,052 |
|
|
|
10,543 |
|
Total revenue |
|
$ |
5,590 |
|
|
$ |
9,752 |
|
|
$ |
11,483 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
- |
|
|
$ |
862 |
|
|
$ |
35,098 |
|
Contingent payment |
|
|
- |
|
|
|
10,000 |
|
|
|
- |
|
Research and development services |
|
|
245 |
|
|
|
577 |
|
|
|
2,666 |
|
Financing component on unearned revenue |
|
|
- |
|
|
|
- |
|
|
|
610 |
|
Materials supply |
|
|
5,624 |
|
|
|
161 |
|
|
|
4,406 |
|
Total revenue |
|
$ |
5,869 |
|
|
$ |
11,600 |
|
|
$ |
42,780 |
|
|
| 2019 EMD Serono Supply Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
evenues under the EMD Serono agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Contingent payment |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,000 |
|
Research and development services |
|
|
6 |
|
|
|
510 |
|
|
|
851 |
|
Materials supply |
|
|
2 |
|
|
|
2,185 |
|
|
|
1,725 |
|
Total revenue |
|
$ |
8 |
|
|
$ |
2,695 |
|
|
$ |
4,576 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
17,015 |
|
|
$ |
3,940 |
|
|
$ |
- |
|
Research and development services |
|
|
6,584 |
|
|
|
1,878 |
|
|
|
- |
|
Financing component on unearned revenue |
|
|
9,836 |
|
|
|
5,079 |
|
|
|
- |
|
Materials supply |
|
|
557 |
|
|
|
- |
|
|
|
- |
|
Total revenue |
|
$ |
33,992 |
|
|
$ |
10,897 |
|
|
$ |
- |
|
|
| Tasly License Agreement |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Tasly agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Upfront payment |
|
$ |
- |
|
|
$ |
25,000 |
|
|
$ |
- |
|
Contingent payment |
|
|
5,000 |
|
|
|
- |
|
|
|
- |
|
Research and development services |
|
|
92 |
|
|
|
- |
|
|
|
- |
|
Materials supply |
|
|
1,878 |
|
|
|
- |
|
|
|
- |
|
Total revenue |
|
$ |
6,970 |
|
|
$ |
25,000 |
|
|
$ |
- |
|
|