Quarterly report pursuant to Section 13 or 15(d)

Collaboration and License Agreements and Supply Agreements (Tables)

v3.20.2
Collaboration and License Agreements and Supply Agreements (Tables)
9 Months Ended
Sep. 30, 2020
Collaboration And License Agreements And Supply Agreements [Abstract]  
Summary of Recognized Revenue In accordance with the collaboration agreements, the Company recognized revenue as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

 

(in thousands)

 

Bristol Myers Squibb Company ("BMS") (1)

 

$

7,119

 

 

$

3,354

 

 

$

10,673

 

 

$

6,599

 

Merck Sharp & Dohme Corporation (“Merck”) (2)

 

 

9,055

 

 

 

5,488

 

 

 

18,837

 

 

 

15,620

 

Merck KGaA, Darmstadt, Germany (operating in the United

   States and Canada under the name “EMD Serono”)

 

 

1,507

 

 

 

2,649

 

 

 

4,656

 

 

 

8,145

 

Vaxcyte (3)

 

 

142

 

 

 

786

 

 

 

278

 

 

 

1,067

 

Total revenue

 

$

17,823

 

 

$

12,277

 

 

$

34,444

 

 

$

31,431

 

 

(1)

In January 2019, BMS announced the entry into a definitive agreement to acquire Celgene and the transaction was completed in November 2019.

 

(2)

Merck was a related party until the closing of the Company’s public offering on May 14, 2020.

 

(3)

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 collaboration agreements during the nine months ended September 30, 2020:

 

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

 

(in thousands)

 

Deferred revenue—December 31, 2019

 

$

35,660

 

Additions to deferred revenue

 

 

7,543

 

Recognition of revenue in current period

 

 

(19,134

)

Deferred revenue—September 30, 2020

 

$

24,069