Collaboration and License Agreements and Supply Agreements (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| 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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Three Months Ended
|
|
|
Six Months Ended
|
|
|
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June 30,
|
|
|
June 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
|
Bristol Myers Squibb Company (“BMS”)
|
|
$
|
5,427
|
|
|
$
|
1,509
|
|
|
$
|
6,666
|
|
|
$
|
3,554
|
|
|
Merck Sharp & Dohme Corporation (“Merck”) (1)
|
|
|
19,878
|
|
|
|
7,005
|
|
|
|
31,761
|
|
|
|
9,782
|
|
|
Merck KGaA, Darmstadt, Germany (operating in the United
States and Canada under the name “EMD Serono”)
|
|
|
2,375
|
|
|
|
855
|
|
|
|
2,595
|
|
|
|
3,149
|
|
|
Vaxcyte (2)
|
|
|
369
|
|
|
|
100
|
|
|
|
1,687
|
|
|
|
136
|
|
|
Total revenue
|
|
$
|
28,049
|
|
|
$
|
9,469
|
|
|
$
|
42,709
|
|
|
$
|
16,621
|
|
|
|
(1)
|
Merck was a related party until the closing of the Company’s public offering on May 14, 2020.
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|
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(2)
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Vaxcyte was a related party until the closing of its initial public offering on June 16, 2020.
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| 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, 2021:
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|
Six Months Ended
|
|
|
|
|
June 30, 2021
|
|
|
|
|
(in thousands)
|
|
|
Deferred revenue—December 31, 2020
|
|
$
|
20,703
|
|
|
Additions to deferred revenue
|
|
|
16,268
|
|
|
Recognition of revenue in current period
|
|
|
(28,650
|
)
|
|
Deferred revenue—June 30, 2021
|
|
$
|
8,321
|
|
|
| 2018 BMS Master Services Agreement |
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| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
|
Ongoing performance related to
unsatisfied performance obligations
|
|
$
|
–
|
|
|
$
|
990
|
|
|
$
|
–
|
|
|
$
|
1,974
|
|
|
Research and development services
|
|
|
211
|
|
|
|
253
|
|
|
|
513
|
|
|
|
400
|
|
|
Materials supply
|
|
|
5,216
|
|
|
|
266
|
|
|
|
6,153
|
|
|
|
1,180
|
|
|
Total revenue
|
|
$
|
5,427
|
|
|
$
|
1,509
|
|
|
$
|
6,666
|
|
|
$
|
3,554
|
|
|
| 2020 Merck Master Services Agreement |
|
| 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:
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
|
Ongoing performance related to
unsatisfied performance obligations
|
|
$
|
18,322
|
|
|
$
|
5,202
|
|
|
$
|
27,383
|
|
|
$
|
6,141
|
|
|
Research and development services
|
|
|
705
|
|
|
|
1,275
|
|
|
|
1,909
|
|
|
|
2,513
|
|
|
Financing component on unearned revenue
|
|
|
181
|
|
|
|
528
|
|
|
|
412
|
|
|
|
1,128
|
|
|
Materials supply
|
|
|
670
|
|
|
|
–
|
|
|
|
2,057
|
|
|
|
–
|
|
|
Total revenue
|
|
$
|
19,878
|
|
|
$
|
7,005
|
|
|
$
|
31,761
|
|
|
$
|
9,782
|
|
|
| 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:
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
|
Contingent payment earned
|
|
$
|
2,000
|
|
|
$
|
–
|
|
|
$
|
2,000
|
|
|
$
|
–
|
|
|
Research and development services
|
|
|
126
|
|
|
|
492
|
|
|
|
289
|
|
|
|
823
|
|
|
Materials supply
|
|
|
249
|
|
|
|
363
|
|
|
|
306
|
|
|
|
2,326
|
|
|
Total revenue
|
|
$
|
2,375
|
|
|
$
|
855
|
|
|
$
|
2,595
|
|
|
$
|
3,149
|
|
|
| Supply Agreement | Vaxcyte |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Vaxcyte Supply Agreement were as follows:
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
(in thousands)
|
|
|
Research and development services
|
|
$
|
264
|
|
|
$
|
–
|
|
|
$
|
469
|
|
|
$
|
–
|
|
|
Materials supply
|
|
|
105
|
|
|
|
100
|
|
|
|
1,218
|
|
|
|
136
|
|
|
Total revenue
|
|
$
|
369
|
|
|
$
|
100
|
|
|
$
|
1,687
|
|
|
$
|
136
|
|
|