Quarterly report pursuant to Section 13 or 15(d)

Collaboration and License Agreements and Supply Agreements (Tables)

v3.21.2
Collaboration and License Agreements and Supply Agreements (Tables)
9 Months Ended
Sep. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]  
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Bristol Myers Squibb Company (“BMS”)

 

$

1,118

 

 

$

7,119

 

 

$

7,784

 

 

$

10,673

 

Merck Sharp & Dohme Corporation (“Merck”) (1)

 

 

6,414

 

 

 

9,055

 

 

 

38,175

 

 

 

18,837

 

Merck KGaA, Darmstadt, Germany (operating in the United

   States and Canada under the name “EMD Serono”)

 

 

249

 

 

 

1,507

 

 

 

2,844

 

 

 

4,656

 

Vaxcyte (2)

 

 

736

 

 

 

142

 

 

 

2,423

 

 

 

278

 

Total revenue

 

$

8,517

 

 

$

17,823

 

 

$

51,226

 

 

$

34,444

 

 

(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 collaboration agreements during the nine months ended September 30, 2021:

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

 

 

(in thousands)

 

Deferred revenue—December 31, 2020

 

$

20,703

 

Additions to deferred revenue

 

 

19,402

 

Recognition of revenue in current period

 

 

(32,156

)

Deferred revenue—September 30, 2021

 

$

7,949

 

 

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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Ongoing performance related to

   unsatisfied performance obligations

 

$

 

 

$

1,000

 

 

$

 

 

$

2,974

 

Research and development services

 

 

249

 

 

 

246

 

 

 

762

 

 

 

646

 

Materials supply

 

 

869

 

 

 

5,873

 

 

 

7,022

 

 

 

7,053

 

Total revenue

 

$

1,118

 

 

$

7,119

 

 

$

7,784

 

 

$

10,673

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Ongoing performance related to

   unsatisfied performance obligations

 

$

3,506

 

 

$

6,907

 

 

$

30,889

 

 

$

13,048

 

Research and development services

 

 

419

 

 

 

1,732

 

 

 

2,328

 

 

 

4,245

 

Financing component on unearned revenue

 

 

149

 

 

 

416

 

 

 

561

 

 

 

1,544

 

Materials supply

 

 

2,340

 

 

 

 

 

 

4,397

 

 

 

 

Total revenue

 

$

6,414

 

 

$

9,055

 

 

$

38,175

 

 

$

18,837

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Contingent payment earned

 

$

 

 

$

1,000

 

 

$

2,000

 

 

$

1,000

 

Research and development services

 

 

214

 

 

 

265

 

 

 

503

 

 

 

1,088

 

Materials supply

 

 

35

 

 

 

242

 

 

 

341

 

 

 

2,568

 

Total revenue

 

$

249

 

 

$

1,507

 

 

$

2,844

 

 

$

4,656

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development services

 

$

247

 

 

$

 

 

$

716

 

 

$

 

Materials supply

 

 

489

 

 

 

142

 

 

 

1,707

 

 

 

278

 

Total revenue

 

$

736

 

 

$

142

 

 

$

2,423

 

 

$

278