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:
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|
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.
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|
(2)
|
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 nine months ended September 30, 2021:
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|
Nine Months Ended
|
|
|
|
September 30, 2021
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|
|
|
(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:
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|
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
|
|
|