Collaboration and License Agreements and Supply Agreements (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| 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 |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Bristol Myers Squibb Company (“BMS”) |
|
$ |
2,266 |
|
|
$ |
5,427 |
|
|
$ |
4,431 |
|
|
$ |
6,666 |
|
Merck Sharp & Dohme Corporation (“Merck”) |
|
|
146 |
|
|
|
19,878 |
|
|
|
1,210 |
|
|
|
31,761 |
|
Merck KGaA, Darmstadt, Germany (operating in the United
States and Canada under the name “EMD Serono”) |
|
|
137 |
|
|
|
2,375 |
|
|
|
2,034 |
|
|
|
2,595 |
|
Vaxcyte |
|
|
547 |
|
|
|
369 |
|
|
|
1,318 |
|
|
|
1,687 |
|
Tasly Biopharmaceuticals Co., Ltd. (“Tasly”) |
|
|
25,000 |
|
|
|
- |
|
|
|
25,000 |
|
|
|
- |
|
Total revenue |
|
$ |
28,096 |
|
|
$ |
28,049 |
|
|
$ |
33,993 |
|
|
$ |
42,709 |
|
|
| 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, 2022:
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2022 |
|
|
|
(in thousands) |
|
Deferred revenue—December 31, 2021 |
|
$ |
5,496 |
|
Additions to deferred revenue |
|
|
93,250 |
|
Recognition of revenue in current period |
|
|
(2,256 |
) |
Deferred revenue—June 30, 2022 |
|
$ |
96,490 |
|
|
| 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 |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
240 |
|
|
$ |
211 |
|
|
$ |
484 |
|
|
$ |
513 |
|
Materials supply |
|
|
2,026 |
|
|
|
5,216 |
|
|
|
3,947 |
|
|
|
6,153 |
|
Total revenue |
|
$ |
2,266 |
|
|
$ |
5,427 |
|
|
$ |
4,431 |
|
|
$ |
6,666 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
- |
|
|
$ |
18,322 |
|
|
$ |
862 |
|
|
$ |
27,383 |
|
Research and development services |
|
|
93 |
|
|
|
705 |
|
|
|
266 |
|
|
|
1,909 |
|
Financing component on unearned revenue |
|
|
- |
|
|
|
181 |
|
|
|
- |
|
|
|
412 |
|
Materials supply |
|
|
53 |
|
|
|
670 |
|
|
|
82 |
|
|
|
2,057 |
|
Total revenue |
|
$ |
146 |
|
|
$ |
19,878 |
|
|
$ |
1,210 |
|
|
$ |
31,761 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Contingent payment earned |
|
$ |
- |
|
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
2,000 |
|
Research and development services |
|
|
132 |
|
|
|
126 |
|
|
|
416 |
|
|
|
289 |
|
Materials supply |
|
|
5 |
|
|
|
249 |
|
|
|
1,618 |
|
|
|
306 |
|
Total revenue |
|
$ |
137 |
|
|
$ |
2,375 |
|
|
$ |
2,034 |
|
|
$ |
2,595 |
|
|
| Supply Agreement | Vaxcyte, Inc. |
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
542 |
|
|
$ |
264 |
|
|
$ |
1,143 |
|
|
$ |
469 |
|
Materials supply |
|
|
5 |
|
|
|
105 |
|
|
|
175 |
|
|
|
1,218 |
|
Total revenue |
|
$ |
547 |
|
|
$ |
369 |
|
|
$ |
1,318 |
|
|
$ |
1,687 |
|
|