Collaboration and License Agreements and Supply Agreements (Tables)
|
9 Months Ended |
Sep. 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 |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Bristol Myers Squibb Company (“BMS”) |
|
$ |
4,343 |
|
|
$ |
1,118 |
|
|
$ |
8,774 |
|
|
$ |
7,784 |
|
Merck Sharp & Dohme Corporation (“Merck”) |
|
|
10,157 |
|
|
|
6,414 |
|
|
|
11,367 |
|
|
|
38,175 |
|
Merck KGaA, Darmstadt, Germany (operating in the United
States and Canada under the name “EMD Serono”) |
|
|
166 |
|
|
|
249 |
|
|
|
2,200 |
|
|
|
2,844 |
|
Astellas Pharma Inc. (“Astellas”) |
|
|
4,985 |
|
|
|
- |
|
|
|
4,985 |
|
|
|
- |
|
Vaxcyte |
|
|
1,496 |
|
|
|
736 |
|
|
|
2,814 |
|
|
|
2,423 |
|
BioNova Pharmaceuticals, Ltd. (“BioNova”) |
|
|
4,000 |
|
|
|
- |
|
|
|
4,000 |
|
|
|
- |
|
Tasly Biopharmaceuticals Co., Ltd. (“Tasly”) |
|
|
- |
|
|
|
- |
|
|
|
25,000 |
|
|
|
- |
|
Total revenue |
|
$ |
25,147 |
|
|
$ |
8,517 |
|
|
$ |
59,140 |
|
|
$ |
51,226 |
|
|
| 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, 2022:
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2022 |
|
|
|
(in thousands) |
|
Deferred revenue—December 31, 2021 |
|
$ |
5,496 |
|
Additions to deferred revenue |
|
|
95,256 |
|
Recognition of revenue in current period |
|
|
(10,100 |
) |
Deferred revenue—September 30, 2022 |
|
$ |
90,652 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
107 |
|
|
$ |
249 |
|
|
$ |
591 |
|
|
$ |
762 |
|
Materials supply |
|
|
4,236 |
|
|
|
869 |
|
|
|
8,183 |
|
|
|
7,022 |
|
Total revenue |
|
$ |
4,343 |
|
|
$ |
1,118 |
|
|
$ |
8,774 |
|
|
$ |
7,784 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
- |
|
|
$ |
3,506 |
|
|
$ |
862 |
|
|
$ |
30,889 |
|
Contingent payment earned |
|
|
10,000 |
|
|
|
- |
|
|
|
10,000 |
|
|
|
- |
|
Research and development services |
|
|
136 |
|
|
|
419 |
|
|
|
402 |
|
|
|
2,328 |
|
Financing component on unearned revenue |
|
|
- |
|
|
|
149 |
|
|
|
- |
|
|
|
561 |
|
Materials supply |
|
|
21 |
|
|
|
2,340 |
|
|
|
103 |
|
|
|
4,397 |
|
Total revenue |
|
$ |
10,157 |
|
|
$ |
6,414 |
|
|
$ |
11,367 |
|
|
$ |
38,175 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Contingent payment earned |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,000 |
|
Research and development services |
|
|
78 |
|
|
|
214 |
|
|
|
494 |
|
|
|
503 |
|
Materials supply |
|
|
88 |
|
|
|
35 |
|
|
|
1,706 |
|
|
|
341 |
|
Total revenue |
|
$ |
166 |
|
|
$ |
249 |
|
|
$ |
2,200 |
|
|
$ |
2,844 |
|
|
| 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 |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Research and development services |
|
$ |
651 |
|
|
$ |
247 |
|
|
$ |
1,794 |
|
|
$ |
716 |
|
Materials supply |
|
|
845 |
|
|
|
489 |
|
|
|
1,020 |
|
|
|
1,707 |
|
Total revenue |
|
$ |
1,496 |
|
|
$ |
736 |
|
|
$ |
2,814 |
|
|
$ |
2,423 |
|
|
| Astellas License and Collaboration Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Astellas Agreement were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
1,925 |
|
|
$ |
- |
|
|
$ |
1,925 |
|
|
$ |
- |
|
Research and development services |
|
|
809 |
|
|
|
- |
|
|
|
809 |
|
|
|
- |
|
Financing component on unearned revenue |
|
|
2,251 |
|
|
|
- |
|
|
|
2,251 |
|
|
|
- |
|
Total revenue |
|
$ |
4,985 |
|
|
$ |
- |
|
|
$ |
4,985 |
|
|
$ |
- |
|
|