v3.25.4
NET REVENUES FROM COLLABORATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Deferred Revenue
Net revenues from collaborations consisted of the following:
Years Ended December 31,
(In thousands)202520242023
Roche
$394,881 $119,489 $337,802 
Regeneron Pharmaceuticals113,957 302,798 100,468 
Novartis AG
— 79,759 86,727 
Other44,528 8,175 21,188 
Total net revenues from collaborations
$553,366 $510,221 $546,185 
The following table presents the balance of our receivables and contract liabilities related to our collaboration agreements: 
As of December 31,
(In thousands)20252024
Receivables included in accounts receivable, net
$48,823 $102,743 
Contract liabilities included in deferred revenue and deferred revenue, net of current portion
$4,845 $55,481 
Net revenues from collaborations recognized under the Roche Agreement consisted of the following:
Years Ended December 31,
(In thousands)
202520242023
Roche License Obligation$300,000 $65,000 $310,000 
Roche Development Services Obligation89,002 45,756 23,974 
Other
5,879 8,733 3,828 
Total
$394,881 $119,489 $337,802 
Net revenues from collaborations recognized under the Regeneron Collaboration consisted of the following:
Years Ended December 31,
(In thousands)
202520242023
Research Services Obligation$39,519 $39,097 $80,200 
C5 License Obligation21,635 38,341 (15,100)
C5 Monotherapy Obligation
— 191,520 — 
C5 Co-Co Obligation
— 700 7,400 
Regeneron Technology Transfer Obligation
2,431 — — 
Other license programs
50,372 33,140 27,968 
Total$113,957 $302,798 $100,468 
The composition of current deferred revenue related to the Regeneron Collaboration was as follows:
As of December 31,
(In thousands)
20252024
Research Services Obligation$4,845 $41,156 
C5 License Obligation— 12,018 
Regeneron Technology Transfer Obligation
— 2,307 
Total$4,845 $55,481 
Schedule of Allocated Transaction Price Based on Accounting Guidance The following table provides a summary of the transaction price allocated to each performance obligation:
(In thousands)
As of December 31, 2025
Roche License Obligation$675,000 
Roche Development Services Obligation1,061,167 
Roche Technology Transfer Obligation
2,000 
$1,738,167