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Research & Development ("R&D") Funding Expense
12 Months Ended
Dec. 31, 2021
Research and Development [Abstract]  
Research & Development ("R&D") Funding Expense Research & Development (“R&D”) Funding Expense
R&D funding expense consists of upfront and ongoing R&D payments we have made to counterparties to acquire royalties and/or milestones on development-stage product candidates. Ongoing R&D payments are made as the related development-stage product candidates undergo clinical trials with our counterparties. During the year ended December 31, 2021, 2020, and 2019 we did not enter into any new ongoing R&D funding arrangements.

We recognized R&D funding expense of $200.1 million during the year ended December 31, 2021, comprised of $6.9 million in ongoing R&D expenses, primarily under our co-funding agreement with Sanofi, and $193.2 million in upfront R&D funding. As part of a long-term strategic funding partnership with MorphoSys, which closed on July 15, 2021 (as further discussed in Note 17Commitments and Contingencies), we allocated $90.0 million of the upfront payment to R&D funding expense, representing two development-stage products acquired in exchange for future royalties. Additionally, we made an upfront payment of $103.2 million to BioCryst to acquire a royalty on a development-stage product in November 2021.

We recognized R&D funding expense of $26.3 million during the year ended December 31, 2020, of which $20.5 million related to ongoing development-stage funding payments, primarily under our co-funding agreement with Sanofi and $5.8 million related to upfront funding for a royalty on a development-stage product that we acquired from BioCryst.

We recognized $83.0 million of R&D funding expense during the year ended December 31, 2019, of which $18.2 million and $62.8 million related to our funding agreements with both Sanofi and Pfizer, respectively. We completed our funding commitments in the fourth quarter of 2019 under our agreement with Pfizer. We did not have upfront development-stage R&D funding expense in 2019.

As of December 31, 2021, we have a remaining commitment of $10.7 million related to our R&D funding agreement with Sanofi.