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Research & Development ("R&D") Funding Expense
12 Months Ended
Dec. 31, 2022
Research and Development [Abstract]  
Research & Development ("R&D") Funding Expense Research & Development (“R&D”) Funding Expense
R&D funding expense consists of payments that we have made to counterparties to acquire royalties or milestones on product candidates. It includes development-stage funding payments that are made upfront or upon pre-approval milestones and development-stage funding payments that are made over time as the related product candidates undergo clinical trials with our counterparties.

We recognized R&D funding expense of $177.1 million in 2022, primarily related to upfront and milestone development-stage funding payments of $100.0 million, $25.0 million and $50.0 million to acquire royalties on development-stage products from Cytokinetics, Theravance Biopharma, Inc., and MSD International Business GmbH, respectively.

We recognized R&D funding expense of $200.1 million in 2021, comprised of $193.2 million in upfront R&D funding expense and $6.9 million in ongoing R&D funding expense, primarily under our co-funding agreement with Sanofi. The upfront R&D funding expense included $103.2 million and $90.0 million in exchange for an incremental royalty on a development-stage product from BioCryst and future royalties on two development-stage products from MorphoSys, respectively.
We recognized R&D funding expense of $26.3 million in 2020, comprised of $20.5 million in ongoing R&D funding expense, primarily under our co-funding agreement with Sanofi, and $5.8 million in upfront R&D funding expense for a royalty on a development-stage product that we acquired from BioCryst.