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Collaborative Arrangements and Licensing Agreements | 6 Months Ended
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Jun. 30, 2022
Collaborative Arrangements and Licensing Agreements [Abstract] |
Collaborative Arrangements and Licensing Agreements | 6. Collaborative Arrangements and Licensing Agreements Below, we have included our Biogen and Roche collaborations, which are our only collaborations with substantive changes during 2022 from those included in Note 6 of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Strategic Partnership Biogen We have several strategic collaborations with Biogen focused on using antisense technology to advance the treatment of neurological disorders. These collaborations combine our expertise in creating antisense medicines with Biogen’s expertise in developing therapies for neurological disorders. We developed and licensed to Biogen SPINRAZA, our approved medicine to treat people with spinal muscular atrophy, or SMA. We and Biogen are currently developing numerous investigational medicines to treat neurodegenerative diseases under these collaborations, including medicines in development to treat people with ALS, SMA, Angelman Syndrome, Alzheimer’s disease and Parkinson’s disease. In addition to these medicines, our collaborations with Biogen include a substantial research pipeline that addresses a broad range of neurological diseases. From inception through June 30, 2022, we have received $3.3 billion from our Biogen collaborations. During the three and six months ended June 30, 2022 and 2021, we earned the following revenue from our relationship with Biogen (in millions, except percentage amounts):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
SPINRAZA royalties (commercial revenue) |  | $ | 59.6 |  |  | $ | 72.2 |  |  | $ | 113.4 |  |  | $ | 132.2 |
R&D revenue |  |  | 17.3 |  |  |  | 27.8 |  |  |  | 57.4 |  |  |  | 45.9 |
Total revenue from our relationship with Biogen |  | $ | 76.9 |  |  | $ | 100.0 |  |  | $ | 170.8 |  |  | $ | 178.1 |
Percentage of total revenue |  |  | 58 | % |  |  | 80 | % |  |  | 62 | % |  |  | 75 | %
Our condensed consolidated balance sheet at June 30, 2022 and December 31, 2021 included deferred revenue of $368.3 million and $407.5 million, respectively, related to our relationship with Biogen. During the first six months of 2022, we did not have any material changes to our performance obligations, transaction price or the timing in which we expect to recognize revenue under our Biogen collaborations. In the first quarter of 2022, we earned $18 million in milestone payments from Biogen when Biogen advanced two targets under our 2013 strategic collaboration. We recognized the milestone payments in full in the first quarter of 2022 because we did not have any remaining performance obligations related to the milestone payments. In July 2022, we earned a $9 million milestone payment from Biogen when the U.S. Food and Drug Administration, or FDA, accepted Biogen’s New Drug Application, or NDA, filing of tofersen, an investigational antisense medicine for the treatment of superoxide dismutase 1 amyotrophic lateral sclerosis, or SOD1-ALS. We will achieve the next payment of up to $10 million if Biogen advances another medicine under our 2013 strategic neurology collaboration. Roche We have two collaborations with Roche, one to develop IONIS-FB-LRx for the treatment of complement-mediated diseases, and one to develop treatments for Huntington's disease, or HD. In October 2018, we entered into a collaboration agreement with Roche to develop IONIS-FB-LRx. We are currently conducting Phase 2 studies in two disease indications for IONIS-FB-LRx, one for the treatment of patients with geographic atrophy, or GA, the advanced stage of dry AMD, and a second for the treatment of patients with immunoglobulin A nephropathy, or IgAN. After positive data from a Phase 2 clinical study, Roche licensed IONIS-FB-LRx in July 2022 and plans to advance IONIS-FB-LRx into Phase 3 development for patients with IgAN. As a result, Roche is responsible for global development, regulatory and commercialization activities and costs for the Phase 3 IgAN study of IONIS-FB-LRx. We will continue to lead and conduct the open label Phase 2 study in patients with IgAN and the Phase 2 study in patients with GA. In July 2022, we amended our IONIS-FB-LRx collaboration agreement with Roche. Under our amended collaboration agreement, we are eligible to receive up to $145 million in development milestones, $279 million in regulatory milestones and $280 million in sales-related milestone payments. In addition, we are also eligible to receive tiered royalties from the high teens to 20 percent on net sales. Under the collaboration agreement with Roche to develop treatments for HD, we discovered and developed tominersen, an investigational medicine targeting huntingtin, or HTT, protein, through completion of our Phase 1/2 clinical study in people with early stage HD. In the fourth quarter of 2017, upon completion of the Phase 1/2 study, Roche exercised its option to license tominersen. Roche is responsible for all global development, regulatory and commercialization activities and costs for tominersen. In March 2021, Roche decided to discontinue dosing in the Phase 3 GENERATION HD1 study of tominersen in patients with manifest HD based on the results of a pre-planned review of data from the Phase 3 study conducted by an unblinded iDMC. In January 2022, Roche announced it is actively preparing to initiate a new Phase 2 study of tominersen in patients with HD. Post-hoc analyses from the GENERATION HD1 study suggested tominersen may benefit younger adult patients with lower disease burden. From inception through June 30, 2022, we have received over $245 million from our Roche collaborations. During the three and six months ended June 30, 2022 and 2021, we earned the following revenue from our relationship with Roche (in millions, except percentage amounts):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
R&D revenue |  | $ | 19.5 |  |  | $ | 3.6 |  |  | $ | 23.9 |  |  | $ | 7.5 |
Percentage of total revenue |  |  | 15 | % |  |  | 3 | % |  |  | 9 | % |  |  | 3 | %
Our condensed consolidated balance sheet at June 30, 2022 and December 31, 2021 included deferred revenue of $29.7 million and $31.6 million, respectively, related to our relationship with Roche. In the second quarter of 2022, we achieved a $20 million milestone payment from Roche when we advanced the Phase 2 study in patients with dry AMD under our IONIS-FB-LRx collaboration. We added this payment to the transaction price and allocated it to our R&D services performance obligation for IONIS-FB-LRx. We are recognizing revenue for our R&D services performance obligation over our estimated period of performance. In July 2022, we earned a $35 million payment from Roche when Roche licensed IONIS-FB-LRx. We will achieve the next payment of up to $90 million if Roche advances a medicine under our IONIS-FB-LRx collaboration.

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