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Collaboration Agreements (Tables) | 12 Months Ended
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Dec. 31, 2020
Research and Development [Abstract] |
Disaggregation of Revenue | The following tables summarize grant revenue and deferred grant revenue for and as of the periods presented (in thousands):
| Years Ended
| 2020 |  | 2019 |  | 2018
BARDA | $ | 521,652 |  |  | $ | 7,608 |  |  | $ | 6,736 |
Other grant revenue | 7,253 |  |  | 4,565 |  |  | 5,820 |
Total grant revenue | $ | 528,905 |  |  | $ | 12,173 |  |  | $ | 12,556 |
|  | December 31,
|  | 2020 |  | 2019
Deferred grant revenue |  | $ | 5,261 |  |  | $ | 2,777 |
The following table summarizes our total consolidated net revenue from our strategic collaborators for the periods presented (in thousands):
|  | Years Ended December 31,
Collaboration Revenue by Strategic Collaborator: |  | 2020 |  | 2019 |  | 2018 (1)
Merck |  | $ | 26,076 |  |  | $ | 36,608 |  |  | $ | 66,082 |
AstraZeneca |  | 32,624 |  |  | 5,233 |  |  | 45,993 |
Vertex |  | 15,505 |  |  | 6,195 |  |  | 10,437 |
Other |  | 413 |  |  | — |  |  | — |
Total collaboration revenue |  | $ | 74,618 |  |  | $ | 48,036 |  |  | $ | 122,512 |
________ (1) Under ASC 605 The following table summarizes the revenue recognized for the periods presented (in thousands):
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Combined AZ Agreements |  | $ | 18,371 |  |  | $ | 4,650 |  |  | $ | 45,393 |
The following table summarizes the revenue and contra-revenue recognized for the periods presented (in thousands):
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Contra-revenue under the May 2019 Amendment |  | $ | (7,088) |  |  | $ | (5,265) |  |  | $ | — |
Collaboration revenue under the 2015 Merck Agreement |  | 62 |  |  | 492 |  |  | 24,582 |
Total contra-revenue |  | $ | (7,026) |  |  | $ | (4,773) |  |  | $ | 24,582 |
Changes in Balances of Receivables and Contract Liabilities | The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the year ended December 31, 2020 (in thousands):
|  | December 31, 2019 |  | Additions |  | Deductions |  | December 31, 2020
Contract Assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 1,972 |  |  | $ | 120,821 |  |  | $ | (117,249) |  |  | $ | 5,544 |
Contract Liabilities: |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 199,528 |  |  | $ | 121,882 |  |  | $ | (81,228) |  |  | $ | 240,182 |
During the year ended December 31, 2020, we recognized the following revenue as a result of the change in the contract liability balances related to our collaboration agreements (in thousands):
Revenue recognized in the period from: |  |  | Year Ended December 31, 2020
Amounts included in contract liabilities at the beginning of the period (1) |  |  | $ | 72,863 |
Performance obligations satisfied (or partially satisfied) in previous reporting periods (2) |  |  | 8,366 |
______________ (1) We first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. If additional consideration is received on those contracts in subsequent periods, we assume all revenue recognized in the reporting period first applies to the beginning contract liability. (2) Related to changes in estimated costs for our future performance obligations and estimated variable considerations. The following table summarizes the balances of deferred revenue at period end, which is classified as current or non-current in the consolidated balance sheets based on the period the services are expected to be performed or control of the supply is expected to be transferred (in thousands):
|  | December 31,
|  | 2020 |  | 2019
Combined AZ Agreements |  | $ | 57,192 |  |  | $ | 73,669 |
The following table summarizes the revenue recognized for the periods presented (in thousands):
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
2016 VEGF Exercise |  | $ | 14,253 |  |  | $ | 583 |  |  | $ | — |
The following table summarizes the balances of deferred revenue at period end, which is classified as current or non-current in the consolidated balance sheets based on the period the services are expected to be performed or control of the supply is expected to be transferred (in thousands):
|  | December 31,
|  | 2020 |  | 2019
2016 VEGF Exercise |  | $ | 29,335 |  |  | $ | 41,266 |
The following table summarizes the revenue recognized for the periods presented (in thousands):
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
PCV/SAV Agreement |  | $ | 33,103 |  |  | $ | 41,382 |  |  | $ | 41,498 |
The following table summarizes the balances of deferred revenue, which is classified as current or non-current in the condensed consolidated balance sheets based on the period the services are expected to be performed or control of the supply is expected to be transferred for the periods presented (in thousands):
|  | December 31
|  | 2020 |  | 2019
PCV/SAV Agreement |  | $ | 51,007 |  |  | $ | 83,799 |
The following table summarizes the revenue recognized for the periods presented (in thousands):
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Vertex First Extended Research Term |  | $ | 13,452 |  |  | $ | — |  |  | $ | — |
Vertex Agreement/2019 Amendment |  | 2,053 |  |  | 6,197 |  |  | 10,400 |
Total |  | $ | 15,505 |  |  | $ | 6,197 |  |  | $ | 10,400 |
The following table summarizes the balances of deferred revenue, classified as current and non-current in the condensed consolidated balance sheets based on the term of the research period for the periods presented (in thousands):
|  | December 31,
|  | 2020 |  | 2019
Vertex Agreement (1) |  | $ | 2,648 |  |  | $ | 793 |
____________ (1) Balance as of December 31, 2019 represents deferred revenue related to the Vertex 2019 Amendment The following table summarizes the activities in deferred revenue during the year ended December 31, 2020 (in thousands):
|  | December 31, 2019 |  | Additions |  | Deductions |  | December 31, 2020
Product sales |  | $ | — |  |  | $ | 3,881,303 |  |  | $ | (82,134) |  |  | $ | 3,799,169 |
Grant revenue |  | 2,777 |  |  | 6,775 |  |  | (4,291) |  |  | 5,261 |
Collaboration revenue |  | 199,528 |  |  | 121,882 |  |  | (81,228) |  |  | 240,182 |
Total deferred liabilities |  | $ | 202,305 |  |  | $ | 4,009,960 |  |  | $ | (167,653) |  |  | $ | 4,044,612 |
Summary of Composition of the Total Transaction | The following table summarizes the composition of the total transaction price for the periods presented (in thousands):
|  | Transaction Price
|  | December 31,
Combined 2018 AZ Agreements: |  | 2020 |  | 2019
Upfront payments |  | $ | 240,000 |  |  | $ | 240,000 |
Sublicense reimbursement |  | 1,000 |  |  | 1,000 |
Toxicity milestone payment |  | 60,000 |  |  | 60,000 |
Competition milestone payment |  | 60,000 |  |  | 60,000 |
Estimated reimbursement for IL-12 manufacturing obligations |  | 35,830 |  |  | 40,782 |
Total |  | $ | 396,830 |  |  | $ | 401,782 |
The following table summarizes the composition of the total transaction price for the periods presented (in thousands):
|  | Transaction Price
|  | December 31,
2016 VEGF Exercise: |  | 2020 |  | 2019
Option exercise fee |  | $ | 10,000 |  |  | $ | 10,000 |
Milestone payment |  | 30,000 |  |  | 30,000 |
Sublicense reimbursement |  | 2,250 |  |  | 2,250 |
Estimated reimbursement for clinical supply |  | 18,062 |  |  | 15,621 |
Total |  | $ | 60,312 |  |  | $ | 57,871 |
The following table summarizes the composition of the total transaction price for the periods presented (in thousands):
|  | Transaction Price
|  | December 31,
2015 Merck Agreement: |  | 2020 |  | 2019
Upfront payments |  | $ | 60,000 |  |  | $ | 60,000 |
Development milestones |  | 5,000 |  |  | 5,000 |
Reduction of reimbursements paid to Merck |  | (12,353) |  |  | (5,265) |
Total |  | $ | 52,647 |  |  | $ | 59,735 |
The following table summarizes the composition of the total transaction price for the periods presented (in thousands):
|  | Transaction Price
|  | December 31,
PCV/SAV Agreement: |  | 2020 |  | 2019
Upfront payment |  | $ | 200,000 |  |  | $ | 200,000 |
Premium associated with the contemporaneous sale of Series H redeemable convertible preferred stock |  | 13,050 |  |  | 13,050 |
Reimbursement for clinical supply |  | 310 |  |  | — |
Total |  | $ | 213,360 |  |  | $ | 213,050 |
The following table summarizes the composition of the total transaction price for the First Extended Research Term at December 31, 2020 (in thousands):
|  | Transaction Price
Vertex Agreement - First Extended Research Term: |  | December 31, 2020
Upfront payment |  | $ | 4,000 |
Research and development |  | 39,798 |
Total |  | $ | 43,798 |
The following table summarizes the composition of the total transaction price for the periods presented (in thousands):
|  | Transaction Price
Chiesi Agreement: |  | December 31, 2020
Upfront payment |  | $ | 25,000 |
Research and development |  | 17,496 |
Total |  | $ | 42,496 |
Summary of Total Transaction Price to the Identified Performance Obligations | The following table summarizes the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2020 (in thousands):
|  | Transaction Price
Combined 2018 AZ Agreements: |  | December 31, 2020
Combined 2018 AZ Agreement performance obligation |  | $ | 293,223 |
Preclinical development service - IL-12 |  | 8,133 |
Preclinical development service - oncology development target |  | 8,133 |
Development and commercialization license and manufacturing obligation |  | 85,750 |
Material right to receive development and commercialization rights |  | 1,591 |
Total |  | $ | 396,830 |
Remaining unsatisfied performance obligation |  | $ | 87,225 |
The following table summarizes the total transaction price allocated to the single performance obligation under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2020 (in thousands):
|  | Transaction Price
|  | December 31, 2020
2016 VEGF Exercise combined performance obligation |  | 60,312 |
Remaining unsatisfied performance obligation |  | 41,877 |
The following table summarizes the total transaction price allocated to the combined performance obligation under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2020 (in thousands):
|  | Transaction Price
|  | December 31, 2020
2015 Merck Agreement |  | $ | 52,647 |
Remaining unsatisfied performance obligation |  | $ | — |
The following tables summarize the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2020 (in thousands):
|  | Transaction Price
PCV/SAV Agreement: |  | December 31, 2020
PCV performance obligation |  | $ | 206,356 |
KRAS performance obligation |  | 7,004 |
Total |  | $ | 213,360 |
Remaining unsatisfied performance obligation |  | $ | 51,007 |
The following table summarizes the total transaction price allocated to the single performance obligation under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2020 (in thousands):
|  | Transaction Price
|  | December 31, 2020
First Extended Research Term transaction price |  | $ | 43,798 |
Remaining unsatisfied performance obligation |  | $ | 30,346 |
The following table summarizes the allocation of the transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2020 (in thousands):
|  | Transaction Price
|  | December 31, 2020
Chiesi Agreement transaction price |  | $ | 42,496 |
Remaining unsatisfied performance obligation |  | $ | 42,293 |

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