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Other Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets, as of December 31, 2020 and 2019 consists of the following (in thousands):

						December 31,
						2020						2019
Down payments to manufacturing vendors						$	216,538					$	—
Prepaid expenses						15,647						8,475
Tenant incentives receivables						10,242						4,093
Interest receivable on marketable securities						9,725						6,835
Prepaid expenses and other current assets						$	252,152					$	19,403

Schedule of Accrued Liabilities

Accrued liabilities, as of December 31, 2020 and 2019 consists of the following (in thousands):

						December 31,
						2020						2019
Clinical trials						$	97,249					$	6,291
Compensation-related						95,247						27,428
Raw materials						78,085						—
Manufacturing						53,412						5,872
Development operations						29,253						2,567
Property and equipment						17,576						4,029
Commercial						6,922						—
Other external goods and services						91,847						21,465
Accrued liabilities						$	469,591					$	67,652

Other Current Liabilities

Other current liabilities, as of December 31, 2020 and 2019 consists of the following (in thousands):

						December 31,
						2020						2019
Lease liabilities - financing						$	24,328					$	—
Lease liabilities - operating						5,972						3,583
Other						3,365						1,480
Other current liabilities						$	33,665					$	5,063

Schedule of Deferred Revenue

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

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
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