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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Year Ended December 31,
202420232022
Royalties$570,991 $447,865 $360,475 
Product sales, net
Proprietary product sales
166,620 130,834 72,849 
Bulk rHuPH20 sales
86,334 115,442 82,084 
Device partnered product sales
50,538 54,578 36,097 
Total product sales, net303,492 300,854 191,030 
Revenues under collaborative agreements
Upfront license and target nomination fees
27,000 2,000 30,000 
Event-based development and regulatory milestones and other fees
72,500 69,000 59,000 
Sales-based milestones
30,000 — 10,000 
Device licensing and development revenue
11,341 9,534 9,611 
Total revenues under collaborative agreements140,841 80,534 108,611 
Total revenues
$1,015,324 $829,253 $660,116 
During the year ended December 31, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $673.5 million. This amount represents royalties and sales milestone earned in the current period, in addition to $72.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.6 million during the year ended December 31, 2024 that had been included in accrued expense and other long-term liabilities in our consolidated balance sheets as of December 31, 2023.
Accounts receivable, net, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
December 31, 2024December 31, 2023
Accounts receivable, net$288,204 $233,254 
Other contract assets20,251 956 
Deferred revenues10,343 4,048 
As of December 31, 2024, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $110.2 million, of which $99.9 million relates to unfulfilled product purchase orders and $10.3 million has been collected and is reported as accrued expense and other long-term liabilities in our consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the end of 2026. Of the total deferred revenues of $10.3 million, $2.0 million is expected to be used by our customers within the next 12 months.
We recognized contract assets of $20.3 million as of December 31, 2024, which related to development milestones deemed probable of receipt for intellectual property licenses granted to partners in prior periods and for goods or services when control has transferred to the customer, and corresponding revenue is recognized but is not yet billable to the customer in accordance with the terms of the contract.