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Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Three Months Ended
March 31,
20252024
Royalties$168,192 $120,593 
Product sales, net
Proprietary product sales
36,341 35,254 
Bulk rHuPH20 sales
27,025 10,511 
Device partnered product sales
14,675 12,818 
Total product sales, net78,041 58,583 
Revenues under collaborative agreements
Upfront license and target nomination fees
220 — 
Event-based development and regulatory milestones and other fees
— 14,000 
Sales-based milestones
15,000 — 
Device licensing and development revenue
3,408 2,703 
Total revenues under collaborative agreements18,628 16,703 
Total revenues$264,861 $195,879 
During the three months ended March 31, 2025, we recognized revenue related to licenses granted to partners in prior periods in the amount of $183.2 million. This amount represents royalties and a sales milestone earned in the current period. There was no 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 $1.2 million during the three months ended March 31, 2025 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2024.
Accounts receivable, net, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
March 31, 2025December 31, 2024
Accounts receivable, net$304,025 $288,204 
Other contract assets596 20,251 
Deferred revenues9,214 10,343 
As of March 31, 2025, 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 $163.4 million, of which $154.2 million relates to unfulfilled product purchase orders and $9.2 million has been collected and is reported as accrued expense and other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the end of 2026. Of the total deferred revenues of $9.2 million, $0.8 million is expected to be used by our customers within the next 12 months.
We recognized contract assets of $0.6 million as of March 31, 2025, 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.