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Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Royalties$205,639 $124,918 $373,831 $245,511 
Product sales, net
Proprietary product sales
46,452 44,139 82,793 79,394 
Bulk rHuPH20 sales
23,271 24,634 50,296 35,144 
Device partnered product sales
11,787 10,113 26,462 22,931 
Total product sales, net81,510 78,886 159,551 137,469 
Revenues under collaborative agreements
Upfront license and target nomination fees
— — 220 — 
Event-based development and regulatory milestones and other fees
24,500 25,500 24,500 39,500 
Sales-based milestones
10,000 — 25,000 — 
Device licensing and development revenue
4,070 2,049 7,478 4,752 
Total revenues under collaborative agreements38,570 27,549 57,198 44,252 
Total revenues$325,719 $231,353 $590,580 $427,232 
During the three months ended June 30, 2025, we recognized revenue related to licenses granted to partners in prior periods in the amount of $240.1 million. This amount represents royalties and a sales milestone earned in the current period, in addition to $24.5 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 $0.8 million during the three months ended June 30, 2025 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2024.
During the six months ended June 30, 2025, we recognized revenue related to licenses granted to partners in prior periods in the amount of $423.3 million. This amount represents royalties and a sales milestone earned in the current period, in addition to $24.5 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 $2.0 million during the six months ended June 30, 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):
June 30, 2025December 31, 2024
Accounts receivable, net$315,073 $288,204 
Other contract assets1,266 20,251 
Deferred revenues8,373 10,343 
As of June 30, 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 $187.7 million, of which $179.3 million relates to unfulfilled product purchase orders and $8.4 million has been collected and is reported as 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 $8.4 million, no amount is expected to be used by our customers within the next 12 months.
We recognized contract assets of $1.3 million as of June 30, 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.