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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Royalties$236,038 $155,061 $609,869 $400,572 
Product sales, net
Proprietary product sales
52,242 39,925 135,035 119,319 
Bulk rHuPH20 sales
32,491 31,493 82,787 66,637 
Device partnered product sales
9,495 15,241 35,957 38,172 
Total product sales, net94,228 86,659 253,779 224,128 
Revenues under collaborative agreements
Upfront license and target nomination fees
— 27,000 220 27,000 
Event-based development and regulatory milestones and other fees
— 18,000 24,500 57,500 
Sales-based milestones
20,000 — 45,000 — 
Device licensing and development revenue
3,998 3,364 11,476 8,116 
Total revenues under collaborative agreements23,998 48,364 81,196 92,616 
Total revenues$354,264 $290,084 $944,844 $717,316 
During the three months ended September 30, 2025, we recognized revenue related to licenses granted to partners in prior periods in the amount of $256.0 million. This amount represents royalties and a sales milestone earned in the current period. We recognized no revenue during the three months ended September 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 nine months ended September 30, 2025, we recognized revenue related to licenses granted to partners in prior periods in the amount of $679.4 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 nine months ended September 30, 2025 that had been included in accrued expenses and other long-term liabilities in our 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):
September 30, 2025December 31, 2024
Accounts receivable, net$343,535 $288,204 
Other contract assets2,500 20,251 
Deferred revenues8,373 10,343 
As of September 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 $269.3 million, of which $260.9 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 $2.5 million as of September 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.