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Collaborations (Tables) | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Company's Accompanying Condensed Consolidated Financial Statements Attributable to Transactions Arising From Collaboration Arrangements | The following tables provide amounts by year indicated and by line item included in the Company's accompanying condensed consolidated financial statements attributable to transactions arising from its collaboration arrangements. The dollar amounts in the tables below are in thousands.
|  | Incyte |  |  | Lilly |  |  | Gilead |  |  | Other |  |  | Total |
CONTRACT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Billings |  |  | 5,269 |  |  |  | 1,819 |  |  |  | 55,999 |  |  |  | 2,210 |  |  |  | 65,297 |
Cash receipts |  |  | (5,269 | ) |  |  | (1,819 | ) |  |  | (55,999 | ) |  |  | (2,210 | ) |  |  | (65,297 | )
Adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  | — |
Balance at September 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unbilled receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | 1,397 |  |  | $ | 839 |  |  | $ | — |  |  | $ | 193 |  |  | $ | 2,429 |
Accrued receivables |  |  | 4,599 |  |  |  | 688 |  |  |  | 56,045 |  |  |  | 2,197 |  |  |  | 63,529 |
Billings |  |  | (5,269 | ) |  |  | (1,322 | ) |  |  | (56,045 | ) |  |  | (2,197 | ) |  |  | (64,833 | )
Adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |
Balance at September 30, 2024 |  | $ | 727 |  |  | $ | 205 |  |  | $ | — |  |  | $ | 202 |  |  | $ | 1,134 |
CONTRACT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2024 |  | $ | 36,325 |  |  | $ | 5,934 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,259 |
Additions to contract consideration |  |  | — |  |  |  | — |  |  |  | 58,387 |  |  |  | — |  |  |  | 58,387 |
Revenue recognized in the period |  |  | (12,968 | ) |  |  | (5,310 | ) |  |  | (1,207 | ) |  |  | — |  |  |  | (19,485 | )
Foreign exchange |  |  | 92 |  |  |  | (43 | ) |  |  | 1,819 |  |  |  | — |  |  |  | 1,868 |
Balance at September 30, 2024 |  |  | 23,449 |  |  |  | 581 |  |  |  | 58,999 |  |  |  | — |  |  |  | 83,029 |
Less: current portion |  |  | (17,841 | ) |  |  | (581 | ) |  |  | (12,552 | ) |  |  |  |  |  | (30,974 | )
Non-current balance at September 30, 2024 |  | $ | 5,608 |  |  | $ | — |  |  | $ | 46,447 |  |  | $ | — |  |  | $ | 52,055 |
Summary of Company's Collaboration Arrangements Earned in Period to Be Billed and Collected in Next Period | Contract Revenues and Expenses
|  | Three Months Ended September 30, 2024 |
|  | (in thousands) |
|  | Third Party |
|  | Incyte |  |  | Lilly |  |  | Gilead |  |  | Other |  |  | Total |
Collaboration Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upfront payments |  | $ | 4,400 |  |  | $ | 4,038 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,438 |
Reimbursement revenue |  |  | 943 |  |  |  | 194 |  |  |  | — |  |  |  | — |  |  |  | 1,137 |
Milestones |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,197 |  |  |  | 2,197 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total collaboration revenue |  | $ | 5,343 |  |  | $ | 4,232 |  |  | $ | — |  |  | $ | 2,197 |  |  | $ | 11,772 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
General and administrative expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total operating expenses from collaborations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Revenue recognized that was included in deferred revenue at the beginning of the period |  | $ | 4,400 |  |  | $ | 4,038 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,438 |
|  | Three Months Ended September 30, 2023 |
|  | (in thousands) |
|  | Third Party |
|  | Incyte |  |  | Lilly |  |  | Gilead |  |  | Other |  |  | Total |
Collaboration Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upfront payments |  | $ | 4,371 |  |  | $ | 789 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,160 |
Reimbursement revenue |  |  | 1,547 |  |  |  | 847 |  |  |  | — |  |  |  | — |  |  |  | 2,394 |
Milestones |  |  | 3,479 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,479 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total collaboration revenue |  | $ | 9,397 |  |  | $ | 1,636 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,033 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
General and administrative expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total operating expenses from collaborations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Revenue recognized that was included in deferred revenue at the beginning of the period |  | $ | 4,371 |  |  | $ | 789 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,160 |
|  | Nine Months Ended September 30, 2024 |
|  | (in thousands) |
|  | Third Party |
|  | Incyte |  |  | Lilly |  |  | Gilead |  |  | Other |  |  | Total |
Collaboration Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upfront payments |  | $ | 12,968 |  |  | $ | 5,310 |  |  | $ | 1,207 |  |  | $ | — |  |  | $ | 19,485 |
Reimbursement revenue |  |  | 3,603 |  |  |  | 698 |  |  |  | — |  |  |  | — |  |  |  | 4,301 |
Milestones |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 2,197 |  |  |  | 3,197 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |
Total collaboration revenue |  | $ | 17,571 |  |  | $ | 6,008 |  |  | $ | 1,207 |  |  | $ | 2,207 |  |  | $ | 26,993 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
General and administrative expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total operating expenses from collaborations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Revenue recognized that was included in deferred revenue at the beginning of the period |  | $ | 12,968 |  |  | $ | 5,310 |  |  | $ | 1,207 |  |  | $ | — |  |  | $ | 19,485 |
|  | Nine Months Ended September 30, 2023 |
|  | (in thousands) |
|  | Third Party |
|  | Incyte |  |  | Lilly |  |  | Gilead |  |  | Other |  |  | Total |
Collaboration Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upfront payments |  | $ | 12,912 |  |  | $ | 8,270 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,182 |
Reimbursement revenue |  |  | 4,248 |  |  |  | 3,543 |  |  |  | — |  |  |  | — |  |  |  | 7,791 |
Milestones |  |  | 5,980 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,980 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | 55 |
Total collaboration revenue |  | $ | 23,140 |  |  | $ | 11,813 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 35,008 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expense |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |
General and administrative expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total operating expenses from collaborations |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |
Revenue recognized that was included in deferred revenue at the beginning of the period |  | $ | 12,912 |  |  | $ | 8,270 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,182 |

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- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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- Definition Tabular disclosure of collaborative arrangement and arrangement other than collaborative applicable to revenue-generating activity or operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 + Details
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