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License and Collaboration Agreements
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
License and Collaboration Agreements License and Collaboration Agreements
The Company has entered into various license and collaboration agreements with third parties to develop and commercialize product candidates.
Significant License and Collaboration Arrangements
For a description of the material terms of the Company’s significant license and collaboration agreements, see Note 16 in the 2025 Annual Report. In the first quarter of 2026, the Company did not enter into any new significant license or collaboration agreements. The following includes a description of milestone fees incurred in the first quarter of 2026 under the Company’s significant license and collaboration agreements.
License and Collaboration Agreement with MediLink Therapeutics (DLL3-Targeting ADC)
Under the terms of the Company’s license and collaboration agreement with MediLink, the Company recorded a $8.0 million development milestone fee into research and development expenses in the first quarter of 2026. As of March 31, 2026, the Company may be required to pay an additional aggregate amount of up to $584.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high single digits to low-teens on annual net sales of the licensed products in the licensed territory.
Other License and Collaboration Arrangements That Are Not Individually Significant
The Company recorded upfront and milestone fees of $14.0 million into research and development expenses in the first quarter of 2026 for license and collaboration agreements that are not individually significant.