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Research and Development Funding Collaboration Agreement | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Research and Development Funding Collaboration Agreement | Research and Development Funding Collaboration Agreement On January 29, 2024, the Company entered into a Collaboration and Development Funding Agreement with an unrelated third party, pursuant to which this third party will provide up to $75.0 million of funding and collaborate with the Company to conduct a global Phase 2a study of BIIB122/DNL151 in patients with Parkinson’s disease and confirmed pathogenic variants of LRRK2. Pursuant to this agreement, the Company received payments totaling $25.0 million in 2024, with a further $25.0 million triggered and received in March and April 2025, respectively. The remaining $25.0 million will trigger upon achievement of operational milestones in the study. After the full $75.0 million in consideration has been paid, the third party will be eligible to receive low single-digit royalties from the Company on annual worldwide net sales of LRRK2 inhibitors for the treatment of Parkinson’s disease. The Company determined that this arrangement is an R&D funding arrangement under ASC 730. As the third party is sharing in the risk associated with research and development activities with the Company, the development funding is recognized as an obligation to perform contractual services. Accordingly, payments received will be recorded as a liability, and recognized by the Company as a reduction to research and development expenses over the estimated Phase 2a study period as the underlying research and development costs are incurred. Under this arrangement, the Company recognized a $3.8 million and $8.8 million offset to research and development expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025, respectively, and the Company recognized a $2.3 million offset to research and development expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss for both the three and six months ended June 30, 2024.The Company recorded current and non-current deferred research and development funding liabilities of $19.9 million and $10.4 million, respectively on the Condensed Consolidated Balance Sheet as of June 30, 2025. The Company recorded a current deferred research and development funding liability of $14.1 million on the Consolidated Balance Sheet as of December 31, 2024.

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