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COLLABORATION AND LICENSING AGREEMENTS | 3 Months Ended
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Mar. 31, 2025
Collaboration and Licensing Agreements |
COLLABORATION AND LICENSING AGREEMENTS | COLLABORATION AND LICENSING AGREEMENTS We out-license to external partners for the development of tenapanor and commercialization of tenapanor outside of the U.S. We recognize revenue from our agreements with Kyowa Kirin, Fosun Pharma and Knight as licensing revenue, product supply revenue or non-cash royalty revenue related to the sale of future royalties. See Note 7. Collaboration and Licensing Agreements and “Licensing Revenue Recognition” caption of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on the nature, purpose, significant rights and obligations of the parties, as well as our accounting policies for such revenue streams. The following table summarizes total revenues by collaboration partner:
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Licensing revenue |  |  |  |  |  |  |
Fosun Pharma | $ | 5,000 |  |  | $ | — |  |  |  |  |
Knight | 20 |  |  | 17 |  |  |  |  |
Total licensing revenue | $ | 5,020 |  |  | $ | 17 |  |  |  |  |
Product supply revenue |  |  |  |  |  |  |
Kyowa Kirin | — |  |  | 2,126 |  |  |  |  |
Knight | 254 |  |  | — |  |  |  |  |
Total supply revenue | $ | 254 |  |  | $ | 2,126 |  |  |  |  |
Non-cash royalty revenue related to the sale of future royalties |  |  |  |  |  |  |
Kyowa Kirin | $ | 1,026 |  |  | $ | 368 |  |  |  |  |
The following table presents changes in our current and non-current deferred revenue balances, which are all attributable to Kyowa Kirin:
| 2025 |  | 2024
(in thousands) | Current |  | Non-Current |  | Current |  | Non-Current
Deferred revenue balance as of January 1, | $ | 10,686 |  | $ | 7,232 |  | $ | 7,182 |  | $ | 8,644
Prepaid product supply | 227 |  | 1,118 |  | 732 |  | 3,459
Product supply delivered | — |  | — |  | (1,328) |  | —
Deferred revenue balance as of March 31, | $ | 10,913 |  | $ | 8,350 |  | $ | 6,586 |  | $ | 12,103
Significant developments and updates related to our collaboration and licensing agreements in the 2025 and 2024 first quarters are discussed below. Kyowa Kirin In February 2024, Kyowa Kirin announced the launch of tenapanor, marketed as PHOZEVEL®, for patients with CKD with hyperphosphatemia in Japan. In the 2024 first quarter, we began to recognize non-cash royalty revenue related to the sale of future royalties, which was remitted to HCR in accordance with the HCR Agreement. Fosun Pharma In February 2025, we announced the approval of an NDA for tenapanor for the control of hyperphosphatemia in adult patients with CKD undergoing hemodialysis by China’s Center for Drug Evaluation of the NMPA. This approval triggered a $5.0 million milestone to us under the terms of the Fosun Agreement, which was recorded as licensing revenue on our condensed statement of operations and comprehensive loss when earned during the 2025 first quarter and was received in April 2025. AstraZeneca In connection with the AstraZeneca Termination Agreement, we recognized royalty expense as other cost of revenue in our condensed statements of operations and comprehensive loss of $8.8 million and $4.7 million in the 2025 and 2024 first quarters, respectively. As of March 31, 2025, we have recognized $71.2 million of the total $75.0 million outstanding royalty obligation.

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