Research, Collaboration and Licensing Agreements

3 Months Ended

Mar. 31, 2025

License Agreements Research Collaborations And Development Agreements [Abstract]

Research, Collaboration and Licensing Agreements

Revenue recognized from the Company’s strategic partnerships. which includes amounts from Jazz Pharmaceuticals Ireland Limited or Jazz Pharmaceuticals, Inc. (subsidiaries of Jazz Pharmaceuticals plc, collectively referred to as “Jazz”) is summarized as follows:


	Three Months Ended March 31,
	2025		2024
Jazz:
Development support payments	$	4,493	$	2,066
Drug supply for ongoing studies	2,957		6,218
Other drug supply	2,150		1,578
Royalties	202		—

BeiGene, Ltd. (“BeiGene”):
Drug supply	208		—

GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”):
Milestone revenue	14,000		—

Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”):
Milestone revenue	3,100		—

Research support and other payments from other partners	—		168
	$	27,110	$	10,030

Since December 31, 2024, there have not been any material changes to the key terms of our collaboration and license agreements.

In January 2025, the Company recognized $14,000 of milestone revenue associated with a clinical milestone under the Company’s 2016 licensing agreement with GSK.

In March 2025, the Company recognized $3,100 of milestone revenue from Daiichi Sankyo following the first patient dosed in a clinical trial related to the 2018 license agreement between the Company and Daiichi Sankyo.

Contract Assets and Liabilities

As at March 31, 2025, contract assets from research, collaboration and licensing agreements were $197 (December 31, 2024: $100) and contract liabilities were $38,102 (December 31, 2024: $40,195). As at March 31, 2025 and December 31, 2024, $23,495 and $25,588 respectively, of the contract liabilities is classified as short-term. Contract liabilities relate to deferred revenue from the BeiGene and Jazz agreements.