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LICENSE, COLLABORATION AND OTHER REVENUE (Tables)
3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Revenues Recognized from License, Collaboration and Other Significant Agreements
The Company recognized the following revenue from its license, collaboration and other revenue agreements (in thousands):
 Three Months Ended March 31,
EntityDescription20252024
Medice
License and royalties related to the sale of Vafseo in the EU
$$— 
MTPCLicense and Product Supply of Vafseo in Japan369 412 
JT and Torii License and royalties related to the sale of Riona in Japan1,169 1,186 
Total license and other revenue $1,545 $1,598 
Changes in Contract Assets and Liabilities
The following table presents changes in the Company’s contract assets and liabilities related to the Company's sales to its AG Partner (in thousands):
Three Months Ended March 31, 2025
Balance at
Beginning of
Period
AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable
$— $1,241 $— $1,241 
Contract liabilities:
Deferred revenue
$— $1,241 $— $1,241 
The following tables present changes in the Company’s contract assets and liabilities related to license and other revenue (in thousands):
Three Months Ended March 31, 2025
Balance at
Beginning of
Period
AdditionsDeductionsBalance
at End
of Period
Contract asset:    
Accounts receivable(1)
$2,010 $1,545 $(1,989)$1,566 
Three Months Ended March 31, 2024
Balance at
Beginning of
Period
AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable(1)
$3,333 $2,327 $(2,968)$2,692 
Contract liabilities:
Deferred revenue(2)
$43,296 $695 $— $43,991 
(1) Excludes accounts receivable related to amounts due to the Company from product sales of Auryxia and Vafseo which are included in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2025 and 2024.
(2) See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties, for further information.
Revenue Recognized Resulting from Changes in Contract Assets and Contract Liabilities
The Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands): 
Three Months Ended March 31,
Revenue Recognized in the Period:20252024
Deferred revenue — beginning of the period$— $—