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v3.24.3

Significant agreements (Tables) | 9 Months Ended
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Sep. 30, 2024
Significant agreements. |
Summary of revenue recognized from collaboration arrangements | The following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations and comprehensive loss from these arrangements (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months | ​ | Nine Months
​ | ​ | Ended | ​ | Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collaboration revenues |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Bayer | ​ | $ | 834 | ​ | $ | 434 | ​ | $ | 2,496 | ​ | $ | 434
Novartis | ​ | ​ | 1,276 | ​ | ​ | 772 | ​ | ​ | 6,301 | ​ | ​ | 772
Ionis | ​ | ​ | — | ​ | ​ | 2,782 | ​ | ​ | 8,881 | ​ | ​ | 8,123
Genentech | ​ | ​ | 566 | ​ | ​ | 1,364 | ​ | ​ | 13,889 | ​ | ​ | 11,112
AstraZeneca | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,204
Total collaboration revenues | ​ | $ | 2,676 | ​ | $ | 5,352 | ​ | $ | 31,567 | ​ | $ | 21,645
Summary of changes in the balances of the Company's contract assets and liabilities | The following table presents changes in the balances of the Company’s contract assets and liabilities (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Beginning Balance | ​ | ​ | ​ | ​ | ​ | Impact of | ​ | Ending Balance
​ | ​ | January 1, | ​ | ​ | ​ | ​ | ​ | Exchange | ​ | September 30,
​ |  | 2024 |  | Additions |  | Deductions |  | Rates |  | 2024
Contract liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deferred revenue | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Bayer collaboration deferred revenue | ​ | $ | 43,618 | ​ | $ | 238 | ​ | $ | (2,496) | ​ | $ | 2,155 | ​ | $ | 43,515
Novartis collaboration deferred revenue | ​ | ​ | 50,008 | ​ | ​ | — | ​ | ​ | (6,301) | ​ | ​ | 2,264 | ​ | ​ | 45,971
Ionis collaboration deferred revenue | ​ | ​ | 12,464 | ​ | ​ | 90 | ​ | ​ | (8,881) | ​ | ​ | 128 | ​ | ​ | 3,801
Genentech collaboration deferred revenue | ​ | ​ | 29,104 | ​ | ​ | — | ​ | ​ | (13,889) | ​ | ​ | 689 | ​ | ​ | 15,904
Total deferred revenue | ​ | $ | 135,194 | ​ | $ | 328 | ​ | $ | (31,567) | ​ | $ | 5,236 | ​ | $ | 109,191
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Beginning Balance | ​ | ​ | ​ |  | ​ | Impact of | ​ | Ending Balance
​ | ​ | January 1, | ​ | ​ | ​ | ​ | ​ | Exchange | ​ | December 31,
​ |  | 2023 |  | Additions |  | Deductions |  | Rates |  | 2023
Contract liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deferred revenue | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Bayer collaboration deferred revenue | ​ | $ | — | ​ | $ | 45,000 | ​ | $ | (1,160) | ​ | $ | (222) | ​ | $ | 43,618
Novartis collaboration deferred revenue | ​ | ​ | — | ​ | ​ | 50,000 | ​ | ​ | (1,909) | ​ | ​ | 1,917 | ​ | ​ | 50,008
Ionis collaboration deferred revenue | ​ | ​ | 21,489 | ​ | ​ | 960 | ​ | ​ | (10,734) | ​ | ​ | 749 | ​ | ​ | 12,464
Genentech collaboration deferred revenue | ​ | ​ | 39,308 | ​ | ​ | — | ​ | ​ | (11,969) | ​ | ​ | 1,765 | ​ | ​ | 29,104
AstraZeneca collaboration deferred revenue |  | ​ | 1,076 |  | ​ | — |  | ​ | (1,204) |  | ​ | 128 |  | ​ | —
Total deferred revenue | ​ | $ | 61,873 | ​ | $ | 95,960 | ​ | $ | (26,976) | ​ | $ | 4,337 | ​ | $ | 135,194
Summary of recognition of revenues as a result of changes in contract asset and contract liability balances | During the three and nine months ended September 30, 2024 and 2023, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Nine Months Ended
​ | September 30, | ​ | September 30,
​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Revenue recognized in the period from: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Revenue recognized based on proportional performance | $ | 2,676 | ​ | $ | 5,006 | ​ | $ | 21,126 | ​ | $ | 13,829
Revenue recognized based on expiration of material rights | ​ | — |  | ​ | 346 | ​ | ​ | 10,576 |  | ​ | 7,816
Revenue recognized based on changes in transaction price | ​ | — | ​ | ​ | — | ​ | ​ | (135) | ​ | ​ | —
Total | $ | 2,676 | ​ | $ | 5,352 | ​ | $ | 31,567 | ​ | $ | 21,645
Bayer Collaboration Agreement |
Significant agreements. |
Summary of allocation of transaction price to separate performance obligations | Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations is as follows (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Allocation of
Performance Obligations | ​ | Transaction Price
Two combined performance obligations related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the first and second targets | ​ | $ | 14,976
Material right associated with limited substitution rights for either the first or second target | ​ | ​ | 1,527
Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development | ​ | ​ | 14,691
Two material rights associated with the option to progress a non-radiopharmaceutical compound directed to the first and second targets | ​ | ​ | 8,703
Material right for the option to expand the collaboration to include a third target and the underlying additional option rights | ​ | ​ | 7,603
​ | ​ | $ | 47,500
Novartis |
Significant agreements. |
Summary of allocation of transaction price to separate performance obligations | Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations is as follows (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Allocation of
Performance Obligations |  | Transaction Price
Two combined performance obligations for the first and second targets comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets | ​ | $ | 18,008
Two material rights associated with limited substitution rights |  | ​ | 2,466
Two material rights associated with options to progress development candidates incorporating radionuclides |  | ​ | 19,684
Two material rights associated with options to progress development candidates not incorporating radionuclides | ​ | ​ | 9,842
​ | ​ | $ | 50,000
Ionis |
Significant agreements. |
Summary of allocation of transaction price to separate performance obligations | Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations is as follows (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Allocation of
Performance Obligations |  | Transaction Price
Combined licenses and research and discovery performance obligation | ​ | $ | 34,100
Four material rights associated with credits for IND Acceptance fees |  | ​ | 3,900
​ | ​ | $ | 38,000
Genentech |
Significant agreements. |
Summary of allocation of transaction price to separate performance obligations | Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations is as follows (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Allocation of
Performance Obligations |  | Transaction Price
Genentech Collaboration Program #1 Performance Obligation | ​ | $ | 4,019
Genentech Collaboration Program #2 Performance Obligation |  | ​ | 8,037
Specified Targeting Arm Material Right Arm for Genentech Collaboration Program #1 |  | ​ | 352
Two material rights associated with the LSR Go Option for Collaboration Programs #1 and #2 |  | ​ | 12,400
Material rights associated with limited substitution rights | ​ | ​ | 1,187
Two material rights for Expansion Options | ​ | ​ | 7,005
​ | ​ | $ | 33,000

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