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Significant agreements (Tables) | 12 Months Ended
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Dec. 31, 2024
Significant agreements. |
Summary of revenue recognized from collaboration arrangements | The following table summarizes the revenue recognized from the Company’s collaboration arrangements in the consolidated statements of operations and comprehensive loss (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
Collaboration revenue |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bayer | ​ | $ | 3,393 | ​ | $ | 1,160 | ​ | $ | —
Novartis | ​ | ​ | 8,161 | ​ | ​ | 1,909 | ​ | ​ | —
Ionis | ​ | ​ | 8,881 | ​ | ​ | 10,734 | ​ | ​ | 9,347
Genentech | ​ | ​ | 14,840 |  | ​ | 11,969 |  | ​ | 3,565
Dementia Discovery Fund |  | ​ | — |  | ​ | — |  | ​ | 386
AstraZeneca | ​ | ​ | — |  | ​ | 1,204 |  | ​ | 1,165
Total collaboration revenue | ​ | $ | 35,275 | ​ | $ | 26,976 | ​ | $ | 14,463
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 liabilities (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Beginning Balance | ​ | ​ | ​ | ​ | ​ | Impact of | ​ | Ending Balance
​ | ​ | January 1, | ​ | ​ | ​ | ​ | ​ | Exchange | ​ | December 31,
​ |  | 2024 |  | Additions |  | Deductions |  | Rates |  | 2024
Contract liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deferred revenue | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Bayer collaboration deferred revenue | ​ | $ | 43,618 | ​ | $ | 296 | ​ | $ | (3,393) | ​ | $ | (561) | ​ | $ | 39,960
Novartis collaboration deferred revenue | ​ | ​ | 50,008 | ​ | ​ | 3,000 | ​ | ​ | (8,161) | ​ | ​ | (774) | ​ | ​ | 44,073
Ionis collaboration deferred revenue | ​ | ​ | 12,464 | ​ | ​ | 90 | ​ | ​ | (8,881) | ​ | ​ | (86) | ​ | ​ | 3,587
Genentech collaboration deferred revenue | ​ | ​ | 29,104 | ​ | ​ | — | ​ | ​ | (14,840) | ​ | ​ | (226) | ​ | ​ | 14,038
Total deferred revenue | ​ | $ | 135,194 | ​ | $ | 3,386 | ​ | $ | (35,275) | ​ | $ | (1,647) | ​ | $ | 101,658
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 years ended December 31, 2024, 2023 and 2022, 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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
Revenue recognized in the period from: |  | ​ |  | ​ | ​ |  | ​ | ​ |
Revenue recognized based on proportional performance |  | $ | 24,266 | ​ | $ | 19,160 | ​ | $ | 12,358
Revenue recognized based on expiration of material rights | ​ | ​ | 10,576 |  | ​ | 7,816 |  | ​ | 1,433
Revenue recognized based on changes in transaction price | ​ | ​ | 433 | ​ | ​ | — | ​ | ​ | 672
Total | ​ | $ | 35,275 | ​ | $ | 26,976 | ​ | $ | 14,463
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 was 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 was 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 was 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 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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