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Revenue recognition | 9 Months Ended
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Sep. 30, 2023
Revenue From Contracts With Customers [Abstract] |
Revenue recognition | Revenue recognition The table below provides a disaggregation of revenues by type of service and customer location for the three and nine months ended September 30, 2023 and September 30, 2022.
|  | Three months ended September 30, |  | Nine months ended September 30,
(in KUSD) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Types of goods and services |  |  |  |  |  |  |  |
Product revenue, net |  | 14,267 |  |  | 21,321 |  |  | 52,417 |  |  | 55,110 |
License revenues |  | — |  |  | 55,000 |  |  | — |  |  | 85,000 |
Royalties |  | 226 |  |  | — |  |  | 351 |  |  | — |
Total revenue |  | 14,493 |  |  | 76,321 |  |  | 52,768 |  |  | 140,110 |
Customer Location |  |  |  |  |  |  |  |
U.S. |  | 14,267 |  |  | 21,321 |  |  | 52,417 |  |  | 55,110 |
EMEA(1) |  | 226 |  |  | 55,000 |  |  | 351 |  |  | 55,000 |
Japan |  | — |  |  | — |  |  | — |  |  | 30,000 |
Total revenue |  | 14,493 |  |  | 76,321 |  |  | 52,768 |  |  | 140,110 |
(1) Europe, the Middle East and Africa Product revenue, net Product revenues, net from sales of ZYNLONTA were KUSD 14,267 and KUSD 52,417 for the three and nine months ended September 30, 2023. Product revenues, net from the sales of ZYNLONTA were KUSD 21,321 and KUSD 55,110 for the three and nine months ended September 30, 2022, respectively. The Company records its best estimate of GTN sales adjustments to which customers are likely to be entitled. The table below provides a rollforward of the Company’s accruals related to the GTN sales adjustments for the three and nine months ended September 30, 2023 and September 30, 2022.
|  | Three months ended September 30, |  | Nine months ended September 30,
(in KUSD) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance |  | 5,734 |  |  | 3,464 |  |  | 3,746 |  |  | 2,590 |
GTN sales adjustments for current period sales |  | 6,547 |  |  | 3,706 |  |  | 17,946 |  |  | 10,403 |
GTN sales adjustments for prior period sales |  | (8) |  |  | (253) |  |  | (885) |  |  | (358) |
Credits, payments and reclassifications to Accounts payable |  | (3,482) |  |  | (3,624) |  |  | (12,016) |  |  | (9,342) |
Ending balance as of September 30, |  | 8,791 |  |  | 3,293 |  |  | 8,791 |  |  | 3,293 |
The table below provides the classification of the accruals related to the GTN sales adjustment included in the Company’s unaudited condensed consolidated interim balance sheet as of September 30, 2023 and December 31, 2022.
(in KUSD) |  | As of September 30, 2023 |  | As of December 31, 2022
Accounts receivable, net |  | 2,008 |  |  | 2,151 |
Other current and non-current liabilities |  | 6,783 |  |  | 1,595 |
|  | 8,791 |  |  | 3,746 |
License revenues and royalties On January 18, 2022, the Company entered into an exclusive license agreement with MTPC for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications in Japan. Under the terms of the agreement, the Company received an upfront payment of USD 30 million and may receive up to an additional USD 205 million in milestones if certain development and commercial events are achieved. The Company will also be entitled to receive royalties ranging in percentage from the high teens to the low twenties based on net sales of ZYNLONTA in Japan. MTPC will conduct clinical studies of ZYNLONTA in Japan and will have the right to participate in any global clinical studies by bearing a portion of the study costs. In addition, the Company will supply ZYNLONTA to MTPC for its drug development and commercialization under a supply agreement. On July 8, 2022, the Company entered into exclusive license agreement with Sobi for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications outside of the U.S., greater China, Singapore and Japan. Under the terms of the agreement, the Company received an upfront payment of USD 55 million and is eligible to receive up to USD 382.5 million in regulatory and net sales-based milestones, of which USD 50 million in license revenue was recognized in December 2022 upon approval of a Marketing Authorisation Application by the European Commission for ZYNLONTA in third-line DLBCL and received in the first quarter of 2023. The Company will also receive royalties ranging in percentage from the mid-teens to the mid-twenties based on net sales of the product in Sobi’s licensed territories, subject to certain adjustments. The Company recognized KUSD 226 and KUSD 351 of revenue attributable to royalties in the Sobi licensed territories during the three and nine months ended September 30, 2023, respectively.

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