Collaboration Agreements

9 Months Ended

Sep. 30, 2025

The Company has entered into multiple collaborations, out-licenses and strategic alliances with third parties that typically involve payments to or from the Company, including up-front payments, payments for research and development services, option payments, milestone payments and royalty payments to or from the Company. The terms and conditions as well as the accounting analysis for the Company’s significant collaborations, out-licenses and strategic alliances are described in Note 9, “Collaboration Agreements” to the consolidated financial statements included in the Annual Report.

There have been no other material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report.

Collaboration Revenue

As of September 30, 2025, the Company’s contract liabilities were primarily related to the Company’s collaboration with BMS. The following table presents changes in the Company’s accounts receivable and contract liabilities for the nine months ended September 30, 2025 (in thousands):


	Balance at December 31, 2024		Additions		Deductions		Balance at September 30, 2025
Accounts receivable	$	16,266	$	9,821	$	(17,957)	$	8,130
Contract liabilities:
Deferred revenue	$	60,425	$	—	$	(6,221)	$	54,204

During the three and nine months ended September 30, 2025 and 2024, the Company recognized the following collaboration revenue (in thousands):


	September 30, 2025				September 30, 2024
	Three Months Ended		Nine Months Ended		Three Months Ended		Nine Months Ended
Amounts included in deferred revenue at the beginning of the period	$	—	$	6,221	$	—	$	—

Amendment to BMS Collaboration Agreement

In March 2024, the Company entered into an amendment (“2024 Amendment”) to the Second Amended and Restated Collaboration and License Agreement, dated as of November 11, 2019, by and between the Company and Juno Therapeutics (the “2019 Collaboration Agreement”), to extend the collaboration to November 2026, with options to extend the collaboration for up to an additional two years, and provided Juno Therapeutics the ability to select up to three new gene targets for research. The 2019 Collaboration Agreement, as amended by the 2024 Amendment, is herein referred to as the 2019 Amended Collaboration Agreement.

The Company’s accounting assessment for the 2024 Amendment is described in Note 9, “Collaboration Agreements,” to the consolidated financial statements included in the Annual Report.

During the three months ended September 30, 2025, the Company recognized $7.5 million of revenue related to a milestone achieved in the third quarter of 2025 from its collaboration with BMS, none of which was previously deferred. The Company did not recognize any revenue related to its collaboration with BMS during the three months ended September 30, 2024. As of September 30, 2025, there was no short-term deferred revenue and $50.2 million of long-term deferred revenue in the accompanying consolidated balance sheets.