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Revenue
 3 Months Ended
Mar. 31, 2025
Revenues [Abstract]  
Revenue

3. Revenue

Revenue from collaboration agreements for the three months ended March 31, 2025 predominately relates to the research collaboration agreement the Group entered into with AstraZeneca in March 2020.

Revenue for the three months ended March 31, 2025 was reflective of $0.1 million of research collaboration income three months ended March 31, 2024: $15.6 million). Disaggregation of revenue from contracts with customers is as follows:

 

 

Three months ended March 31,

 

 

2025

 

 

2024

 

 

$000s

 

 

$000s

 

Revenue from Contracts with Customers

 

 

 

 

 

 

Research collaboration - Mallinckrodt plc

 

 

-

 

 

 

578

 

Research collaboration - AstraZeneca

 

 

142

 

 

 

14,711

 

Research collaboration - Hansoh

 

 

-

 

 

 

267

 

Research collaboration - total

 

 

142

 

 

 

15,556

 

Royalties

 

 

-

 

`

 

143

 

Total revenue from contracts with customers

 

 

142

 

 

 

15,699

 

 

Under its collaboration agreement with AstraZeneca, the Group received an upfront cash payment of $20 million in 2020 with a further amount of $40 million received in May 2021. The Group is also eligible to receive specified development and commercial milestone payments as well as tiered royalties on net sales, if any. The Group recognizes the upfront payment and milestone payments over time, in accordance with ASC 606. During the three months ended March 31, 2025, the Group achieved no milestone payments (three months ended March 31, 2024: $10 million). During the three months ended March 31, 2025, the Group recognized a total of $0.1 million in revenue under its collaboration agreement with AstraZeneca (three months ended March 31, 2024: $14.7 million).