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MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - (Tables) | 9 Months Ended
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Sep. 30, 2020
Biogen MA, Inc. |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] |
Revenues Recognized under Agreement | Revenues recognized under the agreement for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue related to Biogen agreement: |  |  |  |  |  |  |
Recognition of license and stand-ready fee | $ | 7,306 |  |  | $ | — |  |  | $ | 14,050 |  |  | $ | — |
Research services | 2,315 |  |  | — |  |  | 3,749 |  |  | — |
Total | $ | 9,621 |  |  | $ | — |  |  | $ | 17,799 |  |  | $ | — |
The Company paid $7.0 million for financial advisory fees during the nine months ended September 30, 2020, equal to 2% of $225.0 million received for the sale of shares and 2% of $125.0 million received for the upfront fee. The fees incurred related to both the collaboration agreement with Biogen and to the stock purchase agreement for the sale of shares. The Company believes that the allocation of fees on a relative fair value basis between the two agreements is reasonable. The Company recognized $4.1 million, which represents 2% of the upfront license fee of $125.0 million and 2% of the excess consideration from the stock purchase of $79.6 million, as a contract asset. This balance will be amortized and included in general and administrative costs on a systematic basis consistent with the transfer of the services to Biogen in accordance with ASC Topic 340, Other Assets and Deferred Costs. The Company amortized $0.1 million and $0.3 million for the three and nine months ended September 30, 2020, respectively. The Company recognized $2.9 million, which represents 2% of the $145.4 million estimated fair value of the equity issued, as a share issuance cost and recorded this amount in equity as reduction in proceeds.
Kite Pharma Inc |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] |
Revenues Recognized under Agreement | Revenues recognized under the agreement for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue related to Kite agreement: |  |  |  |  |  |  |
Recognition of license and stand-ready fee | $ | 6,296 |  |  | $ | 6,296 |  |  | $ | 18,750 |  |  | $ | 18,682 |
Research services | 998 |  |  | 2,565 |  |  | 3,185 |  |  | 7,551 |
Total | $ | 7,294 |  |  | $ | 8,861 |  |  | $ | 21,935 |  |  | $ | 26,233 |
Pfizer SB-525 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] |
Revenues Recognized under Agreement | Revenues recognized under the agreement for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue related to Pfizer SB-525 agreement: |  |  |  |  |  |  |
Recognition of upfront fee and research services | $ | 221 |  |  | $ | 3,440 |  |  | $ | 2,737 |  |  | $ | 5,035 |
Milestone achievement | 29,863 |  |  | — |  |  | 30,959 |  |  | — |
Total | $ | 30,084 |  |  | $ | 3,440 |  |  | $ | 33,696 |  |  | $ | 5,035 |
Pfizer |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] |
Revenues Recognized under Agreement | Revenues recognized under the agreement for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue related to Pfizer C9ORF72 agreement: |  |  |  |  |  |  |
Recognition of upfront fee | $ | 4,200 |  |  | $ | 468 |  |  | $ | 7,985 |  |  | $ | 1,538 |
Milestone achievement | 5,000 |  |  | — |  |  | 5,000 |  |  | — |
Total | $ | 9,200 |  |  | $ | 468 |  |  | $ | 12,985 |  |  | $ | 1,538 |
Sanofi |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] |
Revenues Recognized under Agreement | Revenues recognized under the agreement for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue related to Sanofi agreement: |  |  |  |  |  |  |
Recognition of upfront fee | $ | 321 |  |  | $ | 940 |  |  | $ | (28) |  |  | $ | 2,594 |
Research services | 961 |  |  | 1,814 |  |  | 3,836 |  |  | 5,169 |
Milestone achievement | 216 |  |  | — |  |  | (19) |  |  | — |
Total | $ | 1,498 |  |  | $ | 2,754 |  |  | $ | 3,789 |  |  | $ | 7,763 |

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