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MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - (Tables)

9 Months Ended

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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Tabular disclosure of collaborative arrangement and arrangement other than collaborative applicable to revenue-generating activity or operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 808
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6931272&loc=SL5834143-161434

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