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Collaboration and license agreements (Tables) | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of allocation of transaction price | The following table summarizes the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of June 30, 2025 (in thousands):
| Transaction Price Allocated |  | Transaction Price Unsatisfied
Performance obligations: |  |  |
Research and development targets | $ | 20,688 |  |  | $ | 12,272 |
Option rights | 2,376 |  |  | 2,376 |
Total | $ | 23,064 |  |  | $ | 14,648 |
Schedule of revenue from collaboration agreements | Revenue from collaboration agreements for the three and six months ended June 30, 2025 and 2024 in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from collaboration agreements: |  |  |  |  |  |  |
MKDG Agreement | $ | 3,428 |  |  | $ | 1,894 |  |  | $ | 6,581 |  |  | $ | 1,949 |
Merck Agreement | 1,049 |  |  | 1,102 |  |  | 2,178 |  |  | 1,747 |
Betta Agreement | 54 |  |  | — |  |  | 514 |  |  | — |
Roche Agreement | 1,932 |  |  | 963 |  |  | 4,428 |  |  | 2,451 |
Biogen Agreement | — |  |  | 8,047 |  |  | — |  |  | 8,898 |
Total revenue from collaboration agreements | $ | 6,463 |  |  | $ | 12,006 |  |  | $ | 13,701 |  |  | $ | 15,045 |
Schedule of financial information related to collaboration and license agreements | Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of June 30, 2025 (in thousands):
| Accounts Receivable |  | Deferred Revenue, Current |  | Deferred Revenue, Net of Current |  | Deferred Revenue, Total
Supplemental information: |  |  |  |  |  |  |
MKDG Agreement | $ | 2,013 |  |  | $ | 6,811 |  |  | $ | 5,081 |  |  | $ | 11,892 |
Merck Agreement | — |  |  | 3,441 |  |  | 402 |  |  | 3,843 |
Betta Agreements | 145 |  |  | 2,992 |  |  | 11,978 |  |  | 14,970 |
Roche Agreement | — |  |  | 9,376 |  |  | 3,689 |  |  | 13,065 |
Total | $ | 2,158 |  |  | $ | 22,620 |  |  | $ | 21,150 |  |  | $ | 43,770 |
Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2024 (in thousands):
| Accounts Receivable |  | Deferred Revenue, Current |  | Deferred Revenue, Net of Current |  | Deferred Revenue, Total
Supplemental information: |  |  |  |  |  |  |
MKDG Agreement | $ | 2,064 |  |  | $ | 5,396 |  |  | $ | 7,977 |  |  | $ | 13,373 |
Merck Agreement | — |  |  | 3,441 |  |  | 2,581 |  |  | 6,022 |
Betta Agreements | 1,038 |  |  | 4,038 |  |  | 11,243 |  |  | 15,281 |
Roche Agreement | — |  |  | 5,837 |  |  | 6,656 |  |  | 12,493 |
Total | $ | 3,102 |  |  | $ | 18,712 |  |  | $ | 28,457 |  |  | $ | 47,169 |
Schedule of supplemental financial information related to collaboration and license agreements | Supplemental financial information related to the collaboration and license agreements for the three and six months ended June 30, 2025 and 2024 are (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue recognized that was included in the contract liability at the beginning of the period | $ | 6,512 |  |  | $ | 2,065 |  |  | $ | 11,821 |  |  | $ | 5,003 |

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