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Related Party Transactions

9 Months Ended

Sep. 30, 2019

8.	Related Party Transactions

Astellas is an equity investor in the Company and considered a related party. The Company recorded revenue related to collaboration agreements with Astellas of $15.5 million and $5.1 million for the three months ended September 30, 2019 and 2018, respectively, and $155.0 million and $30.8 million for the nine months ended September 30, 2019 and 2018, respectively.

The Company recorded expense related to collaboration agreements with Astellas of $0.9 million and $0.4 million during the three months ended September 30, 2019 and 2018, respectively, and $2.2 million and $1.1 million during the nine months ended September 30, 2019 and 2018.

As of September 30, 2019 and December 31, 2018, accounts receivable from Astellas were $17.7 million and $47.2 million, respectively, and amounts due to Astellas were $1.7 million and $0.4 million, respectively. The accounts receivable from Astellas as of September 30, 2019 included $12.5 million of the milestone payment the Japan Agreement related to Japan’s NDA approval by the Ministry of Health, Labour and Welfare for the treatment of anemia associated with CKD in dialysis patients. The accounts receivable from Astellas as of December 31, 2018 included $43.8 million related to the delivery of roxadustat active pharmaceutical ingredients to Astellas during the fourth quarter of 2018, pursuant to an amendment to the Japan Agreement that will allow Astellas to manufacture roxadustat drug product for commercialization in Japan. This amount was received during the first quarter of 2019.

Prepaid expenses and other current assets as of September 30, 2019 included $126.0 million of net unbilled contract asset, representing a $130.0 million unbilled contract asset related to two regulatory milestones under the Europe Agreement with Astellas associated with the planned MAA submission to the EMA, net of $4.0 million of associated deferred revenue. See Note 2 for details. According to the Europe Agreement, this $130.0 million is not billable to Astellas until the submission of an MAA, therefore the net contract asset was included in the prepaid expenses and other current assets line on the Company’s condensed consolidated balance sheet as of September 30, 2019. There was no such contract asset balance as of December 31, 2018.