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Related Party Transactions

3 Months Ended

Mar. 31, 2020

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 $4.7 million and $4.9 million for the three months ended March 31, 2020 and 2019, respectively.

The Company recorded expense related to collaboration agreements with Astellas of $0.1 million and $0.5 million during the three months ended March 31, 2020 and 2019, respectively.

As of March 31, 2020 and December 31, 2019, accounts receivable from Astellas were $3.7 million and $4.8 million, respectively, and amounts due to Astellas were $0.1 million and $36.9 million, respectively. The amounts due to Astellas as of December 31, 2019 included $36.3 million of a change in estimated variable consideration related to the API product revenue recognized in 2018, at the time the roxadustat listed price was issued by the Japanese Ministry of Health, Labour and Welfare. Such amount was fully paid during the first quarter of 2020.

Prepaid expenses and other current assets as of March 31, 2020 and December 31, 2019 included $126.6 and $125.2 million of net unbilled contract assets, respectively, 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 $3.4 million and $4.8 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 consolidated balance sheet.