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Collaboration Agreements and Revenues (Tables)

3 Months Ended

Mar. 31, 2021

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net

Product revenue, net from the sales of roxadustat commercial product in China was as follows (in thousands):

		Three Months Ended March 31,
		2021				2020
Direct Sales:
Gross revenue		$	5,429			$	5,372
Discounts and rebates			(562	)			(417	)
Sales returns			89				—
Direct sales revenue, net			4,956				4,955
Sales to Falikang:
Gross transfer price			24,401				—
Profit share			(10,064	)			—
Net transfer price			14,337				—
Constrained for future recognition			(3,931	)			—
Sales to Falikang revenue, net			10,406				—
Total product revenue, net		$	15,362			$	4,955

Roll-forward of Related Contract Liabilities

The following table includes a roll-forward of the contract liabilities (in thousands):

		Balance at December 31, 2020				Additions				Deduction				Currency Translation and Other				Balance at March 31, 2021
Product revenue - Direct sales - contract liabilities		$	(15,137	)		$	(1,422	)		$	533			$	47			$	(15,979	)

Schedule of Drug Product Revenue

Drug product revenue from commercial-grade API or bulk drug product sales to AstraZeneca and Astellas was as follows (in thousands):

		Three Months Ended March 31, 2021
Astellas		$	4,030
AstraZeneca			4,450
Drug product revenue		$	8,480

Drug Product Revenue [Member]

Roll-forward of Related Contract Liabilities

The following table includes a roll-forward of the related deferred revenue that is considered as a contract liability (in thousands):

		Balance at December 31, 2020				Additions				Recognized as Revenue				Balance at March 31, 2021
Drug product revenue - Astellas - deferred revenue		$	(5,984	)		$	(11,759	)		$	—			$	(17,743	)

AstraZeneca Agreements [Member]

Roll-forward of Related Contract Liabilities

The following table includes a roll-forward of the related deferred revenue that is considered as a contract liability (in thousands):

		Balance at December 31, 2020				Additions				Recognized as Revenue				Balance at March 31, 2021
Product revenue - AstraZeneca     China performance obligation - deferred revenue		$	(137,338	)		$	(15,881	)		$	10,406			$	(142,813	)

Japan [Member]

Summary of License Revenue and Development Revenue Recognized under Agreement

Amounts recognized as license revenue and development revenue under the Japan Agreement with Astellas were as follows (in thousands): 

				Three Months Ended March 31,
Agreement		Performance Obligation		2021				2020
Japan		License revenue		$	—			$	—
		Development revenue		$	80			$	163

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net

The transaction price related to consideration received and accounts receivable has been allocated to each of the following performance obligations under the Japan Agreement with Astellas, along with any associated deferred revenue as follows (in thousands):

Japan Agreement		Cumulative Revenue Through March 31, 2021				Deferred Revenue at March 31, 2021				Total Consideration Through March 31, 2021
License		$	100,347			$	—			$	100,347
Development revenue			16,430				75				16,505
Total license and development    revenue		$	116,777			$	75			$	116,852

Europe [Member]

Summary of License Revenue and Development Revenue Recognized under Agreement

Amounts recognized as license revenue and development revenue under the Europe Agreement with Astellas were as follows (in thousands):

				Three Months Ended March 31,
Agreement		Performance Obligation		2021				2020
Europe		License revenue		$	—			$	—
		Development revenue		$	3,531			$	4,574

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net

The transaction price related to consideration received and accounts receivable has been allocated to each of the following performance obligations under the Europe Agreement with Astellas, along with any associated deferred revenue as follows (in thousands):

Europe Agreement		Cumulative Revenue Through March 31, 2021				Deferred Revenue at March 31, 2021				Total Consideration Through March 31, 2021
License		$	487,951			$	—			$	487,951
Development revenue			252,493				825				253,318
Total license and development    revenue		$	740,444			$	825			$	741,269

U.S./RoW and China [Member]

Summary of License Revenue and Development Revenue Recognized under Agreement

Amounts recognized as revenue under the U.S./RoW and China Agreement with AstraZeneca were as follows (in thousands):

				Three Months Ended March 31,
Agreement		Performance Obligation		2021				2020
U.S. / RoW and China		License revenue		$	—			$	—
		Development revenue			10,976				14,556
		China performance obligation		$	—			$	153

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue and Product Revenue Net

The transaction price related to consideration received and accounts receivable has been allocated to each of the following performance obligations under the U.S./RoW Agreement and China Agreement with AstraZeneca, along with any associated deferred revenue as follows (in thousands):

U.S. / RoW and China Agreements		Cumulative Revenue Through March 31, 2021				Deferred Revenue at March 31, 2021				Total Consideration Through March 31, 2021
License		$	341,844			$	—			$	341,844
Co-development, information sharing &   committee services			565,751				4,449				570,200
China performance obligation *			10,406				142,813				153,219
Total license and development    revenue		$	918,001			$	147,262		**	$	1,065,263

* China performance obligation revenue is recognized as product revenue, as described in details under Product Revenue, Net section below.

** Contract assets and liabilities related to rights and obligations in the same contract are recorded net on the consolidated balance sheets. As of March 31, 2021, deferred revenue included $143.6 million related to the U.S./RoW and China Agreement, which represents the net of $147.3 million of deferred revenue presented above and a $3.7 million unbilled co-development revenue under the China Amendment with AstraZeneca.

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