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Collaboration Agreements, License Agreement and Revenues (Tables)

9 Months Ended

Sep. 30, 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 September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Direct Sales:
Gross revenue		$	3,249			$	27,900			$	10,908			$	53,105
Discounts and rebates			(133	)			(5,209	)			(1,314	)			(9,721	)
Sales returns			(2	)			(8	)			86				(53	)
Direct sales revenue, net			3,114				22,683				9,680				43,331
Sales to Falikang:
Gross transfer price			31,179				—				82,294				—
Profit share			(12,090	)			—				(31,726	)			—
Net transfer price			19,089				—				50,568				—
Increase in deferred revenue			(8,761	)			—				(18,073	)			—
Sales to Falikang revenue, net			10,328				—				32,495				—
Total product revenue, net		$	13,442			$	22,683			$	42,175			$	43,331

Summary of Amounts Recognized as Revenue

Amounts recognized as revenue under the Eluminex were as follows (in thousands):

				Three Months Ended September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2021				2020				2021				2020
Eluminex		License revenue		$	8,000			$	—			$	8,000			$	—

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 September 30, 2021
Product revenue - Direct sales - contract liabilities		$	(15,137	)		$	(944	)		$	5,913			$	(167	)		$	(10,335	)

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 September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Astellas		$	—			$	(3,957	)		$	2,056			$	4,281
AstraZeneca			—				4,643				(2,224	)			4,643
Drug product revenue		$	—			$	686			$	(168	)		$	8,924

Drug Product Revenue [Member]

Roll-forward of Related Contract Liabilities

The following table includes a roll-forward of the above-mentioned deferred revenues that are considered as contract liabilities related to drug product (in thousands):

		Balance at December 31, 2020				Additions				Recognized as Revenue				Balance at September 30, 2021
Astellas - Japan Agreement		$	—			$	(1,974	)		$	—			$	(1,974	)
Astellas - Europe Agreement			(5,984	)			(11,759	)			—				(17,743	)
AstraZeneca - U.S. Agreement			—				(11,171	)			—				(11,171	)
Drug product revenue - deferred revenue		$	(5,984	)		$	(24,904	)		$	—			$	(30,888	)

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 September 30, 2021
Product revenue - AstraZeneca     China performance obligation - deferred revenue		$	(137,338	)		$	(55,424	)		$	32,495			$	(160,267	)

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 September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2021				2020				2021				2020
Japan		License revenue		$	—			$	—			$	—			$	—
		Development revenue		$	66			$	86			$	245			$	413

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 September 30, 2021				Deferred Revenue at September 30, 2021				Total Consideration Through September 30, 2021
License		$	100,347			$	—			$	100,347
Development revenue			16,595				—				16,595
Total license and development    revenue		$	116,942			$	—			$	116,942

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 September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2021				2020				2021				2020
Europe		License revenue		$	108,434			$	—			$	108,434			$	—
		Development revenue		$	14,061			$	4,651			$	20,138			$	13,827

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 September 30, 2021				Deferred Revenue at September 30, 2021				Total Consideration Through September 30, 2021
License		$	596,385			$	—			$	596,385
Development revenue			269,100				—				269,100
Total license and development    revenue		$	865,485			$	—			$	865,485

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 September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2021				2020				2021				2020
U.S. / RoW and China		License revenue		$	—			$	—			$	—			$	—
		Development revenue			11,970				15,220				39,939				43,525
		China performance obligation		$	—			$	706			$	—			$	1,300

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 September 30, 2021				Deferred Revenue at September 30, 2021				Total Consideration Through September 30, 2021
License		$	341,844			$	—			$	341,844
Co-development, information sharing &   committee services			594,713				1,428				596,141
China performance obligation *			32,495				160,267				192,762
Total license and development    revenue		$	969,052			$	161,695		**	$	1,130,747

* 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 September 30, 2021, deferred revenue included $154.7 million related to the U.S./RoW and China Agreement, which represents the net of $161.7 million of deferred revenue presented above and a $7.0 million unbilled co-development revenue under the China Amendment with AstraZeneca.

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