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Collaboration Agreements, License Agreement and Revenues (Tables)

12 Months Ended

Dec. 31, 2022

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 for the years ended December 31, 2022, 2021 and 2020 (in thousands):

		Years Ended December 31,
		2022				2021				2020
Direct Sales:
Gross revenue		$	12,366			$	13,727				89,027
Price adjustment			242				(982	)			—
Non-key account hospital listing award			49				95				(9,325	)
Contractual sales rebate			(624	)			(832	)			(6,189	)
Other discounts and rebates			(332	)			(21	)			(923	)
Sales returns			1				83				(92	)
Direct sales revenue, net			11,702				12,070				72,498
Sales to Falikang:
Gross transaction price			112,544				97,531				—
Profit share			(43,716	)			(34,759	)			—
Net transaction price			68,828				62,772				—
Decrease (increase) in deferred revenue			2,339				(27,204	)			—
Sales to Falikang revenue, net			71,167				35,568				—
Total product revenue, net		$	82,869			$	47,638			$	72,498

Roll-forward of Related Contract Liabilities

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

		Balance at December 31, 2021				Additions				Deduction				Currency Translation and Other				Balance at December 31, 2022
Product revenue - Direct sales - contract liabilities		$	(3,176	)		$	(653	)		$	3,222			$	217			$	(390	)

Schedule of Drug Product Revenue

Drug product revenue from commercial-grade API or bulk drug product sales to Astellas and AstraZeneca was as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands):

		Years Ended December 31,
		2022				2021				2020
Astellas Japan Agreement		$	9,480			$	2,056			$	4,281
Astellas Europe Agreement			1,606				1,130				—
AstraZeneca U.S./RoW Agreement			—				(2,224	)			4,625
Drug product revenue		$	11,086			$	962			$	8,906

Summary of Amounts Recognized as Revenue

Amounts recognized as revenue under the agreements with Eluminex were as follows for the years ended December 31, 2022 and 2021 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2022				2021
Eluminex		License revenue		$	—			$	8,000
		Other revenue - contract manufacturing		$	1,761			$	—

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, 2021				Additions				Recognized as Revenue				Currency Translation and Other				Balance at December 31, 2022
Product revenue - AstraZeneca China    performance obligation - deferred revenue		$	(171,516	)		$	(77,195	)		$	71,167			$	1,898			$	(175,646	)

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, 2021				Additions				Recognized as Revenue				Reclassified to Accrued Liability / Accounts Payable				Balance at December 31, 2022
Astellas Japan Agreement		$	(1,974	)		$	(2,226	)		$	—			$	4,200			$	—
Astellas Europe Agreement			(25,891	)			(72,408	)			619				57,377				(40,303	)
AstraZeneca U.S./RoW Agreement			(11,171	)			—				—				11,171				—
Drug product revenue - deferred revenue		$	(39,036	)		$	(74,634	)		$	619			$	72,748			$	(40,303	)

Japan [Member]

Summary of License Revenue and Development Revenue Recognized under Agreement

Amounts recognized as license revenue and development revenue under the Astellas Japan Agreement were as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2022				2021				2020
Astellas Japan Agreement		License revenue		$	—			$	—			$	14,323
		Development revenue		$	284			$	248			$	1,220

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 through December 31, 2022 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Japan Agreement, along with any associated deferred revenue as follows (in thousands):

Astellas Japan Agreement		Cumulative Revenue Through December 31, 2022				Deferred Revenue at December 31, 2022				Total Consideration Through December 31, 2022
License		$	100,347			$	—			$	100,347
Development revenue			16,882				—				16,882
Total license and development revenue		$	117,229			$	—			$	117,229

Europe [Member]

Summary of License Revenue and Development Revenue Recognized under Agreement

Amounts recognized as license revenue and development revenue under the Astellas Europe Agreement were as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2022				2021				2020
Astellas Europe Agreement		License revenue		$	22,590			$	108,434			$	—
		Development revenue		$	9,624			$	21,679			$	17,954

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 through December 31, 2022 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Europe Agreement, along with any associated deferred revenue as follows (in thousands):

Astellas Europe Agreement		Cumulative Revenue Through December 31, 2022				Deferred Revenue at December 31, 2022				Total Consideration Through December 31, 2022
License		$	618,975			$	—			$	618,975
Development revenue			280,265				—				280,265
Total license and development revenue		$	899,240			$	—			$	899,240

U.S./RoW and China [Member]

Summary of License Revenue and Development Revenue Recognized under Agreement

Amounts recognized as license revenue and development revenue under the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement were as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2022				2021				2020
AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement		License revenue		$	—			$	—			$	—
		Development revenue			12,519				48,345				61,508
		China performance obligation		$	—			$	—			$	(90	)

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 through December 31, 2022 and accounts receivable has been allocated to each of the following performance obligations under the AstraZeneca U.S./RoW Agreement and the AstraZeneca China Agreement, along with any associated deferred revenue as follows (in thousands):

AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement		Cumulative Revenue Through December 31, 2022				Deferred Revenue at December 31, 2022				Total Consideration Through December 31, 2022
License		$	341,844			$	—			$	341,844
Co-development, information sharing &   committee services			615,639				—				615,639
China performance obligation *			106,734				175,646				282,380
Total license and development revenue		$	1,064,217			$	175,646		**	$	1,239,863

* 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 December 31, 2022, deferred revenue included $158.2 million related to the AstraZeneca U.S./RoW and the AstraZeneca China Agreement, which represents the net of $175.6 million of deferred revenue presented above and a $17.5 million unbilled co-development revenue under the AstraZeneca China Amendment.

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