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Collaboration Agreements, License Agreement and Revenues (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021 (in thousands):

		Years Ended December 31,
		2023				2022				2021
Direct Sales:
Gross revenue		$	13,190			$	12,366				13,727
Discounts and rebates			(1,298	)			(665	)			(1,740	)
Sales returns			2				1				83
Direct sales revenue, net			11,894				11,702				12,070
Sales to Falikang:
Gross transaction price			154,817				112,544				97,531
Profit share			(66,254	)			(43,716	)			(34,759	)
Net transaction price			88,563				68,828				62,772
Decrease (increase) in deferred revenue			492				2,339				(27,204	)
Sales to Falikang revenue, net			89,055				71,167				35,568
Total product revenue, net		$	100,949			$	82,869			$	47,638

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, 2023, 2022 and 2021 (in thousands):

		Years Ended December 31,
		2023				2022				2021
Astellas Japan Agreement		$	15,656			$	9,480			$	2,056
Astellas Europe Agreement			3,097				1,606				1,130
AstraZeneca U.S./RoW Agreement			—				—				(2,224	)
Drug product revenue, net		$	18,753			$	11,086			$	962

Summary of Amounts Recognized as Revenue

Amounts recognized as revenue under the agreements with Eluminex were as follows for the years ended December 31, 2023 and 2022 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2023				2022				2021
Eluminex		License revenue		$	7,000			$	—			$	8,000
		Other revenue - patent transfer			500			$	—			$	—
		Other revenue - contract manufacturing		$	966			$	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, 2022				Additions				Recognized as Revenue				Currency Translation and Other				Balance at December 31, 2023
Product revenue - AstraZeneca China    performance obligation - deferred revenue		$	(175,646	)		$	(94,099	)		$	89,055			$	839			$	(179,851	)

Drug Product Revenue, Net [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, 2022				Additions				Recognized as Revenue				Reclassified to Accrued Liability / Accounts Payable				Balance at December 31, 2023
Drug product revenue - deferred revenue:
Astellas Europe Agreement		$	(40,303	)		$	(17,674	)		$	2,306			$	38,746			$	(16,925	)

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, 2023, 2022 and 2021 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2023				2022				2021
Astellas Japan Agreement		Development revenue		$	210			$	284			$	248

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, 2023 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		Total Consideration  Through December 31, 2023
License		$	100,347
Development revenue			17,092
Total license and development revenue		$	117,439

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, 2023, 2022 and 2021 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2023				2022				2021
Astellas Europe Agreement		License revenue		$	—			$	22,590			$	108,434
		Development revenue		$	6,452			$	9,624			$	21,679

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, 2023 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		Total Consideration  Through December 31, 2023
License		$	618,975
Development revenue			286,717
Total license and development revenue		$	905,692

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, 2023, 2022 and 2021 (in thousands):

				Years Ended December 31,
Agreement		Performance Obligation		2023				2022				2021
AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement		License revenue		$	2,649			$	—			$	—
		Development revenue		$	9,473				12,519				48,345

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, 2023 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, 2023				Deferred Revenue at December 31, 2023				Total Consideration  Through December 31, 2023
License		$	344,493			$	—			$	344,493
Co-development, information sharing &   committee services			625,111				—				625,111
China performance obligation *			195,789				179,851				375,640
Total license and development revenue		$	1,165,393			$	179,851		**	$	1,345,244

* 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, 2023, deferred revenue included $153.4 million related to the AstraZeneca U.S./RoW and the AstraZeneca China Agreement, which represents the net of $179.9 million of deferred revenue presented above and a $26.5 million unbilled milestone and co-development revenue under the AstraZeneca China Amendment.

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