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Collaboration Agreements, License Agreement and Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations and Product Revenue Net

Product revenue, net from the sales of roxadustat commercial product in China was as follows for the three months ended March 31, 2024 and 2023 (in thousands):

		Three Months Ended March 31,
		2024				2023
Direct Sales:
Gross revenue		$	3,786			$	3,060
Discounts and rebates			(360	)			(273	)
Sales returns			(1	)			2
Direct sales revenue, net			3,425				2,789
Sales to Falikang:
Gross transaction price			43,560				34,249
Profit share			(19,023	)			(14,988	)
Net transaction price			24,537				19,261
Decrease in deferred revenue			2,576				2,111
Sales to Falikang revenue, net			27,113				21,372
Total product revenue, net		$	30,538			$	24,161

Schedule of Drug Product Revenue

Drug product revenue from commercial-grade active pharmaceutical ingredient (“API”) or bulk drug product sales to Astellas and AstraZeneca was as follows for the three months ended March 31, 2024 and 2023 (in thousands):

		Three Months Ended March 31,
		2024				2023
Astellas Japan Agreement		$	(2,205	)		$	1,732
Astellas Europe Agreement			1,021				377
AstraZeneca U.S./RoW Agreement			25,670				—
Drug product revenue, net		$	24,486			$	2,109

Summary of Amounts Recognized as Revenue

Amounts recognized as revenue under the agreements with Eluminex were as follows for the three months ended March 31, 2024 and 2023 (in thousands):

				Three Months Ended March 31,
Agreement		Performance Obligation		2024				2023
Eluminex		License revenue		$	—			$	6,000
		Other revenue - contract manufacturing			116				235

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, 2023				Recognized as Revenue				Reclassified to Accrued Liability / Accounts Payable				Balance at March 31, 2024
Drug product revenue - deferred revenue:
Astellas Europe Agreement		$	(16,925	)		$	1,021			$	5,660			$	(10,244	)

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, 2023				Additions				Recognized as Revenue				Currency Translation and Other				Balance at March 31, 2024
Product revenue - AstraZeneca China    performance obligation - deferred revenue		$	(179,851	)		$	(24,950	)		$	27,113			$	1,057			$	(176,631	)

Japan [Member]

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations and Product Revenue Net

The transaction price related to consideration received through March 31, 2024 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Japan Agreement (in thousands):

Astellas Japan Agreement		Total Consideration  Through March 31, 2024
License		$	100,347
Development revenue			17,099
Total license and development revenue		$	117,446

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 three months ended March 31, 2024 and 2023 (in thousands):

				Three Months Ended March 31,
Agreement		Performance Obligation		2024				2023
Astellas Europe Agreement		Development revenue		$	287			$	1,529

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations and Product Revenue Net

The transaction price related to consideration received through March 31, 2024 and accounts receivable has been allocated to each of the following performance obligations under the Astellas Europe Agreement as follows (in thousands):

Astellas Europe Agreement		Total Consideration  Through March 31, 2024
License		$	618,975
Development revenue			287,004
Total license and development revenue		$	905,979

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 AstraZeneca China Agreement were as follows for the three months ended March 31, 2024 and 2023 (in thousands):

				Three Months Ended March 31,
Agreement		Performance Obligation		2024				2023
AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement		Development revenue		$	468			$	2,032

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations and Product Revenue Net

The transaction price related to consideration received and accounts receivable through the termination of the AstraZeneca U.S./RoW Agreement has been allocated to each of the performance obligations under the AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement, including $344.5 million for license, $625.6 million for co-development, information sharing and committee services, and $399.5 million for China performance obligation (with cumulative revenue of $222.9 million through March 31, 2024) that is recognized as product revenue, as described under Product Revenue, Net section below.

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