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Collaboration Agreements, License Agreement and Revenues (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Direct Sales: |  |  |  |  |  |  |  |  |  |  |  |
Gross revenue |  | $ | 4,046 |  |  | $ | 3,607 |  |  | $ | 7,831 |  |  | $ | 6,667 |
Discounts and rebates |  |  | (408 | ) |  |  | (229 | ) |  |  | (767 | ) |  |  | (503 | )
Sales returns |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 1 |
Direct sales revenue, net |  |  | 3,638 |  |  |  | 3,377 |  |  |  | 7,063 |  |  |  | 6,165 |
Sales to Falikang: |  |  |  |  |  |  |  |  |  |  |  |
Gross transaction price |  |  | 49,352 |  |  |  | 42,153 |  |  |  | 92,912 |  |  |  | 76,402 |
Profit share |  |  | (21,397 | ) |  |  | (18,312 | ) |  |  | (40,420 | ) |  |  | (33,300 | )
Net transaction price |  |  | 27,955 |  |  |  | 23,841 |  |  |  | 52,492 |  |  |  | 43,102 |
Decrease (increase) in deferred revenue |  |  | 18,050 |  |  |  | (3,329 | ) |  |  | 20,626 |  |  |  | (1,218 | )
Sales to Falikang revenue, net |  |  | 46,005 |  |  |  | 20,512 |  |  |  | 73,118 |  |  |  | 41,884 |
Total product revenue, net |  | $ | 49,643 |  |  | $ | 23,889 |  |  | $ | 80,181 |  |  | $ | 48,049 |
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 and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Astellas Japan Agreement |  | $ | (366 | ) |  | $ | 13,809 |  |  | $ | (2,571 | ) |  | $ | 15,541 |
Astellas Europe Agreement |  |  | 1,095 |  |  |  | 463 |  |  |  | 2,116 |  |  |  | 840 |
AstraZeneca U.S./RoW Agreement |  |  | — |  |  |  | — |  |  |  | 25,671 |  |  |  | — |
Drug product revenue, net |  | $ | 729 |  |  | $ | 14,272 |  |  | $ | 25,216 |  |  | $ | 16,381 |
Summary of Amounts Recognized as Revenue | Amounts recognized as revenue under the agreements with Eluminex were as follows for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Agreement |  | Performance Obligation |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Eluminex |  | License revenue |  | $ | — |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | 7,000 |
|  | Other revenue - contract manufacturing |  | $ | — |  |  | $ | 246 |  |  | $ | 116 |  |  | $ | 482 |
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 June 30, 2024 |
Drug product revenue - deferred revenue: |  |  |  |  |  |  |  |  |  |  |  |
Astellas Europe Agreement |  | $ | (16,925 | ) |  | $ | 2,116 |  |  | $ | 5,406 |  |  | $ | (9,403 | )
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 June 30, 2024 |
Product revenue - AstraZeneca China performance obligation - deferred revenue |  | $ | (179,851 | ) |  | $ | (53,269 | ) |  | $ | 73,118 |  |  | $ | 1,409 |  |  | $ | (158,593 | )
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 June 30, 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 June 30, 2024 |
License |  | $ | 100,347 |
Development revenue |  |  | 17,100 |
Total license and development revenue |  | $ | 117,447 |
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 and six months ended June 30, 2024 and 2023 (in thousands):
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Agreement |  | Performance Obligation |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Astellas Europe Agreement |  | Development revenue |  | $ | 318 |  |  | $ | 1,806 |  |  | $ | 606 |  |  | $ | 3,335 |
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 June 30, 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 June 30, 2024 |
License |  | $ | 618,975 |
Development revenue |  |  | 287,322 |
Total license and development revenue |  | $ | 906,297 |
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 and six months ended June 30, 2024 and 2023 (in thousands):
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Agreement |  | Performance Obligation |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement |  | Development revenue |  | $ | (50 | ) |  | $ | 2,273 |  |  | $ | 418 |  |  | $ | 4,305 |
Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations and Product Revenue Net | The transaction price relat ed 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, $625.5 million for co-development, information sharing and committee services, and $427.5 million for China performance obligation (with cumulative revenue of $268.9 million through June 30, 2024) that is recognized as product revenue, as described under Product Revenue, Net section below.

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