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Collaboration Agreements, License Agreement and Revenues (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Direct Sales:
Gross revenue		$	4,355			$	3,186			$	12,186			$	9,853
Discounts and rebates			(363	)			(261	)			(1,130	)			(763	)
Sales returns			(3	)			2				(4	)			2
Direct sales revenue, net			3,989				2,927				11,052				9,092
Sales to Falikang:
Gross transaction price			53,696				42,294				146,608				118,696
Profit share			(23,973	)			(18,130	)			(64,393	)			(51,430	)
Net transaction price			29,723				24,164				82,215				67,266
Decrease in deferred revenue			12,498				2,299				33,124				1,081
Sales to Falikang revenue, net			42,221				26,463				115,339				68,347
Total product revenue, net		$	46,210			$	29,390			$	126,391			$	77,439

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 nine months ended September 30, 2024 and 2023 (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Astellas Japan Agreement		$	(1,355	)		$	695			$	(3,926	)		$	16,236
Astellas Europe Agreement			1,093				625				3,209				1,465
AstraZeneca U.S./RoW Agreement			—				—				25,671				—
Drug product revenue, net		$	(262	)		$	1,320			$	24,954			$	17,701

Summary of Amounts Recognized as Revenue

Amounts recognized as revenue under the agreements with Eluminex were as follows for the three and nine months ended September 30, 2024 and 2023 (in thousands):

				Three Months Ended September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2024				2023				2024				2023
Eluminex		License revenue		$	—			$	—			$	—			$	7,000
		Other revenue - contract manufacturing			—				241				116				723
		Other revenue - patent transfer		$	—				500			$	—				500

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 September 30, 2024
Drug product revenue - deferred revenue:
Astellas Europe Agreement		$	(16,925	)		$	3,210			$	5,605			$	(8,110	)

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 September 30, 2024
Product revenue - AstraZeneca China    performance obligation - deferred revenue		$	(179,851	)		$	(82,185	)		$	115,339			$	(270	)		$	(146,967	)

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 September 30, 2024 and accounts receivable has been allocated to each of the performance obligations under the Astellas Japan Agreement, including $100.3 million for license and $17.1 million for co-development.

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 nine months ended September 30, 2024 and 2023 (in thousands):

				Three Months Ended September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2024				2023				2024				2023
Astellas Europe Agreement		Development revenue		$	382			$	2,322			$	987			$	5,657

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 nine months ended September 30, 2024 and 2023 (in thousands):

				Three Months Ended September 30,								Nine Months Ended September 30,
Agreement		Performance Obligation		2024				2023				2024				2023
AstraZeneca U.S./RoW Agreement and AstraZeneca China Agreement		License revenue		$	—			$	2,649			$	—			$	2,649
		Development revenue		$	—			$	3,676			$	418			$	7,981

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