License, Collaboration and Other Significant Agreements (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Revenues Recognized From License, Collaboration and Other Significant Agreements |
During the years ended December 31, 2022, 2021 and 2020, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, | | | 2022 | | 2021 | | 2020 | | License, Collaboration and Other Revenue: | (in thousands) | | MTPC Agreement | $ | 17,968 | | | $ | 12,438 | | | $ | 15,405 | | | Otsuka U.S. Agreement | 86,773 | | | 36,588 | | | 93,446 | | | Otsuka International Agreement | 5,503 | | | 16,449 | | | 45,451 | | | Total Proportional Performance Revenue | $ | 110,244 | | | $ | 65,475 | | | $ | 154,302 | | | JT and Torii | 5,291 | | | 5,814 | | | 5,681 | | | MTPC Other Revenue | — | | | 73 | | | 6,423 | | | Total License, Collaboration and Other Revenue | $ | 115,535 | | | $ | 71,362 | | | $ | 166,406 | |
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| Deferred Revenues Balance |
During the years ended December 31, 2022, 2021 and 2020, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Short-Term | | Long-Term | | Total | | Deferred Revenue: | (in thousands) | | MTPC | $ | 3,738 | | | $ | — | | | $ | 3,738 | | | Vifor Agreement | — | | | 43,296 | | | 43,296 | | | Total | $ | 3,738 | | | $ | 43,296 | | | $ | 47,034 | |
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| Changes In Contract Assets and Liabilities |
The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2022 and 2021 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at
Beginning of
Period | | Additions | | Deductions | | Balance at End
of Period | | Twelve Months Ended December 31, 2022 | | | | | | | | | Contract assets: | | | | | | | | | Accounts receivable (1) | $ | 19,094 | | | $ | 94,515 | | | $ | (111,708) | | | $ | 1,901 | | | Prepaid expenses and other current assets | $ | 4,309 | | | $ | 9,550 | | | $ | (13,078) | | | $ | 781 | | | Contract liabilities: | | | | | | | | | Deferred revenue | $ | 42,380 | | | $ | 70,044 | | | $ | (65,390) | | | $ | 47,034 | | | Accounts payable | $ | 3,171 | | | $ | — | | | $ | (3,171) | | | $ | — | | | | | | | | | | | Twelve Months Ended December 31, 2021 | | | | | | | | | Contract assets: | | | | | | | | | Accounts receivable (1) | $ | 3,045 | | | $ | 64,676 | | | $ | (48,627) | | | $ | 19,094 | | | Prepaid expenses and other current assets | $ | 1,722 | | | $ | 2,592 | | | $ | (5) | | | $ | 4,309 | | | Contract liabilities: | | | | | | | | | Deferred revenue | $ | 40,559 | | | $ | 83,491 | | | $ | (81,670) | | | $ | 42,380 | | | Accounts payable | $ | 7,227 | | | $ | 3,171 | | | $ | (7,227) | | | $ | 3,171 | | | Accrued expenses and other current liabilities | $ | 10,000 | | | $ | — | | | $ | (10,000) | | | $ | — | |
(1)Excludes accounts receivable from other services related to clinical and regulatory activities performed by the Company on behalf of MTPC that are not included in the performance obligations identified under the MTPC Agreement as of December 31, 2022 and 2021. Also excludes accounts receivable related to amounts due to the Company from product sales which are included in the accompanying consolidated balance sheets as of December 31, 2022 and 2021.
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| Revenue Recognized Resulting from Changes in Contract Asset and Contract Liability |
During the years ended December 31, 2022, 2021 and 2020, the Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands): | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, | | Revenue Recognized in the Period from: | 2022 | | 2021 | | 2020 | | Amounts included in deferred revenue at the beginning of the period | $ | 29,574 | | | $ | 23,364 | | | $ | 36,032 | | | Performance obligations satisfied in previous periods | $ | — | | | $ | 81 | | | $ | 25,964 | |
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