Collaborations |
3 Months Ended |
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Jun. 30, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations | Collaborations GlaxoSmithKline Agreement and Subsequent Amendments Prior to the Closing Date, the Company had an ongoing collaboration with an affiliate of GlaxoSmithKline (“GSK”), originally established in July 2018 under a four-year exclusive drug discovery and development agreement, which was amended in 2019 and 2021 (as amended, the “original GSK Agreement”). In October 2023, the original GSK Agreement was further amended (the “2023 GSK Amendment”) to provide GSK with a non-exclusive license to certain new, de-identified, aggregated data included in the Company’s database (the “New Data”), as well as access to certain Company research services with respect to such New Data in return for a $20.0 million data access fee, which the Company received during fiscal 2025. The license to the New Data expires one year from the date GSK provided the Company with a notice that GSK was ready to use the New Data (the “Data Use Notice”); in September 2024, the Company and GSK agreed to extend the deadline for the Data Use Notice from September 30, 2024 to October 28, 2024. Revenue attributable to the New Data license was accounted for upon the satisfaction of performance obligations and was recognized upon the Company’s receipt of the Data Use Notice from GSK, which occurred on October 28, 2024. Revenue attributable to research services was recognized as the performance obligation was satisfied using an input method to measure progress. The Company believes that actual hours incurred relative to contractually agreed upon hours is the most accurate measurement of progress for the input method. The license to the New Data will expire on October 28, 2025. Pursuant to the 2023 GSK Amendment, the Company opted-out of cost-sharing and other research and development obligations with respect to three programs initiated by GSK and the Company under the original GSK Agreement. The Company retains rights to receive low to mid-single digit royalties on net sales of products developed in these three programs. The Company recognized research services revenue related to the 2023 GSK Amendment of $0.1 million and nil during the three months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and March 31, 2025, the Company had deferred revenue of $0.3 million related to the 2023 GSK Amendment. Cost-sharing amounts incurred prior to the identification of targets included in cost of service revenue were nil during both the three months ended June 30, 2025 and 2024. Cost-sharing amounts incurred subsequent to the identification of targets were nil and $0.6 million during the three months ended June 30, 2025 and 2024, respectively, included within net loss from discontinued operations within the condensed consolidated statement of operations and comprehensive loss. As of June 30, 2025 and March 31, 2025, the Company had $2.2 million and $2.3 million, respectively, related to balances of amounts payable to GSK for reimbursement of shared costs included within liabilities subject to compromise on the condensed consolidated balance sheets. GSK’s affiliate, Glaxo Group Limited, is considered as a related party to the Company. See Note 16, “Related Party Transactions.”
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