Revenue |
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| Revenues [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 3. Revenue Revenue from collaboration agreements for the three and six months ended June 30, 2025, predominately related to the research collaboration agreement the Group entered into with AstraZeneca in March 2020. Revenue for the three months ended June 30, 2025 was reflective of $0.2 million of total revenue from contracts with customers (three months ended June 30, 2024: $0.8 million). There was no royalty income for the three months ended June 30, 2025 or 2024. Revenue for the six months ended June 30, 2025 was reflective of $0.4 million of total revenue from contracts with customers (six months ended June 30, 2024: $16.5 million) and no royalty income (six months ended June 30, 2024: $0.1 million). Disaggregation of revenue from contracts with customers is as follows:
Under its collaboration agreement with AstraZeneca, the Group received an upfront cash payment of $20 million in 2020 with a further payment of $40 million received in May 2021. The Group is also eligible to receive specified development and commercial milestone payments as well as tiered royalties on net sales, if any. The Group recognizes the upfront payment and milestone payments over time, in accordance with ASC 606. During the six months ended June 30, 2025, the Group achieved no milestone payments from the collaboration agreement with AstraZeneca (six months ended June 30, 2024: $10.0 million). During the six months ended June 30, 2025, the Group recognized a total of $0.4 million in revenue under its collaboration agreement with AstraZeneca (six months ended June 30, 2024: $15.0 million). |
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