v3.25.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of disaggregation of revenue from contracts with customers [abstract]  
Summary of Analysis of Revenue
An analysis of revenue is as follows:
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2025202420252024
License revenue
License revenue - Novartis$15,386 $15,769 $24,734 $27,950 
License revenue - Janssen— 75,077 — 75,077 
License revenue - Related party sublicense*
19,952 — 19,952 — 
License revenue - total35,338 90,846 44,686 103,027 
Collaboration revenue219,717 93,254 405,332 171,735 
Other revenue3 2,423 93 5,752 
Total Revenue$255,058 $186,523 $450,111 $280,514 

* License revenue - Related party sublicense: License revenue recognized under a license agreement where the related party is required to remit to the Company 10.0% of license payment it earns from sublicensing to third parties the specified patents and related know-how that are included in the agreement. The license revenue was recognized at the time when the related party received the payment from its licensor. The receivables in connection with this license revenue were recorded in trade receivables as of June 30, 2025 and were subsequently collected in July 2025.
Summary of Revenue by Geographic Area
An analysis of revenue by geographic area is as follows. The revenue information is based on the locations of the customers.
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2025202420252024
License and other revenue
United States of America$15,386 $93,216 $24,734 $108,585 
China19,955 53 20,045 194 
Total License revenue and Other revenue$35,341 $93,269 $44,779 $108,779 
Collaboration Revenue
United States of America$179,217 $83,482 $338,159 $153,591 
Europe40,500 9,772 67,173 18,144 
Total Collaboration revenue$219,717 $93,254 $405,332 $171,735 
Total Revenue$255,058 $186,523 $450,111 $280,514 
Summary of Disclosure of Timing of transfer of Goods or Services
An analysis of the timing of transfer of goods or services is as follows:
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2025202420252024
Revenue at a point in time$239,672 $170,754 $425,377 $252,564 
Revenue over time*15,386 15,769 24,734 27,950 
Total Revenue$255,058 $186,523 $450,111 $280,514 
*All revenue streams are recognized at a point in time except for License Revenue for Novartis which is recognized over time.