Revenue |
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| Revenue | 3. Revenue Revenue from collaboration agreements for the years ended December 31, 2025 and 2024 predominately relates to the research collaboration agreements the Group entered into with AstraZeneca in March 2020 and Hansoh in October 2021. Disaggregation of revenue from contracts with customers is as follows:
Under its collaboration agreement with AstraZeneca, the Group received an upfront cash payment of $20.0 million in 2020 with a further amount of $40.0 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 year ended December 31, 2025, the Group did not achieve any milestone payments (2024: $10.0 million). During the year ended December 31, 2025, the Group recognized a total of $0.6 million in revenue under this agreement (2024: $18.0 million). The Group entered into a collaboration agreement with Hansoh on October 15, 2021. The Group received a $16.0 million ($14.4 million, net of taxes) upfront payment to us in December 2021. The Group is eligible to receive development, regulatory and commercial milestones as well as royalties on Hansoh net product sales. During the year ended December 31, 2025, the Group did not achieve any milestone payments (2024: $2.0 million). The Group recognizes the upfront payment and milestone payments over time, in accordance with ASC 606. In December 2024, Hansoh notified the Group that it will not pursue further development under the Hansoh Collaboration. This represented the conclusion of all required development activities and commitments under the terms of the Hansoh Collaboration. During the year ended December 31, 2025, the Group did not recognize revenue under this agreement (2024: $24.6 million). |
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