Significant agreements (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Significant agreements. |
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| Summary of revenue recognized from collaboration arrangements |
The following table summarizes the revenue recognized from the Company’s collaboration arrangements in the consolidated statements of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | | | Year Ended | | | December 31, | | | 2025 | | 2024 | | 2023 | Collaboration revenue | | | | | | | | | | Bayer | | $ | 8,920 | | $ | 3,393 | | $ | 1,160 | Novartis | | | 46,985 | | | 8,161 | | | 1,909 | Ionis | | | 2,000 | | | 8,881 | | | 10,734 | Genentech | | | 14,681 | | | 14,840 | | | 11,969 | AstraZeneca | | | — | | | — | | | 1,204 | Total collaboration revenue | | $ | 72,586 | | $ | 35,275 | | $ | 26,976 |
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| Summary of changes in the balances of the Company's contract assets and liabilities |
The following table presents changes in the balances of the Company’s contract liabilities (in thousands): | | | | | | | | | | | | | | | | | | Beginning Balance | | | | | | Impact of | | Ending Balance | | | January 1, | | | | | | Exchange | | December 31, | | | 2025 | | Additions | | Deductions | | Rates | | 2025 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | 39,960 | | $ | 960 | | $ | (8,920) | | $ | 2,629 | | $ | 34,629 | Novartis collaboration deferred revenue | | | 44,073 | | | — | | | (46,985) | | | 2,912 | | | — | Ionis collaboration deferred revenue | | | 3,587 | | | — | | | — | | | 253 | | | 3,840 | Genentech collaboration deferred revenue | | | 14,038 | | | — | | | (14,681) | | | 643 | | | — | Total deferred revenue | | $ | 101,658 | | $ | 960 | | $ | (70,586) | | $ | 6,437 | | $ | 38,469 |
| | | | | | | | | | | | | | | | | | Beginning Balance | | | | | | Impact of | | Ending Balance | | | January 1, | | | | | | Exchange | | December 31, | | | 2024 | | Additions | | Deductions | | Rates | | 2024 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | 43,618 | | $ | 296 | | $ | (3,393) | | $ | (561) | | $ | 39,960 | Novartis collaboration deferred revenue | | | 50,008 | | | 3,000 | | | (8,161) | | | (774) | | | 44,073 | Ionis collaboration deferred revenue | | | 12,464 | | | 90 | | | (8,881) | | | (86) | | | 3,587 | Genentech collaboration deferred revenue | | | 29,104 | | | — | | | (14,840) | | | (226) | | | 14,038 | Total deferred revenue | | $ | 135,194 | | $ | 3,386 | | $ | (35,275) | | $ | (1,647) | | $ | 101,658 |
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| Summary of recognition of revenues as a result of changes in contract asset and contract liability balances |
During the years ended December 31, 2025, 2024 and 2023, the Company recognized revenues as a result of the following (in thousands): | | | | | | | | | | | | Year Ended | | | December 31, | | | 2025 | | 2024 | | 2023 | Revenue recognized in the period from: | | | | | | | | | | Revenue recognized based on proportional performance | | $ | 9,109 | | $ | 24,266 | | $ | 19,160 | Revenue recognized based on contract modifications and expiration of material rights | | | 61,477 | | | 10,576 | | | 7,816 | Revenue recognized based on changes in transaction price | | | 2,000 | | | 433 | | | — | Total | | $ | 72,586 | | $ | 35,275 | | $ | 26,976 |
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| Bayer Collaboration Agreement |
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| Significant agreements. |
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| Summary of allocation of transaction price to separate performance obligations |
| | | | Performance Obligations | | Allocation | Combined performance obligation related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the remaining initial target | | $ | 10,125 | Material right associated with limited substitution rights for the remaining initial target | | | 2,206 | Material right associated with the option to progress radiopharmaceutical candidates directed to the remaining initial target into further development | | | 10,614 | Material right associated with the option to progress a non-radiopharmaceutical compound directed to the remaining initial target | | | 6,288 | Material right for the option to expand the collaboration to include an additional target and the underlying additional option rights | | | 10,986 | | | $ | 40,219 |
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