Collaboration and License Agreements and Supply Agreements (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
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| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
In accordance with the collaboration, license, and supply agreements, the Company recognized revenue as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Astellas Pharma Inc. (“Astellas”) |
|
$ |
45,423 |
|
|
$ |
52,868 |
|
Tasly Biopharmaceuticals Co., Ltd. (“Tasly”) |
|
|
104 |
|
|
|
6,021 |
|
Vaxcyte, Inc. ("Vaxcyte") |
|
|
600 |
|
|
|
2,576 |
|
Ipsen Pharma SAS (“Ipsen”) |
|
|
56,357 |
|
|
|
559 |
|
Merck Sharp & Dohme Corporation (“Merck”) |
|
|
— |
|
|
|
19 |
|
Total revenue |
|
$ |
102,484 |
|
|
$ |
62,043 |
|
|
| Summary of Deferred Revenue Balance |
The following table presents the changes in the Company’s deferred revenue balance from the agreements during the year ended December 31, 2025:
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|
|
|
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|
Year ended |
|
|
|
December 31, 2025 |
|
|
|
(in thousands) |
|
Deferred revenue—December 31, 2024 |
|
$ |
82,319 |
|
Additions to deferred revenue |
|
|
16,019 |
|
Recognition of revenue in current period |
|
|
(85,748 |
) |
Deferred revenue—December 31, 2025 |
|
$ |
12,590 |
|
|
| Vaxcyte Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Vaxcyte agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Research and development services |
|
$ |
581 |
|
|
$ |
2,287 |
|
Materials supply |
|
|
19 |
|
|
|
289 |
|
Total revenue |
|
$ |
600 |
|
|
$ |
2,576 |
|
|
| Astellas License and Collaboration Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Astellas Agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
31,890 |
|
|
$ |
39,900 |
|
Research and development services |
|
|
2,459 |
|
|
|
5,200 |
|
Financing component on unearned revenue |
|
|
3,413 |
|
|
|
6,289 |
|
Materials supply |
|
|
7,661 |
|
|
|
1,479 |
|
Total revenue |
|
$ |
45,423 |
|
|
$ |
52,868 |
|
|
| Tasly License Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Tasly agreements were as follows:
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|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Contingent payment |
|
$ |
— |
|
|
$ |
5,000 |
|
Research and development services |
|
|
— |
|
|
|
70 |
|
Materials supply |
|
|
104 |
|
|
|
951 |
|
Total revenue |
|
$ |
104 |
|
|
$ |
6,021 |
|
|
| Ipsen Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Ipsen agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
50,429 |
|
|
$ |
— |
|
Research and development services |
|
|
71 |
|
|
|
174 |
|
Materials supply |
|
|
5,857 |
|
|
|
385 |
|
Total revenue |
|
$ |
56,357 |
|
|
$ |
559 |
|
|