Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of Revenue Recognized, Transaction Price as a Result of Recognition of Milestones, and Estimated Revenue Expected to Be Recognized

The following table presents revenue recognized, transaction price including the portion associated with the milestones that are probable, and estimated revenue expected to be recognized in the future as of March 31, 2026 (in thousands):


	Transaction Price
Combined license, research and manufacturing services	$	247,846
Material right		41,190
Discovery research milestones(1)		2,000
Total transaction price(2)	$	291,036
Revenue recognized(3)		(71,900	)
Unrecognized transaction price as of March 31, 2026	$	219,136

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(1)

As of March 31, 2026, the Company determined that two discovery research milestones became probable of achievement. Accordingly, the Company recognized these milestones within the transaction price. The milestones recognized within the transaction price are allocated to the applicable R&D Program performance obligations to which they relate and are recognized as revenue using the input method.

(2)

Comprised of the allocation of the $195.0 million one-time, non-refundable upfront payment, of which $153.8 million was allocated to the four R&D programs and manufacturing services and $41.2 million was allocated to the material right. In addition, $94.0 million of variable consideration related to estimated research and manufacturing services for the four R&D Programs, and $2.0 million of variable consideration related to the two milestones deemed probable of achievement was allocated to the transaction price as of March 31, 2026.

For the three months ended March 31, 2026, the Company recognized revenue of $26.5 million, which was comprised of $10.3 million variable consideration related to research services for the four R&D Programs and manufacturing services, $15.7 million recognition of deferred revenue for the one-time, non-refundable upfront payment, and $0.5 million milestone revenue recognized on the two milestones discussed above. The Company recognized $26.8 million of the one-time, non-refundable upfront payment and $18.6 million variable considerations related to research services for the four R&D Programs and manufacturing services during the year ended December 31, 2025.

Summary of Changes in Deferred Revenue

The following table summarizes the changes in deferred revenue (in thousands):


Balance at January 1, 2026	$	168,186
Recognized in revenue during the three months ended March 31, 2026		(15,708	)
Netting against contract asset(1)		(531	)
Balance at March 31, 2026(2)	$	151,947

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(1)

During the three months ended March 31, 2026, the Company recognized $0.5 million of milestone revenue as described above and recorded a related contract asset as the contractual right to payment associated with the discovery research milestones under the Novo Collaboration Agreement had not arisen. In accordance with ASC 606, contract assets and liabilities associated within an agreement are considered interdependent and are recorded net in the condensed balance sheets. Accordingly, the contract asset was netted against the deferred revenue balance as of March 31, 2026.

(2)

Comprised of $59.8 million of deferred revenue, current and $92.2 million of deferred revenue, non-current, which is expected to be recognized over approximately 3.3 years. As of March 31, 2026, all of the Company's performance obligations associated with its deferred revenue balances are outstanding.