Significant agreements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Significant agreements. |
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| Summary of revenue recognized from collaboration arrangements |
The following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations and comprehensive loss from these arrangements (in thousands): | | | | | | | | | | | | | | | Three Months | | Six Months | | | Ended | | Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Collaboration revenue | | | | | | | | | | | | | Bayer | | $ | 629 | | $ | 1,009 | | $ | 1,516 | | $ | 1,857 | Novartis | | | — | | | 1,491 | | | — | | | 2,896 | Genentech | | | — | | | 420 | | | — | | | 8,144 | Total collaboration revenue | | $ | 629 | | $ | 2,920 | | $ | 1,516 | | $ | 12,897 |
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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 | | June 30, | | | 2026 | | Additions | | Deductions | | Rates | | 2026 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | 34,629 | | $ | 567 | | $ | (1,516) | | $ | (506) | | $ | 33,174 | Ionis collaboration deferred revenue | | | 3,840 | | | — | | | — | | | (58) | | | 3,782 | Total deferred revenue | | $ | 38,469 | | $ | 567 | | $ | (1,516) | | $ | (564) | | $ | 36,956 |
| | | | | | | | | | | | | | | | | | 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 |
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| Summary of recognition of revenues as a result of changes in contract asset and contract liability balances |
During the three and six months ended June 30, 2026 and 2025, the Company recognized the following revenue as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands): | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Revenue recognized in the period from: | | | | | | | | | | | | Revenue recognized based on proportional performance | $ | 629 | | $ | 2,920 | | $ | 1,516 | | $ | 5,384 | Revenue recognized based on contract modifications and expiration of material rights | | — | | | — | | | — | | | 7,513 | Total | $ | 629 | | $ | 2,920 | | $ | 1,516 | | $ | 12,897 |
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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 |
The following table summarizes the allocation of the remaining unrecognized transaction price to the remaining unsatisfied and partially satisfied performance obligations as of the modification date (in thousands): | | | | | | Allocation of | Performance Obligations | | Transaction Price | 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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