License and Collaboration Agreements (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Schedule Of Revenues Earned Under License and Collaboration Agreements |
Revenues earned under license and collaboration agreements consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
License and royalty revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Zolgensma and Itvisma royalties |
|
$ |
3,841 |
|
|
$ |
18,423 |
|
|
$ |
8,893 |
|
|
$ |
35,416 |
|
AbbVie development milestone |
|
|
100,000 |
|
|
|
— |
|
|
|
100,000 |
|
|
|
— |
|
Nippon Shinyaku licenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,979 |
|
Other |
|
|
— |
|
|
|
42 |
|
|
|
38 |
|
|
|
119 |
|
Total license and royalty revenue |
|
|
103,841 |
|
|
|
18,465 |
|
|
|
108,931 |
|
|
|
105,514 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Nippon Shinyaku services |
|
|
3,720 |
|
|
|
2,720 |
|
|
|
4,731 |
|
|
|
4,494 |
|
Other |
|
|
458 |
|
|
|
174 |
|
|
|
750 |
|
|
|
363 |
|
Total service revenue |
|
|
4,178 |
|
|
|
2,894 |
|
|
|
5,481 |
|
|
|
4,857 |
|
Total revenues |
|
$ |
108,019 |
|
|
$ |
21,359 |
|
|
$ |
114,412 |
|
|
$ |
110,371 |
|
|
| Summary of Accounts Receivable, Contract Assets and Deferred Revenue |
The following table presents the balances of the Company’s accounts receivable, contract assets and deferred revenue, as well as other information regarding revenue recognized, during the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Accounts receivable, current and non-current: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
10,458 |
|
|
$ |
19,400 |
|
|
$ |
28,691 |
|
|
$ |
20,947 |
|
End of period |
|
$ |
107,189 |
|
|
$ |
21,783 |
|
|
$ |
107,189 |
|
|
$ |
21,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract assets (included in other current assets): |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
65 |
|
|
$ |
44 |
|
|
$ |
104 |
|
|
$ |
239 |
|
End of period |
|
$ |
523 |
|
|
$ |
28 |
|
|
$ |
523 |
|
|
$ |
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue, current and non-current: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
28,695 |
|
|
$ |
39,885 |
|
|
$ |
29,395 |
|
|
$ |
115 |
|
End of period |
|
$ |
25,286 |
|
|
$ |
37,781 |
|
|
$ |
25,286 |
|
|
$ |
37,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized during the period from: |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts included in deferred revenue at beginning of period |
|
$ |
3,409 |
|
|
$ |
2,104 |
|
|
$ |
4,109 |
|
|
$ |
115 |
|
Performance obligations satisfied in previous periods |
|
$ |
105,793 |
|
|
$ |
18,425 |
|
|
$ |
110,808 |
|
|
$ |
35,420 |
|
|
| Summary of Accounts Receivables |
Accounts receivable consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Current accounts receivable: |
|
|
|
|
|
|
Billed to AbbVie for development milestone |
|
$ |
100,000 |
|
|
$ |
— |
|
Billed to other customers |
|
|
385 |
|
|
|
557 |
|
Unbilled Novartis royalties |
|
|
4,124 |
|
|
|
23,806 |
|
Unbilled Nippon Shinyaku services |
|
|
2,222 |
|
|
|
1,997 |
|
Other unbilled |
|
|
23 |
|
|
|
19 |
|
Current accounts receivable |
|
|
106,754 |
|
|
|
26,379 |
|
Non-current accounts receivable: |
|
|
|
|
|
|
Unbilled Nippon Shinyaku services |
|
|
— |
|
|
|
1,858 |
|
Other unbilled |
|
|
435 |
|
|
|
454 |
|
Non-current accounts receivable |
|
|
435 |
|
|
|
2,312 |
|
Total accounts receivable |
|
$ |
107,189 |
|
|
$ |
28,691 |
|
|
| Novartis Gene Therapies [Member] |
|
| Schedule Of Revenues Earned Under License and Collaboration Agreements |
The Company recognized the following amounts under the Novartis License (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Zolgensma royalties |
|
$ |
1,753 |
|
|
$ |
18,423 |
|
|
$ |
6,502 |
|
|
$ |
35,416 |
|
Itvisma royalties |
|
|
2,088 |
|
|
|
— |
|
|
|
2,391 |
|
|
|
— |
|
Total license and royalty revenue |
|
$ |
3,841 |
|
|
$ |
18,423 |
|
|
$ |
8,893 |
|
|
$ |
35,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from licensing |
|
$ |
10 |
|
|
$ |
10 |
|
|
$ |
20 |
|
|
$ |
21 |
|
|
| Abb Vie Collaboration And License Agreement [Member] |
|
| Schedule of Collaboration Agreement |
The Company recognized the following amounts under the AbbVie Collaboration Agreement (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
License and royalty revenue |
|
$ |
100,000 |
|
|
$ |
— |
|
|
$ |
100,000 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cost reimbursement to (from) AbbVie included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
$ |
(12,051 |
) |
|
$ |
(17,056 |
) |
|
$ |
(24,686 |
) |
|
$ |
(31,737 |
) |
General and administrative expense |
|
|
1,231 |
|
|
|
551 |
|
|
|
1,751 |
|
|
|
1,148 |
|
Total net cost reimbursement to (from) AbbVie |
|
$ |
(10,820 |
) |
|
$ |
(16,505 |
) |
|
$ |
(22,935 |
) |
|
$ |
(30,589 |
) |
|
| Nippon Shinyaku Collaboration and License Agreement [Member] |
|
| Schedule of Collaboration Agreement |
The Company recognized the following amounts under the Nippon Shinyaku Collaboration Agreement (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
License and royalty revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69,979 |
|
Service revenue |
|
|
3,720 |
|
|
|
2,720 |
|
|
|
4,731 |
|
|
|
4,494 |
|
Total revenues |
|
$ |
3,720 |
|
|
$ |
2,720 |
|
|
$ |
4,731 |
|
|
$ |
74,473 |
|
|