v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Royalties$307,699 $205,639 $548,380 $373,831 
Product sales, net
Proprietary product sales
55,428 46,452 97,301 82,793 
Bulk rHuPH20 sales
59,618 23,271 133,115 50,296 
Device partnered product sales
14,580 11,787 29,634 26,462 
Total product sales, net129,626 81,510 260,050 159,551 
Revenues under collaborative agreements
Upfront license and target nomination fees
35,500 — 35,500 220 
Event-based development and regulatory milestones and other fees
5,706 24,500 5,706 24,500 
Sales-based milestones
— 10,000 — 25,000 
Device licensing and development revenue
2,468 4,070 8,071 7,478 
Total revenues under collaborative agreements43,674 38,570 49,277 57,198 
Total revenues$480,999 $325,719 $857,707 $590,580 
During the three months ended June 30, 2026, we recognized revenue related to licenses granted to partners in prior periods in the amount of $313.4 million. This amount represents royalties earned in the current period, in addition to $5.7 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We recognized $0.3 million revenue during the three months ended June 30, 2026 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2025.
During the six months ended June 30, 2026, we recognized revenue related to licenses granted to partners in prior periods in the amount of $554.1 million. This amount represents royalties earned in the current period, in addition to $5.7 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We recognized $2.7 million revenue during the six months ended June 30, 2026 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2025.
Accounts receivable, net, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
June 30, 2026December 31, 2025
Accounts receivable, net$453,327 $426,273 
Other contract assets2,500 15,000 
Deferred revenues31,669 35,482 
As of June 30, 2026, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $266.0 million, of which $234.3 million relates to unfulfilled product purchase orders and $31.7 million has been collected and is reported as other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the second quarter of 2028. Of the total deferred revenues of $31.7 million, $4.4 million is expected to be used by our customers within the next 12 months.
There were $2.5 million of contract assets related to collaboration agreements as of June 30, 2026. While we may become entitled to receive additional event-based development and regulatory milestones and other fees under our collaborative agreements, which relate to development milestones deemed probable of receipt for intellectual property licenses granted to collaboration partners in prior periods, no amounts were deemed probable.