v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Grants, U.S. Government Contract and Joint Venture [Abstract]  
Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue
During the six months ended June 30, 2026 and 2025, changes in the Company’s deferred revenue balance were as follows (in thousands):
Balance, Beginning of PeriodAdditionsDeductions Balance, End of Period
Deferred revenue(1):
Six Months Ended June 30, 2026498,996 30,518 (86,182)443,332 
Six Months Ended June 30, 20251,121,886 — (608,860)513,026 
(1)    Deductions from Deferred revenue generally relate to the recognition of revenue once performance obligations on a contract with a customer are met. During the six months ended June 30, 2026, deductions include $66.1 million related to revenue recognized for R&D transition services that support further regulatory approval and development of the COVID-19 Vaccine (“Sanofi Transition Services”) and supply sales with Sanofi; $10.3 million of Licensing, royalties, and other revenue from other partners; and $9.8 million of Nuvaxovid™ sales. During the six months ended June 30, 2025, deductions include $555.7 million related to the Canada Advanced Purchase Agreement (“APA”) termination.
Schedule of Product Sales
During the three and six months ended June 30, 2026 and 2025, the categories of Product sales were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Product sales
 Nuvaxovid™ sales(1)
$— $(2,093)$9,558 $605,931 
 Supply sales(2)
18,854 12,817 51,496 26,471 
Total Product sales
$18,854 $10,724 $61,054 $632,402 
(1)NuvaxovidTM sales are sales of the Company’s COVID-19 Vaccine associated with APAs with governments and commercial markets, where the Company is the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors.
(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and other material sales to the Company’s partners.
Licensing, royalties, and other by license partner for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Licensing, royalties, and other
Sanofi $35,768 $199,412 $84,666 $239,733 
Pfizer— — 30,000 — 
Takeda215 27,212 950 27,212 
Serum1,823 1,892 9,189 6,548 
Other partners(1)
38 — 10,353 — 
Total licensing, royalties, and other revenue$37,844 $228,516 $135,158 $273,493 
(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as SK bioscience, Co., Ltd.
Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Sanofi licensing, royalties, and other revenue
Licensing:
     Milestones$— $175,000 $— 175,000 
Royalties676 — 4,195 — 
Transition services and technology transfer:
Upfront fee amortization(1)
8,728 12,268 20,834 32,180 
Milestones amortization(1)
3,762 5,665 9,313 14,808 
Cost reimbursements
22,602 6,479 50,324 17,745 
Total Sanofi licensing, royalties, and other revenue
$35,768 $199,412 $84,666 $239,733 
(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to a portion of the $500 million upfront payment and the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 that were deferred upon achievement and are recognized in revenue over time.

Takeda licensing, royalties, and other revenue were comprised of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Takeda licensing, royalties, and other revenue
Licensing:
     Upfront fee(1)
$— $18,500 $— $18,500 
     Milestones— 3,434 — 3,434 
Royalties(50)5,000 611 5,000 
Support services265 278 339 278 
Tota Total Takeda licensing, royalties, and other revenue
$215 $27,212 $950 $27,212 
(1)Upfront fee includes $14.5 million of nonrefundable upfront payments associated with the Amended Takeda CLA as defined below and $4.0 million of previously unrecognized consideration from the Original Takeda CLA.