Licensing Revenue |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Revenue from Contract with Customer [Abstract] | |
| Licensing Revenue | Licensing Revenue Exclusive License Agreement with 3D Medicines Inc. In December 2020, the Company entered into an exclusive license agreement with 3D Medicines (the "3D Medicines Agreement") pursuant to which the Company granted 3D Medicines a sublicensable royalty-bearing license under certain intellectual property owned or controlled by the Company, to develop, manufacture and have manufactured, and commercialize GPS and heptavalent GPS (referred to as GPS Plus) product candidates ("GPS Licensed Products") for all therapeutic and other diagnostic uses in mainland China, Hong Kong, Macau, and Taiwan (the "3DMed Territory"). In partial consideration for the rights granted by the Company, 3D Medicines agreed to pay the Company (i) a one-time upfront cash payment of $7.5 million, and (ii) milestone payments totaling up to $194.5 million in the aggregate upon the achievement of certain technology transfer, development and regulatory milestones, as well as sales milestones based on certain net sales thresholds of GPS Licensed Products in the 3DMed Territory in a given calendar year. 3D Medicines also agreed to pay tiered royalties based upon a percentage of annual net sales of GPS Licensed Products in the 3DMed Territory ranging from the high single digits to the low double digits. The Company has evaluated the 3D Medicines Agreement under ASC Topic 606, Revenue From Contracts with Customers, and has recognized a total of $10.5 million as licensing revenue in previous years for the upfront payment and certain technology transfer and regulatory milestones. There is $191.5 million in potential future development, regulatory, and sales milestones, not including future royalties, remaining under the 3D Medicines Agreement as of June 30, 2026, which milestones are variable in nature and not under the Company's control. At the end of each reporting period, the Company reevaluates the probability of achievement of the future development, regulatory, and sales milestones subject to constraint and, if necessary, will recognize adjustments on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For the sales-based royalties, the Company will recognize revenue when the related sales occur. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. There was no licensing revenue recognized during the six months ended June 30, 2026 and 2025. There was no cost of licensing revenue recognized during the six months ended June 30, 2026 and 2025. In December 2023, the Company commenced a binding arbitration proceeding against 3D Medicines, which involved, among other things, the trigger and payment of certain milestone payments due to the Company. In July 2026, the sole arbitrator in the proceeding issued a decision dismissing the Company's claims. The total of $191.5 million in potential future milestone payments remain. See Note 5, Legal Proceedings.
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