Collaboration and License Agreements and Supply Agreements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
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| Summary of Recognized Revenue |
In accordance with the collaboration, license and supply agreements, the Company recognized revenue as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
|
|
2025 |
|
|
2026 |
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|
2025 |
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|
|
(in thousands) |
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|
(in thousands) |
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Astellas Pharma Inc. (“Astellas”) |
|
$ |
9,637 |
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|
$ |
7,415 |
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|
$ |
24,145 |
|
|
$ |
24,294 |
|
Vaxcyte, Inc. ("Vaxcyte") |
|
|
177 |
|
|
|
165 |
|
|
|
192 |
|
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|
388 |
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Ipsen Pharma SAS (“Ipsen”) |
|
|
— |
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|
|
56,069 |
|
|
|
— |
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|
|
56,357 |
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Other |
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|
25 |
|
|
|
96 |
|
|
|
25 |
|
|
|
105 |
|
Total revenue |
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$ |
9,839 |
|
|
$ |
63,745 |
|
|
$ |
24,362 |
|
|
$ |
81,144 |
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| Summary of Deferred Revenue Balance |
The following table presents the changes in the Company’s deferred revenue balance from the agreements during the six months ended June 30, 2026:
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Six Months Ended |
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|
June 30, 2026 |
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(in thousands) |
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Deferred revenue—December 31, 2025 |
|
$ |
12,590 |
|
Additions to deferred revenue |
|
|
10,000 |
|
Recognition of revenue in current period |
|
|
(16,134 |
) |
Deferred revenue—June 30, 2026 |
|
$ |
6,456 |
|
|
| Vaxcyte Agreement |
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| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Vaxcyte agreements were as follows:
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Three Months Ended |
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|
Six Months Ended |
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|
|
June 30, |
|
|
June 30, |
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|
|
2026 |
|
|
2025 |
|
|
2026 |
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|
2025 |
|
|
|
(in thousands) |
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|
(in thousands) |
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Research and development services |
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$ |
22 |
|
|
$ |
147 |
|
|
$ |
37 |
|
|
$ |
369 |
|
Materials supply |
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|
155 |
|
|
|
18 |
|
|
|
155 |
|
|
|
19 |
|
Total revenue |
|
$ |
177 |
|
|
$ |
165 |
|
|
$ |
192 |
|
|
$ |
388 |
|
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| Ipsen Agreements |
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| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Ipsen agreements were as follows:
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Three Months Ended |
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Six Months Ended |
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|
|
June 30, |
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|
June 30, |
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|
|
2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
|
|
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(in thousands) |
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|
(in thousands) |
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Ongoing performance related to
unsatisfied performance obligations |
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$ |
— |
|
|
$ |
50,429 |
|
|
$ |
— |
|
|
$ |
50,429 |
|
Research and development services |
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|
— |
|
|
|
17 |
|
|
|
— |
|
|
|
71 |
|
Materials supply |
|
|
— |
|
|
|
5,623 |
|
|
|
— |
|
|
|
5,857 |
|
Total revenue |
|
$ |
— |
|
|
$ |
56,069 |
|
|
$ |
— |
|
|
$ |
56,357 |
|
|
| Astellas License and Collaboration Agreement |
|
| Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] |
|
| Summary of Recognized Revenue |
Revenues under the Astellas Agreements were as follows:
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Three Months Ended |
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|
Six Months Ended |
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|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Ongoing performance related to
unsatisfied performance obligations |
|
$ |
4,177 |
|
|
$ |
5,410 |
|
|
$ |
16,135 |
|
|
$ |
18,368 |
|
Research and development services |
|
|
495 |
|
|
|
609 |
|
|
|
1,051 |
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|
|
1,507 |
|
Financing component on unearned revenue |
|
|
516 |
|
|
|
832 |
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|
|
1,427 |
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|
|
2,008 |
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Materials supply |
|
|
4,449 |
|
|
|
564 |
|
|
|
5,532 |
|
|
|
2,411 |
|
Total revenue |
|
$ |
9,637 |
|
|
$ |
7,415 |
|
|
$ |
24,145 |
|
|
$ |
24,294 |
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