Significant agreements (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Significant agreements |
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| Summary of revenue recognized from collaboration arrangements |
The following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations and comprehensive loss from these arrangements (in thousands): | | | | | | | | | | | | | | | Three Months | | Nine Months | | | Ended | | Ended | | | September 30, | | September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Collaboration revenue | | | | | | | | | | | | | Bayer | | $ | 34,057 | | $ | 1,016 | | $ | 35,573 | | $ | 2,873 | Novartis | | | — | | | 2,181 | | | — | | | 5,077 | Ionis | | | — | | | 2,000 | | | — | | | 2,000 | Genentech | | | — | | | 6,537 | | | — | | | 14,681 | Total collaboration revenue | | $ | 34,057 | | $ | 11,734 | | $ | 35,573 | | $ | 24,631 |
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| Summary of changes in the balances of the Company's contract assets and liabilities |
The following table presents changes in the balances of the Company’s contract liabilities (in thousands): | | | | | | | | | | | | | | | | | | Beginning Balance | | | | | | Impact of | | Ending Balance | | | January 1, | | | | | | Exchange | | September 30, | | | 2026 | | Additions | | Deductions | | Rates | | 2026 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | 34,629 | | $ | 969 | | $ | (35,573) | | $ | (25) | | $ | — | Ionis collaboration deferred revenue | | | 3,840 | | | — | | | — | | | (148) | | | 3,692 | Total deferred revenue | | $ | 38,469 | | $ | 969 | | $ | (35,573) | | $ | (173) | | $ | 3,692 |
| | | | | | | | | | | | | | | | | | Beginning Balance | | | | | | Impact of | | Ending Balance | | | January 1, | | | | | | Exchange | | December 31, | | | 2025 | | Additions | | Deductions | | Rates | | 2025 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | 39,960 | | $ | 960 | | $ | (8,920) | | $ | 2,629 | | $ | 34,629 | Novartis collaboration deferred revenue | | | 44,073 | | | — | | | (46,985) | | | 2,912 | | | — | Ionis collaboration deferred revenue | | | 3,587 | | | — | | | — | | | 253 | | | 3,840 | Genentech collaboration deferred revenue | | | 14,038 | | | — | | | (14,681) | | | 643 | | | — | Total deferred revenue | | $ | 101,658 | | $ | 960 | | $ | (70,586) | | $ | 6,437 | | $ | 38,469 |
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| Summary of recognition of revenues as a result of changes in contract asset and contract liability balances |
During the three and nine months ended September 30, 2026 and 2025, the Company recognized the following revenue as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands): | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2026 | | 2025 | | 2026 | | 2025 | Revenue recognized in the period from: | | | | | | | | | | | | Revenue recognized based on proportional performance | $ | — | | $ | 3,197 | | $ | 1,516 | | $ | 8,581 | Revenue recognized based on contract modifications and expiration of material rights | | 34,057 | | | 6,537 | | | 34,057 | | | 14,050 | Revenue recognized based on changes in transaction price | | — | | | 2,000 | | | — | | | 2,000 | Total | $ | 34,057 | | $ | 11,734 | | $ | 35,573 | | $ | 24,631 |
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