License and Collaboration Agreements (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Schedule Of Revenues Earned Under License and Collaboration Agreements |
Revenues earned under license and collaboration agreements consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
License and royalty revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Zolgensma and Itvisma royalties |
|
$ |
5,244 |
|
|
$ |
23,586 |
|
|
$ |
14,137 |
|
|
$ |
59,002 |
|
AbbVie development milestone |
|
|
— |
|
|
|
— |
|
|
|
100,000 |
|
|
|
— |
|
Nippon Shinyaku licenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,979 |
|
Other |
|
|
— |
|
|
|
19 |
|
|
|
38 |
|
|
|
138 |
|
Total license and royalty revenue |
|
|
5,244 |
|
|
|
23,605 |
|
|
|
114,175 |
|
|
|
129,119 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Nippon Shinyaku services |
|
|
3,309 |
|
|
|
5,932 |
|
|
|
8,040 |
|
|
|
10,426 |
|
Other |
|
|
609 |
|
|
|
196 |
|
|
|
1,359 |
|
|
|
559 |
|
Total service revenue |
|
|
3,918 |
|
|
|
6,128 |
|
|
|
9,399 |
|
|
|
10,985 |
|
Total revenues |
|
$ |
9,162 |
|
|
$ |
29,733 |
|
|
$ |
123,574 |
|
|
$ |
140,104 |
|
|
| Summary of Accounts Receivable, Contract Assets and Deferred Revenue |
The following table presents the balances of the Company’s accounts receivable, contract assets and deferred revenue, as well as other information regarding revenue recognized, during the periods presented (in thousands):
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|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Accounts receivable, current and non-current: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
107,189 |
|
|
$ |
21,783 |
|
|
$ |
28,691 |
|
|
$ |
20,947 |
|
End of period |
|
$ |
8,986 |
|
|
$ |
28,112 |
|
|
$ |
8,986 |
|
|
$ |
28,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract assets (included in other current assets): |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
523 |
|
|
$ |
28 |
|
|
$ |
104 |
|
|
$ |
239 |
|
End of period |
|
$ |
372 |
|
|
$ |
93 |
|
|
$ |
372 |
|
|
$ |
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue, current and non-current: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
25,286 |
|
|
$ |
37,781 |
|
|
$ |
29,395 |
|
|
$ |
115 |
|
End of period |
|
$ |
22,206 |
|
|
$ |
34,381 |
|
|
$ |
22,206 |
|
|
$ |
34,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue recognized during the period from: |
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|
|
|
|
|
|
|
|
|
|
|
Amounts included in deferred revenue at beginning of period |
|
$ |
3,080 |
|
|
$ |
3,401 |
|
|
$ |
7,189 |
|
|
$ |
115 |
|
Performance obligations satisfied in previous periods |
|
$ |
6,189 |
|
|
$ |
23,590 |
|
|
$ |
116,998 |
|
|
$ |
59,010 |
|
|
| Summary of Accounts Receivables |
Accounts receivable consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Current accounts receivable: |
|
|
|
|
|
|
Billed to customers |
|
$ |
1,173 |
|
|
$ |
557 |
|
Unbilled Novartis royalties |
|
|
5,244 |
|
|
|
23,806 |
|
Unbilled Nippon Shinyaku services |
|
|
2,097 |
|
|
|
1,997 |
|
Other unbilled |
|
|
22 |
|
|
|
19 |
|
Current accounts receivable |
|
|
8,536 |
|
|
|
26,379 |
|
Non-current accounts receivable: |
|
|
|
|
|
|
Unbilled Nippon Shinyaku services |
|
|
— |
|
|
|
1,858 |
|
Other unbilled |
|
|
450 |
|
|
|
454 |
|
Non-current accounts receivable |
|
|
450 |
|
|
|
2,312 |
|
Total accounts receivable |
|
$ |
8,986 |
|
|
$ |
28,691 |
|
|
| Novartis Gene Therapies [Member] |
|
| Schedule Of Revenues Earned Under License and Collaboration Agreements |
The Company recognized the following amounts under the Novartis License (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Zolgensma royalties |
|
$ |
2,431 |
|
|
$ |
23,586 |
|
|
$ |
8,933 |
|
|
$ |
59,002 |
|
Itvisma royalties |
|
|
2,813 |
|
|
|
— |
|
|
|
5,204 |
|
|
|
— |
|
Total license and royalty revenue |
|
$ |
5,244 |
|
|
$ |
23,586 |
|
|
$ |
14,137 |
|
|
$ |
59,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from licensing |
|
$ |
10 |
|
|
$ |
10 |
|
|
$ |
30 |
|
|
$ |
31 |
|
|
| Abb Vie Collaboration And License Agreement [Member] |
|
| Schedule of Collaboration Agreement |
The Company recognized the following amounts under the AbbVie Collaboration Agreement (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
License and royalty revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
100,000 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cost reimbursement to (from) AbbVie included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
$ |
(9,336 |
) |
|
$ |
(17,742 |
) |
|
$ |
(34,022 |
) |
|
$ |
(49,479 |
) |
General and administrative expense |
|
|
1,911 |
|
|
|
712 |
|
|
|
3,662 |
|
|
|
1,860 |
|
Total net cost reimbursement to (from) AbbVie |
|
$ |
(7,425 |
) |
|
$ |
(17,030 |
) |
|
$ |
(30,360 |
) |
|
$ |
(47,619 |
) |
|
| Nippon Shinyaku Collaboration and License Agreement [Member] |
|
| Schedule of Collaboration Agreement |
The Company recognized the following amounts under the Nippon Shinyaku Collaboration Agreement (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
License and royalty revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69,979 |
|
Service revenue |
|
|
3,309 |
|
|
|
5,932 |
|
|
|
8,040 |
|
|
|
10,426 |
|
Total revenues |
|
$ |
3,309 |
|
|
$ |
5,932 |
|
|
$ |
8,040 |
|
|
$ |
80,405 |
|
|