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NET REVENUES FROM COLLABORATIONS (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revenue from Collaborators
Net revenues from collaborations consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Roche
$16,506 $— $91,186 $— 
Regeneron Pharmaceuticals207,429 (2,837)234,193 17,153 
Novartis AG2,304 8,627 16,820 23,560 
Other1,099 54 3,687 1,593 
Total$227,338 $5,844 $345,886 $42,306 
Balance and Change in Receivables and Contract Liabilities Related to Collaboration Agreements
The following table presents the balance of our receivables and contract liabilities related to our collaboration agreements:
(In thousands)As of June 30, 2024As of December 31, 2023
Receivables included in “Accounts receivable, net”$39,497 $99,576 
Contract liabilities included in “Deferred revenue”$71,176 $290,763 
Schedule of Research and Development Expenses Incurred by Type that are Directly Attributable to Collaboration Agreements
The following table provides research and development expenses incurred by type, for which we recognize net revenues, that are directly attributable to our collaboration agreements, by collaborator:
Three Months Ended June 30,
20242023
(In thousands)
Clinical and Manufacturing
External ServicesOther
Clinical and Manufacturing
External ServicesOther
Roche
$22,503 $2,499 $1,234 $— $— $— 
Regeneron Pharmaceuticals6,006 3,492 4,786 9,956 910 9,330 
Other1,485 89 242 85 58 405 
Total$29,994 $6,080 $6,262 $10,041 $968 $9,735 
Six Months Ended June 30,
20242023
(In thousands)
Clinical and Manufacturing
External ServicesOther
Clinical and Manufacturing
External ServicesOther
Roche
$36,638 $6,111 $1,568 $— $— $— 
Regeneron Pharmaceuticals16,795 7,233 8,959 18,472 2,150 18,693 
Other3,591 89 949 397 184 765 
Total$57,024 $13,433 $11,476 $18,869 $2,334 $19,458 
Schedule of Allocated Transaction Price Based on Accounting Guidance
The following tables provide a summary of the transaction price allocated to each performance obligation, in addition to revenue activity during the period, in thousands:
Revenue Recognized During
Transaction Price AllocatedThree Months Ended June 30,Six Months Ended June 30,
Performance ObligationsAs of June 30, 20242024202320242023
Roche License Obligation
$375,000 $— $— $65,000 $— 
Roche Development Services Obligation
545,000 12,797 — 19,948 — 
Roche Technology Transfer Obligation
2,000 — — — — 
$922,000 $12,797 $— $84,948 $— 
As of the modification date, the transaction price for each performance obligation is as follows, in thousands:
Performance ObligationsStandalone Selling Price
Fixed Consideration
Variable Consideration Allocated
Total Transaction Price
Research Services Obligation$78,820 $45,469 $30,000 $75,469 
C5 License Obligation$53,745 31,004 25,386 56,390 
C5 Monotherapy Obligation
$332,000 191,520 — 191,520 
Regeneron Technology Transfer Obligation
$4,000 2,307 4,000 6,307 
$270,300 $59,386 $329,686 
The following tables provide a summary of the transaction price allocated, deferred revenue as of the balance sheet date, and revenue recognized during the period for the remaining unsatisfied performance obligations, in thousands:
Transaction Price AllocatedDeferred Revenue
Performance ObligationsAs of June 30,
2024		As of June 30,
2024		As of December 31,
2023
Research Services Obligation$102,969 $41,469 $63,400 
C5 License Obligation60,484 27,400 27,500 
Regeneron Technology Transfer Obligation
6,307 2,307 — 
$169,760 $71,176 $90,900 
Schedule of Revenue Recognized Based on Accounting Guidance
Revenue Recognized During
Three Months Ended June 30,Six Months Ended June 30,
Performance Obligations2024202320242023
Research Services Obligation$4,000 $(17,000)$18,700 $(6,300)
C5 License Obligation8,800 3,100 10,500 5,300 
$12,800 $(13,900)$29,200 $(1,000)