Significant agreements (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Significant agreements. |
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| Summary of revenue recognized from collaboration arrangements |
The following table summarizes the revenue recognized from the Company’s collaboration arrangements in the consolidated statements of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | | | Year Ended | | | December 31, | | | 2024 | | 2023 | | 2022 | Collaboration revenue | | | | | | | | | | Bayer | | $ | 3,393 | | $ | 1,160 | | $ | — | Novartis | | | 8,161 | | | 1,909 | | | — | Ionis | | | 8,881 | | | 10,734 | | | 9,347 | Genentech | | | 14,840 | | | 11,969 | | | 3,565 | Dementia Discovery Fund | | | — | | | — | | | 386 | AstraZeneca | | | — | | | 1,204 | | | 1,165 | Total collaboration revenue | | $ | 35,275 | | $ | 26,976 | | $ | 14,463 |
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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 | | December 31, | | | 2024 | | Additions | | Deductions | | Rates | | 2024 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | 43,618 | | $ | 296 | | $ | (3,393) | | $ | (561) | | $ | 39,960 | Novartis collaboration deferred revenue | | | 50,008 | | | 3,000 | | | (8,161) | | | (774) | | | 44,073 | Ionis collaboration deferred revenue | | | 12,464 | | | 90 | | | (8,881) | | | (86) | | | 3,587 | Genentech collaboration deferred revenue | | | 29,104 | | | — | | | (14,840) | | | (226) | | | 14,038 | Total deferred revenue | | $ | 135,194 | | $ | 3,386 | | $ | (35,275) | | $ | (1,647) | | $ | 101,658 |
| | | | | | | | | | | | | | | | | | Beginning Balance | | | | | | Impact of | | Ending Balance | | | January 1, | | | | | | Exchange | | December 31, | | | 2023 | | Additions | | Deductions | | Rates | | 2023 | Contract liabilities: | | | | | | | | | | | | | | | | Deferred revenue | | | | | | | | | | | | | | | | Bayer collaboration deferred revenue | | $ | — | | $ | 45,000 | | $ | (1,160) | | $ | (222) | | $ | 43,618 | Novartis collaboration deferred revenue | | | — | | | 50,000 | | | (1,909) | | | 1,917 | | | 50,008 | Ionis collaboration deferred revenue | | | 21,489 | | | 960 | | | (10,734) | | | 749 | | | 12,464 | Genentech collaboration deferred revenue | | | 39,308 | | | — | | | (11,969) | | | 1,765 | | | 29,104 | AstraZeneca collaboration deferred revenue | | | 1,076 | | | — | | | (1,204) | | | 128 | | | — | Total deferred revenue | | $ | 61,873 | | $ | 95,960 | | $ | (26,976) | | $ | 4,337 | | $ | 135,194 |
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| Summary of recognition of revenues as a result of changes in contract asset and contract liability balances |
During the years ended December 31, 2024, 2023 and 2022, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands): | | | | | | | | | | | | Year Ended | | | December 31, | | | 2024 | | 2023 | | 2022 | Revenue recognized in the period from: | | | | | | | | | | Revenue recognized based on proportional performance | | $ | 24,266 | | $ | 19,160 | | $ | 12,358 | Revenue recognized based on expiration of material rights | | | 10,576 | | | 7,816 | | | 1,433 | Revenue recognized based on changes in transaction price | | | 433 | | | — | | | 672 | Total | | $ | 35,275 | | $ | 26,976 | | $ | 14,463 |
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| Bayer Collaboration Agreement |
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| Significant agreements. |
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| Summary of allocation of transaction price to separate performance obligations |
Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations was as follows (in thousands): | | | | | | Allocation of | Performance Obligations | | Transaction Price | Two combined performance obligations related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the first and second targets | | $ | 14,976 | Material right associated with limited substitution rights for either the first or second target | | | 1,527 | Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development | | | 14,691 | Two material rights associated with the option to progress a non-radiopharmaceutical compound directed to the first and second targets | | | 8,703 | Material right for the option to expand the collaboration to include a third target and the underlying additional option rights | | | 7,603 | | | $ | 47,500 |
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| Novartis |
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| Significant agreements. |
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| Summary of allocation of transaction price to separate performance obligations |
Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations was as follows (in thousands): | | | | | | Allocation of | Performance Obligations | | Transaction Price | Two combined performance obligations for the first and second targets comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets | | $ | 18,008 | Two material rights associated with limited substitution rights | | | 2,466 | Two material rights associated with options to progress development candidates incorporating radionuclides | | | 19,684 | Two material rights associated with options to progress development candidates not incorporating radionuclides | | | 9,842 | | | $ | 50,000 |
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| Ionis |
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| Significant agreements. |
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| Summary of allocation of transaction price to separate performance obligations |
Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations was as follows (in thousands): | | | | | | Allocation of | Performance Obligations | | Transaction Price | Combined licenses and research and discovery performance obligation | | $ | 34,100 | Four material rights associated with credits for IND Acceptance fees | | | 3,900 | | | $ | 38,000 |
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| Genentech |
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| Significant agreements. |
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| Summary of allocation of transaction price to separate performance obligations |
Based on the relative standalone selling price, the allocation of the transaction price to the separate performance obligations is as follows (in thousands): | | | | | | Allocation of | Performance Obligations | | Transaction Price | Genentech Collaboration Program #1 Performance Obligation | | $ | 4,019 | Genentech Collaboration Program #2 Performance Obligation | | | 8,037 | Specified Targeting Arm Material Right Arm for Genentech Collaboration Program #1 | | | 352 | Two material rights associated with the LSR Go Option for Collaboration Programs #1 and #2 | | | 12,400 | Material rights associated with limited substitution rights | | | 1,187 | Two material rights for Expansion Options | | | 7,005 | | | $ | 33,000 |
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