v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenues [Abstract]  
Revenue

3. Revenue

Revenue from collaboration agreements for the three and nine months ended September 30, 2025 related to the research collaboration agreement the Group entered into with AstraZeneca in March 2020.

Disaggregation of revenue from contracts with customers is as follows:

 

 

Three months ended Sept 30,

 

 

Nine months ended Sept 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

$000s

 

 

$000s

 

 

$000s

 

 

$000s

 

Revenue from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

Research collaboration - Mallinckrodt plc

 

 

-

 

 

 

7

 

 

 

-

 

 

 

585

 

Research collaboration - AstraZeneca

 

 

159

 

 

 

1,197

 

 

 

525

 

 

 

16,256

 

Research collaboration - Hansoh

 

 

-

 

 

 

292

 

 

 

-

 

 

 

967

 

Research collaboration - total

 

 

159

 

 

 

1,496

 

 

 

525

 

 

 

17,808

 

Royalties

 

 

-

 

 

 

2

 

 

 

-

 

 

 

145

 

Total revenue from contracts with customers

 

 

159

 

 

 

1,498

 

 

 

525

 

 

 

17,953

 

 

Under its collaboration agreement with AstraZeneca, the Group received an upfront cash payment of $20.0 million in 2020 with a further payment of $40 million received in May 2021. The Group is also eligible to receive specified development and commercial milestone payments as well as tiered royalties on net sales, if any. The Group recognizes the upfront payment and milestone payments over time, in accordance with ASC 606. During the nine months ended September 30, 2025, the Group achieved no milestone payments from the collaboration agreement with AstraZeneca (nine months ended September 30, 2024: $10.0 million). During the nine months ended September 30, 2025, the Group recognized a total of $0.5 million in revenue under its collaboration agreement with AstraZeneca (nine months ended September 30, 2024: $16.3 million).