Annual report pursuant to Section 13 and 15(d)

Revenue

v3.19.3.a.u2
Revenue
12 Months Ended
Dec. 31, 2019
Revenue  
Revenue

Note 3 — Revenue

Revenue from contracts with customers arises from one customer, which is GSK, in one geographic location, which is the United Kingdom.

Revenue comprises the following categories (in thousands):

 

Year ended

 

December 31, 

     

2019

    

2018

Development

 

$

1,122

 

$

20,391

Licenses

 

 

39,114

 

$

1,122

 

$

59,505

The deferred revenue balance as of January 1, 2019 and 2018 respectively, and December 31, 2019 and 2018 respectively is as follows (in thousands):

    

2019

2018

Deferred revenue at January 1

 

$

$

30,090

Amounts invoiced in the period

 

3,217

 

30,077

Revenue in the period

(1,122)

(59,505)

Changes in variable consideration

(10,396)

Changes in the measure of progress

5,027

Foreign exchange arising on consolidation

33

4,707

Deferred revenue at December 31

$

2,128

$

The amount of the transaction price received that is allocated to performance obligations that are unsatisfied or partially satisfied at December 31, 2019 was $2.1 million. The revenue allocated to the third target program will be recognized over an estimated period up to the end of 2020 as the development of products to the target progresses.