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Note 3 — Revenue The Company has two contracts with customers: a collaboration and license agreement with GSK and a collaboration agreement with Astellas. Revenue comprises the following categories (in thousands):
The amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreement as of March 31, 2021 was $64,137,000. Of this, $15,300,000 is allocated to the rights granted for each of the two independent Astellas targets, $7,400,000 is allocated to research services and under the co-exclusive license for each of the and co-development targets under the collaboration agreement with Astellas, $18,500,000 is allocated to research services and rights granted under the co-exclusive license for the first Astellas co-development target, and $237,000 is allocated to research services for the third target under the agreement with GSK.
Future development, regulatory and sales milestones under both agreements are not considered probable as of March 31, 2021 and have not been included in the transaction price. Reimbursement of the research funding over the co-development period under the Astellas agreement is variable consideration and included in the transaction price as of March 31, 2021 to the extent that a significant reversal of revenue is not probable.
The Company expects to recognize revenue for the two independent Astellas targets at a point-in-time upon commencement of the licenses in the event of nomination of the targets, while revenue for the remaining performance obligations will be recognized as development progresses. |
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