Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Disaggregation of Revenues

The following table disaggregates our product revenue, net by product and geographic region and disaggregates our other revenues by geographic region (in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2021						December 31, 2020						December 31, 2019
	U.S.		Non U.S.		Total		U.S.		Non U.S.		Total		U.S.		Non U.S.		Total
Product revenue, net
HEPLISAV-B	$	61,870	$	-	$	61,870	$	36,030	$	-	$	36,030	$	34,644	$	-	$	34,644
CpG 1018		-		375,229		375,229		-		3,277		3,277		-		-		-
Total product revenue, net	$	61,870	$	375,229	$	437,099	$	36,030	$	3,277	$	39,307	$	34,644	$	-	$	34,644
Other revenue		1,915		428		2,343		-		7,244		7,244		410		165		575
Total revenues	$	63,785	$	375,657	$	439,442	$	36,030	$	10,521	$	46,551	$	35,054	$	165	$	35,219

HEPLISAV-B

Schedule of Revenues from Major Customers

The following table summarizes HEPLISAV-B product revenue from each of our three largest Customers (as a percentage of total HEPLISAV-B product revenue):

	Year Ended
	December 31,
	2021			2020			2019
Largest Customer		21	%		21	%		22	%
Second largest Customer		19	%		20	%		21	%
Third largest Customer		19	%		20	%		19	%

Summary of Product Revenue Allowance and Reserve Categories

	Balance at Beginning of Period		Provisions related to current period sales		Credit or payments made during the period			Balance at End of Period
Year ended December 31, 2021:
Accounts receivable reserves(1)	$	2,836	$	18,209	$	(17,222	)	$	3,823
Revenue reserve accruals(2)	$	6,040	$	13,077	$	(10,864	)	$	8,253
Year ended December 31, 2020:
Accounts receivable reserves(1)	$	2,701	$	11,417	$	(11,282	)	$	2,836
Revenue reserve accruals(2)	$	3,893	$	6,694	$	(4,547	)	$	6,040

(1)Reserves are for chargebacks, discounts and other fees.

(2)Accruals are for returns, rebates and other fees.

CpG 1018

Schedule of Revenues from Major Customers

The following table summarizes CpG 1018 product revenue from each of our three largest collaboration partners (as a percentage of total CpG 1018 product revenue):

	Year Ended
	December 31,
	2021			2020			2019
Largest collaboration partner		49	%		62	%		0	%
Second largest collaboration partner		24	%		36	%		0	%
Third largest collaboration partner		19	%		2	%		0	%

Summary of balances and activities in our contract asset account

The following table summarizes balances and activities in our contract asset account (in thousands):

	Balance at Beginning of Period		Additions (1)		Subtractions		Balance at End of Period
Year ended December 31, 2021:
Contract asset	$	-	$	62,525	$	-	$	62,525
Year ended December 31, 2020:
Contract asset	$	-	$	-	$	-	$	-

(1)Additions are revenues recognized for CpG 1018 adjuvant transferred to Clover that is reserved under the CEPI Agreement.

Summary of Deferred Revenue

The following table summarizes balances and activities in our deferred revenue accounts (in thousands):

	Balance at Beginning of Period		Additions (1)		Subtractions (2)			Revenue recognized in the current period included in deferred revenue balance at the beginning of the period			Balance at End of Period
Year ended December 31, 2021:
Deferred revenue	$	38,212	$	371,860	$	(21,996	)	$	(38,212	)	$	349,864
Long-term deferred revenue		-		168,467		(163,082	)		-			5,385
Year ended December 31, 2020:
Deferred revenue	$	-	$	38,212	$	-		$	-		$	38,212
Long-term deferred revenue		-		-		-			-			-

(1)Additions are primarily payments received or invoices issued before we satisfy our performance obligations.

Subtractions are primarily revenues recognized in the period and reclassification from long-term deferred revenue to CEPI accrual.