License, Collaboration and Other Significant Agreements (Tables)

3 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Revenues Recognized From License, Collaboration and Other Significant Agreements

During the three months ended March 31, 2020 and 2019, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of March 31, 2020:

	Three Months Ended March 31,
	2020		2019
License, Collaboration and Other Revenue:	(in thousands)
Otsuka U.S. Agreement	$	38,577	$	26,223
Otsuka International Agreement		19,370		21,956
Total Proportional Performance Revenue	$	57,947	$	48,179
JT and Torii		1,126		1,228
MTPC Other Revenue		196		148
Total License, Collaboration and Other Revenue	$	59,269	$	49,555

Deferred Revenues Balance

During the three months ended March 31, 2020 and 2019, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of March 31, 2020:

	March 31, 2020
	Short-Term		Long-Term		Total
Deferred Revenue:	(in thousands)
Otsuka U.S. Agreement	$	19,090	$	26,854	$	45,944
Otsuka International Agreement		11,807		11,266		23,073
MTPC - Supply of Validation Drug Product		3,989		—		3,989
Vifor Agreement		—		4,679		4,679
Total	$	34,886	$	42,799	$	77,685

Schedule of Changes in Contract Assets and Liabilities

The following table presents changes in the Company’s contract assets and liabilities during the three months ended March 31, 2020 and 2019 (in thousands):

Three Months Ended March 31, 2020	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Contract assets:
Accounts receivable(1)	$	15,822	$	71,639	$	(2,895	)	$	84,566
Prepaid expenses and other current assets	$	—	$	546	$	—		$	546
Contract liabilities:
Deferred revenue	$	72,950	$	65,209	$	(60,474	)	$	77,685
Accrued expenses and other current liabilities	$	—	$	615	$	—		$	615
Three Months Ended March 31, 2019
Contract assets:
Accounts receivable(1)	$	1,587	$	30,387	$	(2,041	)	$	29,933
Contract liabilities:
Deferred revenue	$	112,689	$	41,962	$	(48,180	)	$	106,471
Accounts payable	$	13,492	$	—	$	(13,492	)	$	—

^{(1) Excludes accounts receivable from other services related to clinical and regulatory activities performed by the Company on behalf of MTPC that are not included in the performance obligations identified under the MTPC Agreement as of March 31, 2019 and 2020 and December 31, 2018 and 2019. Also excludes accounts receivable related to amounts due to the Company from product sales which are included in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2020 and December 31, 2019.}

Schedule of Revenue Recognized Resulting from Changes in Contract Asset and Contract Liability

During the three months ended March 31, 2020 and 2019, the Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands):

	Three Months Ended March 31,
Revenue Recognized in the Period from:	2020		2019
Amounts included in deferred revenue at the beginning of the period	$	10,130	$	45,179
Performance obligations satisfied in previous periods	$	—	$	1,254