License, Collaboration and Other Significant Agreements (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenues Recognized from License, Collaboration and Other Significant Agreements

During the three and six months ended June 30, 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 June 30, 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
License, Collaboration and Other Revenue:	(in thousands)				(in thousands)
MTPC Agreement	$	15,000	$	10,000	$	15,000	$	10,000
Otsuka U.S. Agreement	25,888		37,519		$	64,465	$	63,742
Otsuka International Agreement	12,832		22,467		32,202		44,423
Total Proportional Performance Revenue	$	53,720	$	69,986	$	111,667	$	118,165
JT and Torii	1,740		1,491		2,866		2,719
MTPC Other Revenue	3,986		237		4,182		385
Total License, Collaboration and Other Revenue	$	59,446	$	71,714	$	118,715	$	121,269

Deferred Revenues Balance

During the three and six months ended June 30, 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 June 30, 2020:

	June 30, 2020
	Short-Term		Long-Term		Total
Deferred Revenue:	(in thousands)
Otsuka U.S. Agreement	$	15,378	$	20,557	$	35,935
Otsuka International Agreement	8,151		9,306		17,457
Vifor Agreement	—		4,679		4,679
Total	$	23,529	$	34,542	$	58,071

Schedule of Changes in Contract Assets and Liabilities

The following table presents changes in the Company’s contract assets and liabilities during the six months ended June 30, 2020 and 2019 (in thousands):

Six Months Ended June 30, 2020	Balance at Beginning of Period		Additions		Deductions		Balance at End of Period
Contract assets:
Accounts receivable(1)	$	15,822	$	118,368	$	(115,382)	$	18,808
Prepaid expenses and other current assets	$	—	$	756	$	—	$	756
Contract liabilities:
Deferred revenue	$	72,950	$	90,471	$	(105,350)	$	58,071
Accounts payable	$	—	$	5,651	$	—	$	5,651
Accrued expenses and other current liabilities	$	—	$	615	$	(615)	$	—
Six Months Ended June 30, 2019
Contract assets:
Other current assets	$	—	$	10,000	$	—	$	10,000
Accounts receivable(1)	$	1,587	$	81,830	$	(75,260)	$	8,157
Contract liabilities:
Deferred revenue	$	112,689	$	91,351	$	(108,166)	$	95,874
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 June 30, 2020 and 2019 and December 31, 2019 and 2018. 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 June 30, 2020 and December 31, 2019.

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

During the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
Revenue Recognized in the Period from:	2020		2019		2020		2019
Amounts included in deferred revenue at the beginning of the period	$	16,964	$	23,277	$	22,186	$	40,316
Performance obligations satisfied in previous periods	$	3,555	$	—	$	3,263	$	1,254