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License, Collaboration and Other Significant Agreements (Tables)
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Revenues Recognized from License, Collaboration and Other Significant Agreements
During the three and nine months ended September 30, 2022 and 2021, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of September 30, 2022:
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
License, Collaboration and Other Revenue:(in thousands)(in thousands)
MTPC Agreement$5,487 $2,555 $13,885 $7,167 
Otsuka U.S. Agreement— 6,144 86,773 28,988 
Otsuka International Agreement— 1,860 5,503 13,532 
Total Proportional Performance Revenue$5,487 $10,559 $106,161 $49,687 
JT and Torii1,238 1,444 3,871 4,093 
MTPC Other Revenue— — — 73 
Total License, Collaboration and Other Revenue$6,725 $12,003 $110,032 $53,853 
Deferred Revenues During the three and nine months ended September 30, 2022 and 2021, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of September 30, 2022:
 September 30, 2022
 Short-TermLong-TermTotal
Deferred Revenue:(in thousands)
MTPC Agreement$1,265 $— $1,265 
Vifor Pharma Agreement— 43,296 43,296 
Total$1,265 $43,296 $44,561 
Changes in Contract Assets and Liabilities The following table presents changes in the Company’s contract assets and liabilities during the nine months ended September 30, 2022 and 2021 (in thousands):
Nine Months Ended September 30, 2022Balance at
Beginning of
Period
AdditionsDeductionsBalance at End
of Period
Contract assets:    
Accounts receivable(1)$19,094 $92,612 $(109,836)$1,870 
Prepaid expenses and other current assets$4,309 $9,550 $(8,250)$5,609 
Contract liabilities:
Deferred revenue$42,380 $66,307 $(64,126)$44,561 
Accounts payable$3,171 $— $(3,171)$— 
Accrued expenses and other current liabilities$— $— $— $— 
Nine Months Ended September 30, 2021
Contract assets:
Accounts receivable(1)$3,045 $38,795 $(20,427)$21,413 
Prepaid expenses and other current assets$1,722 $1,725 $(5)$3,442 
Contract liabilities:
Deferred revenue$40,559 $65,890 $(62,792)$43,657 
Accounts payable$7,227 $— $(7,227)$— 
Accrued expenses and other current liabilities$10,000 $— $— $10,000 
 
(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 September 30, 2022 and 2021 and December 31, 2021 and 2020. 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 September 30, 2022 and December 31, 2021.
Revenue Recognized Resulting from Changes in Contract Assets and Contract Liabilities
During the three and nine months ended September 30, 2022 and 2021, 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 September 30,Nine Months Ended September 30,
Revenue Recognized in the Period:2022202120222021
Amounts included in deferred revenue at the beginning of the period$5,047 $9,159 $29,574 $20,363 
Performance obligations satisfied in previous periods$— $— $— $—