Collaboration, License and Research Agreements

6 Months Ended

Jun. 30, 2024

Collaboration License And Research Agreements [Abstract]

Collaboration, License and Research Agreements

Research Collaboration and License Agreement with Bristol Myers Squibb Company

In November 2023, the Company entered into a Research Collaboration and License Agreement (the BMS Collaboration Agreement) with Bristol Myers Squibb Company (BMS) to expand on its research with MyoKardia Inc. In connection with the BMS Collaboration Agreement, the Company recognized revenue of $2.0 million and $4.5 million for the three and six months ended June 30, 2024, respectively. There were no collaboration receivables related to the BMS Collaboration Agreement in any of the periods presented.

Research Collaboration and License Agreement with Eli Lilly and Company

In April 2019, the Company entered into a Research Collaboration and License Agreement (the Lilly Agreement) with Eli Lilly and Company (Lilly) for the discovery, development and commercialization of AOC

products directed against certain targets in immunology and other select indications on a worldwide basis. In connection with the Lilly Agreement, the Company recognized no revenue for the three months ended June 30, 2024 and $2.3 million for the three months ended June 30, 2023. The Company recognized revenue of $1.1 million and $4.5 million for the six months ended June 30, 2024 and 2023, respectively. There were no collaboration receivables related to the Lilly Agreement as of June 30, 2024 and $0.8 million collaboration receivables related to the Lilly Agreement as of December 31, 2023, which are included in prepaid and other assets on the condensed balance sheets. There was no deferred revenue related to the Lilly Agreement at June 30, 2024.

A reconciliation of the closing balance of deferred revenue related to the Company's research collaboration and license agreements for the six months ended June 30, 2024 and 2023 is as follows (in thousands):


Balance at December 31, 2023	$	69,263
Revenue recognized that was included in the balance at the beginning of the period	(2,961)
Balance at March 31, 2024	$	66,302
Revenue recognized that was included in the balance at the beginning of the period	(2,045)
Balance at June 30, 2024	$	64,257


Balance at December 31, 2022	$	6,276
Revenue recognized that was included in the balance at the beginning of the period	(1,219)
Balance at March 31, 2023	$	5,057
Revenue recognized that was included in the balance at the beginning of the period	(1,247)
Balance at June 30, 2023	$	3,810