Revenue

6 Months Ended

Jun. 30, 2021

Revenue

Revenue

Note 3 — Revenue

The Company has two contracts with customers: a collaboration and license agreement with GSK and a collaboration agreement with Astellas.

Revenue comprises the following categories (in thousands):

	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Development revenue	$	3,095	$	502	$	3,529	$	1,263
	$	3,095	$	502	$	3,529	$	1,263

The aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreement as of June 30, 2021 was $65,414,000. Of this amount, $15,400,000 is allocated to the rights granted for each of the two independent Astellas targets, which will be recognised at a point-in-time upon commencement of the licenses in the event of nomination of the targets. The remaining amounts relate to our co-development with Astellas and GSK, which will be recognized as development progresses.

Future development, regulatory and sales milestones under both agreements are not considered probable as of June 30, 2021 and have not been included in the transaction price. Reimbursement of the research funding over the co-development period under the Astellas agreement is variable consideration and included in the transaction price as of June 30, 2021 to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

The Company received a milestone payment of $4.2 million in the three months ended June 30, 2021 following achievement of a development milestone for the third target under the GSK Collaboration and License Agreement. As a result of the inclusion of this amount in the transaction price, $1,029,000 of revenue was recognized in the three and six months ended June 30, 2021 from performance obligations partially satisfied in previous periods.

Of the revenue recognized in the six months ended June 30, 2021, $536,000 was included in the deferred income balance at January 1, 2021.