Revenue and Cost of Revenue

9 Months Ended

Sep. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Cost of Revenue

13. Revenue and cost of revenue

There was no revenue earned, or cost of revenue recognized in the three and nine months ended September 30, 2024.

In June 2023, the Company recognized milestone proceeds of $9.0 million as revenue under the license and collaboration agreement with Ultragenyx for setrusumab following achievement of a development milestone. As a consequence of this milestone received, and in accordance with the terms of the 2015 asset purchase agreement with Novartis which requires payment of a percentage of the proceeds received, subject to certain deductions, the Company also recognized cost of revenue of $(0.2) million for the three months ended September 30, 2023 and $2.8 million for the nine months ended September 30, 2023.