Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Collaboration, Category of Revenue and Method of Recognition

The following table summarizes our revenues by collaboration, category of revenue, and the method of recognition (in millions):

			Three Months Ended June 30,				Six Months Ended June 30,
	Over time	Point in time	2024		2023		2024		2023
Gilead Collaboration
License and R&D services	*		$	27	$	20	$	160	$	37
Access rights	*		9		9		17		17
Taiho Collaboration
R&D services	*		3		—		7		—
Total revenues			$	39	$	29	$	184	$	54

Summary of Revenue Recognized as a Result of Changes in Deferred Revenue

The following table summarizes the revenue recognized as a result of changes in the deferred revenue balance (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue recognized from amounts in deferred revenue at the beginning of the period	$	39	$	28	$	180	$	53

Summary of Transaction Price and Allocation of Transaction Price to the Performance Obligations

The following table summarizes the transaction price (in millions):

Transaction price	Amount
Premium from Third Stock Purchase Agreement Amendment	$	87
Option continuation payment due in the third quarter 2024	100
Deferred revenues as of January 29, 2024	335
Total transaction price	$	522

The following table summarizes the allocation of the transaction price to the performance obligations (in millions):

Allocation to performance obligations	Distinct	Combined	Amount
Etrumadenant - License and R&D services		*	$	210
Quemliclustat - License and R&D services		*	168
Domvanalimab - R&D services	*		33
Access rights	*		57
Option continuation periods	*		20
Rights to certain studies	*		34
Total allocated transaction price			$	522

The following table summarizes the allocation of the transaction price to the performance obligations (in millions):

Allocation to performance obligations	Distinct	Amount
Inflammation target 1 - R&D services	*	$	18
Inflammation target 2 - R&D services	*	17
Total allocated transaction price		$	35