Significant Agreements (Tables)

3 Months Ended

Mar. 31, 2021

Significant agreements.

Summary of revenue recognized from collaboration arrangements

The following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations and comprehensive loss from these arrangements (in thousands):

	Three Months
	Ended
	March 31,
	2021		2020
Collaboration revenues
AstraZeneca	$	277	$	412
Dementia Discovery Fund		83		56
Genentech		1,448		661
Total collaboration revenues	$	1,808	$	1,129

Summary of changes in the balances of the Company’s contract assets and liabilities

The following table presents changes in the balances of the Company’s contract assets and liabilities (in thousands):

	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		March 31,
	2021		Additions		Deductions		Rates		2021
Contract assets	$	—	$	—	$	—	$	—	$	—
Contract liabilities:
Deferred revenue
AstraZeneca collaboration deferred revenue		3,756		54		(277)		27		3,560
DDF collaboration deferred revenue		821		—		(83)		8		746
Genentech collaboration deferred revenue		27,579		2,000		(1,448)		246		28,377
Evaluation and Option Agreement deferred revenue		3,000		—		—		27		3,027
Total deferred revenue	$	35,156	$	2,054	$	(1,808)	$	308	$	35,710

	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		December 30,
	2020		Additions		Deductions		Rates		2020
Contract assets	$	—	$	—	$	—	$	—	$	—
Contract liabilities:
Deferred revenue
AstraZeneca collaboration deferred revenue		4,913		585		(2,696)		954		3,756
DDF collaboration deferred revenue		744		500		(436)		13		821
Genentech collaboration deferred revenue		—		31,000		(4,896)		1,475		27,579
Evaluation and Option Agreement deferred revenue		—		3,000		—		—		3,000
Total deferred revenue	$	5,657	$	35,085	$	(8,028)	$	2,442	$	35,156

Summary of recognition of revenues as a result of changes in contract asset and contract liability balances

During the years ended March 31, 2021 and 2020, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands):

	Three Months Ended
	March 31,
	2021		2020
Revenue recognized in the period from:
Revenue recognized based on proportional performance	$	1,652	$	1,129
Revenue recognized based on changes in transaction price		156		—
Total	$	1,808	$	1,129

AstraZeneca

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling price, the allocation of the transaction price to the separate performance obligations was as follows (in thousands):

	Allocation of
Performance Obligations	Transaction Price
Target Three Research License and Related Services	$	650
Target 3 Material Right		1,504
Target 4 Material Right		1,204
Target 5 Material Right		1,165
Target 6 Material Right		1,127
	$	5,650

Genentech

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling price, the allocation of the transaction price as of March 31, 2021 to the separate performance obligations is as follows (in thousands):

	Allocation of
Performance Obligations	Transaction Price
Genentech Collaboration Program #1 Performance Obligation	$	4,019
Genentech Collaboration Program #2 Performance Obligation		8,037
Specified Targeting Arm Material Right Arm for Genentech Collaboration Program #1		352
Two material rights associated with the LSR Go Option for Collaboration Programs #1 and #2		12,400
Material rights associated with limited substitution rights		1,187
Two material rights for Expansion Options		7,005
	$	33,000