Significant agreements (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Collaboration revenues
Bayer	$	818	$	—
Novartis		1,247		—
Ionis		5,854		2,784
Genentech		11,611		2,112
Total collaboration revenues	$	19,530	$	4,896

Summary of allocation of transaction price to separate performance obligations

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

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,
	2024		Deductions		Rates		2024
Contract liabilities:
Deferred revenue
Bayer collaboration deferred revenue	$	43,618	$	(818)	$	(367)	$	42,433
Novartis collaboration deferred revenue		50,008		(1,247)		(420)		48,341
Ionis collaboration deferred revenue		12,464		(5,854)		(115)		6,495
Genentech collaboration deferred revenue		29,104		(11,611)		(215)		17,278
Total deferred revenue	$	135,194	$	(19,530)	$	(1,117)	$	114,547

	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		December 31,
	2023		Additions		Deductions		Rates		2023
Contract liabilities:
Deferred revenue
Bayer collaboration deferred revenue	$	—	$	45,000	$	(1,160)	$	(222)	$	43,618
Novartis collaboration deferred revenue		—		50,000		(1,909)		1,917		50,008
Ionis collaboration deferred revenue		21,489		960		(10,734)		749		12,464
Genentech collaboration deferred revenue		39,308		—		(11,969)		1,765		29,104
AstraZeneca collaboration deferred revenue		1,076		—		(1,204)		128		—
Total deferred revenue	$	61,873	$	95,960	$	(26,976)	$	4,337	$	135,194

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

During the three months ended March 31, 2024 and 2023, 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,
	2024		2023
Revenue recognized in the period from:
Revenue recognized based on proportional performance	$	11,631	$	4,896
Revenue recognized based on expiration of material rights		8,034		—
Revenue recognized based on changes in transaction price		(135)		—
Total	$	19,530	$	4,896

Bayer Collaboration Agreement

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

	Allocation of
Performance Obligations	Transaction Price
Two combined performance obligations related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the first and second targets	$	14,976
Material right associated with limited substitution rights for either the first or second target		1,527
Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development		14,691
Two material rights associated with the option to progress a non-radiopharmaceutical compound directed to the first and second targets		8,703
Material right for the option to expand the collaboration to include a third target and the underlying additional option rights		7,603
	$	47,500

Novartis

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

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

	Allocation of
Performance Obligations	Transaction Price
Two combined performance obligations for the first and second targets comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets	$	18,008
Two material rights associated with limited substitution rights		2,466
Two material rights associated with options to progress development candidates incorporating radionuclides		19,684
Two material rights associated with options to progress development candidates not incorporating radionuclides		9,842
	$	50,000

Ionis

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

	Allocation of
Performance Obligations	Transaction Price
Combined licenses and research and discovery performance obligation	$	34,100
Four material rights associated with credits for IND Acceptance fees		3,900
	$	38,000

Genentech

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling price, the initial allocation of the transaction price 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