NET REVENUES FROM COLLABORATIONS (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue from Collaborators

Net revenues from collaborations consist of the following:

	Three Months Ended March 31,
(In thousands)	2020		2019
Regeneron Pharmaceuticals (Regeneron)	$	19,503	$	—
Vir Biotechnology (Vir)	6,516		928
The Medicines Company (MDCO)	1,060		1,745
Sanofi Genzyme (Sanofi)	—		4,117
Other	459		213
Total	$	27,538	$	7,003

Balance and Change in Receivables and Contract Liabilities Related to Collaboration Agreements

The following table presents the balance of our receivables and contract liabilities related to our collaboration agreements:

(In thousands)	As of March 31, 2020		As of December 31, 2019
Receivables included in “Accounts receivable, net”	$	25,970	$	14,929
Contract liabilities included in “Deferred revenue”	152,829		153,117

The following table presents revenue recognized as a result of changes in contract liability related to our collaboration agreements:

	Three Months Ended March 31,
(In thousands)	2020		2019
Amounts included in contract liability at the beginning of the period	$	14,678	$	928

Schedule of Research and Development Expenses Incurred by Type that are Directly Attributable to Collaboration Agreements

The following table provides research and development expenses incurred by type, for which we recognize net revenue, that are directly attributable to our collaboration agreements, by collaboration partner:

	Three Months Ended March 31,
	2020						2019
(In thousands)	Clinical Trial and Manufacturing		External Services		Other		Clinical Trial and Manufacturing		External Services		Other
Regeneron	$	4,612	$	—	$	11,491	$	—	$	—	$	—
Vir	339		52		1,693		294		236		129
MDCO	998		—		266		1,612		10		50
Sanofi	—		17		231		4,826		135		59
Total	$	5,949	$	69	$	13,681	$	6,732	$	381	$	238

Schedule of Allocated Transaction Price Based on Accounting Guidance

We allocated the initial transaction price to each unit of account based on the applicable accounting guidance as follows, in thousands:

Performance Obligations	Standalone Selling Price		Transaction Price Allocated		Accounting Guidance
Research Services Obligation	$	130,700	$	183,100	ASC 606
C5 License Obligation	97,600		92,500		ASC 606
C5 Co-Co Obligation	364,600		246,000		ASC 808
			$	521,600

Schedule of Revenue Recognized Based on Accounting Guidance

The following table provides a summary of the transaction price allocated to each unit of account based on the applicable accounting guidance, in addition to revenue activity during the period, in thousands:

	Transaction Price Allocated		Revenue Recognized During				Deferred Revenue
Performance Obligations	As of March 31, 2020		Three Months Ended March 31, 2020		Three Months Ended March 31, 2019		As of March 31, 2020		As of December 31, 2019		Accounting Guidance
Research Services Obligation	$	200,600	$	12,300	$	—	$	72,300	$	84,800	ASC 606
C5 License Obligation	108,500		—		—		65,800		65,800		ASC 606
C5 Co-Co Obligation	246,000		4,200		—		239,000		243,000		ASC 808
	$	555,100	$	16,500	$	—	$	377,100	$	393,600