NET REVENUES FROM COLLABORATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue from Collaborators

Net revenues from collaborations consist of the following:

	Year Ended December 31,
(In thousands)	2023		2022		2021
Roche	$	337,802	$	—	$	—
Regeneron Pharmaceuticals	100,468		87,844		113,226
Novartis AG	86,727		43,159		49,120
Other	21,188		3,909		18,607
Total	$	546,185	$	134,912	$	180,953

Balance and Change in Contract Liabilities Related to Collaboration Agreements

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

	As of December 31,
(In thousands)	2023		2022
Receivables included in “Accounts receivable, net”	$	99,576	$	32,342
Contract liabilities included in “Deferred revenue”	$	290,763	$	235,528

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 revenue, that are directly attributable to our collaboration agreements, by collaborator:

	Year Ended December 31,
	2023						2022						2021
(In thousands)	Clinical Trial and Manufacturing		External Services		Other		Clinical Trial and Manufacturing		External Services		Other		Clinical Trial and Manufacturing		External Services		Other
Roche	$	39,320	$	2,337	$	2,963	$	—	$	—	$	—	$	—	$	—	$	—
Regeneron	38,220		5,836		33,388		12,926		2,141		27,935		24,989		840		47,582
Other	1,970		790		2,191		156		679		337		10,311		775		4,489
Total	$	79,510	$	8,963	$	38,542	$	13,082	$	2,820	$	28,272	$	35,300	$	1,615	$	52,071

Schedule of Allocated Transaction Price

The following tables provide a summary of the transaction price allocated to each performance obligation, in addition to revenue activity during the period, in thousands:

	Transaction Price Allocated		Revenue Recognized During
Performance Obligations	As of December 31, 2023		Year Ended December 31, 2023
Roche License Obligation	$	310,000	$	310,000
Roche Development Services Obligation	545,000		23,974
Roche Technology Transfer Obligation	2,000		—
	$	857,000	$	333,974

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
Research Services Obligation	$	130,700	$	183,100
C5 License Obligation	$	97,600	92,500
C5 Co-Co Obligation	$	364,600	246,000
			$	521,600

The following tables provide 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 and deferred revenue as of the balance sheet date, in thousands:

	Transaction Price Allocated		Deferred Revenue
Performance Obligations	As of December 31, 2023		As of December 31, 2023		As of December 31, 2022
Research Services Obligation	$	305,700	$	63,400	$	26,200
C5 License Obligation	124,100		27,500		7,000
C5 Co-Co Obligation	246,000		186,200		193,600
Total	$	675,800	$	277,100	$	226,800

Schedule of Revenue Recognized Based on Accounting Guidance

	Revenue Recognized During
Performance Obligations	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Research Services Obligation	$	80,200	$	28,600	$	37,600
C5 License Obligation	(15,100)		32,500		44,600
C5 Co-Co Obligation	7,400		20,080		18,900
Total	$	72,500	$	81,180	$	101,100