5. Collaboration and License Agreements

Summary of Collaboration-Related Revenue

We have recognized revenue from our collaboration and license agreements as follows (in thousands):

	Three Months Ended March 31,
	2017		2016
BMS and Pfizer	$	1,758	$	1,254
Daiichi Sankyo		2,181		3,385
Bayer and Janssen		799		3,307
Bayer		390		260
Other		—		52
Total collaboration and license revenue	$	5,128	$	8,258

Bristol-Myers Squibb Company (“BMS”) and Pfizer Inc. (“Pfizer”)

In 2014 we entered into an agreement with BMS and Pfizer to study andexanet alfa as a reversal agent to apixaban in our Phase 3 studies. As of March 31, 2017, we have no further milestone payments eligible for achievement under this agreement and continue to recognize the non-contingent payments received on a straight-line basis over the period of performance, which is estimated to be through the first quarter of 2018. During the three months ended March 31, 2017 and 2016, we recognized $0.6 million and $0.5 million in collaboration revenue under this agreement, respectively. The deferred revenue balance under this agreement as of March 31, 2017 was $10.6 million.

In 2016 we entered into an agreement with BMS and Pfizer whereby they obtained exclusive rights to develop and commercialize andexanet alfa in Japan and we are responsible for certain research, development and manufacturing activities. As of March 31, 2017, we have milestone payments totaling up to $20.0 million that remain eligible for achievement upon certain regulatory events and up to $70.0 million which may be earned upon the achievement of specified annual net sales volumes in Japan in addition to royalties ranging from 5% to 15% on net sales of andexanet alfa in Japan. We continue to recognize non-contingent consideration received under the agreement on a straight-line basis over the period of performance, which is estimated to be through the first quarter of 2019. During the three months ended March 31, 2017 and 2016 we recognized $1.2 million and $0.8 million in collaboration revenue under this agreement, respectively. The deferred revenue balance under this agreement as of March 31, 2017 was $9.5 million.

Daiichi Sankyo, Inc. (“Daiichi Sankyo”)

In 2014, as amended in 2016, we entered into an agreement with Daiichi Sankyo to study andexanet alfa as a reversal agent to edoxaban. As of March 31, 2017, we have milestone payments totaling up to $12.5 million that remain eligible for achievement upon the occurrence of certain clinical events and patient enrollment targets. We continue to recognize non-contingent consideration received under the agreement on a straight-line basis over the period of performance, which is estimated to be through the third quarter of 2018. The $8.0 million refundable portion of the upfront consideration is recorded as an obligation to collaborator and will be relieved as we make royalty payments or written off should we fail to commercialize andexanet alfa. During the three months ended March 31, 2017 and 2016, we recognized $1.8 million and $3.4 million in collaboration revenue under this agreement, respectively. The deferred revenue balance under this agreement as of March 31, 2017 was $10.8 million.

In 2016 we entered into an agreement with Daiichi Sankyo associated with the pursuit of regulatory approval of andexanet alfa as a reversal agent to edoxaban in Japan. As of March 31, 2017, we have milestone payments totaling up to $10.0 million eligible for achievement upon initial and final regulatory approval of andexanet alfa as a reversal agent to edoxaban in Japan. We continue to recognize non-contingent consideration received under the agreement on a straight-line basis over the period of performance, which is estimated to be through the first quarter of 2019. During the three months ended March 31, 2017 we recognized $0.4 million in collaboration revenue under this agreement. The deferred revenue balance under this agreement as of March 31, 2017 was $3.3 million.

Bayer Pharma, AG (“Bayer”) and Janssen Pharmaceuticals, Inc. (“Janssen”)

In 2014 we entered into an agreement with Bayer and Janssen to study andexanet alfa as a reversal agent to rivaroxaban in our Phase 3 studies. As of March 31, 2017, we have milestone payments totaling up to $5.0 million that remain eligible for achievement upon the occurrence of certain events associated with scaling up our manufacturing process. We continue to recognize non-contingent consideration received under the agreement on a straight-line basis over the period of performance, which is estimated to be through the first quarter of 2018. During the three months ended March 31, 2017 and 2016, we recognized $0.8 million and $3.3 million in collaboration revenue including milestone payment under this agreement, respectively. The deferred revenue balance under this agreement as of March 31, 2017 was $3.2 million.

Bayer Pharma, AG (“Bayer”)

In 2016 we entered into an agreement with Bayer associated with the pursuit of regulatory approval of andexanet alfa as a reversal agent to rivaroxaban in Japan. As of March 31, 2017, the $10.0 million milestone payment associated with regulatory approval of andexanet alfa as a reversal agent to rivaroxaban in Japan remains eligible for achievement. We continue to recognize non-contingent consideration received under the agreement on a straight-line basis over the period of performance, which is estimated to be through the first quarter of 2019. During the three months ended March 31, 2017 and 2016, we recognized $0.4 million and $0.3million in collaboration revenue under this agreement, respectively. The deferred revenue balance under this agreement as of March 31, 2017 was $3.2 million.