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Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 2019
Revenue From Contract With Customer [Abstract]  
Disaggregated Revenues by Timing of Transfer of Goods or Services

The following tables present our revenues, disaggregated by timing of transfer of goods or services for the three and six months ended June 30, 2019 and 2018 (in thousands):

 

 

 

Three Months Ended June 30, 2019

 

 

Six Months Ended June 30, 2019

 

 

 

Product Revenue, net

 

 

Collaboration and License Revenue

 

 

Total

 

 

Product Revenue, net

 

 

Collaboration and License Revenue

 

 

Total

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Transferred at a point in time

 

$

27,164

 

 

$

 

 

$

27,164

 

 

$

47,526

 

 

$

 

 

$

47,526

 

    Transferred over time

 

 

 

 

 

1,260

 

 

 

1,260

 

 

 

 

 

 

3,067

 

 

 

3,067

 

Total

 

$

27,164

 

 

$

1,260

 

 

$

28,424

 

 

$

47,526

 

 

$

3,067

 

 

$

50,593

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

Six Months Ended June 30, 2018

 

 

 

Product Revenue, net

 

 

Collaboration and License Revenue

 

 

Total

 

 

Product Revenue, net

 

 

Collaboration and License Revenue

 

 

Total

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Transferred at a point in time

 

$

2,265

 

 

$

 

 

$

2,265

 

 

$

2,871

 

 

$

 

 

$

2,871

 

    Transferred over time

 

 

 

 

 

1,746

 

 

 

1,746

 

 

 

 

 

 

7,784

 

 

 

7,784

 

Total

 

$

2,265

 

 

$

1,746

 

 

$

4,011

 

 

$

2,871

 

 

$

7,784

 

 

$

10,655

 

Schedule of Changes in Contract Assets and Liabilities

 

The following table presents changes in our contract assets and liabilities for the six months ended June 30, 2019 (in thousands):

 

 

 

Balance at

Beginning of

Period

 

 

Addition

 

 

Deduction

 

 

Balance at End

of Period

 

Contract assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unbilled - collaboration and license revenue

 

$

9,880

 

 

$

2,452

 

 

$

(7,537

)

 

$

4,795

 

Total contract assets

 

$

9,880

 

 

$

2,452

 

 

$

(7,537

)

 

$

4,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

$

6,335

 

 

$

1,112

 

 

$

(1,765

)

 

$

5,682

 

Total contract liabilities

 

$

6,335

 

 

$

1,112

 

 

$

(1,765

)

 

$

5,682

 

Significant changes in the contract liabilities balances during the period are as follows (in thousands):

 

 

 

 

 

 

 

Three Months

Ended as of

June 30, 2019

 

 

Six Months

Ended as of

June 30, 2019

 

Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period

 

$

442

 

 

$

615

 

Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations

 

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2019 (in thousands):

 

Collaborator

 

Transaction Price

Allocated to the

Remaining

Performance

Obligation as of

June 30, 2019

 

 

Expected Year

By Which Revenue

Recognition Will

Be Completed

 

 

Percentage of

Revenue

Recognized

 

BMS and Pfizer - 2016 agreement

 

$

856

 

 

 

2021

 

 

 

93

%

Daiichi Sankyo - 2014 agreement

 

 

942

 

 

 

2020

 

 

 

97

%

Daiichi Sankyo - 2016 agreement

 

 

3,120

 

 

 

2023

 

 

 

80

%

Bayer - 2016 agreement

 

 

2,487

 

 

 

2023

 

 

 

84

%

Total

 

$

7,405