Research, Collaboration and Licensing Agreements

3 Months Ended

Mar. 31, 2020

License Agreements Research Collaborations And Development Agreements [Abstract]

Research, Collaboration and Licensing Agreements

Revenue recognized from the Company’s strategic partnerships is summarized as follows:


			Three Months Ended March 31,
	2020		2019
BeiGene, Ltd ("BeiGene"):
Milestone revenue	$	5,000	$	—
Drug supply revenue	2,159		—
Recognition of upfront fee	—		3,530
Eli Lilly and Company ("Lilly"):
Milestone revenue	—		8,000
Research support and other payments	1,110		395


	8,269		11,925

Since December 31, 2019, there have not been any material changes to the key terms of our collaboration and license agreements. For further information on the terms and conditions of our existing collaboration and license agreements, please refer to the notes to the consolidated financial statements included in our Annual Report on Form 10-K for the year-ended December 31, 2019.

In March 2020, the Company recognized milestone revenue of $5,000 under a license and collaboration agreement with BeiGene upon BeiGene's dosing of ZW25 in the first patient in a clinical study in its territory. The Company did not have any performance obligations in relation to this milestone on the date it was achieved. Accordingly, it was recognized as revenue during the three months ended March 31, 2020.

In January 2019, the Company recognized revenue of $8,000 for achieving a development milestone under a licensing and collaboration agreement with Lilly upon Lilly’s filing of an IND application for a bispecific antibody enabled by the Company's Azymetric platform.

At March 31, 2020, contract assets from research, collaboration and licensing agreements were nil (December 31, 2019: nil) and contract liabilities were $32,941 (December 31, 2019: $32,941). Contract liabilities include deferred revenue relating to an upfront payment received in 2018 under the licensing and collaboration agreement with BeiGene referred to above. During the three months ended March 31, 2020, the Company did not recognize any revenue from performance obligations satisfied in relation to the deferred revenue (three months ended March 31, 2019: $3,530). Amounts not expected to be recognized as revenue in the next twelve months from March 31, 2020 have been classified as long-term deferred revenue.