License and Asset Purchase Agreements

3 Months Ended

Mar. 31, 2022

License and Asset Purchase Agreements [Member]

License and Asset Purchase Agreements

4. License and Asset Purchase Agreements

In prior periods, we entered into out-licensing and asset purchase agreements with Berlin-Chemie AG, an affiliate of the Menarini Group (“Menarini”), Anivive Lifesciences, Inc. (“Anivive”), Biogen MA Inc. (“Biogen”), Antengene Therapeutics Limited (“Antengene”), and FORUS Therapeutics Inc. (“FORUS”), all of which are accounted for within the scope of Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”). For further details on the terms and accounting treatment considerations for these contracts, please refer to Note 10, “License and Asset Purchase Agreements,” to our consolidated financial statements contained in Item 8 of our Annual Report.

During the three months ended March 31, 2022, we recognized $8.6 million in milestone-related revenue from our partners and $7.1 million related to reimbursement of development related expenses from Menarini. With respect to the $8.6 million in milestone-related revenue, we recognized $7.8 million, net of tax, pursuant to our license agreement with Antengene and $0.8 million pursuant to our distribution agreement with Promedico Ltd. during the three months ended March 31, 2022. We recognized $0.8 million in license and other revenue pursuant to our license agreements with Antengene and others, for the three months ended March 31, 2021.