License and Asset Purchase Agreements

6 Months Ended

Jun. 30, 2023

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”) and Antengene Therapeutics Limited (“Antengene”), both 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 5, “License and Asset Purchase Agreements,” to our consolidated financial statements contained in Item 8 of our Annual Report.

The following table presents information about our license and other revenue (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Menarini	$	5,611	$	6,531	$	14,348	$	13,617
Antengene		760		987		1,872		10,001
Other		2,748		3,151		3,309		6,421
Total license and other revenue	$	9,119	$	10,669	$	19,529	$	30,039

During the three months ended June 30, 2023, we recognized $4.9 million of revenue for the reimbursement of development-related expenses, $0.4 million of royalty revenue, and $0.3 million of other revenue from Menarini. We also recognized $0.7 million of royalty revenue from Antengene and $2.5 million of other milestone-related revenue.

During the three months ended June 30, 2022, we recognized $6.5 million of revenue related to the reimbursement of development related expenses from Menarini, $1.0 million of royalty revenue from Antengene, $1.6 million of other royalty revenue, and $1.5 million of other milestone-related revenue.

During the six months ended June 30, 2023, we recognized $9.6 million of revenue for the reimbursement of development-related expenses, $3.5 million of license-related revenue, $0.7 million of royalty revenue, and $0.5 million of other revenue from Menarini. We also recognized $1.4 million of royalty revenue and $0.5 million of other revenue from Antengene, $2.5 million of other milestone-related revenue and $0.4 million of other royalty revenue.

During the six months ended June 30, 2022, we recognized $13.6 million of revenue related to the reimbursement of development related expenses from Menarini. We also recognized $7.8 million of milestone-related revenue, $1.3 million of royalty revenue, and $0.9 million of other revenue from Antengene, $4.1 million of other royalty revenue and $2.3 million of other milestone-related revenue.

At June 30, 2023, license and other revenue of $9.1 million and $6.0 million were included in accounts receivable and other current assets, respectively. At December 31, 2022, license and other revenue of $22.5 million and $7.8 million were included in accounts receivable and other current assets, respectively.