License, Collaboration and Other Significant Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenues Recognized from License, Collaboration and Other Significant Agreements

During the three months ended March 31, 2022 and 2021, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of March 31, 2022:

	Three Months Ended March 31,
	2022		2021
License, Collaboration and Other Revenue:	(in thousands)
MTPC Agreement	$	7,962	$	18
Otsuka U.S. Agreement	5,638		13,674
Otsuka International Agreement	5,503		6,972
Total Proportional Performance Revenue	$	19,103	$	20,664
JT and Torii	1,148		1,159
MTPC Other Revenue	—		73
Total License, Collaboration and Other Revenue	$	20,251	$	21,896

Deferred Revenues

During the three months ended March 31, 2022 and 2021, the Company recognized the following revenues from its license, collaboration and other significant agreements and had the following deferred revenue balances as of March 31, 2022:

	Three Months Ended March 31, 2022
	Short-Term		Long-Term		Total
Deferred Revenue:	(in thousands)
MTPC Agreement	$	—	$	—	$	—
Otsuka U.S. Agreement	6,192		16,087		22,279
Otsuka International Agreement	4,248		5,973		10,221
Vifor Pharma Agreement	—		43,296		43,296
Total	$	10,440	$	65,356	$	75,796

Changes in Contract Assets and Liabilities

The following table presents changes in the Company’s contract assets and liabilities during the three months ended March 31, 2022 and 2021 (in thousands):

Three Months Ended March 31, 2022	Balance at Beginning of Period		Additions		Deductions		Balance at End of Period
Contract assets:
Accounts receivable(1)	$	19,094	$	19,542	$	(14,320)	$	24,316
Prepaid expenses and other current assets	$	4,309	$	—	$	(339)	$	3,970
Contract liabilities:
Deferred revenue	$	42,380	$	60,514	$	(27,098)	$	75,796
Accounts payable	$	3,171	$	—	$	(2,852)	$	319
Accrued expenses and other current liabilities	$	—	$	—	$	—	$	—
Three Months Ended March 31, 2021
Contract assets:
Accounts receivable(1)	$	3,045	$	6,740	$	(6,246)	$	3,539
Prepaid expenses and other current assets	$	1,722	$	194	$	—	$	1,916
Contract liabilities:
Deferred revenue	$	40,559	$	22,895	$	(25,902)	$	37,552
Accounts payable	$	7,227	$	—	$	(7,227)	$	—
Accrued expenses and other current liabilities	$	10,000	$	—	$	—	$	10,000

(1)Excludes accounts receivable from other services related to clinical and regulatory activities performed by the Company on behalf of MTPC that are not included in the performance obligations identified under the MTPC Agreement as of March 31, 2022 and 2021 and December 31, 2021 and 2020. Also excludes accounts receivable related to amounts due to the Company from product sales which are included in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2022 and December 31, 2021.

Revenue Recognized Resulting from Changes in Contract Assets and Contract Liabilities

During the three months ended March 31, 2022 and 2021, the Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands):

	Three Months Ended March 31,
Revenue Recognized in the Period from:	2022		2021
Amounts included in deferred revenue at the beginning of the period	$	6,602	$	5,382
Performance obligations satisfied in previous periods	$	—	$	—