License and Collaboration Agreements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule Of License and Royalty Revenue

License and royalty revenue consisted of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Zolgensma royalties	$	18,965	$	28,386	$	35,091	$	49,925
Other license and royalty revenue		1,012		4,263		4,024		4,942
Total license and royalty revenue	$	19,977	$	32,649	$	39,115	$	54,867

Summary of Changes in Balances of Receivables, Contract Assets and Deferred Revenue

The following table presents the balances of the Company’s net accounts receivable, contract assets and deferred revenue, as well as other information regarding revenue recognized during the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Accounts receivable, net, current and non-current:
Beginning of period	$	20,161	$	29,106	$	29,586	$	34,701
End of period	$	22,523	$	39,534	$	22,523	$	39,534
Contract assets:
Beginning of period	$	2,000	$	1,126	$	—	$	1,074
End of period	$	2,000	$	—	$	2,000	$	—
Deferred revenue, current and non-current:
Beginning of period	$	1,311	$	3,333	$	1,829	$	3,333
End of period	$	448	$	6,636	$	448	$	6,636
Revenue recognized during the period from:
Amounts included in deferred revenue at beginning of period	$	891	$	—	$	1,409	$	—
Performance obligations satisfied in previous periods	$	18,907	$	28,420	$	37,040	$	49,961

Summary of Accounts Receivables, net

Accounts receivable, net consisted of the following (in thousands):

	June 30, 2023			December 31, 2022
Current accounts receivable:
Billed to customers	$	393		$	280
Unbilled Zolgensma royalties		20,303			27,027
Other unbilled		684			775
Allowance for credit losses		—			—
Current accounts receivable, net		21,380			28,082
Non-current accounts receivable:
Due from Abeona, net of present value discount		4,364			4,152
Other unbilled		1,143			1,504
Allowance for credit losses		(4,364	)		(4,152	)
Non-current accounts receivable, net		1,143			1,504
Total accounts receivable, net	$	22,523		$	29,586

Summary of Changes in Allowance For Credit Losses

The following table presents the changes in the allowance for credit losses related to accounts receivable and contract assets for the six months ended June 30, 2023 (in thousands):

	Allowance for Credit Losses
	Accounts Receivable		Contract Assets
Balance at December 31, 2022	$	4,152	$	—
Changes in present value discount of receivables		212		—
Balance at June 30, 2023	$	4,364	$	—

Schedule of AbbVie Collaboration Agreement

The Company recognized the following amounts under the AbbVie Collaboration Agreement (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net cost reimbursement to (from) AbbVie included in:
Research and development expense	$	(18,218	)	$	(5,212	)	$	(36,692	)	$	(8,094	)
General and administrative expense		251			296			392			204
Total net cost reimbursement to (from) AbbVie	$	(17,967	)	$	(4,916	)	$	(36,300	)	$	(7,890	)

Novartis Gene Therapies [Member]

Schedule Of License and Royalty Revenue

The Company recognized the following amounts under the Novartis License (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Zolgensma royalties	$	18,965	$	28,386	$	35,091	$	49,925
Other license revenue		—		31		—		31
Total license and royalty revenue	$	18,965	$	28,417	$	35,091	$	49,956
Interest income from licensing	$	7	$	71	$	15	$	76