Detailed description of contractual terms and the Company’s accounting for agreements described below were included in the Company’s audited financial statements and notes in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022.

The following table summarizes our total consolidated revenue from our current and former strategic collaborators for the periods presented (in thousands):


	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
Collaboration Revenue by Strategic Collaborator:	2022			2021			2022			2021
Jazz	$	13,312		$	(511	)	$	26,016		$	11,107
Sarepta		(167	)		1,401			(167	)		2,974
Total collaboration revenue	$	13,145		$	890		$	25,849		$	14,081

The following tables present changes in the Company’s contract assets and liabilities for the period presented (in thousands):


	SIX MONTHS ENDED JUNE 30, 2022
	BALANCE BEGINNING OF PERIOD		ADDITIONS		DEDUCTIONS			BALANCE END OF PERIOD
Contract assets:
Account receivable (1)	$	628		—		(628	)	$	—
Contract liabilities:
Deferred revenue	$	43,649		—		(26,016	)	$	17,633

(1)

Included in prepaid expenses and other current assets as shown within the condensed consolidated balance sheets.

During the three and six months ended June 30, 2022 and 2021, the Company recognized the following revenue (in thousands):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2022		2021		2022		2021
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	13,312	$	890	$	26,016	$	14,081

During the three and six months ended June 30, 2022, the Company continued to perform under its Collaboration and License Agreement (the "Jazz Collaboration Agreement"), pursuant to which the Company recognizes revenues utilizing the cost-based input method. As a result, the Company recognizes over time as revenue the transaction price allocated to each performance obligation as research and development services are performed. The following table summarizes research and development costs incurred and revenue recognized in connection with Company's performance under the Jazz Collaboration Agreement (in thousands):


	THREE MONTHS ENDED JUNE 30,					SIX MONTHS ENDED JUNE 30,
	2022		2021			2022		2021
Revenue recognized	$	13,312	$	(511	)	$	26,016	$	11,107
Costs incurred	$	393	$	677		$	952	$	1,341

Four of the targets were identified at the inception of the collaboration (the "Initial Collaboration Targets"). In April 2021, the Company and Jazz mutually agreed to discontinue their work on exoASO™-STAT3 ("STAT3"), one of the five oncogene targets subject to the Jazz Collaboration Agreement. The Company recognized the remaining $10.9 million in deferred revenue allocated to this target during the six months ended June 30, 2021. On June 30, 2021, Jazz formally nominated the fifth collaboration target. The Company will recognize the $2.8 million of revenue allocated to this performance obligation consistent with all active Jazz targets, recording revenue based on actual costs incurred relative to the budgeted costs to complete each of the respective programs.

In January 2022, the Company and Jazz mutually agreed to discontinue their work on NRAS. The Company recognized the remaining $12.6 million in deferred revenue allocated to this target during the three months ended March 31, 2022. In July 2022, the Company and Jazz mutually agreed to discontinue their work on an undisclosed third target and the Company recognized the remaining $13.3 million in deferred revenue allocated to this target during the three months ended June 30, 2022, as the preclinical activities that informed this decision were completed prior to the end of the period. For the six months ended June 30, 2022, the Company recognized a combined $26.0 million in deferred revenue allocated to NRAS and an undisclosed third target, two of the five oncogene targets subject to the Jazz Collaboration Agreement. As of June 30, 2022, except for the decision relating to NRAS and the undisclosed third target, there were no significant changes in the Company's assumptions or estimates related to the costs to complete development. Jazz also has the option to nominate an additional target (a "Replacement Target") if two of the Initial Collaboration Targets fail prior to acceptance of an Investigational New Drug application ("IND"). As of June 30, 2022, there are three remaining material rights outstanding under the Jazz Collaboration Agreement.

Codiak and Jazz continue to jointly advance their research and development efforts on other exosome-based therapeutic programs to treat cancer pursuant to the Jazz Collaboration Agreement. Jazz has the contractual right to revive terminated targets as active targets in the future.

There have been no changes to the Company’s estimate of variable consideration on active performance obligations since inception of the arrangement through June 30, 2022. As of June 30, 2022, the Company has not achieved any preclinical development, IND acceptance, clinical, regulatory or sales milestones or earned any royalties or profit share under the Jazz Collaboration Agreement.

As of June 30, 2022 and December 31, 2021, the Company had $17.6 million and $43.6 million, respectively, of deferred revenue related to the Company’s collaboration with Jazz which is classified as current or long-term in the accompanying consolidated balance sheet based on the expected timing of recognizing such amounts as revenue.

On October 1, 2021, Sarepta notified the Company that it was terminating the Research License and Option Agreement (the "Sarepta Research Agreement") early. The termination was effective as of December 3, 2021. As a result of the termination, each of the license and options granted to Sarepta were terminated in their entirety, and the Company regained all rights previously granted to Sarepta. During the six months ended June 30, 2022, the Company was no longer obligated to perform under its Sarepta Research Agreement, pursuant to which the Company recognized revenue utilizing the cost-based input method. The Company recognized contract to date revenue of $13.9 million as research and development services that were performed through December 3, 2021. During the six months ended June 30, 2022, the Company collected on a receivable for services performed under the Sarepta Research Agreement, which was held at $0.6 million as of March 31, 2022. The transaction price related to such services was subsequently revised during the period, which resulted in a reduction to revenue. The following table summarizes research and development costs incurred and revenue recognized in connection with Company's performance under the Sarepta Research Agreement (in thousands):


	THREE MONTHS ENDED JUNE 30,					SIX MONTHS ENDED JUNE 30,
	2022			2021		2022			2021
Revenue recognized	$	(167	)	$	1,401	$	(167	)	$	2,974
Costs incurred	$	—		$	1,401	$	—		$	2,974