Collaborative Arrangements (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Total Consolidated Net Revenue from Strategic Collaborators

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

	THREE MONTHS ENDED MARCH 31,
Collaboration Revenue by Strategic Collaborator:	2021		2020
Jazz	$	11,618	$	134
Sarepta		1,573		—
Total collaboration revenue	$	13,191	$	134

Schedule of Changes in Contract Assets and Liabilities

The following tables present changes in the Company’s contract assets and liabilities for the three months ended March 31, 2021 (in thousands):

	THREE MONTHS ENDED MARCH 31, 2021
	BALANCE BEGINNING OF PERIOD		ADDITIONS		DEDUCTIONS			BALANCE END OF PERIOD
Contract assets:
Account receivable (1)	$	—	$	847	$	—		$	847
Contract liabilities:
Deferred revenue	$	62,697	$	—	$	(12,344	)	$	50,353

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

Schedule of Revenue Recognized

During the three months ended March 31, 2021 and 2020, the Company recognized the following revenue (in thousands):

	THREE MONTHS ENDED MARCH 31,
	2021		2020
Revenue recognized in the period from:
Amounts included in deferred revenue at the beginning of the period	$	12,344	$	134

Jazz Pharmaceuticals Ireland Limited

Schedule of Transaction Price Allocated to Identified Performance Obligations

As a result, the transaction price associated with the remaining consideration was reallocated to the identified performance obligations as follows (in thousands):

PERFORMANCE OBLIGATION	ALLOCATED TRANSACTION PRICE
License and Services Performance Obligation: Initial Collaboration Target #1	$	12,717
License and Services Performance Obligation: Initial Collaboration Target #2		13,702
License and Services Performance Obligation: Initial Collaboration Target #3		10,866
License and Services Performance Obligation: Initial Collaboration Target #4		13,593
Additional Target or Program Material Right Performance Obligation		2,812
Replacement Target Material Right Performance Obligation		1,188
Backup Candidate Material Right Performance Obligation: Backup Candidate #1		47
Backup Candidate Material Right Performance Obligation: Backup Candidate #2		47
Transaction Price	$	54,972

Sarepta Therapeutics

Schedule of Transaction Price Allocated to Identified Performance Obligations

As a result, the transaction price was allocated to the identified performance obligations as follows:

PERFORMANCE OBLIGATION	ALLOCATED TRANSACTION PRICE
Research License and Services Performance Obligation	$	11,000
Material Right Performance Obligation: Research Target #1		1,400
Material Right Performance Obligation: Research Target #2		1,400
Material Right Performance Obligation: Research Target #3		1,400
Material Right Performance Obligation: Research Target #4		1,400
Material Right Performance Obligation: Research Target #5		1,400
Transaction Price	$	18,000