License and Collaboration Agreements (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Revenues by Collaboration and by Category of Revenue

The following table summarizes revenues by collaboration, category of revenue, and the method of recognition (in thousands):

			Three Months Ended June 30,				Six Months Ended June 30,
Revenues recognized:	Over time	Point in time	2022		2021		2022		2021
License and development services for all Gilead programs	*		$	16,693	$	-	$	24,632	$	-
Gilead access rights related to the Company's research and development pipeline	*			8,316		7,711		16,632		15,422
Taiho access rights	*			1,750		1,750		3,500		3,500
Total collaboration and license revenues			$	26,759	$	9,461	$	44,764	$	18,922

Summary of Revenue Recognized as a Result of Changes in Deferred Revenue

The Company recognized the following revenue as a result of changes in the deferred revenue balance during the period below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Revenue recognized in the period from:	2022		2021		2022		2021
Amounts included in deferred revenue at the beginning of the period	$	26,759	$	9,461	$	44,764	$	18,922
Performance obligations satisfied in a previous period		-		-		-		-

Schedule of Payments Allocated to Performance Obligations

The Company determined that the Amended Gilead Collaboration Agreement represented a contract modification under the application of ASC 606. At the amendment closing date, the Company allocated the transaction price to the new and remaining performance obligations identified as follows:

			Amount
Allocation of transaction price
Deferred revenues as of 12/21/2021			$	165,086
Option payment for Domvanalimab				275,000
Option payment for Etrumadenant				250,000
Option payment for Quemliclustat				200,000
Total transaction price allocated to performance obligations			$	890,086
Allocation to performance obligations	Distinct	Combined	Amount
Domvanalimab license	*		$	328,838
Etrumadenant license and R&D activities		*		218,722
Quemliclustat license and R&D activities		*		175,618
Domvanalimab R&D activities	*			34,528
Zimberelimab R&D and commercial services	*			11,243
Access rights related to the Company's research and development pipeline	*			84,076
Material rights to option continuation periods	*			37,061
Total			$	890,086

Gilead and Taiho

Summary of Revenues

The following table summarizes the revenues recognized from the Company’s collaboration agreements with Gilead and Taiho Pharmaceutical Co., Ltd. (Taiho) (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
License and development services revenue	$	16,693	$	-	$	24,632	$	-
Other collaboration revenue		10,066		9,461		20,132		18,922
Total collaboration and license revenues	$	26,759	$	9,461	$	44,764	$	18,922