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Collaboration and License Arrangements
6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Collaboration and License Arrangements

5. Collaboration and License Arrangements

Discovery Collaboration Agreement with EQRx, Inc.

During the three and six months ended June 30, 2022, there were no changes to the Company’s Discovery and Collaboration Agreement (“Collaboration Agreement”) with EQRx, Inc. (“EQRx”) from August 2021. Accordingly, there were no changes to the Company’s accounting treatment thereon through June 30, 2022.

During the three and six months ended June 30, 2022, expenses related to the Collaboration Agreement were immaterial.

Collaboration and License Agreement with Genentech, Inc.

During the three and six months ended June 30, 2022 and 2021, there were no material changes to the Company’s Collaboration and License Agreement (“License Agreement”) with Genentech, Inc. (“Genentech”) from December 2020. Accordingly, there were no changes to the Company’s accounting treatment thereon through June 30, 2022.

During the three months ended June 30, 2022 and 2021, the Company recognized $0.3 million and $0.8 million of revenue from the License Agreement, respectively.

During the six months ended June 30, 2022 and 2021, the Company recognized $0.5 million and $1.7 million of revenue from the License Agreement, respectively.

As of June 30, 2022 and December 31, 2021, the Company recorded a contract asset of $4.8 million and $4.5 million, respectively, both of which are classified as current assets on the condensed consolidated balance sheet. The contract asset relates to the amount of revenue recognized for which the right to payment is contingent upon conditions other than the passage of time, such as the completion of future milestone activities.

As of June 30, 2022 and December 31, 2021, the Company recorded an other liability in the amount of $15.0 million. The liability represents the cash received for a milestone payment in 2021 under the License Agreement. The amount has been excluded from the transaction price at both June 30, 2022 and December 31, 2021 and, therefore, excluded from amounts recognized as revenue, since the amount is subject to repayment to Genentech if the Company exercises its option to participate in the profit/cost share under the License Agreement.