Alliance Revenue

12 Months Ended

Dec. 31, 2020

Alliance Revenue

Alliance Revenue

Note 9. Alliance Revenue

Alliance revenue for the years ended December 31, 2020, 2019 and 2018 represents revenue from contracts with customers accounted for in accordance with ASC Topic 606.

For the year ended December 31, 2019, the Company recognized Alliance revenues totaling $1.4 million which consistent primarily of revenues recognized under the Licensee Agreement, as more fully described in Note 10, primarily related to the transfer of the IMO-8400 License and IMO-8400 drug product. For the year ended December 31, 2018, the Company recognized Alliance revenues totaling $0.7 million which consisted of (i) $0.5 million pursuant to the GSK Agreement, as more fully described in Note 10, and (ii) $0.2 million related to collaborations which have either been terminated and/or are not material to the Company’s current operations nor expected to be material in the future, including reimbursements by licensees of costs associated with research services and patent maintenance.

During the year ended December 31, 2018, the Company recognized Alliance revenues of $0.6 million as a result of changes in the contract liability balances associated with its contracts with customers. Such revenue recognized was included in the contract liability balance at the beginning of the period.

See Note 10 for additional details regarding the Company’s collaboration arrangements.