Collaborative Arrangements and Licensing Agreements

3 Months Ended

Mar. 31, 2022

Collaborative Arrangements and Licensing Agreements [Abstract]

Collaborative Arrangements and Licensing Agreements

6.  Collaborative Arrangements and Licensing Agreements

Below, we have included our Biogen collaboration, which is our only collaboration with substantive changes during 2022 from those included in Note 6 of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Strategic Partnership

Biogen

We have several strategic collaborations with Biogen focused on using antisense technology to advance the treatment of neurological disorders. These collaborations combine our expertise in creating antisense medicines with Biogen’s expertise in developing therapies for neurological disorders. We developed and licensed to Biogen SPINRAZA, our approved medicine to treat people with spinal muscular atrophy, or SMA. We and Biogen are currently developing numerous investigational medicines to treat neurodegenerative diseases under these collaborations, including medicines in development to treat people with ALS, SMA, Angelman Syndrome, Alzheimer’s disease and Parkinson’s disease. In addition to these medicines, our collaborations with Biogen include a substantial research pipeline that addresses a broad range of neurological diseases. From inception through March 31, 2022, we have received $3.3 billion from our Biogen collaborations.

During the three months ended March 31, 2022 and 2021, we earned the following revenue from our relationship with Biogen (in millions, except percentage amounts):

	Three Months Ended March 31,
	2022			2021
SPINRAZA royalties (commercial revenue)	$	53.8		$	60.0
R&D revenue		40.1			18.1
Total revenue from our relationship with Biogen	$	93.9		$	78.1
Percentage of total revenue		66	%		70	%

Our condensed consolidated balance sheet at March 31, 2022 and December 31, 2021 included deferred revenue of $385.5 million and $407.5 million, respectively, related to our relationship with Biogen.

During the first quarter of 2022, we did not have any material changes to our performance obligations, transaction price or the timing in which we expect to recognize revenue under our Biogen collaborations.

In the first quarter of 2022, we earned $18 million in milestone payments from Biogen when Biogen advanced two targets under our 2013 strategic collaboration. We recognized the milestone payments in full in the first quarter of 2022 because we did not have any remaining performance obligations related to the milestone payments. We will achieve the next payment of up to $10 million if Biogen advances a medicine under our 2013 strategic neurology collaboration.