Alliance and Collaboration

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Alliance and Collaboration

The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements.

These agreements generally obligate the Company to provide research and development (“R&D”) services over multiple periods.

Except as disclosed below, as of and for the three and nine months ended September 30, 2025, there were no material changes to our alliance and collaboration agreements as described and defined in Note 5. Alliance and Collaboration in our 2024 Annual Report on Form 10-K.

The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and nine months ended September 30, 2025 and 2024 (in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
Party	Caption in Statement of Operations	2025		2024		2025		2024
Orion Corporation	Research and development (1)	$	(1,285)	$	(506)	$	(3,808)	$	(1,800)
Zambon Biotech S.A.	Net revenue (2)	$	—	$	1,048	$	—	$	4,527
Knight Therapeutics International S.A.	Net revenue (3)	$	—	$	1,000	$	—	$	2,000
mAbxience S.L.	Research and development (4)	$	—	$	3,500	$	—	$	6,500
Metsera, Inc.	Net revenue (5)	$	245	$	—	$	2,218	$	—

(1)Services performed for Orion Corporation on a cost basis are recorded as a reduction to R&D expense.

(2)Delivery of a functional license (out-licensing revenue).

(3)Non-refundable license fee.

(4)Clinical milestone payment.

(5)Development activities performed on behalf of Metsera, Inc. on a cost plus margin basis are recorded as net revenue.

The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of September 30, 2025 and December 31, 2024 (in thousands):


Party	Caption in Balance Sheet	September 30, 2025		December 31, 2024
Orion Corporation	Accounts payable and accrued expenses (1)	$	4,754	$	5,008
Orion Corporation	Other long-term liabilities (1)	$	1,031	$	3,453
Zambon Biotech S.A.	Other long-term liabilities (1)	$	2,530	$	2,530
Metsera, Inc.	Prepaid expenses and other current assets (2)	$	318	$	335
Metsera, Inc.	Other long-term liabilities (3)	$	8,208	$	—

(1)Comprised of deferred income as of September 30, 2025 and December 31, 2024.

(2)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2024.

(3)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Metsera, Inc. The Company concluded the funding received from Metsera shall be allocated between two performance obligations: (i.) a financing obligation in accordance with ASC 470, Debt and (ii.) a contract obligation for future manufacturing services. For the nine months ended September 30, 2025, the Company recorded $5.6 million as a cash inflow from financing activities for the financing obligation and $2.6 million as a cash inflow from operating activities for the contract obligation.

ApiJect Systems Collaboration Agreement

On May 8, 2025, the Company entered into a 15-year strategic collaboration agreement with ApiJect Systems, Corp. and related entities (“ApiJect”), a medical technology company focused on advanced drug delivery (“ApiJect Agreement”). Under the ApiJect Agreement, Amneal will install and operate manufacturing equipment leased from Apiject at the Company’s Brookhaven, New York facility. This equipment will be used to support production of ApiJect’s proprietary blow fill seal (“BFS”) delivery systems and Amneal’s growing injectable portfolio.

The Company concluded the agreement contains a financing lease pursuant to Accounting Standards Codification Topic 842, Leases. The lease will commence on the date the equipment is available for Amneal’s use. During the lease term, the Company shall pay ApiJect a low-digit royalty for any of Amneal’s commercial products that are manufactured utilizing the equipment, which will be accounted for as variable lease payments. At the conclusion of the ApiJect Agreement, the Company has the right to purchase the equipment from ApiJect for a nominal amount. Amneal and ApiJect will also collaborate on the development of additional injectable product programs utilizing ApiJect’s BFS platform. The Company is entitled to receive consideration from ApiJect for development work performed under these programs.

The ApiJect Agreement did not have a material impact on the Company’s financial statements as of and for the three and nine months ended September 30, 2025.

Amneal Pharmaceuticals, Inc. 10-Q