Note 24: Revenues and Net Other Operating Income
| (€‘000) |
For the year ended December 31, |
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| 2017 | 2016 | 2015 | ||||||||||
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Recognition of non-refundable upfront payment |
3,505 | 8,440 | — | |||||||||
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C-Cathez sales |
35 | 83 | 3 | |||||||||
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Other |
— | — | — | |||||||||
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Total Revenues |
3,540 | 8,523 | 3 | |||||||||
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In May 2017, the Group received a non-refundable upfront payment as a result of the Novartis agreement. This upfront payment has been fully recognised upon receipt as there are no performance obligations nor subsequent deliverables associated to the payment.
The amount recorded in 2016 corresponds to the upfront payment received as a consideration for the sale of a license to ONO.
| (€‘000) | For the year ended December 31, | |||||||||||
| 2017 | 2016 | 2015 | ||||||||||
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Grant income (RCAs) |
824 | 2,704 | 578 | |||||||||
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Grant income (other) |
56 | 124 | 412 | |||||||||
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Remeasurement of RCAs |
396 | 2,154 | 1,036 | |||||||||
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R&D Tax credit |
1,161 | — | — | |||||||||
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Change in fair value Contingent consideration and other financial liabilities |
193 | — | — | |||||||||
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Other |
— | — | (312 | ) | ||||||||
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Total Other Operating Income |
2,630 | 4,982 | 1,714 | |||||||||
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Change in fair value Contingent consideration and other financial liabilities |
— | (1,634 | ) | — | ||||||||
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Remeasurement of RCAs |
— | — | (1,392 | ) | ||||||||
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Other |
(41 | ) | (8 | ) | — | |||||||
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Total Other Operating Expenses |
(41 | ) | (1,642 | ) | (1,392 | ) | ||||||
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Net Other Operating Income |
2,590 | 3,340 | 322 | |||||||||
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Other operating income are mainly related to government grants received. For the government grants received in the form of RCAs we refer to Note 19 for more information. In 2017, the Company recognized also for the first time a receivable on the amounts to collect from the federal government as R&D tax credit (€1.2 million). See Note 9.