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Revenue from Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2021
Revenue From Contract With Customer [Abstract]  
Product and Product-Related Service Revenue from Sale of Instruments and Consumables

Product and Product-related Services Revenue

The Company had product and product-related services revenue consisting of revenue from the sale of instruments and consumables and the use of the HTG EdgeSeq proprietary technology to process samples and design custom RUO assays for the three and six months ended June 30, 2021 and 2020 as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Instruments

 

$

397,205

 

 

$

257,029

 

 

$

621,218

 

 

$

491,654

 

     Consumables

 

 

867,970

 

 

 

781,304

 

 

 

1,472,352

 

 

 

1,327,243

 

Total product revenue

 

 

1,265,175

 

 

 

1,038,333

 

 

 

2,093,570

 

 

 

1,818,897

 

Product-related services revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Custom RUO assay design

 

 

 

 

 

343,284

 

 

 

48,350

 

 

 

972,466

 

     RUO sample processing

 

 

809,029

 

 

 

346,909

 

 

 

1,367,430

 

 

 

925,300

 

Total product-related services revenue

 

 

809,029

 

 

 

690,193

 

 

 

1,415,780

 

 

 

1,897,766

 

Total product and product-related services revenue

 

$

2,074,204

 

 

$

1,728,526

 

 

$

3,509,350

 

 

$

3,716,663

 

 

Schedule of Collaborative Development Services

Collaborative Development Services Revenue

The Company enters into collaborative development services agreements with biopharmaceutical companies for the development of NGS-based companion diagnostic assays in support of and in conjunction with, biopharmaceutical companies’ drug development programs. These collaborative development services agreements may generate upfront fees, and in some cases subsequent milestone payments that may be earned upon completion of certain product development milestones or activities. The Company follows ASC 606 and ASC 808 to determine the appropriate recognition of revenue under its collaborative research, development and commercialization agreements. For the three and six months ended June 30, 2020, collaborative development services revenue was generated through statements of work entered into a Master Assay Development, Commercialization and Manufacturing Agreement (the “Governing Agreement”) with QIAGEN Manchester Limited (“QML”) discussed below.  

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Collaborative development services

 

$

 

 

$

234,768

 

 

$

 

 

$

472,105

 

Schedule of Changes in Contract Liability

Changes in the Company’s contract liability were as follows as of the dates indicated:

 

 

 

Product

Revenue

 

 

Custom RUO

Assay Design

 

 

Sample

Processing

 

 

Total Contract

Liability

 

Balance at January 1, 2021

 

$

103,580

 

 

$

-

 

 

$

93,884

 

 

$

197,464

 

Deferral of revenue

 

 

153,400

 

 

 

 

 

 

350,224

 

 

 

503,624

 

Recognition of deferred revenue

 

 

(130,759

)

 

 

 

 

 

(351,626

)

 

 

(482,385

)

Balance at June 30, 2021

 

$

126,221

 

 

$

 

 

$

92,482

 

 

$

218,703

 

 

 

 

Product

Revenue

 

 

Custom RUO

Assay Design

 

 

Sample

Processing

 

 

Total Contract

Liability

 

Balance at January 1, 2020

 

$

95,148

 

 

$

66,216

 

 

$

438,090

 

 

$

599,454

 

Deferral of revenue

 

 

273,829

 

 

 

337,035

 

 

 

67,729

 

 

 

678,593

 

Recognition of deferred revenue

 

 

(272,653

)

 

 

(403,251

)

 

 

(55,971

)

 

 

(731,875

)

Balance at June 30, 2020

 

$

96,324

 

 

$

 

 

$

449,848

 

 

$

546,172