The following table provides information about disaggregated revenue from contracts with customers into the nature of the products and services, and geographic regions, and includes a reconciliation of the disaggregated revenue with reportable segments. The geographic regions that are tracked are the Americas (United States, Canada, Latin America), EMEA (Europe, Middle East, Africa), and APAC (Australia, New Zealand, Southeast Asia, China).


	Year Ended December 31, 2019
	Performance Enzymes		Novel Biotherapeutics		Total
Major products and service:
Product Revenue	$	29,465	$	—	$	29,465
Research and development revenue	28,691		10,302		38,993
Total revenues	$	58,156	$	10,302	$	68,458

Primary geographical markets:
Americas	$	13,039	$	—	$	13,039
EMEA	26,831		10,302		37,133
APAC	18,286		—		18,286
Total revenues	$	58,156	$	10,302	$	68,458


	Year Ended December 31, 2018
	Performance Enzymes		Novel Biotherapeutics		Total
Major products and service:
Product Revenue	$	25,590	$	—	$	25,590
Research and development revenue	21,483		13,521		35,004
Total revenues	$	47,073	$	13,521	$	60,594

Primary geographical markets:
Americas	$	15,332	$	38	$	15,370
EMEA	8,878		13,483		22,361
APAC	22,863		—		22,863
Total revenues	$	47,073	$	13,521	$	60,594


	Year Ended December 31, 2017
	Performance Enzymes		Novel Biotherapeutics		Total
Major products and service:	$	26,685	$	—	$	26,685
Product Revenue	15,648		7,691		23,339
Research and development revenue	$	42,333	$	7,691	$	50,024
Total revenues

Primary geographical markets:
Americas	$	15,575	$	—	$	15,575
EMEA	11,919		7,691		19,610
APAC	14,839		—		14,839
Total revenues	$	42,333	$	7,691	$	50,024

The following table presents changes in the contract assets, unbilled receivables, contract costs, and contract liabilities for the years ended December 31, 2019 and 2018 (in thousands):


	Year Ended December 31, 2019
	Beginning Balance		Additions	Deductions ⁽¹⁾	Ending Balance
Contract Assets	$	35	12,073	(11,081)	$	1,027
Unbilled receivables, current	$	1,916	13,014	(4,831)	$	10,099
Unbilled receivables, non-current⁽²⁾	$	786	—	(786)	$	—
Contract Costs ⁽²⁾	$	42	—	(42)	$	—
Contract Liabilities: Deferred Revenue	$	8,288	7,552	(13,796)	$	2,044


	Year Ended December 31, 2018
	Beginning Balance		Additions	Deductions ⁽¹⁾	Ending Balance
Contract Assets	$	—	8,934	(8,899)	$	35
Unbilled receivables, current	$	—	2,908	(992)	$	1,916
Unbilled receivables, non-current⁽²⁾	$	—	786	—	$	786
Contract Costs ⁽²⁾	$	239	—	(197)	$	42
Contract Liabilities: Deferred Revenue	$	18,966	6,446	(17,124)	$	8,288

(1) The asset or liability balances are presented as a net position per contract and accordingly the deductions column includes the netting effect of presenting each contract on a net position basis as either a net liability or asset.

We recognize accounts receivable when we have an unconditional right to recognize revenue and have issued an invoice to the customer. Our payment terms are generally between 30 and 90 days. We recognize unbilled receivables when we have an unconditional right to recognize revenue and have not issued an invoice to our customer. Unbilled receivables, current are transferred to accounts receivable on issuance of an invoice. Unbilled receivables, non-current are transferred to accounts receivable on issuance of an invoice; payment is expected from the customer thereon. Unbilled receivables are classified separately on the consolidated balance sheet as assets.

Contract assets represent our right to recognize revenue for custom products with no alternate use and under binding non-cancellable purchase orders and are largely related to our procurement of product. We recognize contract assets when we have a conditional right to recognize revenue. The delivery pattern of certain of products occurs in advance of the invoicing process,

which generates contract assets. In addition, we recognize a contract asset related to milestones not eligible for royalty accounting when we assess it is probable of being achieved and there will be no significant reversal of cumulative revenues. Contract assets are classified separately on the consolidated balance sheet as an asset and transferred to accounts receivable when our rights to payment become unconditional.

Contract liabilities, or deferred revenue, represent our obligation to transfer a product or service to the customer, and for which we have received consideration from the customer. We recognize a contract liability when we receive advance customer payments under development agreements for research and development services, upfront license payments, and from upfront customer payments received under product supply agreements. Contract liabilities are classified as a liability on the consolidated balance sheet.

Contract costs relate to incremental costs of obtaining a contract with a customer. Contract costs are amortized along with the associated revenue over the term of the contract.


	Year Ended December 31,
Revenue recognized in the period for:	2019		2018
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied	$	4,567	$	13,615
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods	1,442		374
Performance obligations satisfied from new activities in the period - contract revenue	62,449		46,605
Total revenue	$	68,458	$	60,594

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of December 31, 2019.

The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts (in thousands):


	2020		2021		2022		2023 and Thereafter		Total
Product Revenue	$	—	$	365	$	1,622	$	—	$	1,987
Research and development revenue	57		—		—		—		57
Total revenues	$	57	$	365	$	1,622	$	—	$	2,044