Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

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, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China).

Segment information is as follows (in thousands):

	Three months ended June 30, 2021						Three months ended June 30, 2020
	Performance Enzymes		Novel Biotherapeutics		Total		Performance Enzymes		Novel Biotherapeutics		Total
Major products and service:
Product Revenue	$	14,717	$	—	$	14,717	$	4,504	$	—	$	4,504
Research and development revenue	6,868		3,868		10,736		3,002		7,461		10,463
Total revenues	$	21,585	$	3,868	$	25,453	$	7,506	$	7,461	$	14,967
Primary geographical markets:
Americas	3,703		2,141		$	5,844	$	1,173	$	5,733	$	6,906
EMEA	4,442		1,727		6,169		1,586		1,728		3,314
APAC	13,440		—		13,440		4,747		—		4,747
Total revenues	$	21,585	$	3,868	$	25,453	$	7,506	$	7,461	$	14,967

	Six months ended June 30, 2021						Six months ended June 30, 2020
	Performance Enzymes		Novel Biotherapeutics		Total		Performance Enzymes		Novel Biotherapeutics		Total
Major products and service:
Product Revenue	$	24,943	$	—	$	24,943	$	9,604	$	—	$	9,604
Research and development revenue	10,872		7,670		18,542		8,775		11,258		20,033
Total revenues	$	35,815	$	7,670	$	43,485	$	18,379	$	11,258	$	29,637
Primary geographical markets:
Americas	$	6,574	$	4,199	$	10,773	$	4,171	$	7,960	$	12,131
EMEA	8,979		3,471		12,450		5,987		3,298		9,285
APAC	20,262		—		20,262		8,221		—		8,221
Total revenues	$	35,815	$	7,670	$	43,485	$	18,379	$	11,258	$	29,637

Contract Balances

The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands):

	June 30, 2021		December 31, 2020
Contract assets	$	4,528	$	4,526
Unbilled receivables	$	12,417	$	10,942
Contract costs	$	86	$	90
Contract liabilities: deferred revenue	$	5,479	$	4,791

We had no asset impairment charges related to financial assets in the three and six months ended June 30, 2021 and 2020.

Contract assets remained unchanged as of June 30, 2021 and December 31, 2020. The increase in unbilled receivables was primarily due to the timing of billings. The increase in deferred revenue was primarily due to cash advances received in excess of revenue recognized.

We recognized the following revenues (in thousands):

	Three months ended June 30,				Six months ended June 30,
Revenue recognized in the period for:	2021		2020		2021		2020
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied	$	1,239	$	4,272	$	1,391	$	57
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods	4,306		1,357		4,336		637
Performance obligations satisfied from new activities in the period - contract revenue	19,908		9,338		37,758		28,943
Total revenues	$	25,453	$	14,967	$	43,485	$	29,637

Performance Obligations

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 periods. 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 June 30, 2021.

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 as of June 30, 2021 (in thousands):

	Remainder of 2021		2022		2023		2024 and Thereafter		Total
Product revenue	$	—	$	67	$	67	$	1,843	$	1,977
Research and development revenue	1,568		1,388		546		—		3,502
Total revenues	$	1,568	$	1,455	$	613	$	1,843	$	5,479