Revenue

6 Months Ended

Jun. 30, 2024

Revenue

Revenue

11.  Revenue

Grant revenue

There was grant revenue associated with National Institutes of Health of $0.04 million and $0.05 million during the three and six months ended June 30, 2024. No grant revenue was earned for the six months ended June 30, 2023.

CDMO revenue

During the three and six months ended June 30, 2024, the Company recognized $0.7 million and $3.5 million in CDMO revenue. All CDMO revenue was primarily derived from two customers who each represented over 10% of the total recognized revenue. For the three and six months ended June 30, 2023, the Company recognized $0.7 million and $1.3 million in CDMO revenue. All CDMO revenue was derived from three customers who each represented over 10% of the total recognized revenue. These revenues were derived from the contract liability which was recorded in the prior period as deferred revenue.

The following table presents changes in contract liabilities for the six months ended June 30, 2024 and 2023:

	Contract liabilities
Balance at December 31, 2023	$	(2,389,441)
Changes to the beginning balance arising from:
Reclassification to revenue as the result of performance obligations satisfied		4,114,641
Net change to contract balance recognized since beginning of period due to amounts collected		(4,148,939)
Balance at June 30, 2024	$	(2,423,739)
	Contract liabilities
Balance at December 31, 2022	$	(1,618,308)
Changes to the beginning balance arising from:
Reclassification to revenue as the result of performance obligations satisfied		1,323,678
Net change to contract balance recognized since beginning of period due to amounts collected		(2,439,894)
Balance at June 30, 2023	$	(2,734,524)

The timing of revenue recognition, billings and cash collections results in billed accounts receivable and contract liabilities (customer deposits and deferred revenue). Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of the Company’s fulfillment of performance obligations. Contract liabilities convert to revenue as the Company performs its obligations under the contract.

The opening and closing balances of the Company’s accounts receivables are as follows:

Opening on January 1, 2023	$	81,456
Closing on December 31, 2023	$	375,192
Closing on June 30, 2024	$	1,319,618