Deferred Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4.Deferred Revenue

Deferred revenue from the Genentech Agreement represents $13.6 million and $41.1 million of the current and non-current deferred revenue balances on the consolidated balance sheet, respectively, as of December 31, 2023 and $31.8 million and $55.5 million of the current and non-current deferred revenue balances on the consolidated balance sheet, respectively, as of December 31, 2022. We expect our current deferred revenue to be recognized as revenue within 12 months. We expect the majority of our non-current deferred revenue to be recognized as revenue over a period of approximately four years from December 31, 2023. This period of time represents an estimate of the research and development period to develop cellular therapies in oncology, which may be reduced or increased based on various research and development activities.

Changes in deferred revenue during the year ended December 31, 2023 were as follows (in thousands):

Deferred revenue balance at December 31, 2022	$	122,714
Additions to deferred revenue during the period		44,471
Revenue recognized during the period		(73,762	)
Deferred revenue balance at December 31, 2023	$	93,423

As of December 31, 2023, $53.2 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2022.