Deferred Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4. Deferred Revenue

Deferred revenue from the Genentech Agreement represents $8.4 million and $41.6 million of the current and non-current deferred revenue balances, respectively, as of March 31, 2024 and $13.6 million and $41.1 million of the current and non-current deferred revenue balances, respectively, as of December 31, 2023. 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 March 31, 2024. 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 three months ended March 31, 2024 were as follows (in thousands):

Deferred revenue balance at December 31, 2023	$	93,423
Additions to deferred revenue during the period		10,802
Revenue recognized during the period		(13,195	)
Deferred revenue balance at March 31, 2024	$	91,030

As of March 31, 2024, $10.5 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2023.