Revenue and Deferred Revenue

12 Months Ended

Dec. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Deferred Revenue

5.REVENUE AND DEFERRED REVENUE

Product revenue consists of instrument with embedded software essential to the instrument's functionality and consumables. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 11. Grant and other revenue consists of grant revenue from services performed specifically for the reimbursement of research-related expenses and other revenue which relates to shipping revenue and lease arrangements, as further discussed below.

Deferred revenue activity for the years ended December 31, 2023 and 2022 are as follows (in thousands):

	December 31,
	2023			2022
Balance, beginning of period	$	133		$	376
Additions		879			233
Revenue recognized		(742	)		(476	)
Balance, end of period	$	270		$	133

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. As of December 31, 2023, $1.6 million of revenue is expected to be recognized from the remaining performance obligations, of which 97% is expected to be recognized within 12 months.

Grant and Other Revenue

Since August 2019, the Company received a Small Business Innovation Research grant award from the National Institutes of Health for a total funding of $2.0 million for its development of research applications. For the years ended December 31, 2023 and 2022, the Company recognized $1.1 million and $0.3 million of grant revenue, respectively, with respect to the award.

For the years ended December 31, 2023 and 2022, the Company recognized $0.1 million of lease revenue from operating lease and $0.5 million of lease revenue from sales-type lease, respectively.