Revenue and Deferred Revenue

6 Months Ended

Jun. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Deferred Revenue

5.REVENUE AND DEFERRED REVENUE

Product revenue consists of instruments 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 10. 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 activities consist of the following (in thousands):

	Six Months Ended June 30,
	2024			2023
Deferred revenue, current and noncurrent, as of the beginning of period	$	270		$	133
Additions		244			648
Revenue recognized		(282	)		(495	)
Deferred revenue, current and noncurrent, as of the end of period	$	232		$	286

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 revenue in future periods. As of June 30, 2024, $0.2 million of revenue is expected to be recognized from the remaining performance obligations, of which 87% is expected to be recognized within twelve months.

Grant and Other Revenue

Since August 2019, the Company received total funding of $2.0 million from a Small Business Innovation Research grant award from the National Institutes of Health for its development of research applications. For each of the three and six months ended June 30, 2024, the Company recognized no grant revenue, with respect to the award. For the three and six months ended June 30, 2023, the Company recognized $0.5 million and $0.8 million of grant revenue, respectively, with respect to the award.