Revenue and Deferred Revenue

3 Months Ended

Mar. 31, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer

REVENUE AND DEFERRED REVENUE

As of March 31, 2021 and December 31, 2020, the Company recorded $0.3 million and $0.3 million of deferred revenue related to the following agreements.

Research Agreements

In February 2019, the Company entered into a sponsored research agreement with a biotechnology company under which the Company is required to execute certain research and development activities as well as optional research and development activities if elected by the customer for total consideration payable of $0.4 million. During the three months ended March 31, 2021 and 2020, the Company did not recognize any research revenue with respect to this agreement.

In March 2020, the Company entered into a sponsored research agreement with a pharmaceutical company under which the Company is required to execute certain research and development activities for total consideration payable of $0.5 million, of which $0.3 million was received and recorded as deferred revenue as of March 31, 2021. During the three months ended March 31, 2021 and 2020, the Company did not recognize any research revenue with respect to the research agreement.

NIH Grant

In August 2019, the Company received a notice of a Small Business Innovation Research grant award from the National Institutes of Health, which will provide funding of approximately $1.1 million to the Company for its development of research applications. In June 2020, the Company received a notice that additional grant consideration of $0.9 million will be awarded. During the three months ended March 31, 2021 and 2020, the Company recognized grant revenue of $0.1 million and $0.2 million, respectively, with respect to the award.