Revenue and Deferred Revenue

9 Months Ended

Sep. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Deferred Revenue

REVENUE AND DEFERRED REVENUEProduct revenue consists of an 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 and platform evaluation agreements. 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 expense and other revenue which relates to shipping revenue and lease arrangements, as further discussed below.

Deferred revenue activity for the period ended September 30, 2023 and December 31, 2022 are as follows (in thousands):

	September 30,		December 31,
	2023		2022
Balance, beginning of period	$	133	$	376
Additions	732		233
Revenue recognized	(635)		(476)
Balance, end of period	$	230	$	133

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancellable amounts that will be invoiced and recognized as revenues in future periods. As of September 30, 2023, $1.4 million of revenue is expected to be recognized from the remaining performance obligations, of which 98% is expected to be recognized within 12 months and the remainder thereafter.

Grant and Other Revenue

In August 2019, the Company received a notice of a Small Business Innovation Research (SBIR) grant award from the National Institutes of Health, which provides funding of approximately $1.1 million to the Company for its development of research applications. For the three and nine months ended September 30, 2023, the Company recognized $0.2 million and $0.9 million of grant revenue, respectively, with respect to the award. For the three and nine months ended September 30, 2022, the Company recognized no revenue and $64,000 of grant revenue, respectively.