Revenue

3 Months Ended

Mar. 31, 2026

Revenue

Revenue

(12)  Revenue

Contract and Grants Revenue

The Company has entered into agreements with Rockefeller University (“Rockefeller”) pursuant to which the Company performs manufacturing and research and development services on a time-and-materials basis or at a negotiated fixed-price. The Company recognized $0.0 million and $0.6 million in revenue under the agreements with Rockefeller during the three months ended March 31, 2026, and 2025, respectively.

Contract Assets and Liabilities

At March 31, 2026 and December 31, 2025, the Company’s right to consideration under all contracts were considered unconditional, and as such, no contract assets were recorded. Accordingly, amounts billed but not yet paid by customers were recorded as trade receivables at March 31, 2026 and December 31, 2025.

At March 31, 2026, the Company had $1.8 million in contract liabilities recorded, representing consideration billed in advance of performing manufacturing and research and development services. The Company expects to recognize this amount as revenue over the next 24 months as the related services are performed. At December 31, 2025, the Company had $1.8 million in contract liabilities recorded. No revenue was recognized from contract liabilities as of December 31, 2025 during the three months ended March 31, 2026.