Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Our disaggregated revenues were as follows for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues under collaborative agreements
Upfront license fees (1)	$	1,098	$	2,871	$	2,285	$	4,992
Total revenues under collaborative agreements		1,098		2,871		2,285		4,992
Royalties, license and other revenues (2)		310		354		567		619
Total revenue	$	1,408	$	3,225	$	2,852	$	5,611

(1)All of the upfront license fee revenue recognized each period was included within deferred revenue as contract liabilities at the beginning of the period. This revenue originated from the $50.0 million upfront payment under the Roche Agreement.

(2)Included within royalties, license and other revenues recognized for the six months ended June 30, 2024 and 2023, was $30,000 and $87,000, respectively, that was included within deferred revenues as contract liabilities as of January 1, 2024 and 2023, respectively.

We are recognizing the $50.0 million upfront payment under the Roche Agreement utilizing an input method of costs incurred over total estimated costs to be incurred. At each reporting period, we update our total estimated collaboration costs, and any resulting adjustments are recorded on a cumulative basis which would affect revenue and deferred revenue in the period of adjustment. We believe the input methodology represents the most appropriate measure of progress towards satisfaction of the identified performance obligations.

For contracts with customers including collaboration partners which are within the scope of Accounting Standards Update (“ASU”) 2014-09 – Revenue from Contracts with Customers (Topic 606), the aggregate amount of the transaction price allocated to remaining performance obligations as of June 30, 2024 was $31.6 million, of which $27.7 million is reported as deferred revenues. The $31.6 million is primarily expected to be converted to revenue by December 2026.

Accounts receivable, net, and deferred revenues (contract liabilities) from contracts with customers, including collaboration partners, consisted of the following (in thousands):

	June 30, 2024		December 31, 2023
Accounts receivable, net - beginning of the year (1)	$	676	$	297
Accounts receivable, net - end of the period (1)	$	223	$	676
Contract liabilities (1)
Deferred revenues - beginning of the year	$	29,501	$	37,146
Deferred revenues - end of the period	$	27,685	$	29,501

(1)Excludes grants receivable which are outside the scope of ASU 2014-09.