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Deferred Revenue | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Deferred Revenue | # 4. Deferred Revenue Deferred revenue from the Genentech Agreement represents $14.5 million and $23.2 million of the current and non-current deferred revenue balances, respectively, on the unaudited condensed consolidated balance sheet as of March 31, 2025 and $15.9 million and $25.4 million of the current and non-current deferred revenue balances, respectively, on the condensed consolidated balance sheet as of December 31, 2024. We expect our current deferred revenue to be recognized as revenue within 12 months. We expect the majority of our non-current deferred revenue to be recognized as revenue over a period of approximately three to four years from March 31, 2025. This period of time represents an estimate of the research and development period to develop cellular therapies in oncology, which may be reduced or increased based on various research and development activities. Changes in deferred revenue during the three months ended March 31, 2025 were as follows (in thousands):
Deferred revenue balance at December 31, 2024 |  | $ | 82,945 |
Additions to deferred revenue during the period |  |  | 13,537 |
Revenue recognized during the period |  |  | (16,863 | )
Deferred revenue balance at March 31, 2025 |  | $ | 79,619 |
As of March 31, 2025, $12.1 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2024.

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