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Revenue Recognition | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue from contracts with customers into the nature of the products and services, and geographic regions, and includes a reconciliation of the disaggregated revenue with reportable segments. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China). Segment information is as follows (in thousands):
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
| Performance Enzymes |  | Novel Biotherapeutics |  | Total |  | Performance Enzymes |  | Novel Biotherapeutics |  | Total
Major products and service: |  |  |  |  |  |  |  |  |  |  |
Product revenue | $ | 8,364 |  |  | $ | — |  |  | $ | 8,364 |  |  | $ | 30,690 |  |  | $ | — |  |  | $ | 30,690 |
Research and development revenue | 1,122 |  |  | 3,496 |  |  | 4,618 |  |  | 2,409 |  |  | 2,241 |  |  | 4,650 |
Total revenues | $ | 9,486 |  |  | $ | 3,496 |  |  | $ | 12,982 |  |  | $ | 33,099 |  |  | $ | 2,241 |  |  | $ | 35,340 |
Primary geographical markets: |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 918 |  |  | $ | 1,666 |  |  | $ | 2,584 |  |  | $ | 2,553 |  |  | $ | 1,179 |  |  | $ | 3,732 |
EMEA | 1,259 |  |  | 1,830 |  |  | 3,089 |  |  | 3,065 |  |  | 1,062 |  |  | 4,127 |
APAC | 7,309 |  |  | — |  |  | 7,309 |  |  | 27,481 |  |  | — |  |  | 27,481 |
Total revenues | $ | 9,486 |  |  | $ | 3,496 |  |  | $ | 12,982 |  |  | $ | 33,099 |  |  | $ | 2,241 |  |  | $ | 35,340 |
Contract Balances The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands):
| March 31, 2023 |  | December 31, 2022
Contract assets | $ | 2,449 |  |  | $ | 2,116 |
Unbilled receivables | $ | 7,797 |  |  | $ | 7,016 |
Contract costs | $ | 2 |  |  | $ | 19 |
Contract liabilities: deferred revenue | $ | 28,882 |  |  | $ | 30,609 |
We ha d no a sset impairment charges related to financial assets in the three months ended March 31, 2023 and 2022. The increase in contract assets was primarily due to increases in product revenue from contracts subject to over time revenue recognition. The increase in unbilled receivables was primarily due to the timing of billings. The decrease in deferred revenue was primarily due to timing of recognition of revenue. We recognized t he following revenues (in thousands):
| Three Months Ended March 31,
Revenue recognized in the period for: | 2023 |  | 2022
Amounts included in contract liabilities at the beginning of the period: |  |  |
Performance obligations satisfied | $ | 1,602 |  |  | $ | 1,094 |
Changes in the period: |  |  |
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods | (216) |  |  | 215 |
Performance obligations satisfied from new activities in the period - contract revenue | 11,596 |  |  | 34,031 |
Total revenues | $ | 12,982 |  |  | $ | 35,340 |
Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2023. Th e balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of March 31, 2023 (in thousands):
| Remainder of 2023 |  | 2024 |  | 2025 |  | 2026 and Thereafter |  |  |  | Total
Product revenue | $ | 5,891 |  |  | $ | 12,050 |  |  | $ | 100 |  |  | $ | 3,339 |  |  |  |  | $ | 21,380 |
Research and development revenue | 7,480 |  |  | 22 |  |  | — |  |  | — |  |  |  |  | 7,502 |
Total revenues | $ | 13,371 |  |  | $ | 12,072 |  |  | $ | 100 |  |  | $ | 3,339 |  |  |  |  | $ | 28,882 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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