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Revenue Recognition
 3 Months Ended
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, 2023Three Months Ended March 31, 2022
Performance EnzymesNovel BiotherapeuticsTotalPerformance EnzymesNovel BiotherapeuticsTotal
Major products and service:
Product revenue$8,364 $— $8,364 $30,690 $— $30,690 
Research and development revenue1,122 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 
EMEA1,259 1,830 3,089 3,065 1,062 4,127 
APAC7,309 — 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, 2023December 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 had no asset 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 the following revenues (in thousands):
Three Months Ended March 31,
Revenue recognized in the period for:20232022
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 revenue11,596 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.
The 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
20242025
2026 and Thereafter
Total
Product revenue$5,891 $12,050 $100 $3,339 $21,380 
Research and development revenue7,480 22 — — 7,502 
Total revenues$13,371 $12,072 $100 $3,339 $28,882