Major Customers and Concentration of Credit Risk

12 Months Ended

Dec. 31, 2016

Major Customers and Concentration of Credit Risk



Customer	2016		% of Total Revenue		2015		% of Total Revenue		2014		% of Total Revenue
MedImmune	$	1,518,639	4	%	$	16,037,731	40	%	$	—	—	%
DARPA	26,602,183		75		11,582,623		28		123,605		1
Roche	4,917,929		14		10,778,688		27		7,357,346		70
NIAID	118,171		—		901,475		2		1,229,084		12
GeneOne (affiliated entity)	1,188,432		4		450,000		1		479,464		5
All other	1,023,007		3		821,594		2		1,267,267		12
Total Revenue	$	35,368,361	100	%	$	40,572,111	100	%	$	10,456,766	100	%

During the years ended December 31, 2016, 2015 and 2014, the Company recognized revenue from various license fees, collaborative research and development agreements, grants and government contracts. As of December 31, 2016, $12.1 million or 73%, $2.4 million or 15% and $1.2 million or 7% of the Company's accounts receivable was attributed to DARPA, Roche and MedImmune, respectively. As of December 31, 2015, $4.0 million or 54%, $1.6 million or 22% and $1.5 million or 20% of accounts receivable was attributed to DARPA, Roche and MedImmune, respectively.

The Company’s accounts receivable from DARPA includes $6.8 million of amounts that are unbilled as of December 31, 2016. Unbilled amounts range from 1 to 9 months in age, and are attributable to the fact that the Company is awaiting an invoice from its sub-contractor prior to submission of an aggregate invoice to DARPA. The Company believes that all criteria for revenue recognition under SAB 104 have been met, and also anticipates that all such amounts will be invoiced and collected within the next 12 months and has included all as current assets in its consolidated balance sheet.

There is minimal credit risk with these customers based upon collection history, their size and financial condition. Accordingly, the Company does not consider it necessary to record a reserve for uncollectible accounts receivable.