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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Collaboration [Abstract]  
Revenue from Contracts with Customers

Note I – Revenue from Contracts with Customers

Disaggregation of Revenue

The following table presents revenue (in thousands) for the three months ended March 31, 2025 and 2024, disaggregated by geographic region and revenue type. Revenue by geographic region is allocated based on the domicile of our respective business operations.

 

 

 

Three months ended March 31, 2025

 

 

 

United States

 

 

Rest of World

 

 

Total

 

Revenue Type

 

 

 

 

 

 

 

 

 

Other services

 

$

—

 

 

$

510

 

 

$

510

 

Non-cash royalties

 

 

23,556

 

 

 

—

 

 

 

23,556

 

 

 

$

23,556

 

 

$

510

 

 

$

24,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2024

 

Revenue Type

 

 

 

 

 

 

 

 

 

Other services

 

$

—

 

 

$

238

 

 

$

238

 

Non-cash royalties

 

 

27,767

 

 

 

—

 

 

 

27,767

 

 

 

$

27,767

 

 

$

238

 

 

$

28,005

 

 

Contract Balances

Contract assets primarily relate to our rights to consideration for work completed in relation to our research and development services performed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Currently, we do not have any contract assets which have not transferred to a receivable. We had no asset impairment charges related to contract assets in the period. Contract liabilities primarily relate to contracts where we received payments but have not yet satisfied the related performance obligations. The advance consideration received from customers for research and development services or licenses bundled with other promises is a contract liability until the underlying performance obligations are transferred to the customer.

The following table provides information about contract liabilities from contracts with customers (in thousands):

 

Three months ended March 31, 2025

 

Balance at beginning of period

 

 

Additions

 

 

Deductions

 

 

Balance at end of period

 

Contract liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

$

1,174

 

 

$

5

 

 

$

(22

)

 

$

1,157

 

During the three months ended March 31, 2025, we did not recognize any revenue from amounts included in the contract asset or the contract liability balances from performance obligations satisfied in previous periods. None of the costs to obtain or fulfill a contract were capitalized.