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Revenue and Deferred Revenue
 12 Months Ended
Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue and Deferred Revenue
5.
REVENUE AND DEFERRED REVENUE

Product revenue consists of instruments with embedded software essential to the instrument's functionality and consumables. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of customers. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 11. Grant and other revenue consists of grant revenue from services performed specifically for the reimbursement of research-related expenses and other revenue which relates to shipping revenue and lease arrangements, as further discussed below.

Deferred revenue activity for the years ended December 31, 2024 and 2023 is as follows (in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred revenue, current and noncurrent, as of the beginning of period

 

$

270

 

 

$

133

 

Additions

 

 

763

 

 

 

879

 

Revenue recognized

 

 

(577

)

 

 

(742

)

Deferred revenue, current and noncurrent, as of the end of period

 

$

456

 

 

$

270

 

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2024, $0.5 million of revenue is expected to be recognized from the remaining performance obligations, of which 96% is expected to be recognized within twelve months.

Grant and Other Revenue

Since August 2019, the Company received total funding of $2.0 million from a Small Business Innovation Research grant award from the National Institutes of Health for its development of research applications. For the years ended December 31, 2024 and 2023, the Company recognized nil and $1.1 million of grant revenue, respectively, with respect to the award.