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Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | 3. Revenue Our disaggregated revenues were as follows for the periods presented (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues under collaborative agreements |  |  |  |  |  |  |  |  |  |  |  |
Upfront license fees (1) |  | $ | 1,762 |  |  | $ | 3,386 |  |  | $ | 5,564 |  |  | $ | 5,671 |
Other collaborative revenue (2) |  |  | 1,782 |  |  |  | — |  |  |  | 1,782 |  |  |  | — |
Total revenues under collaborative agreements |  |  | 3,544 |  |  |  | 3,386 |  |  |  | 7,346 |  |  |  | 5,671 |
Royalties, license and other revenues (3) |  |  | 137 |  |  |  | 393 |  |  |  | 602 |  |  |  | 960 |
Total revenue |  | $ | 3,681 |  |  | $ | 3,779 |  |  | $ | 7,948 |  |  | $ | 6,631 |
(1) All of the upfront license fee revenue recognized each period was included within deferred revenue as contract liabilities at the beginning of each period. (2) No ne of the other collaborative revenue recognized in 2025 was included within deferred revenues as contract liabilities as of the beginning of the three and nine months ended September 30, 2025. (3) Of the royalties, license and other revenues recognized each p eriod, $28,000 and $30,000 was included within deferred revenues as contract liabilities as of January 1, 2025 and 2024, respectively. We are recognizing the $50.0 million upfront payment under the Roche Agreement utilizing an input method of costs incurred over total estimated costs to be incurred. During each reporting period, we update our total estimated collaboration costs, and any resulting adjustments are recorded on a cumulative basis which would affect revenue and deferred revenue in the period of adjustment. We believe the input methodology represents the most appropriate measure of progress towards satisfaction of the identified performance obligations. For contracts with customers, including collaboration partners which are within the scope of ASU 2014-09 – Revenue from Contracts with Customers (Topic 606), the aggregate amount of the transaction price allocated to remaining performance obligations as of September 30, 2025 w as $19.8 million, of which $16.2 million is reported as deferred revenues. The $19.8 million is expected to be substantially recognized as revenue by December 2026. Accounts receivable, net, and deferred revenues (contra ct liabilities) from contracts with customers, including collaboration partners, consisted of the following (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Accounts receivable, net - beginning of the year |  | $ | 638 |  |  | $ | 676 |
Accounts receivable, net - end of the period |  | $ | 127 |  |  | $ | 638 |
Contract liabilities |  |  |  |  |  |
Deferred revenues - beginning of the year |  | $ | 21,821 |  |  | $ | 29,501 |
Deferred revenues - end of the period |  | $ | 16,228 |  |  | $ | 21,821 |
Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing were $549,000 and zero as of September 30, 2025, and December 31, 2024, respectively, and was included within prepaid expenses and other current assets on the condensed consolidated balance sheet. There were no contract assets at the beginning of the nine months ending September 30, 2025 or the twelve months ending December 31, 2024.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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