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Revenue
 9 Months Ended
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)
None 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 period, $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 was $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 (contract 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.