Deferred Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4. Deferred Revenue

Deferred revenue from the Genentech Agreement represents $21.2 million and $41.4 million of the current and non-current deferred revenue balances, respectively, as of September 30, 2023 and $31.8 million and $55.5 million of the current and non-current deferred revenue balances, respectively, as of December 31, 2022. We expect our current deferred revenue to be recognized as revenue within 12 months. We expect the majority of our non-current deferred revenue to be recognized as revenue over a period of approximately four years from September 30, 2023. This period of time represents an estimate of the research and development period to develop cellular therapies in oncology, which may be reduced or increased based on various research and development activities.

Changes in deferred revenue during the nine months ended September 30, 2023 were as follows (in thousands):

Deferred revenue balance at December 31, 2022	$	122,714
Additions to deferred revenue during the period		30,693
Revenue recognized during the period		(53,873	)
Deferred revenue balance at September 30, 2023	$	99,534

As of September 30, 2023, $41.2 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2022.