Revenue

9 Months Ended

Sep. 30, 2023

Revenue

Revenue

(10)  Revenue

Contract and Grants Revenue

The Company has entered into agreements with Rockefeller University (“Rockefeller”) pursuant to which the Company performs manufacturing and research and development services on a time-and-materials basis or at a negotiated fixed-price. The Company recognized $1.5 million and $2.7 million in revenue under the agreements with Rockefeller during the three and nine months ended September 30, 2023, respectively, and $0.0 million and $0.2 million during the three and nine months ended September 30, 2022, respectively.

Contract Assets and Liabilities

At September 30, 2023 and December 31, 2022, the Company’s right to consideration under all contracts was considered unconditional, and as such, there were no recorded contract assets. At September 30, 2023, the Company had $3.3 million in contract liabilities recorded, which is expected to be recognized during the next 12 months as manufacturing and research and development services are performed. At December 31, 2022, the Company had $0.1 million in contract liabilities recorded. Revenue recognized from contract liabilities as of December 31, 2022 during the three and nine months ended September 30, 2023 was less than $0.1 million.