Revenue

3 Months Ended

Mar. 31, 2024

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 $0.2 million and $1.0 million in revenue under the agreements with Rockefeller during the three months ended March 31, 2024 and 2023, respectively.

Contract Assets and Liabilities

At March 31, 2024 and December 31, 2023, the Company’s right to consideration under all contracts was considered unconditional, and as such, there were no recorded contract assets. At March 31, 2024, the Company had $2.9 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, 2023, the Company had $3.1 million in contract liabilities recorded. Revenue recognized from contract liabilities as of December 31, 2023 during the three months ended March 31, 2024 was $0.2 million.