4. Deferred Revenue

Deferred revenue from the Genentech Agreement represents $15.1 million and $18.6 million of the current and non-current deferred revenue balances, respectively, on the unaudited condensed consolidated balance sheet as of June 30, 2025 and $15.9 million and $25.4 million of the current and non-current deferred revenue balances, respectively, on the condensed consolidated balance sheet as of December 31, 2024. 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 three to four years from June 30, 2025. 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 six months ended June 30, 2025 were as follows (in thousands):


Deferred revenue balance at December 31, 2024	$	82,945
Additions to deferred revenue during the period		27,554
Revenue recognized during the period		(35,166	)
Deferred revenue balance at June 30, 2025	$	75,333

As of June 30, 2025, $22.5 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2024.