3.    Revenue

Revenue is principally from the sale of instruments, PAs and consumables, Assay Services, and extended warranties and from our license agreements, which also include customer-specific milestone payments and royalty fees based on certain sales made by the customer. In some arrangements, product and services have been sold together representing distinct performance obligations. In these arrangements, the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis.

Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and PAs and consumables is generally recognized at the time of shipment to the customer, provided that no significant vendor obligations remain and collectability is reasonably assured. Revenue from licenses of functional intellectual property is recognized at a point in time upon the granting of the license or when a related sales royalty is achieved, and is included in revenue from contracts with customers.  Revenue from licenses of symbolic intellectual property is recognized ratably over the license term.  Some of these licensing arrangements include provisions for milestone payments to the Company, if the customer accomplishes certain precommercial milestones in addition to the license of instrument and intellectual property. We refer to such licenses arrangements as strategic platform licenses (“SPLs”). We do not recognize revenue for the milestone provisions at the time of entering into an SPL agreement, since each milestone stream of revenue is considered variable consideration that is highly uncertain and susceptible to factors outside our influence. We recognize the amount of revenue related to each milestone only at the time our customer achieves the milestone or sales royalties are achieved by a customer and is included in revenue from lease elements under ASC 842, Leases.  Revenue for Assay Services and other service revenue is recognized when services have been provided.

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Disaggregation of Revenue

The following table depicts the disaggregation of revenue by type of contract:

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Additional Disclosures Relating to Revenue from Contracts with Customers

Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $2,888 and $5,525 as of June 30, 2025 and December 31, 2024, respectively. During the three months ended June 30, 2025 and 2024, the Company recognized $2,041 and $2,547 of revenue, respectively, that was included in deferred revenue at the beginning of such periods.  During the six months ended

June 30, 2025 and 2024, the Company recognized $4,416 and $4,057 of revenue, respectively, that was included in deferred revenue at the beginning of such periods.  

Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year as of June 30, 2025 was $328, of which the Company expects to recognize $80 in one year or less, $80 in one to two years, $26 in two to three years, and $142 thereafter.

As of June 30, 2025, the Company had unsatisfied performance obligations in the amount of $364 from assay service revenue contracts that the Company expects to recognize in under 12 months.

For the three and six months ended June 30, 2025 and 2024, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.