v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
The following table sets forth the percentage of revenues by industry based on total revenue:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Government and defense45 %21 %41 %19 %
Pharmaceutical and biotechnology20 44 29 38 
Agriculture20 23 16 32 
Food and nutrition7 6 7 5 
Consumer and technology6 2 3 1 
Industrial and environment2 4 4 5 
Total revenue100 %100 %100 %100 %
Revenue includes both cash and non-cash consideration. The non-cash consideration primarily consists of equity received from customers as partial or full payment in certain contracts, which is recognized as revenue as services are provided or upon contract termination. The Company did not receive equity as consideration for any customer contracts entered into during the six months ended June 30, 2026 and June 30, 2025, but continues to recognize non-cash revenue from prior contracts. Revenue recognized relating to non-cash consideration was $0.8 million and $1.2 million for the three months ended and June 30, 2026, and 2025 respectively, and $1.3 million and $9.9 million for the six months ended and June 30, 2026, and 2025 respectively.
The Company’s total revenue is primarily generated from customers located in the United States. For the three months ended months ended June 30, 2026 and 2025, U.S. customers accounted for 83% and 79%, respectively. For the six months ended June 30, 2026 and 2025, U.S. customers accounted for 74% and 80%, respectively. For the six months ended June 30, 2026 and 2025, customers from Denmark accounted for 11% and 11%, respectively.
Contract Balances
The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as accounts receivable. The Company had no contract asset balances as of June 30, 2026 and December 31, 2025. The Company’s accounts receivable consists of both billed and unbilled amounts. Unbilled receivables arise when revenue is recognized in excess of invoiced amounts and represent the Company’s unconditional right to consideration for goods or services already transferred to the customer. The
balance of unbilled accounts receivable, included in accounts receivable, net in the accompanying condensed consolidated balance sheets, was $7.4 million and $14.5 million as of June 30, 2026 and December 31, 2025, respectively.
Contract liabilities, or deferred revenue, primarily consist of payments received in advance of performance under the contract or when the Company has an unconditional right to consideration under the terms of the contract before it transfers goods or services to the customer. The Company’s collaborative arrangements with its investees and related parties typically include upfront payments consisting of cash or non-cash consideration for future research and development services and non-cash consideration in the form of convertible financial instruments and equity securities for licenses that will be transferred in the future. The Company records the upfront cash payments and fair value of the convertible financial instruments and equity securities as deferred revenue.
The Company also invoices customers based on contractual billing schedules, which results in the recording of deferred revenue to the extent payment is received prior to the Company’s performance of the related services. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.
During the six months ended June 30, 2026, the Company recognized $13.4 million of revenue that was included in the contract liabilities balance of $94.1 million as of December 31, 2025. During the six months ended June 30, 2025, the Company recognized $35.6 million of revenue that was included in the contract liabilities balance of $126.5 million as of December 31, 2024.
Performance Obligations
The aggregate amount of the transaction price that was allocated to performance obligations that have not yet been satisfied or are partially satisfied as of June 30, 2026 and December 31, 2025 was $113.0 million and $136.8 million, respectively. The Company has elected the practical expedient not to provide the remaining performance obligation disclosures related to contracts for which the Company recognizes revenue on a cost-plus basis in the amount to which it has the right to invoice. As of June 30, 2026, approximately $8.9 million of the unsatisfied or partially satisfied performance obligations is expected to be recognized as revenue in 2026, based on the projected customer program end dates; $35.2 million between 2026 and 2027; $61.6 million between 2026 and 2028; $3.4 million between 2026 and 2029; and $3.9 million between 2026 and 2030.