v3.26.1
Research and Development Revenue
 6 Months Ended
Jun. 30, 2026
Research and Development Revenue [Abstract]  
RESEARCH AND DEVELOPMENT REVENUE

3. RESEARCH AND DEVELOPMENT REVENUE

 

For the three and six months ended June 30, 2026 and 2025, the Company’s revenues disaggregated by the major sources were as follows (in thousands):

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2026     2025     2026     2025  
BARDA   $ 3,279     $ 4,649     $ 6,589     $ 11,030  
Other U.S. governmental authorities     245       416       926       742  
Total revenue   $ 3,524     $ 5,065     $ 7,515     $ 11,772  

 

The following table presents the activity in the Company’s contract liabilities during the six months ended June 30, 2026:

 

    December 31,
2025
Balance		     Additions     Reductions     June 30,
2026
Balance		  
    (in thousands)  
Contract liabilities:                        
Deferred revenue   $ 154     $ 80     $ (213 )   $ 21  
Total contract liabilities   $ 154     $ 80     $ (213 )   $ 21  

 

Unbilled revenue is included in other current assets in the condensed consolidated balance sheets. The following table presents the activity in the Company’s contract assets during the six months ended June 30, 2026:

    December 31,
2025
Balance		     Additions     Reductions     June 30,
2026
Balance		  
    (in thousands)  
Contract assets:                        
Unbilled revenue   $ 849     $ 722     $ (496 )   $ 1,075  
Total contract assets   $ 849     $ 722     $ (496 )   $ 1,075  

 

On March 18, 2026, the Company announced that it has received a contract modification from the Biomedical Advanced Research and Development Authority (BARDA) for the advancement of $31.7 million from its existing contract with BARDA which included (i) a no-cost extension of the base phase of the contract, and (ii) the acceleration of certain parts of the next phase of such contract. As part of this funding advance, the Company has committed to fund $9.7 million of the total overall development costs associated with these feature advancements. This funding comes as part of an ongoing partnership with BARDA, which has committed $86.6 million to date under the contract with an overall value of approximately $150 million.

 

Research and Development Expense

 

The Company expenses research and development costs as incurred. These expenses include salaries for research and development personnel, consulting fees, product development, pre-clinical studies, clinical trial costs, and other fees and costs related to the development of our technology.

 

For the three and six months ended June 30, 2026, research and development expense was $4.1 million and $7.6 million, respectively, of which $2.4 million and $4.4 million, respectively, is related to the combined BARDA contract and contracts with other U.S. governmental authorities and included in cost of revenue and $1.7 million and $3.2 million, respectively, is included in research and development expenses. For the three and six months ended June 30, 2025, research and development expense was $4.2 million and $9.1 million, respectively, of which $2.7 million and $6.3 million, respectively, is related to the combined BARDA contract and contracts with other U.S. governmental authorities and included in cost of revenue and $1.5 million and $2.8 million, respectively, is included in research and development expenses.