Unbilled receivables were $0.9 million and $0.8 million as of September 30, 2026 and December 31, 2025, respectively. Current deferred revenue was $5.2 million and $3.2 million as of September 30, 2026 and December 31, 2025, respectively, and long-term deferred revenue was $9.7 million and nil as of September 30, 2026 and December 31, 2025, respectively.

During the three and nine months ended September 30, 2026, the amount recognized as revenue that was previously deferred at June 30, 2026 and December 31, 2025 was $1.0 million and $2.3 million, respectively. During the three and nine months ended September 30, 2025, the amount recognized as revenue that was previously deferred at June 30, 2025 and December 31, 2024 was $0.4 million and $2.2 million, respectively.

Deferred revenue includes amounts allocated to performance obligations that are satisfied over time and material-right performance obligations. As described further below, certain contractual options to receive additional research services represent a material right because such services may be obtained without payment of an additional upfront fee. Amounts allocated to such material rights are included in deferred revenue and recognized as the related optional services are provided or the rights expire.

In August 2026, the Company entered into a research collaboration and license agreement with a pharmaceutical company that included a nonrefundable $12.5 million upfront payment. The arrangement includes a combined performance obligation consisting of license rights and research services, which is satisfied over time, and a separate material-right performance obligation associated with the partner’s option to continue receiving research services during the initial three-year research term without paying an additional upfront fee. Because the partner may terminate the arrangement without cause upon prior written notice and without a substantive termination penalty, the enforceable contract term for the combined performance obligation is generally limited to the termination notice period. The partner’s termination right does not affect the nonrefundable nature of the initial $12.5 million upfront payment.

The Company presents the entire contract liability as deferred revenue on its consolidated balance sheet. As of September 30, 2026, the $12.5 million balance related to this agreement consisted of $0.4 million attributable to services expected to be provided during the enforceable notice period and $12.1 million attributable to the material-right obligation, comprising $2.7 million classified as current and $9.4 million classified as noncurrent. Revenue attributable to the combined performance obligation is recognized over time using a cost-to-cost input method, while the material-right obligation is recognized as the related optional services are provided or the right expires.


(in thousands)	September 30, 2026		December 31, 2025
Prepaid expenses	$	2,788	$	1,991
xPloration related inventory	1,074		823
Other current assets	333		1,112
Total prepaid expenses and other current assets	$	4,195	$	3,926


(in thousands)	September 30, 2026		December 31, 2025
Leasehold improvements	$	17,745	$	17,745
Lab and office equipment	10,287		10,178
Computer hardware and software	791		791
Construction in progress	22		46
Property and equipment, at cost	28,845		28,760
Less accumulated depreciation	(20,906)		(19,332)
Total property and equipment, net	$	7,939	$	9,428

Depreciation expense, which is included in operating expenses, was $0.5 million and $1.7 million during the three and nine months ended September 30, 2026, respectively, and $0.9 million and $2.7 million during the three and nine months ended September 30, 2025, respectively.


(in thousands)	September 30, 2026		December 31, 2025
Compensation	$	4,682	$	5,788
Professional service fees	310		262
Royalties owed to third parties	141		67
Other	279		174
Total accrued expenses and other current liabilities	$	5,412	$	6,291