v3.26.1
Research and Development Revenue
 3 Months Ended
Mar. 31, 2026
Research and Development Revenue [Abstract]  
RESEARCH AND DEVELOPMENT REVENUE

4. RESEARCH AND DEVELOPMENT REVENUE

 

For the three months ended March 31, 2026 and 2025, the Company’s revenues disaggregated by the major sources were as follows (in thousands):

 

   Three Months Ended
March 31,		 
   2026   2025 
BARDA  $3,311   $6,382 
Other U.S. governmental authorities   680    325 
Total revenue  $3,991   $6,707 

 

The following table presents the activity in the Company’s contract liabilities during the three months ended March 31, 2026:

 

   December 31,
2025
Balance		   Additions   Reductions   March 31,
2026
Balance		 
   (in thousands) 
Contract liabilities:                
Deferred revenue  $154   $5,104   $(5,258)  $
    -
 
Total contract liabilities  $154   $5,104   $(5,258)  $
-
 

The following table presents the activity in the Company’s contract assets during the three months ended March 31, 2026:

 

   December 31,
2025
Balance		   Additions   Reductions   March 31, 2026
Balance		 
   (in thousands) 
Contract assets:                
Unbilled revenue  $849   $447   $
-
   $1,296 
Total contract assets  $849   $447   $
-
   $1,296 

 

Research and Development Revenue

  

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 months ended March 31, 2026 and 2025, research and development expense was $2.0 million and $3.6 million, respectively, of which $2.0 million and $3.4 million, respectively, is related to the combined BARDA contract and contracts with other U.S. governmental authorities and included in cost of revenue and $64 thousand and $0.2 million, respectively, is included in general and administrative expenses.