Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 178

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 178
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104

Adaptive Biotechnologies CorporationNotes to Consolidated Financial Statements (Continued) 

In total, we recognized $13.5 million, $42.6 million and $62.8 million in Immune Medicine collaboration revenue during the year ended December 31, 2024, 2023 and 2022, respectively, related to the Genentech Agreement. Costs related to the Genentech Agreement are included in research and development expenses.

4.Deferred RevenueDeferred revenue from the Genentech Agreement represents $15.9 million and $25.4 million of the current and non-current deferred revenue balances on the consolidated balance sheet, respectively, as of December 31, 2024 and $13.6 million and $41.1 million of the current and non-current deferred revenue balances on the consolidated balance sheet, respectively, as of December 31, 2023. We expect our current deferred revenue to be recognized as revenue within 12 months. We expect the majority of our non-current deferred revenue to be recognized as revenue over a period of approximately four years from December 31, 2024. This period of time represents an estimate of the research and development period to develop cellular therapies in oncology, which may be reduced or increased based on various research and development activities.Changes in deferred revenue during the year ended December 31, 2024 were as follows (in thousands): 

        Deferred revenue balance at December 31, 2023
         
        $
        93,423

        Additions to deferred revenue during the period

        51,936

        Revenue recognized during the period

        (62,414
        )

        Deferred revenue balance at December 31, 2024
         
        $
        82,945

      As of December 31, 2024, $35.9 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2023.

5.Fair Value MeasurementsThe following tables set forth the fair values of financial assets as of December 31, 2024 and 2023 that were measured at fair value on a recurring basis (in thousands): 

        December 31, 2024

        Level 1

        Level 2

        Level 3

        Total

        Financial assets

        Money market funds
         
        $
        35,790

        $
        —

        $
        —

        $
        35,790

        Commercial