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| Revenue | Note 3. Revenue The Company disaggregates revenue by the following five customer types: • Pharma tests and services includes sales of testing services and data analytics for clinical trials and research to pharmaceutical companies in support of their drug development programs. Contracts typically contemplate a single project and involve a range of tests and analytics to fulfill the requirements of each particular project. • Enterprise sales includes sales of tumor profiling and diagnostic tests directly to another business as an input to their products. The Company is typically contracted to deliver specified tests and analytics in high volume over time. Revenue from the Company's partnership with Natera to provide advanced tumor analysis for use in Natera's molecular residual disease ("MRD") test makes up substantially all of the revenue in this category. • Population sequencing includes sales of genomic sequencing services and data analytics to support large-scale genetic research programs. The Company is typically contracted to perform whole genome sequencing and provide data that can be used for analysis across a large volume of samples. All of the revenue within this category is from the Company's partnership with the VA MVP. • Clinical diagnostic includes sales of ultra-sensitive, tumor-informed diagnostics tests, ordered by healthcare providers for cancer patients, that can detect cancer recurrence earlier and aids in treatment decision-making. Revenue is derived from Medicare and private insurance reimbursements. • Other includes sales of genomic tests and analytics to universities and non-profits. The following table presents the Company's revenue disaggregated by customer type (in thousands):
(1) Includes related party revenue of $0.5 million for the three months ended March 31, 2025. Contract Assets and Liabilities The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.
Remaining Performance Obligations Amounts collected in advance of services being provided are deferred as contract liabilities in the consolidated balance sheets. The associated revenue is recognized, and the contract liability is reduced, as the services are subsequently performed. Remaining performance obligations are comprised mainly of contract liabilities, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. As of March 31, 2025, amounts related to unfulfilled services under contracts with an original expected duration of more than one year was $0.5 million. The Company expects to recognize the entire amount in the next 12 months. Revenue recognized that was included in the contract liability balance at the beginning of each reporting period was $1.1 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively. |
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