Note 3 — Revenue

There has been no revenue in the quarter, and there is no deferred revenue balance at March 31, 2019 or at December 31, 2018. There has been no movement in deferred revenue in the current period.

The Company has one contract with a customer, which is the GSK Collaboration and License Agreement. The GSK Collaboration and License Agreement consists of multiple performance obligations. Following the completion of the NY-ESO SPEAR T-cell transition program and the termination of the PRAME pre-clinical development program in 2018, GSK has nominated its third target under the Collaboration and License Agreement. However, work has not commenced on this target and as such, no revenue has been recognized for the three months ended March 31, 2019. Future revenues will depend on the progress of the development programs within the Collaboration and License Agreement, and GSK’s progress with the NY-ESO program, which are difficult to predict.