Note 3 — Revenue

 

Revenue from contracts with customers arises from one customer, which is GSK, in one geographic location, which is the United Kingdom.

 

Revenue comprises the following categories (in thousands):

 

 

The following table shows movements in deferred revenue for the three months ended March 31, 2018 (in thousands):

 

 

The aggregate amount of the transaction price, excluding variable consideration which is constrained to reduce the consideration to the amount which is probable of being received, allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period was $47,081,000 at March 31, 2018.  Management anticipates that this will be recognized in 2018, specifically $3,162,000 will be recognized as the Company transitions the NY-ESO program to GSK, a further $1,823,000 will be recognized as the development of the second target, PRAME, progresses, and $42,096,000 will be recognized upon commencement of the exclusive license to research, develop, and commercialize the Company’s NY-ESO SPEAR T-cell therapy program.