Product and Service Revenue and Reserves
For the years ended December 31, 2025, 2024 and 2023, the company recorded $7,866, $3,925 and $6,150, respectively, of product and service revenue. Product and Service revenue by source represents:

202520242023
Papzimeos$3,413 $— $— 
Exemplar 562 422 840 
Product revenue, net3,975 422 840 
Exemplar 3,891 3,503 5,310 
Service revenue3,891 3,503 5,310 
Total Product and Service revenues, net$7,866 $3,925 $6,150 
For the years ended December 31, 2025, 2024, and 2023, 22.0%, 58.1%, and 74.6% of total revenue, excluding Collaboration and Licensing revenue, was attributable to two customer in 2025 and four for 2024 and 2023, respectively.
The Company considers there to be revenue concentration risks for customers that represent product and service revenues that exceed 10% of total product and service revenue. The concentration of the Company’s product and service revenue with a particular customer may have a material adverse effect on the Company’s revenue and results of operations if sales with the respective customer experience difficulties. All product and service revenue during 2024 and 2023 were within the United States. In 2025, $241 of product and service revenue was generated in foreign country, with the remainder generated within the United States.

Historical Timeline

Fiscal YearFiled
2025Mar 25, 2026Showing above
2023Mar 19, 2024
2022Mar 6, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Mar 1, 2018
2016Mar 1, 2017
2015Feb 29, 2016

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.