Adaptimmune Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Revenue

Revenue

12 Months Ended

Dec. 31, 2019

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):


	Year ended
	December 31,
	2019		2018

Development	$	1,122	$	20,391
Licenses		—		39,114
	$	1,122	$	59,505

The deferred revenue balance as of January 1, 2019 and 2018 respectively, and December 31, 2019 and 2018 respectively is as follows (in thousands):


	2019		2018
Deferred revenue at January 1	$	—	$	30,090
Amounts invoiced in the period		3,217		30,077
Revenue in the period		(1,122)		(59,505)
Changes in variable consideration		—		(10,396)
Changes in the measure of progress		—		5,027
Foreign exchange arising on consolidation		33		4,707
Deferred revenue at December 31	$	2,128	$	—

The amount of the transaction price received that is allocated to performance obligations that are unsatisfied or partially satisfied at December 31, 2019 was $2.1 million. The revenue allocated to the third target program will be recognized over an estimated period up to the end of 2020 as the development of products to the target progresses.