I do not think SNGX receives the cash up front resulting in deferred revenue, but instead it would be reimbursed expenses with the reimbursement recorded as revenue by SNGX. I have not researched this, so I could be wrong, but it is hard to believe that the government pays for R&D in advance. Big Pharma companies that partner with others do not pay up front, as far as I am aware.
Correct, it's not cash up front. And it applies to Orbeshield and the development of a treatment for GI ARS. And yes, it's paid out in stages as milestones are hit. There may be a management fee (5-10%) which the govt usually pays companies it provides grants to, however I haven't seen any information released on this yet. Assuming there is a management fee, that part would be balance sheet free cash.
So if want to breakdown the grants/investments over the past couple of months (anyone please feel free to correct):
BARDA: 26.3M (let's assume a 5% management fee, or 1.3M baked into this number)
Kirk/Public Offering: 7.1M (let's strip IB fees and and make it $6.5M)
Which gives SNGX $7.8M of new cash and $32.7 of structured government grants within the past 90 days alone.