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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting |
Segment Reporting |
9. | Segment Reporting
The Company has one reportable segment, cell engineering technology. The cell engineering technology segment generates revenue principally from the sale of instruments and PAs and consumables to the Company’s customers, and research and clinical license fees, as well as program-related revenues which consist of revenues earned when the Company’s SPL customers achieve development and regulatory milestones and sales royalties. The cell engineering technology used in the Company’s license revenue arrangements and instrument sales arrangements is deployed and implemented by customers in a similar manner, and brings the Company similar economic outcomes. The accounting policies of the cell engineering technology segment are the same as those described in the summary of significant accounting policies. The Company’s chief operating decision maker (“CODM”) is the executive team which includes the Chief Executive Officer and Chief Financial Officer. The CODM assesses performance for the cell engineering technology segment and decides how to allocate resources based on net income and core revenue. Core revenue includes instrument sales, PAs and consumables, as well as fees from research and clinical licenses, and functional licenses, while non-core revenue consists of SPL program-related revenue. We recognize both core and non-core revenue in accordance with U.S. GAAP. The CODM uses net income to determine whether to further resources in the cell engineering technology segment or into other parts of the entity such as for acquisitions. The CODM also uses core revenue to assess performance of the segment and establishing Management’s compensation. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets. The Company does not have intra-entity sales or transfers. The CODM is regularly provided with the following significant segment expenses which are included in the measurement of the single measure of profit: net income (loss): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | ​ | 2025 |  | 2024
Core revenue | ​ | $ | 6,406 | ​ | $ | 8,140 | ​ | ​ | $ | 22,848 | ​ | $ | 23,902
Non-core revenue | ​ |  | 423 | ​ |  | 24 | ​ | ​ |  | 2,878 | ​ |  | 6,032
Total revenue | ​ |  | 6,829 | ​ |  | 8,164 | ​ | ​ |  | 25,726 | ​ |  | 29,934
Cost of goods sold | ​ | ​ | 1,596 | ​ | ​ | 1,928 | ​ | ​ | ​ | 4,612 | ​ | ​ | 4,819
Gross profit | ​ | ​ | 5,233 | ​ | ​ | 6,236 | ​ | ​ | ​ | 21,114 | ​ | ​ | 25,115
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses: | ​ |  |  | ​ |  |  | ​ | ​ |  |  | ​ |  |
Research and development | ​ | ​ | 5,671 | ​ | ​ | 4,549 | ​ | ​ | ​ | 16,612 | ​ | ​ | 15,238
Sales and marketing | ​ |  | 4,925 | ​ |  | 5,419 | ​ | ​ |  | 15,179 | ​ |  | 17,950
General and administrative | ​ |  | 5,788 | ​ |  | 5,930 | ​ | ​ |  | 18,302 | ​ |  | 17,151
Depreciation and amortization | ​ | ​ | 1,044 | ​ | ​ | 1,021 | ​ | ​ | ​ | 3,185 | ​ | ​ | 3,123
Stock-based compensation | ​ |  | 1,954 | ​ |  | 3,370 | ​ | ​ |  | 8,507 | ​ |  | 9,949
Total operating expenses | ​ | ​ | 19,382 | ​ | ​ | 20,289 | ​ | ​ | ​ | 61,785 | ​ | ​ | 63,411
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income | ​ | ​ | 1,733 | ​ | ​ | 2,496 | ​ | ​ | ​ | 5,637 | ​ | ​ | 7,838
​ | ​ |  | ​ | ​ |  |  | ​ | ​ |  | ​ | ​ |  |
Net loss | ​ | $ | (12,416) | ​ | $ | (11,557) | ​ | ​ | $ | (35,034) | ​ | $ | (30,458)
​ Revenue by geographic location is provided below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | ​ | 2025 |  | 2024
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Inside the United States | ​ | $ | 3,836 | ​ | $ | 5,144 | ​ | ​ | $ | 17,184 | ​ | $ | 20,448
Outside the United States | ​ |  | 2,993 | ​ |  | 3,020 | ​ | ​ |  | 8,542 | ​ |  | 9,486
Total revenue | ​ | $ | 6,829 | ​ | $ | 8,164 | ​ | ​ | $ | 25,726 | ​ | $ | 29,934
​ As of September 30, 2025 and December 31, 2024, substantially all of the Company’s assets were located in the United States.

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- Definition The entire disclosure for reporting segments including data and tables. 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