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Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue |
Revenue | 3. Revenue Revenue is principally from the sale of instruments, PAs and consumables, Assay Services, and extended warranties and from our license agreements, which also include customer-specific milestone payments and royalty fees based on certain sales made by the customer. In some arrangements, products and services have been sold together representing distinct performance obligations. In these arrangements, the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis. Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and PAs and consumables is generally recognized at the time of shipment to the customer, provided that no significant vendor obligations remain and collectability is reasonably assured. Revenue from licenses of functional intellectual property is recognized at a point in time upon the granting of the license or when a related sales royalty is achieved, and is included in revenue from contracts with customers. Revenue from licenses of symbolic intellectual property is recognized ratably over the license term. Some of these licensing arrangements include provisions for milestone payments to the Company, if the customer accomplishes certain precommercial milestones in addition to the license of instrument and intellectual property. We refer to such licenses arrangements as Strategic Platform Licenses (“SPLs”). We do not recognize revenue for the milestone provisions at the time of entering into an SPL agreement, since each milestone stream of revenue is considered variable consideration that is highly uncertain and susceptible to factors outside our influence. We recognize the amount of revenue related to each milestone only at the time our customer achieves the milestone or sales royalties are achieved by a customer and such amounts are included in revenue from lease elements under ASC 842, Leases. Revenue for Assay Services and other service revenue is recognized when services have been provided. ​ Disaggregation of Revenue The following table depicts the disaggregation of revenue by type of contract: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, 2025 | ​ | Nine months ended September 30, 2025
​ | ​ | Revenue from | ​ | Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Contracts | ​ | from | ​ | ​ | ​ | Revenue from | ​ | Revenue | ​ | ​ | ​
​ | ​ | with | ​ | Lease | ​ | Total | ​ | Contracts with | ​ | from Lease | ​ | Total
​ |  | Customers |  | Elements |  | Revenue |  | Customers |  | Elements |  | Revenue
Product sales | ​ | $ | 3,953 | ​ | $ | — | ​ | $ | 3,953 | ​ | $ | 14,538 | ​ | $ | — | ​ | $ | 14,538
Licenses | ​ |  | — | ​ |  | 2,226 | ​ |  | 2,226 | ​ |  | 275 | ​ |  | 9,556 | ​ |  | 9,831
Assay and other service revenue | ​ |  | 650 | ​ |  | — | ​ |  | 650 | ​ |  | 1,357 | ​ |  | — | ​ |  | 1,357
Total | ​ | $ | 4,603 | ​ | $ | 2,226 | ​ | $ | 6,829 | ​ | $ | 16,170 | ​ | $ | 9,556 | ​ | $ | 25,726
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, 2024 | ​ | Nine months ended September 30, 2024
​ | ​ | Revenue from | ​ | Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Contracts | ​ | from | ​ | ​ | ​ | Revenue from | ​ | Revenue | ​ | ​ | ​
​ | ​ | with | ​ | Lease | ​ | Total | ​ | Contracts with | ​ | from Lease | ​ | Total
​ |  | Customers |  | Elements |  | Revenue |  | Customers |  | Elements |  | Revenue
Product sales | ​ | $ | 5,196 | ​ | $ | — | ​ | $ | 5,196 | ​ | $ | 15,292 | ​ | $ | — | ​ | $ | 15,292
Licenses | ​ |  | — | ​ |  | 2,552 | ​ |  | 2,552 | ​ |  | — | ​ |  | 13,774 | ​ |  | 13,774
Other service revenue | ​ |  | 416 | ​ |  | — | ​ |  | 416 | ​ |  | 868 | ​ |  | — | ​ |  | 868
Total | ​ | $ | 5,612 | ​ | $ | 2,552 | ​ | $ | 8,164 | ​ | $ | 16,160 | ​ | $ | 13,774 | ​ | $ | 29,934
​ Additional Disclosures Relating to Revenue from Contracts with Customers Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $5,423 and $5,525 as of September 30, 2025 and December 31, 2024, respectively. During the three months ended September 30, 2025 and 2024, the Company recognized $1,159 and $1,464 of revenue, respectively, that was included in deferred revenue at the beginning of such periods. During the nine months ended September 30, 2025 and 2024, the Company recognized $4,961 and $4,689 of revenue, respectively, that was included in deferred revenue at the beginning of such periods. Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year as of September 30, 2025 was $291, of which the Company expects to recognize $64 in one year or less, $64 in one to two years, $31 in two to three years, and $132 thereafter. As of September 30, 2025, the Company had unsatisfied performance obligations in the amount of $240 from assay service revenue contracts that the Company expects to recognize in under 12 months. For the three and nine months ended September 30, 2025 and 2024, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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