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Segment Reporting
 9 Months Ended
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):

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Three months ended September 30, 

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​

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

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​

 

25,726

​

 

29,934

Cost of goods sold

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​

1,596

​

​

1,928

​

​

​

4,612

​

​

4,819

Gross profit

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​

5,233

​

​

6,236

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​

​

21,114

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​

25,115

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​

​

​

​

​

​

​

​

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​

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Expenses:

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Research and development

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​

5,671

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​

4,549

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​

​

16,612

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​

15,238

Sales and marketing

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4,925

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5,419

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​

 

15,179

​

 

17,950

General and administrative

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5,788

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5,930

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​

 

18,302

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17,151

Depreciation and amortization

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​

1,044

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​

1,021

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​

​

3,185

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​

3,123

Stock-based compensation

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1,954

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3,370

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8,507

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9,949

Total operating expenses

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​

19,382

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​

20,289

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​

61,785

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​

63,411

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Other income

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​

1,733

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​

2,496

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​

5,637

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​

7,838

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Net loss

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$

(12,416)

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$

(11,557)

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​

$

(35,034)

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$

(30,458)

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Revenue by geographic location is provided below.

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Three Months Ended September 30, 

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​

Nine Months Ended September 30, 

​

    

2025

    

2024

    

​

2025

    

2024

Revenue

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Inside the United States

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$

3,836

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$

5,144

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​

$

17,184

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$

20,448

Outside the United States

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2,993

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3,020

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8,542

​

 

9,486

Total revenue

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$

6,829

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$

8,164

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$

25,726

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$

29,934

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As of September 30, 2025 and December 31, 2024, substantially all of the Company’s assets were located in the United States.