v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Concentrations of Credit Risk and Significant Customers
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Years Ended December 31,
202520242023
Distributor A45 %29 %28 %
Roche
**15 %
Regeneron Pharmaceuticals*11 %*
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*Represents less than 10% and/or not a customer in the applicable year
The following table summarizes customers with amounts due that represent 10% or greater of our consolidated gross accounts receivable balance:
As of December 31,
20252024
Distributor A45 %16 %
Novartis AG*23 %
Schedule of Estimated Useful Lives of Property, Plant and Equipment
The estimated useful lives of property, plant and equipment are as follows:
Asset CategoryUseful Life
Laboratory equipment5 years
Computer equipment and software
3-10 years
Furniture and fixtures5 years
Leasehold improvementsShorter of asset life or lease term
Manufacturing equipment
7-15 years
Buildings40 years
Schedule of Reported Quarterly Amounts and Adjusted Amounts After Applying New Guidance
The following is a summary of the unaudited prior quarterly results for the condensed consolidated statements of operations and comprehensive income (loss) reflecting the previously reported quarterly amounts and adjusted amounts after applying the new guidance of ASU 2025-07.
(In thousands, except per share amounts)
Previously Reported Three Months Ended March 31, 2025
Adjusted Three Months Ended March 31, 2025
Previously Reported Six Months Ended June 30, 2025Adjusted Six Months Ended June 30, 2025Previously Reported Nine Months Ended September 30, 2025Adjusted Nine Months Ended September 30, 2025
Interest expense
$(38,646)$(58,309)$(78,892)$(119,765)$(123,290)$(187,227)
Other (expense) income, net
(49,700)9,191 (56,099)18,051 (130,249)8,564 
Total other expense, net
(59,673)(20,445)(78,832)(45,555)(207,845)(132,969)
(Loss) income before income taxes
(41,596)(2,368)(76,954)(43,677)162,015 236,891 
Net (loss) income
(57,479)(18,251)(123,756)(90,479)127,328 202,204 
Net (loss) income per common share - basic
(0.44)(0.14)(0.95)(0.70)0.98 1.55 
Net (loss) income per common share - diluted
(0.44)(0.14)(0.95)(0.70)0.95 1.51 
Comprehensive (loss) income
$(60,478)$(21,250)$(119,190)$(85,913)$140,071 $214,947