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Shareholders’ Equity and Equity Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Share-Based Payment Arrangement, Option, Activity | The following tables summarize the Company's stock option activity during the six months ended June 30, 2025:
| Options Outstanding
|  |  | Weighted |  | Weighted |  |
|  |  | Average |  | Average |  |
|  |  | Exercise |  | Remaining |  | Aggregate
| Number of |  | Price |  | Contract |  | Intrinsic
| Options |  | Per Share |  | Term |  | Value
|  |  |  |  | (in years) |  | (in thousands)
Total outstanding as of December 31, 2024: | 21,770,225 |  | $ | 9.06 |  |  | 5.40 |  | $ | 226,117 |
Granted | 3,085,295 |  | 18.79 |  |  |  |  | 1,040 |
Exercised | (686,254) |  | 6.14 |  |  |  |  | 12,613 |
Cancelled/forfeited | (665,134) |  | 12.56 |  |  |  |  | 6,292 |
Expired | (156) |  | 2.44 |  |  |  |  | 4 |
Total outstanding as of June 30, 2025 | 23,503,976 |  | $ | 10.33 |  |  | 5.55 |  | $ | 348,605 |
Total exercisable as of June 30, 2025 | 17,018,261 |  | $ | 7.53 |  |  | 4.37 |  | $ | 299,962 |
Total vested or expected to vest as of June 30, 2025 | 22,478,922 |  | $ | 9.99 |  |  | 5.41 |  | $ | 341,097 |
Schedule of Nonvested Share Activity |
| Unvested/Vested Activity
|  |  |  |  | Weighted |  |
|  |  | Weighted |  | Average |  |
|  |  | Average |  | Grant Date |  | Average
|  |  | Exercise |  | Fair |  | Remaining
| Options |  | Price |  | Value |  | Life
|  |  |  |  |  |  | (in years)
Unvested outstanding, as of December 31, 2024 | 6,658,321 |  |  | $ | 15.79 |  |  | $ | 9.39 |  |  | 3.30
Granted | 3,085,295 |  |  | 18.79 |  | 15.43 |  |
Cancelled/forfeited | (362,227) |  |  | 15.52 |  | 9.62 |  |
Vested, outstanding shares | (2,203,174) |  |  | 14.41 |  | 8.88 |  |
Unvested outstanding, as of June 30, 2025 | 7,178,215 |  | 17.52 |  | 12.13 |  | 3.34
Early exercised unvested, end of period | 43,605 |  |  | $ | 16.20 |  |  | $ | 10.37 |  |  |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's restricted stock unit activity for the six months ended June 30, 2025:
|  |  | Weighted
| Number of |  | Average Grant
| Restricted Stock Units |  | Date Fair Value
Unvested as of December 31, 2024 | 762,500 |  | $ | 18.19 |
Granted | 4,657,014 |  | $ | 20.73 |
Vested | (1,048,250) |  | $ | 18.60 |
Cancelled/forfeited | (7,802) |  | $ | 21.00 |
Unvested as of June 30, 2025 | 4,363,462 |  | $ | 20.88 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The Company recorded stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |
| (amounts in thousands)
Cost of services - Molecular profiling services | $ | 882 |  |  | $ | 399 |  |  | $ | 1,348 |  |  | $ | 826 |  |  |  |  |  |
Cost of services - Pharma research and development services | 2 |  |  | 2 |  |  | 3 |  |  | 4 |  |  |  |  |  |
Selling and marketing expense | 1,990 |  |  | 967 |  |  | 3,232 |  |  | 2,085 |  |  |  |  |  |
General and administrative expense | 22,392 |  |  | 2,053 |  |  | 33,027 |  |  | 3,998 |  |  |  |  |  |
Research and development expense | 3,027 |  |  | 1,064 |  |  | 5,374 |  |  | 2,030 |  |  |  |  |  |
Total | $ | 28,293 |  |  | $ | 4,485 |  |  | $ | 42,984 |  |  | $ | 8,943 |  |  |  |  |  |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The key assumptions used in determining the fair value of options granted and a summary of the methodology applied to develop each assumption are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |
Expected volatility | 68.3% |  | 62.5% - 63.2% |  | 68.3% - 69.5% |  | 62.5% - 63.2% |  |  |  |  |
Risk-free interest rate | 4.2% |  | 4.4% - 4.6% |  | 3.9% - 4.2% |  | 4.4% - 4.6% |  |  |  |  |
Expected term (years) | 6.50 |  | 5.97 - 6.55 |  | 5.00 - 6.55 |  | 5.97 - 6.55 |  |  |  |  |
Expected dividend rate | —% |  | —% |  | —% |  | —% |  |  |  |  |
Expected forfeiture rate | 8.5% |  | 8.5% |  | 0.0% - 8.5% |  | 8.5% |  |  |  |  |

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