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v3.25.2

Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | # 14. Segment Information There are no inter-segment revenues. See Note 3, Revenue for more information about each segment's revenue. Our chief operating decision maker (“CODM”) is not regularly provided and does not review assets to assess each segment's performance, make strategic decisions or allocate resources. As such, assets for reportable segments are not disclosed. The following tables set forth our segment information, including significant segment expenses that are (or are easily computable from) information regularly provided to our CODM, for the three and six months ended June 30, 2025 and 2024, respectively (in thousands):
|  | Three Months Ended June 30, 2025 |  |  | Three Months Ended June 30, 2024 |
|  | MRD |  |  | Immune Medicine |  |  | Total |  |  | MRD |  |  | Immune Medicine |  |  | Total |
Revenue |  | $ | 49,938 |  |  | $ | 8,941 |  |  | $ | 58,879 |  |  | $ | 35,284 |  |  | $ | 7,906 |  |  | $ | 43,190 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 16,535 |  |  | * |  |  |  | 16,535 |  |  |  | 16,863 |  |  | * |  |  |  | 16,863 |
Research and development |  |  | 8,498 |  |  |  | 15,636 |  |  |  | 24,134 |  |  |  | 10,045 |  |  |  | 15,308 |  |  |  | 25,353 |
Sales and marketing |  |  | 21,954 |  |  | * |  |  |  | 21,954 |  |  |  | 18,658 |  |  | * |  |  |  | 18,658 |
General and administrative |  |  | 10,131 |  |  | * |  |  |  | 10,131 |  |  |  | 9,976 |  |  | * |  |  |  | 9,976 |
Other segment items(1) |  |  | — |  |  |  | 5,660 |  |  |  | 5,660 |  |  |  | 2,819 |  |  |  | 10,826 |  |  |  | 13,645 |
Add back: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items to reconcile net loss to Adjusted EBITDA(2) |  |  | 9,092 |  |  |  | 6,286 |  |  |  | 15,378 |  |  |  | 11,788 |  |  |  | 11,195 |  |  |  | 22,983 |
Adjusted EBITDA(2) |  |  | 1,912 |  |  |  | (6,069 | ) |  |  | (4,157 | ) |  |  | (11,289 | ) |  |  | (7,033 | ) |  |  | (18,322 | )
Items to reconcile to consolidated net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense(3) |  |  |  |  |  |  |  |  | (11,307 | ) |  |  |  |  |  |  |  |  | (10,527 | )
Restructuring expense(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (680 | )
Impairment of long-lived assets(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (7,205 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  | (4,071 | ) |  |  |  |  |  |  |  |  | (4,571 | )
Other unallocated items(5) |  |  |  |  |  |  |  |  | (6,058 | ) |  |  |  |  |  |  |  |  | (4,943 | )
Net loss |  |  |  |  |  |  |  | $ | (25,593 | ) |  |  |  |  |  |  |  | $ | (46,248 | )
*Non-significant segment expenses for Immune Medicine. |
|  | Six Months Ended June 30, 2025 |  |  | Six Months Ended June 30, 2024 |
|  | MRD |  |  | Immune Medicine |  |  | Total |  |  | MRD |  |  | Immune Medicine |  |  | Total |
Revenue |  | $ | 93,659 |  |  | $ | 17,663 |  |  | $ | 111,322 |  |  | $ | 67,910 |  |  | $ | 17,153 |  |  | $ | 85,063 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 32,420 |  |  | * |  |  |  | 32,420 |  |  |  | 32,784 |  |  | * |  |  |  | 32,784 |
Research and development |  |  | 17,657 |  |  |  | 30,680 |  |  |  | 48,337 |  |  |  | 22,969 |  |  |  | 32,629 |  |  |  | 55,598 |
Sales and marketing |  |  | 43,367 |  |  | * |  |  |  | 43,367 |  |  |  | 39,043 |  |  | * |  |  |  | 39,043 |
General and administrative |  |  | 19,633 |  |  | * |  |  |  | 19,633 |  |  |  | 20,632 |  |  | * |  |  |  | 20,632 |
Other segment items(1) |  |  | — |  |  |  | 10,819 |  |  |  | 10,819 |  |  |  | 2,819 |  |  |  | 17,345 |  |  |  | 20,164 |
Add back: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items to reconcile net loss to Adjusted EBITDA(2) |  |  | 17,219 |  |  |  | 12,321 |  |  |  | 29,540 |  |  |  | 21,789 |  |  |  | 18,861 |  |  |  | 40,650 |
Adjusted EBITDA(2) |  |  | (2,199 | ) |  |  | (11,515 | ) |  |  | (13,714 | ) |  |  | (28,548 | ) |  |  | (13,960 | ) |  |  | (42,508 | )
Items to reconcile to consolidated net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense(3) |  |  |  |  |  |  |  |  | (21,164 | ) |  |  |  |  |  |  |  |  | (22,367 | )
Restructuring expense(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (1,724 | )
Impairment of long-lived assets(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (7,205 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  | (8,376 | ) |  |  |  |  |  |  |  |  | (9,354 | )
Other unallocated items(5) |  |  |  |  |  |  |  |  | (12,169 | ) |  |  |  |  |  |  |  |  | (10,623 | )
Net loss |  |  |  |  |  |  |  | $ | (55,423 | ) |  |  |  |  |  |  |  | $ | (93,781 | )
*Non-significant segment expenses for Immune Medicine. |
(1) For the MRD segment, includes MRD expenses related to the impairment of long-lived assets. For the Immune Medicine segment, includes all Immune Medicine operating expenses, other than research and development expenses. (2) Adjusted EBITDA is a non-GAAP financial measure. See “Management's Discussion and Analysis of Financial Condition and Results of Operations—Adjusted EBITDA” for an explanation of how it is calculated and used by management. (3) Represents share-based compensation expense related to stock option, restricted stock unit and market-based restricted stock unit awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense. (4) Represents expenses recognized in conjunction with restructuring activities. See Note 12, Restructurings for details on our restructuring expense. (5) Represents unallocated expenses and income not included in the measurements reviewed by the CODM to assess each segment's performance.

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