XML 30 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Information | 9 Months Ended
--- | ---
Sep. 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 nine months ended September 30, 2025 and 2024, respectively (in thousands):
|  | Three Months Ended September 30, 2025 |  |  | Three Months Ended September 30, 2024 |
|  | MRD |  |  | Immune Medicine |  |  | Total |  |  | MRD |  |  | Immune Medicine |  |  | Total |
Revenue |  | $ | 56,788 |  |  | $ | 37,185 |  |  | $ | 93,973 |  |  | $ | 37,470 |  |  | $ | 8,965 |  |  | $ | 46,435 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 17,303 |  |  | * |  |  |  | 17,303 |  |  |  | 14,956 |  |  | * |  |  |  | 14,956 |
Research and development |  |  | 8,956 |  |  |  | 14,713 |  |  |  | 23,669 |  |  |  | 9,199 |  |  |  | 14,964 |  |  |  | 24,163 |
Sales and marketing |  |  | 21,832 |  |  | * |  |  |  | 21,832 |  |  |  | 18,761 |  |  | * |  |  |  | 18,761 |
General and administrative |  |  | 10,739 |  |  | * |  |  |  | 10,739 |  |  |  | 9,622 |  |  | * |  |  |  | 9,622 |
Other segment items(1) |  |  | — |  |  |  | 4,935 |  |  |  | 4,935 |  |  |  | — |  |  |  | 5,725 |  |  |  | 5,725 |
Add back: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items to reconcile net loss or net income to Adjusted EBITDA(2) |  |  | 9,007 |  |  |  | 6,169 |  |  |  | 15,176 |  |  |  | 8,948 |  |  |  | 6,512 |  |  |  | 15,460 |
Adjusted EBITDA(2) |  |  | 6,965 |  |  |  | 23,706 |  |  |  | 30,671 |  |  |  | (6,120 | ) |  |  | (5,212 | ) |  |  | (11,332 | )
Items to reconcile to consolidated net income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense(3) |  |  |  |  |  |  |  |  | (11,204 | ) |  |  |  |  |  |  |  |  | (11,111 | )
Restructuring expense(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (193 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  | (3,972 | ) |  |  |  |  |  |  |  |  | (4,156 | )
Other unallocated items(5) |  |  |  |  |  |  |  |  | (5,950 | ) |  |  |  |  |  |  |  |  | (5,305 | )
Net income (loss) |  |  |  |  |  |  |  | $ | 9,545 |  |  |  |  |  |  |  |  | $ | (32,097 | )
*Non-significant segment expenses for Immune Medicine. |
|  | Nine Months Ended September 30, 2025 |  |  | Nine Months Ended September 30, 2024 |
|  | MRD |  |  | Immune Medicine |  |  | Total |  |  | MRD |  |  | Immune Medicine |  |  | Total |
Revenue |  | $ | 150,447 |  |  | $ | 54,848 |  |  | $ | 205,295 |  |  | $ | 105,380 |  |  | $ | 26,118 |  |  | $ | 131,498 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 49,723 |  |  | * |  |  |  | 49,723 |  |  |  | 47,740 |  |  | * |  |  |  | 47,740 |
Research and development |  |  | 26,613 |  |  |  | 45,393 |  |  |  | 72,006 |  |  |  | 32,168 |  |  |  | 47,593 |  |  |  | 79,761 |
Sales and marketing |  |  | 65,199 |  |  | * |  |  |  | 65,199 |  |  |  | 57,804 |  |  | * |  |  |  | 57,804 |
General and administrative |  |  | 30,372 |  |  | * |  |  |  | 30,372 |  |  |  | 30,254 |  |  | * |  |  |  | 30,254 |
Other segment items(1) |  |  | — |  |  |  | 15,754 |  |  |  | 15,754 |  |  |  | 2,819 |  |  |  | 23,070 |  |  |  | 25,889 |
Add back: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items to reconcile net loss to Adjusted EBITDA(2) |  |  | 26,226 |  |  |  | 18,490 |  |  |  | 44,716 |  |  |  | 30,737 |  |  |  | 25,373 |  |  |  | 56,110 |
Adjusted EBITDA(2) |  |  | 4,766 |  |  |  | 12,191 |  |  |  | 16,957 |  |  |  | (34,668 | ) |  |  | (19,172 | ) |  |  | (53,840 | )
Items to reconcile to consolidated net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense(3) |  |  |  |  |  |  |  |  | (32,368 | ) |  |  |  |  |  |  |  |  | (33,478 | )
Restructuring expense(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (1,917 | )
Impairment of long-lived assets(4) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | (7,205 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  | (12,348 | ) |  |  |  |  |  |  |  |  | (13,510 | )
Other unallocated items(5) |  |  |  |  |  |  |  |  | (18,119 | ) |  |  |  |  |  |  |  |  | (15,928 | )
Net loss |  |  |  |  |  |  |  | $ | (45,878 | ) |  |  |  |  |  |  |  | $ | (125,878 | )
*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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration