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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information, Including Significant Segment Expenses | 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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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