XML 30 R23.htm IDEA: XBRL DOCUMENT
v3.26.1

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2026
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, 2026 and 2025, respectively (in thousands):
|  | Three Months Ended June 30, 2026 |  |  | Three Months Ended June 30, 2025 |
|  | MRD |  |  | Immune Medicine |  |  | Total |  |  | MRD |  |  | Immune Medicine(1) |  |  | Total |
Revenue |  | $ | 66,168 |  |  | $ | 5,385 |  |  | $ | 71,553 |  |  | $ | 49,938 |  |  | $ | 8,941 |  |  | $ | 58,879 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 18,891 |  |  | * |  |  |  | 18,891 |  |  |  | 16,535 |  |  | * |  |  |  | 16,535 |
Research and development |  |  | 8,610 |  |  |  | 10,047 |  |  |  | 18,657 |  |  |  | 8,498 |  |  |  | 15,053 |  |  |  | 23,551 |
Sales and marketing |  |  | 24,796 |  |  | * |  |  |  | 24,796 |  |  |  | 21,954 |  |  | * |  |  |  | 21,954 |
General and administrative |  |  | 13,489 |  |  | * |  |  |  | 13,489 |  |  |  | 10,131 |  |  | * |  |  |  | 10,131 |
Other segment items(2) |  |  | — |  |  |  | 5,393 |  |  |  | 5,393 |  |  |  | — |  |  |  | 5,658 |  |  |  | 5,658 |
Add back segment non-cash and restructuring items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 2,409 |  |  |  | 826 |  |  |  | 3,235 |  |  |  | 2,455 |  |  |  | 1,585 |  |  |  | 4,040 |
Impairment of long-lived assets(3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restructuring expense(3) |  |  | 77 |  |  |  | — |  |  |  | 77 |  |  |  | — |  |  |  | — |  |  |  | — |
Share-based compensation expense(4) |  |  | 6,248 |  |  |  | 2,960 |  |  |  | 9,208 |  |  |  | 6,637 |  |  |  | 4,464 |  |  |  | 11,101 |
Adjusted EBITDA(5) |  |  | 9,116 |  |  |  | (6,269 | ) |  |  | 2,847 |  |  |  | 1,912 |  |  |  | (5,721 | ) |  |  | (3,809 | )
Items to reconcile to consolidated net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment non-cash and restructuring items |  |  |  |  |  |  |  |  | (12,520 | ) |  |  |  |  |  |  |  |  | (15,141 | )
Other unallocated items(1) |  |  |  |  |  |  |  |  | (30,268 | ) |  |  |  |  |  |  |  |  | (6,643 | )
Net loss |  |  |  |  |  |  |  | $ | (39,941 | ) |  |  |  |  |  |  |  | $ | (25,593 | )
*Non-significant segment expenses for Immune Medicine. |
|  | Six Months Ended June 30, 2026 |  |  | Six Months Ended June 30, 2025 |
|  | MRD |  |  | Immune Medicine |  |  | Total |  |  | MRD |  |  | Immune Medicine(1) |  |  | Total |
Revenue |  | $ | 133,261 |  |  | $ | 9,166 |  |  | $ | 142,427 |  |  | $ | 93,659 |  |  | $ | 17,663 |  |  | $ | 111,322 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 36,135 |  |  | * |  |  |  | 36,135 |  |  |  | 32,420 |  |  | * |  |  |  | 32,420 |
Research and development |  |  | 17,836 |  |  |  | 23,981 |  |  |  | 41,817 |  |  |  | 17,657 |  |  |  | 29,541 |  |  |  | 47,198 |
Sales and marketing |  |  | 49,538 |  |  | * |  |  |  | 49,538 |  |  |  | 43,367 |  |  | * |  |  |  | 43,367 |
General and administrative |  |  | 26,008 |  |  | * |  |  |  | 26,008 |  |  |  | 19,633 |  |  | * |  |  |  | 19,633 |
Other segment items(2) |  |  | — |  |  |  | 11,169 |  |  |  | 11,169 |  |  |  | — |  |  |  | 10,811 |  |  |  | 10,811 |
Add back segment non-cash and restructuring items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 4,790 |  |  |  | 1,831 |  |  |  | 6,621 |  |  |  | 5,118 |  |  |  | 3,208 |  |  |  | 8,326 |
Impairment of long-lived assets(3) |  |  | — |  |  |  | 347 |  |  |  | 347 |  |  |  | — |  |  |  | — |  |  |  | — |
Restructuring expense(3) |  |  | 325 |  |  |  | 395 |  |  |  | 720 |  |  |  | — |  |  |  | — |  |  |  | — |
Share-based compensation expense(4) |  |  | 12,395 |  |  |  | 6,782 |  |  |  | 19,177 |  |  |  | 12,101 |  |  |  | 8,654 |  |  |  | 20,755 |
Adjusted EBITDA(5) |  |  | 21,254 |  |  |  | (16,629 | ) |  |  | 4,625 |  |  |  | (2,199 | ) |  |  | (10,827 | ) |  |  | (13,026 | )
Items to reconcile to consolidated net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment non-cash and restructuring items |  |  |  |  |  |  |  |  | (26,865 | ) |  |  |  |  |  |  |  |  | (29,081 | )
Other unallocated items(1) |  |  |  |  |  |  |  |  | (37,716 | ) |  |  |  |  |  |  |  |  | (13,316 | )
Net loss |  |  |  |  |  |  |  | $ | (59,956 | ) |  |  |  |  |  |  |  | $ | (55,423 | )
*Non-significant segment expenses for Immune Medicine. |
(1) Costs related to Digital Biotechnologies, Inc. are no longer included as Immune Medicine costs and have been reclassified to the “other unallocated items” total. (2) For the Immune Medicine segment, includes all Immune Medicine operating expenses, other than research and development expenses. (3) Represents expenses recognized in conjunction with a restructuring that primarily impacted research and development activities. (4) Represents share-based compensation expense related to various awards. See Note 12, Equity Incentive Plans for details on our share-based compensation expense. (5) Segment Adjusted EBITDA is a non-GAAP financial measure we define as revenue less expenses, adjusted for depreciation and amortization expense, impairment costs for long-lived assets, restructuring expense and share-based compensation expense generated and incurred, respectively, by each segment. Adjusted EBITDA related to our unallocated category is included in the calculation of consolidated Adjusted EBITDA but not shown above in the breakout and aggregation of segment Adjusted EBITDA.

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 segment reporting. + References Reference 1: 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 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration