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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
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 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.