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v3.26.1

Reportable Segments and Geographic Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Information Regarding Operations and Assets for Operating Segments | Information regarding the Company’s operations and assets for its reportable segments as well as geographic information was as follows, all dollars are in thousands:
| Laboratory Services |  |  | Therapeutic Development |  |  | Total |
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |
Revenue | $ | 85,359 |  |  | $ | 30 |  |  | $ | 85,389 |
Less: |  |  |  |  |  |  |  |
Adjusted cost of revenue |  | 58,617 |  |  |  | 8 |  |  |  | 58,625 |
Adjusted research and development |  | 6,823 |  |  |  | 4,595 |  |  |  | 11,418 |
Adjusted selling and marketing |  | 14,663 |  |  |  | — |  |  |  | 14,663 |
Adjusted general and administrative |  | 22,698 |  |  |  | 391 |  |  |  | 23,089 |
Total adjusted operating loss | $ | (17,442 | ) |  | $ | (4,964 | ) |  | $ | (22,406 | )
| Laboratory Services |  |  | Therapeutic Development |  |  | Total |
Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
Revenue | $ | 156,410 |  |  | $ | 117 |  |  | $ | 156,527 |
Less: |  |  |  |  |  |  |  |
Adjusted cost of revenue |  | 106,797 |  |  |  | 15 |  |  |  | 106,812 |
Adjusted research and development |  | 13,284 |  |  |  | 8,773 |  |  |  | 22,057 |
Adjusted selling and marketing |  | 26,239 |  |  |  | — |  |  |  | 26,239 |
Adjusted general and administrative |  | 42,750 |  |  |  | 748 |  |  |  | 43,498 |
Total adjusted operating loss | $ | (32,660 | ) |  | $ | (9,419 | ) |  | $ | (42,079 | )
| Laboratory Services |  |  | Therapeutic Development |  |  | Total |
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Revenue | $ | 81,803 |  |  | $ | — |  |  | $ | 81,803 |
Less: |  |  |  |  |  |  |  |
Adjusted cost of revenue |  | 45,631 |  |  |  | — |  |  |  | 45,631 |
Adjusted research and development |  | 5,435 |  |  |  | 4,706 |  |  |  | 10,141 |
Adjusted selling and marketing |  | 11,575 |  |  |  | — |  |  |  | 11,575 |
Adjusted general and administrative |  | 21,970 |  |  |  | 170 |  |  |  | 22,140 |
Total adjusted operating loss | $ | (2,808 | ) |  | $ | (4,876 | ) |  | $ | (7,684 | )
| Laboratory Services |  |  | Therapeutic Development |  |  | Total |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Revenue | $ | 155,266 |  |  | $ | — |  |  | $ | 155,266 |
Less: |  |  |  |  |  |  |  |
Adjusted cost of revenue |  | 88,968 |  |  |  | — |  |  |  | 88,968 |
Adjusted research and development |  | 10,366 |  |  |  | 8,696 |  |  |  | 19,062 |
Adjusted selling and marketing |  | 19,150 |  |  |  | — |  |  |  | 19,150 |
Adjusted general and administrative |  | 42,595 |  |  |  | 430 |  |  |  | 43,025 |
Total adjusted operating loss | $ | (5,813 | ) |  | $ | (9,126 | ) |  | $ | (14,939 | )
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Reconciliation of “adjusted operating loss” to “loss before income taxes” |  |  |  |  |  |  |  |  |  |  |
Adjusted operating loss | $ | (22,406 | ) |  | $ | (7,684 | ) |  | $ | (42,079 | ) |  | $ | (14,939 | )
Less (add): |  |  |  |  |  |  |  |  |  |  |
Equity-based compensation |  | 8,624 |  |  |  | 10,039 |  |  |  | 18,514 |  |  |  | 20,589 |
Acquisition-related costs |  | 17 |  |  |  | — |  |  |  | 2,649 |  |  |  | — |
Acquisition-related severance |  | 251 |  |  |  | — |  |  |  | 647 |  |  |  | — |
Amortization of intangible assets |  | 2,603 |  |  |  | 1,990 |  |  |  | 4,634 |  |  |  | 3,980 |
Impairment of intangible assets |  | 2,172 |  |  |  | — |  |  |  | 2,172 |  |  |  | — |
Interest income |  | (6,404 | ) |  |  | (8,091 | ) |  |  | (15,055 | ) |  |  | (16,109 | )
Interest expense |  | 59 |  |  |  | 17 |  |  |  | 76 |  |  |  | 31 |
Impairment of equity securities |  | — |  |  |  | 9,926 |  |  |  | — |  |  |  | 9,926 |
Other income, net |  | (38 | ) |  |  | (46 | ) |  |  | (48 | ) |  |  | (114 | )
Total loss before income taxes | $ | (29,690 | ) |  | $ | (21,519 | ) |  | $ | (55,668 | ) |  | $ | (33,242 | )
Significant items by segment excluded from the adjusted operating (loss) income were as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Equity-based compensation |  |  |  |  |  |  |  |  |  |  |
Laboratory services | $ | 6,501 |  |  | $ | 8,034 |  |  | $ | 14,142 |  |  | $ | 16,566 |
Therapeutic development |  | 2,123 |  |  |  | 2,005 |  |  |  | 4,372 |  |  |  | 4,023 |
Total | $ | 8,624 |  |  | $ | 10,039 |  |  | $ | 18,514 |  |  | $ | 20,589 |
Revenue by segment was as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Laboratory services: |  |  |  |  |  |  |  |  |  |  |
Precision diagnostics | $ | 41,453 |  |  | $ | 47,428 |  |  | $ | 81,691 |  |  | $ | 91,525 |
Anatomic pathology |  | 37,497 |  |  |  | 28,122 |  |  |  | 62,577 |  |  |  | 53,422 |
BioPharma services |  | 6,409 |  |  |  | 6,253 |  |  |  | 12,142 |  |  |  | 10,319 |
Total laboratory services |  | 85,359 |  |  |  | 81,803 |  |  |  | 156,410 |  |  |  | 155,266 |
Therapeutic development: |  |  |  |  |  |  |  |  |  |  |
BioPharma services |  | 30 |  |  |  | — |  |  |  | 117 |  |  |  | — |
Total therapeutic development |  | 30 |  |  |  | — |  |  |  | 117 |  |  |  | — |
Total | $ | 85,389 |  |  | $ | 81,803 |  |  | $ | 156,527 |  |  | $ | 155,266 |
Depreciation and amortization by segment were as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Laboratory services | $ | 7,528 |  |  | $ | 5,889 |  |  | $ | 13,385 |  |  | $ | 11,644 |
Therapeutic development |  | 148 |  |  |  | 165 |  |  |  | 291 |  |  |  | 329 |
Total | $ | 7,676 |  |  | $ | 6,054 |  |  | $ | 13,676 |  |  | $ | 11,973 |
Interest income and expense by segment were as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Laboratory services |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 6,404 |  |  | $ | 8,091 |  |  | $ | 15,055 |  |  | $ | 16,109 |
Interest expense |  | (59 | ) |  |  | (17 | ) |  |  | (76 | ) |  |  | (31 | )
Therapeutic development |  |  |  |  |  |  |  |  |  |  |
Interest income |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest expense |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total | $ | 6,345 |  |  | $ | 8,074 |  |  | $ | 14,979 |  |  | $ | 16,078 |
Total assets by segment were as follows:
| June 30, 2026 |  |  | December 31, 2025 |
Laboratory services | $ | 982,893 |  |  | $ | 1,096,379 |
Therapeutic development |  | 106,330 |  |  |  | 117,146 |
Total | $ | 1,089,223 |  |  | $ | 1,213,525 |
Summary of Revenue by Geographic Distribution | Geographic distribution of revenue was as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
United States | $ | 78,293 |  |  | $ | 76,207 |  |  | $ | 143,369 |  |  | $ | 144,033 |
Foreign |  |  |  |  |  |  |  |  |  |  |
China |  | 3,081 |  |  |  | 2,407 |  |  |  | 5,640 |  |  |  | 5,018 |
Other countries |  | 4,045 |  |  |  | 3,189 |  |  |  | 7,518 |  |  |  | 6,215 |
Total foreign |  | 7,096 |  |  |  | 5,596 |  |  |  | 13,158 |  |  |  | 11,233 |
Total | $ | 85,389 |  |  | $ | 81,803 |  |  | $ | 156,527 |  |  | $ | 155,266 |
Summary of Property, Plant and Equipment, Net by Geographic Distribution | Geographic distribution of property, plant and equipment, net was as follows:
| June 30, 2026 |  |  | December 31, 2025 |
United States | $ | 106,991 |  |  | $ | 106,250 |
Foreign |  |  |  |  |
China |  | 4,603 |  |  |  | 4,692 |
Other countries |  | 1,474 |  |  |  | 1,607 |
Total foreign |  | 6,077 |  |  |  | 6,299 |
Total | $ | 113,068 |  |  | $ | 112,549 |

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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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