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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups Discontinued Operations

Details of loss from discontinued operations included in the condensed consolidated statements of operations are as follows:

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

20,200

 

 

$

14,713

 

 

$

40,773

 

 

$

38,600

 

Cost of revenue

 

 

11,552

 

 

 

10,176

 

 

 

23,432

 

 

 

20,904

 

Gross profit

 

 

8,648

 

 

 

4,537

 

 

 

17,341

 

 

 

17,696

 

Selling, general and administrative expenses

 

 

8,216

 

 

 

12,818

 

 

 

17,099

 

 

 

33,342

 

Research and development

 

 

5,850

 

 

 

11,977

 

 

 

11,738

 

 

 

20,350

 

Transaction expenses(1)

 

 

10,507

 

 

 

-

 

 

 

10,507

 

 

 

-

 

Other (income) expense, net

 

 

(14

)

 

 

-

 

 

 

(3,397

)

 

 

-

 

Total operating expenses

 

$

24,559

 

 

$

24,795

 

 

$

35,947

 

 

$

53,692

 

Loss from discontinued operations before income taxes

 

 

(15,911

)

 

 

(20,258

)

 

 

(18,606

)

 

 

(35,996

)

Income tax benefit (expense)

 

 

125

 

 

 

(16

)

 

 

157

 

 

 

(31

)

Loss from discontinued operations, net of tax

 

$

(15,786

)

 

$

(20,274

)

 

$

(18,449

)

 

$

(36,027

)

 

(1)
Transaction expenses relate directly to costs that are attributable to the sale of the SomaScan Business.

 

Details of assets and liabilities held for sale included in the condensed consolidated balance sheets are as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

ASSETS

 

 

 

 

 

 

Accounts receivable, net

 

$

20,596

 

 

$

18,867

 

Inventory

 

 

39,746

 

 

 

38,520

 

Property, plant and equipment, net

 

 

16,888

 

 

 

19,781

 

Operating lease right-of-use assets, net

 

 

1,602

 

 

 

2,261

 

Intangible assets, net

 

 

27,239

 

 

 

28,954

 

Goodwill(2)

 

 

111,924

 

 

 

111,297

 

Other assets

 

 

5,094

 

 

 

6,715

 

Total assets held for sale

 

$

223,089

 

 

$

226,395

 

LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

4,150

 

 

$

7,231

 

Accrued liabilities

 

 

8,530

 

 

 

9,307

 

Operating lease liabilities

 

 

1,604

 

 

 

2,301

 

Deferred revenue(1)

 

 

1,430

 

 

 

2,844

 

Other liabilities

 

 

2,270

 

 

 

5,900

 

Total liabilities

 

$

17,984

 

 

$

27,583

 

 

(1)
As of June 30, 2025 and December 31, 2024, $30.0 million of deferred revenue related to the Collaboration Agreement was not included in the disposal group held for sale as SomaLogic's obligation to provide SOMAmer reagents under the Collaboration Agreement will be settled upon closing of the Transaction, and will not be transferred to Illumina as a legal obligation. See Note 4 in the 2024 Financial Statements for more details about the deferred revenue related to the Collaboration Agreement.
 
In connection with the classification of the SomaScan Business as discontinued operations, the Company allocated $111.9 million of goodwill, representing 100% of the Company's total goodwill, to the discontinued operations. The allocation was determined based on the relative fair values of the disposal group and the remaining business, consistent with guidance in ASC 350-20.

Details of non-cash operating expenses and capital expenditures of the discontinued operations are as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Depreciation and amortization

 

$

2,356

 

 

$

4,234

 

Amortization of acquired intangible assets

 

 

1,715

 

 

 

1,415

 

Capital expenditures

 

 

1,644

 

 

 

2,089

 

Stock-based compensation expense

 

 

1,975

 

 

 

11,363

 

Non-cash lease expense

 

 

649

 

 

 

930