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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue(1) |  | $ | 26,693 |  |  | $ | 22,884 |  |  | $ | 67,466 |  |  | $ | 61,484 |
Cost of revenue |  |  | 14,352 |  |  |  | 11,749 |  |  |  | 37,784 |  |  |  | 32,653 |
Gross profit |  |  | 12,341 |  |  |  | 11,135 |  |  |  | 29,682 |  |  |  | 28,831 |
Selling, general and administrative expenses |  |  | 8,474 |  |  |  | 9,937 |  |  |  | 25,573 |  |  |  | 43,280 |
Research and development |  |  | 4,849 |  |  |  | 6,217 |  |  |  | 16,587 |  |  |  | 26,567 |
Transaction expenses(2) |  |  | 2,203 |  |  |  | — |  |  |  | 12,710 |  |  |  | — |
Other (income) expense, net |  |  | (181 | ) |  |  | — |  |  |  | (3,578 | ) |  |  | — |
Total operating expenses |  | $ | 15,345 |  |  | $ | 16,154 |  |  | $ | 51,292 |  |  | $ | 69,847 |
Loss from discontinued operations before income taxes |  |  | (3,004 | ) |  |  | (5,019 | ) |  |  | (21,610 | ) |  |  | (41,016 | )
Income tax benefit (expense) |  |  | 1 |  |  |  | — |  |  |  | 158 |  |  |  | (31 | )
Loss from discontinued operations, net of tax |  | $ | (3,003 | ) |  | $ | (5,019 | ) |  | $ | (21,452 | ) |  | $ | (41,047 | )
(1) During the three months ended September 30, 2025, the Company recognized revenue of $0.6 million related to the transaction price under the Collaboration Agreement with Illumina, which primarily reflects Illumina's initial exercise of its material right to be provided with SOMAmer reagents for commercialization of the co-branded kits. The Company has classified the $0.6 million within discontinued operations consistent with the treatment of all SomaScan Business-related activities. Out of the $0.6 million recognized, $0.1 million was released from the deferred revenue balance previously established under the Collaboration Agreement. See footnote 2 under the table below for more information related to the deferred revenue. (2) Transaction expenses relate directly to costs 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:
|  | September 30, 2025 |  |  | December 31, 2024 |
ASSETS |  |  |  |  |  |
Accounts receivable, net |  | $ | 27,623 |  |  | $ | 18,867 |
Inventory |  |  | 40,760 |  |  |  | 38,520 |
Property, plant and equipment, net |  |  | 16,480 |  |  |  | 19,781 |
Operating lease right-of-use assets, net |  |  | 1,397 |  |  |  | 2,261 |
Intangible assets, net |  |  | 27,239 |  |  |  | 28,954 |
Goodwill(1) |  |  | 111,923 |  |  |  | 111,297 |
Other assets |  |  | 5,254 |  |  |  | 6,715 |
Total assets held for sale |  | $ | 230,676 |  |  | $ | 226,395 |
LIABILITIES |  |  |  |  |  |
Accounts payable |  | $ | 5,491 |  |  | $ | 7,231 |
Accrued liabilities |  |  | 10,647 |  |  |  | 9,307 |
Operating lease liabilities |  |  | 1,400 |  |  |  | 2,301 |
Deferred revenue(2) |  |  | 2,406 |  |  |  | 2,844 |
Other liabilities |  |  | 2,270 |  |  |  | 5,900 |
Total liabilities |  | $ | 22,214 |  |  | $ | 27,583 |
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. (2) As of September 30, 2025 and December 31, 2024, $29.9 million and $30.0 million, respectively, 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 footnote 1 under the table above for more details about the deferred revenue related to the Collaboration Agreement. Details of non-cash operating expenses and capital expenditures of the discontinued operations are as follows:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Depreciation and amortization |  | $ | 2,280 |  |  | $ | 6,414 |
Amortization of acquired intangible assets |  |  | 1,715 |  |  |  | 2,126 |
Capital expenditures |  |  | 2,421 |  |  |  | 3,895 |
Stock-based compensation expense |  |  | 2,913 |  |  |  | 12,635 |
Non-cash lease expense |  |  | 1,004 |  |  |  | 1,246 |

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