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Discontinued Operations (Tables)
 9 Months Ended
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