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Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups Discontinued Operations | The results of operations of the Disposed Entities are reported as discontinued operations for all periods presented. The following tables summarize the financial results of the discontinued operations:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Revenue(1) |  | $ | 37,172 |  |  | $ | 20,573 |
Costs and expenses |  |  |  |  |  |
Cost of revenue |  |  | 4,504 |  |  |  | 11,880 |
Selling, general and administrative expenses |  |  | 6,055 |  |  |  | 8,883 |
Research and development |  |  | 2,881 |  |  |  | 5,888 |
Transaction and integration expenses |  |  | 15,237 |  |  |  | - |
Total operating costs and expenses |  |  | 28,677 |  |  |  | 26,651 |
Operating income (loss) |  |  | 8,495 |  |  |  | (6,078 | )
Other income, net |  |  | 131 |  |  |  | 3,383 |
Gain on sale of business |  |  | 172,289 |  |  |  | - |
Income (loss) from discontinued operations before income taxes |  |  | 180,915 |  |  |  | (2,695 | )
Income tax (expense) benefit |  |  | (39,221 | ) |  |  | 32 |
Income (loss) from discontinued operations, net of tax |  | $ | 141,694 |  |  | $ | (2,663 | )
(1) During the three months ended March 31, 2026, the Company recognized revenue of $29.8 million related to the transaction price under the Collaboration Agreement with Illumina, which primarily reflects the release of the deferred revenue balance previously established under the Collaboration Agreement upon the sale of the SomaScan Business. The Company has classified the $29.8 million within discontinued operations consistent with the treatment of all SomaScan Business-related activities. Out of the $29.8 million recognized, $0.6 million reflects Illumina’s exercise of its material right to be provided with SOMAmer reagents for commercialization of the co-branded kits. Details of non-cash operating expenses and capital expenditures of the discontinued operations are as follows:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Depreciation and amortization |  | $ | — |  |  | $ | 1,184 |
Amortization of acquired intangible assets |  |  | — |  |  |  | 898 |
Capital expenditures |  |  | — |  |  |  | 854 |
Stock-based compensation expense |  |  | 3,823 |  |  |  | 962 |
Non-cash lease expense |  |  | 124 |  |  |  | 335 |

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