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Discontinued Operations (Tables)
 3 Months Ended
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