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Merger Agreement | 6 Months Ended
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Jun. 30, 2026
Business Combination [Abstract] |
Merger Agreement | 2. Merger Agreement On June 6, 2026, the Company entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") with Treeline Biosciences, Inc. ("Treeline") and Siri Merger Sub, Inc., a wholly owned subsidiary of the Company ("Merger Sub"), pursuant to which the Company and Treeline will combine in an all-stock merger. Pursuant to the Merger Agreement, Merger Sub will merge with and into Treeline, with Treeline surviving as a wholly owned subsidiary of the Company (the "Merger"). At the effective time of the Merger, the Company will be renamed Treeline Biosciences Holdings, Inc. and will effect a reverse stock split of its outstanding common stock, if not effected prior to the effective time as permitted by the Merger Agreement. At the effective time of the Merger, each outstanding share of Treeline capital stock will be converted into the right to receive shares of the Company's common stock based on an exchange ratio calculated in accordance with the Merger Agreement. Following the closing, the Company's existing stockholders are expected to hold approximately 16% of the combined company on a fully diluted basis, and former Treeline stockholders are expected to hold approximately 84%, subject to adjustment in accordance with the Merger Agreement. In accordance with the Merger Agreement, the board of directors of the combined company following the Merger is expected to consist of 10 directors nominated by Treeline and two directors nominated by the Company, and Treeline’s management team will become the management team of the combined company. The Merger is expected to be accounted for as a reverse recapitalization, with Treeline treated as the accounting acquirer. This determination is preliminary and subject to the final terms of the Merger and the completion of the disposition of the Company's mass cytometry and microfluidics businesses. Prior to the effective time of the Merger, the Company expects to declare a dividend to its stockholders of one contingent value right ("CVR") for each outstanding share of the Company's common stock. Each CVR will entitle the holder to receive, for each 12-month payment period during the five-year term of the CVR agreement, a pro rata portion of the net proceeds received by the combined company from specified sources, less certain permitted deductions, including proceeds from the sale, disposition, or other monetization of the Company's mass cytometry and microfluidics businesses; proceeds from convertible notes or other investments held by the Company as of the closing date; contingent payments due to the Company under contracts in effect as of the closing date; and certain other amounts specified in the CVR agreement. Payments in respect of the CVR will be settled in shares of the combined company's common stock, subject to a maximum of 76.0 million shares issuable under the CVR agreement. There can be no assurance that any payments will be made on the CVR. Under the Merger Agreement, the Company must use commercially reasonable efforts to effect the sale, license, transfer, disposition, divestiture or other monetization of its mass cytometry and microfluidics businesses. If the Company has not entered into a definitive agreement for the disposition of any portion of these businesses on or before the date the registration statement on Form S-4 filed in connection with the Merger is declared effective, the Company is required to commence mutually agreed wind-down activities with respect to that portion of the business. On July 28, 2026, the Company entered into a Share and Asset Purchase Agreement with Multiplex Bio Inc. under which, subject to the terms and conditions set forth therein, Multiplex Bio will acquire the mass cytometry business of the Company. Completion of the Merger is subject to customary closing conditions, including approval by the Company's stockholders of the share issuance and an amendment to the Company's certificate of incorporation, effectiveness of the registration statement on Form S-4, continued listing of the Company's common stock on Nasdaq and approval for listing of the shares issuable in the Merger, and expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (such waiting period was terminated early on July 21, 2026). The Merger is expected to close in the second half of 2026. If the Merger is not consummated by March 31, 2027, either party may terminate the Merger Agreement. Upon termination under specified circumstances, the Company may be required to pay Treeline a termination fee of $16.1 million or to reimburse Treeline's transaction expenses up to $5.0 million (with any such expense reimbursement credited against any such termination fee).

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