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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company views its operations as, and manages its business in, one operating segment focused on the design, development and commercialization of testing products which allow for the differential diagnosis, prognosis and monitoring of complex rheumatic, autoimmune and autoimmune-related disease. Segment revenue is primarily derived from the sale of the Company’s testing products, most of which is attributable to its AVISE® CTD test. The Company’s CODM is its Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources based on revenue and net loss as reported on the condensed statements of operations, after taking into account the Company’s strategic priorities, its cash balance and its expected use of cash. The CODM considers budget/forecast versus actual results on a quarterly basis when making decisions about the allocation of resources. The measure of segment assets is reported on the balance sheet as total assets and were $58.8 million and $44.7 million as of June 30, 2025 and December 31, 2024, respectively. Segment revenue and net loss, including significant segment expenses regularly provided to the CODM are as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  | $ | 17,202 |  |  | $ | 15,064 |  |  | $ | 32,700 |  |  | $ | 29,479 |
Cost of revenue |  | 6,807 |  |  | 6,008 |  |  | 13,182 |  |  | 11,825 |
Gross margin |  | 10,395 |  |  | 9,056 |  |  | 19,518 |  |  | 17,654 |
Segment operating expenses: |  |  |  |  |  |  |  |
Employee expense |  | 7,535 |  |  | 6,723 |  |  | 15,083 |  |  | 13,415 |
Outside services |  | 1,347 |  |  | 1,058 |  |  | 2,464 |  |  | 2,189 |
Facilities related |  | 918 |  |  | 973 |  |  | 1,818 |  |  | 1,965 |
Travel & entertainment |  | 715 |  |  | 587 |  |  | 1,451 |  |  | 1,120 |
Stock compensation |  | 384 |  |  | 521 |  |  | 745 |  |  | 1,057 |
Depreciation and amortization |  | 270 |  |  | 261 |  |  | 529 |  |  | 531 |
Other 1 |  | 1,856 |  |  | 1,520 |  |  | 3,423 |  |  | 2,967 |
Total segment operating expenses |  | 13,025 |  |  | 11,643 |  |  | 25,513 |  |  | 23,244 |
Loss from operations |  | (2,630) |  |  | (2,587) |  |  | (5,995) |  |  | (5,590) |
Interest expense |  | (1,124) |  |  | (560) |  |  | (1,669) |  |  | (1,109) |
Loss on extinguishment of debt |  | (295) |  |  | — |  |  | (295) |  |  | — |
Change in fair value of warrant liability |  | (438) |  |  | — |  |  | (438) |  |  | — |
Interest income |  | 85 |  |  | 181 |  |  | 243 |  |  | 373 |
Loss before income taxes |  | (4,402) |  |  | (2,966) |  |  | (8,154) |  |  | (6,326) |
Income tax expense |  | (37) |  |  | — |  |  | (37) |  |  | — |
Segment net loss |  | $ | (4,439) |  |  | $ | (2,966) |  |  | $ | (8,191) |  |  | $ | (6,326) |
1 Other segment items included in Segment net loss include insurance expenses, trade show and conference expenses, fulfillment expenses, board compensation, clinical trial expenses, collaboration expenses and bank fees, among others.

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- Definition The entire disclosure for reporting segments including data and tables. 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