v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

15. Segment Information

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures (“ASU 2023-07”), which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. While ASU 2023-07 requires incremental disclosures, it does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine reportable segments. ASU 2023-07 is effective for all public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a

retrospective basis. The Company adopted this standard effective January 1, 2024, and retrospectively to all prior periods. The adoption impacted the Company's disclosures and did not impact the financial statements.

The Company operates as one operating segment, which is developing and commercializing its medical diagnostic products and services. The Company’s Chief Operating Decision Maker ("CODM"), its chief executive officer, assesses performance for the Company’s one operating segment and allocates resources based on net loss, consistent with what is reported on the statements of operations and comprehensive loss. The CODM also assesses the performance of the Company’s one operating segment by using operating expenses to monitor budget versus actual results.

The Company’s revenue was generated in the U.S. for all periods presented and its assets are all located in the United States. Since the Company operates as one operating segment, total segment assets are equivalent to total assets reported on the condensed balance sheets.

The following table presents segment information for revenue, significant segment expenses, and net loss, as regularly provided to the CODM, for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

$

17

 

 

$

24

 

 

$

55

 

 

$

24

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

41

 

 

 

20

 

 

 

81

 

 

 

37

 

Payroll related expenses

 

3,992

 

 

 

3,257

 

 

 

7,892

 

 

 

6,635

 

Consulting and professional fees

 

2,042

 

 

 

1,479

 

 

 

3,875

 

 

 

3,332

 

Stock-based compensation expense

 

1,344

 

 

 

2,023

 

 

 

2,837

 

 

 

3,716

 

Equipment, lab supplies, and facility expenses

 

434

 

 

 

447

 

 

 

803

 

 

 

923

 

Clinical studies and outside processing

 

430

 

 

 

1,239

 

 

 

717

 

 

 

1,867

 

Depreciation and amortization(1)

 

208

 

 

 

208

 

 

 

395

 

 

 

421

 

Other segment items(2)

 

846

 

 

 

604

 

 

 

2,025

 

 

 

1,443

 

Loss from operations

 

(9,320

)

 

 

(9,253

)

 

 

(18,570

)

 

 

(18,350

)

Interest expense

 

(2

)

 

 

(8

)

 

 

(6

)

 

 

(17

)

Other income, net

 

1,276

 

 

 

958

 

 

 

2,343

 

 

 

1,967

 

Net loss

$

(8,046

)

 

$

(8,303

)

 

$

(16,233

)

 

$

(16,400

)

 

(1)
Certain amortization amounts are included within cost of revenue.
(2)
Other segment items consist primarily of insurance costs, IT services, travel expenses, marketing expenses, taxes, and other miscellaneous expenses.