v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

3. Revenue

We disaggregate our revenue from contracts with customers by business area and type of arrangement, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

The following table presents our disaggregated revenue for the periods presented (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

MRD revenue

 

 

 

 

 

 

Service revenue

 

$

58,093

 

 

$

39,221

 

Regulatory milestone revenue

 

 

9,000

 

 

 

4,500

 

Total MRD revenue

 

 

67,093

 

 

 

43,721

 

Immune Medicine revenue

 

 

 

 

 

 

Service and licensing revenue

 

 

3,781

 

 

 

5,122

 

Collaboration revenue(1)

 

 

—

 

 

 

3,600

 

Total Immune Medicine revenue

 

 

3,781

 

 

 

8,722

 

Total revenue

 

$

70,874

 

 

$

52,443

 

(1) On August 13, 2025, the Genentech Agreement was terminated, with termination effective February 9, 2026.

During the three months ended March 31, 2026 and 2025, we recognized $2.6 million and $2.0 million, respectively, in MRD service revenue related to Medicare reimbursements resulting from our determination that the likelihood of additional testing for specific patients was remote.

As of March 31, 2026, we could receive up to an additional $386.0 million in milestone payments in future periods if certain regulatory approvals are obtained by our customers’ therapeutics in connection with MRD data generated from our MRD product.