v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

There are no inter-segment revenues. See Note 3, Revenue for more information about each segment’s revenue. Our chief operating decision maker (“CODM”) is not regularly provided and does not review assets to assess each segment’s performance, make strategic decisions or allocate resources. As such, assets for reportable segments are not disclosed.

The following tables set forth our segment information, including significant segment expenses that are (or are easily computable from) information regularly provided to our CODM, for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

 

Three Months Ended March 31, 2026

 

 

Three Months Ended March 31, 2025

 

 

 

MRD

 

 

Immune Medicine

 

 

Total

 

 

MRD

 

 

Immune Medicine(1)

 

 

Total

 

Revenue

 

$

67,093

 

 

$

3,781

 

 

$

70,874

 

 

$

43,721

 

 

$

8,722

 

 

$

52,443

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

17,244

 

 

*

 

 

 

17,244

 

 

 

15,885

 

 

*

 

 

 

15,885

 

Research and development

 

 

9,226

 

 

 

13,934

 

 

 

23,160

 

 

 

9,159

 

 

 

14,488

 

 

 

23,647

 

Sales and marketing

 

 

24,742

 

 

*

 

 

 

24,742

 

 

 

21,413

 

 

*

 

 

 

21,413

 

General and administrative

 

 

12,519

 

 

*

 

 

 

12,519

 

 

 

9,502

 

 

*

 

 

 

9,502

 

Other segment items(2)

 

 

—

 

 

 

5,776

 

 

 

5,776

 

 

 

—

 

 

 

5,153

 

 

 

5,153

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items to reconcile net income or net loss to Adjusted EBITDA(3)

 

 

8,776

 

 

 

5,569

 

 

 

14,345

 

 

 

8,127

 

 

 

5,813

 

 

 

13,940

 

Adjusted EBITDA(3)

 

 

12,138

 

 

 

(10,360

)

 

 

1,778

 

 

 

(4,111

)

 

 

(5,106

)

 

 

(9,217

)

Items to reconcile to consolidated net loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense(4)

 

 

 

 

 

 

 

 

(9,969

)

 

 

 

 

 

 

 

 

(9,654

)

Restructuring expense(5)

 

 

 

 

 

 

 

 

(643

)

 

 

 

 

 

 

 

 

—

 

Impairment of long-lived assets(5)

 

 

 

 

 

 

 

 

(347

)

 

 

 

 

 

 

 

 

—

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

(3,386

)

 

 

 

 

 

 

 

 

(4,286

)

Other unallocated items(1)

 

 

 

 

 

 

 

 

(7,448

)

 

 

 

 

 

 

 

 

(6,673

)

Net loss

 

 

 

 

 

 

 

$

(20,015

)

 

 

 

 

 

 

 

$

(29,830

)

*Non-significant segment expenses for Immune Medicine.

 

 

(1) Costs related to Digital Biotechnologies, Inc. are no longer included as Immune Medicine costs and have been reclassified to the “other unallocated items” total.

(2) For the Immune Medicine segment, includes all Immune Medicine operating expenses, other than research and development expenses.

(3) Adjusted EBITDA is a non-GAAP financial measure. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Adjusted EBITDA” for an explanation of how it is calculated and used by management.

(4) Represents share-based compensation expense related to various awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.

(5) Represents expenses recognized in conjunction with a restructuring that primarily impacted research and development activities.