Supplemental Financial Information

6 Months Ended

Jun. 30, 2026

Supplemental Financial Statement Information [Abstract]

Cash, Cash Equivalents and Restricted Cash

The reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the totals shown within the condensed consolidated statements of cash flows is as follows (in thousands):


	As of June 30, 2026
	2026		2025
Cash and cash equivalents	$	84,535	$	203,566
Restricted cash included in prepaid expenses and other current assets (1)	2,915		10,949
Restricted cash and cash equivalents, non-current (2)	84,565		36,836
Total cash, cash equivalents and restricted cash	$	172,015	$	251,351

(1)Includes primarily cash balances collateralizing letters of credit associated with the Company’s facility leases and customer prepayments requiring segregation and restrictions in its use in accordance with the customer agreement.

(2)Includes primarily cash equivalents balances as of June 30, 2026 associated with a customer surety bond to fulfill its obligations under a contract with a U.S. Government National Laboratory and customer prepayments requiring segregation and restrictions in its use in accordance with the customer agreement.

Supplemental cash flow information

The following table presents non-cash investing and financing activities (in thousands):


	Six Months Ended June 30,
	2026		2025
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	$	15	$	35
Common stock issued for asset acquisitions	—		777
Equity method investment retained upon deconsolidation of Biosecurity Business	12,288		—

Property, Plant and Equipment, net

Property, plant and equipment, net consisted of the following (in thousands):


	As of June 30, 2026		As of December 31, 2025
Lab equipment	$	142,605	$	143,182
Leasehold improvements	138,317		140,513
Buildings and facilities	49,760		49,760
Construction in progress	4,950		192
Computer equipment and software	7,305		9,056
Furniture and fixtures	5,768		6,520
Land	6,060		6,060
Total property, plant and equipment	354,765		355,283
Less: Accumulated depreciation	(197,580)		(187,912)
Property, plant and equipment, net	$	157,185	$	167,371

Capitalization

The following table presents the Company’s authorized, issued, and outstanding common stock as of the dates indicated:


	Authorized	Issued	Outstanding
Common stock as of June 30, 2026
Class A	10,500,000,000	55,202,925	52,322,106
Class B	4,500,000,000	8,957,129	8,388,996
Class C	800,000,000	3,000,000	3,000,000
	15,800,000,000	67,160,054	63,711,102
Common stock as of December 31, 2025
Class A	10,500,000,000	49,694,610	46,791,082
Class B	4,500,000,000	8,985,839	8,416,216
Class C	800,000,000	3,000,000	3,000,000
	15,800,000,000	61,680,449	58,207,298

At-The-Market Program

On September 4, 2025, the Company entered into a Sales Agreement (the “Sales Agreement”) with Allen & Company LLC (“Allen”), who is acting as the sales agent (the “Agent”), pursuant to which the Company may sell shares of its Class A common stock from time to time at prices and on terms determined by market conditions at the time of offering, up to an aggregate offering price of $100.0 million through or directly to the Agent in one or more at-the-market (“ATM”) offerings. Since inception of the Sales Agreement through June 30, 2026, the Company has issued 3.7 million shares of Class A common stock under the Sales Agreement for net proceeds of $34.6 million.