v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
As a result of the Biosecurity Divestiture (Note 2), the Company manages its operations as a single operating and reportable segment. This structure reflects the Company’s internal management framework and the approach its Chief Operating Decision Maker (“CODM”) uses to evaluate operating results and allocate resources.
The Company’s reportable segment is that for which discrete financial information is available and whose results are regularly provided to the Company’s CODM, consisting of the Chief Executive Officer and the President, for the purpose of allocating resources and assessing financial performance. The CODM evaluates the financial performance of the Company’s segment based on loss from continuing operations before income taxes. The CODM is primarily provided with loss from continuing operations before income taxes on a quarterly basis, as well as during the annual budgeting and forecasting process, and uses this information to monitor the Company’s performance, including budget-to-actual results, and to make decisions about the allocation of operating and capital resources. The Company has determined its significant segment expenses are cost of revenue, research and development expenses, and general and administrative expenses (exclusive of certain costs and expenses), which are regularly provided to the CODM.
The CODM is not provided with asset information; therefore, such information is not presented. The accounting policies used to prepare the reportable segments financial information are the same as those used to prepare the Company’s consolidated financial statements. The classification of costs differs from the presentation in the condensed consolidated statement of operations as described below.
The following table presents summary results of the Company’s reportable segment, including significant expenses, and a reconciliation to loss from continuing operations before income taxes (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cell Engineering
Revenue$20,156 $39,134 $39,630 $77,364 
Costs and operating expenses:
   Cost of other revenue (1)
1,472 3,865 4,144 6,986 
   Research and development (1)
30,433 31,065 60,538 79,735 
   General and administrative (1)
11,108 15,986 23,831 35,639 
Stock-based compensation (2)
8,037 18,770 24,745 36,483 
Depreciation and amortization12,315 15,249 25,114 30,071 
Restructuring charges (3)
— 3,566 — 8,032 
Carrying cost of excess space (net of sublease income) (4)
14,233 12,413 30,074 24,088 
Merger and acquisition related expense (income) (5)
1,106 (3,617)1,106 (4,535)
Other (income) expense, net (6)
(1,355)(4,686)3,410 (2,436)
Loss from continuing operations before income taxes$(57,193)$(53,477)$(133,332)$(136,699)

(1) The costs and operating expenses exclude expenses which are separately captioned below.
(2) Includes $0.4 million and $0.2 million in employer payroll taxes for three months ended June 30, 2026 and 2025, respectively, and $1.3 million and $0.5 million for six months ended June 30, 2026 and 2025, respectively.
(3) See Note 3, Restructuring, for composition of costs.
(4) The carrying cost of excess space includes base rent, common area maintenance charges, and real estate taxes associated with facilities the Company is not occupying, net of any sublease income from these spaces.
(5) Represents transaction and integration costs directly related to mergers, acquisitions, and divestitures, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) securities litigation costs.
(6) Includes interest income, interest expense, loss on investments, changes in fair value of certain assets and liabilities, and other gains and losses.