v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company’s financial performance is reported in two segments. A description of each segment follows:
•TriLink: focuses on the development, manufacturing and sale of highly modified nucleic acids and enzymes to support the needs of customers’ research, therapeutic and vaccine programs. In addition to catalog and custom products, the business provides contract development and manufacturing (“CDMO”) services, including process development, scale-up, and GMP production for clinical and commercial applications. This segment also provides research products for labeling and detecting proteins in cells and tissue samples.
•Cygnus: focuses on the development, manufacturing and sale of host cell protein, bioprocess impurity detection, viral clearance prediction kits and associated products. This segment also provides services for custom antibody development, assay development, antibody affinity extraction and mass spectrometry that are utilized by our customers in their biologic drug manufacturing spectrum.
The Company defines adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") as net loss before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that the Company does not consider in its evaluation of ongoing operating performance from period to period, and has determined that Adjusted EBITDA is the profit or loss measure that the Company's chief operating decision maker ("CODM") uses to make resource allocation decisions and evaluate segment performance. Adjusted EBITDA assists management in comparing the segment performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations and, therefore, are not included in measuring segment performance. The CODM reviews segment performance along with forecasts and other non-financial information in our annual budgeting process. Corporate costs are managed on a standalone basis and are not allocated to segments.
The following schedules include revenue, expenses, and Adjusted EBITDA for each of the Company’s reportable segments for the periods presented (in thousands):
Three Months Ended June 30, 2026
TriLinkCygnusTotal
Revenue$34,669$16,773$51,442
Less:
Cost of revenue (1)
18,3202,823
Selling and marketing (1)
4,016821
General and administrative (1)
2,9481,379
Research and development (1)
2,304375
Other segment items (2)
52—
Adjusted EBITDA for reportable segments7,02911,375$18,404
Reconciliation of total reportable segments’ Adjusted EBITDA to loss before income taxes
Corporate costs(9,730)
Amortization(6,469)
Depreciation(5,313)
Interest expense(4,809)
Interest income1,159 
Other adjustments:
Acquisition integration costs(218)
Stock-based compensation(10,205)
Loss on extinguishment of debt(3,011)
Restructuring costs (3)
33 
Other (4)
(1,643)
Loss before income taxes(21,802)
Income tax benefit171 
Net loss$(21,631)
Six Months Ended June 30, 2026
TriLinkCygnusTotal
Revenue$82,145$35,134$117,279
Less:
Cost of revenue (1)
39,0224,985
Selling and marketing (1)
7,7081,610
General and administrative (1)
6,1592,747
Research and development (1)
4,825858
Other segment items (2)
1431
Adjusted EBITDA for reportable segments24,28824,933$49,221
Reconciliation of total reportable segments’ Adjusted EBITDA to loss before income taxes
Corporate costs(20,220)
Amortization(12,941)
Depreciation(10,213)
Interest expense(10,558)
Interest income3,032 
Other adjustments:
Acquisition integration costs(449)
Stock-based compensation(16,948)
Loss on extinguishment of debt(3,413)
Restructuring costs (3)
(3,077)
Other (4)
(2,764)
Loss before income taxes(28,330)
Income tax benefit322 
Net loss$(28,008)
Three Months Ended June 30, 2025
TriLink
Cygnus
Total
Revenue
$31,085$16,312$47,397
Less:
Cost of revenue (1)
24,4073,002
Selling and marketing (1)
6,367745
General and administrative (1)
5,1791,186
Research and development (1)
2,496516
Other segment items (2)
(94)3
Adjusted EBITDA for reportable segments
(7,270)10,860$3,590
Reconciliation of total reportable segments’ Adjusted EBITDA to loss before income taxes
Corporate costs(14,000)
Amortization(7,200)
Depreciation(5,957)
Interest expense(6,815)
Interest income3,030 
Other adjustments:
Acquisition integration costs(831)
Stock-based compensation
(6,789)
Merger and acquisition related expenses(92)
Acquisition related tax adjustment(4,153)
Executive leadership transition costs(2,007)
Goodwill impairment
(30,449)
Property and equipment impairment(1,052)
Other (4)
(1,400)
Loss before income taxes
(74,125)
Income tax benefit4,288 
Net loss$(69,837)
Six Months Ended June 30, 2025
TriLink
Cygnus
Total
Revenue
$59,835$34,412$94,247
Less:
Cost of revenue (1)
49,2295,803
Selling and marketing (1)
12,1351,575
General and administrative (1)
9,6942,399
Research and development (1)
4,9941,101
Other segment items (2)
(47)3
Adjusted EBITDA for reportable segments
(16,170)23,531$7,361
Reconciliation of total reportable segments’ Adjusted EBITDA to loss before income taxes
Corporate costs(28,320)
Amortization(14,230)
Depreciation(11,650)
Interest expense(13,593)
Interest income6,255 
Other adjustments:
Acquisition integration costs(1,598)
Stock-based compensation
(17,192)
Merger and acquisition related expenses(1,270)
Acquisition related tax adjustment(4,082)
Executive transition costs
(2,007)
Goodwill impairment(42,884)
Property and equipment impairment(1,052)
Other (4)
(2,554)
Loss before income taxes
(126,816)
Income tax benefit$4,126 
Net loss$(122,690)
___________________
(1)Expenses are adjusted to remove the impact of certain items, including interest, taxes, depreciation and amortization, certain non-cash items and other adjustments. Management believes these do not directly reflect our core operations, and, therefore, are not included in measuring segment performance.
(2)Other segment items for each reportable segment include realized and unrealized losses on foreign exchange transactions.
(3)For the three and six months ended June 30, 2026, stock-based compensation benefit was nominal and $0.2 million, respectively, related to forfeited stock awards in connection with the 2025 Corporate Realignment Plan is included in the stock-based compensation line item.
(4)For the three and six months ended June 30, 2026 and for the three and six months ended June 30, 2025, refers to severance expense, inventory step-up charges in connection with the acquisition of Alphazyme, non-recurring legal costs, change in the estimated fair value of contingent consideration related to completed acquisitions, and other non-recurring costs that are deemed to be outside of the ordinary course of business.
There was immaterial intersegment revenue during the three and six months ended June 30, 2026 and 2025.
The Company does not allocate assets to its reportable segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources.