v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

11. Segment Reporting

The Company operates and reports its results in one reportable segment, on a consolidated basis. The Company reports segment information based on the management approach and organizes its business based on products and services. The management approach designates the internal reporting information regularly reviewed by the chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance as the basis for determining a company’s reportable segments. The Company’s CODM is the senior executive management team that includes the Chief Executive Officer and Chief Financial Officer. iMDx is an early-stage diagnostics technology company with core operations that include the research, development and commercialization of diagnostic tests. Currently, the Company’s revenues include Laboratory Services from its life sciences customers, including testing for biomarker discovery, assay design and development, clinical trial support, and a broad spectrum of biomarker tests, and to a lesser extent from Kitted Products (see Note 2, “Revenue Recognition,” for additional information). Additionally, the Company is primarily focused on developing and commercializing new diagnostic tests for medical use related to organ transplant and in the field of oncology, accordingly, extensive resources, time and expense will be required to complete the development and commercialization of those tests.

Adjusted earnings or loss before interest, income taxes, depreciation and amortization is the singular measure of segment profit or loss that the CODM uses in assessing segment performance and deciding how to allocate resources. This measure of segment profit or loss is used to monitor budget versus actual results and for long range planning. Segment loss in the table below includes revenues, cost of revenues, research and development, and other significant operating expenses directly attributable to our reportable segment. Such operating expenses exclude depreciation and amortization expenses, stock-based compensation, the change in fair value of contingent consideration, and any impairments. As an early-stage company with limited revenue, management believes this measure of profit or loss is helpful in assessing our ongoing performance, providing insight into the Company’s core operating costs and performance by excluding certain noncash and other non-operating items that may obscure the underlying trends in the business. The reconciling items and significant segment expense categories and amounts, as included in the table below, are based on the Company’s internal general ledger reporting system that is used in preparing our consolidated financial statements and are included in determining the measure of segment profit or loss that is used by the CODM.

The measure of segment assets is reported in the consolidated balance sheets as total assets. Total segment expenditures for additions to long-lived assets is reported in the consolidated statements of cash flows as a component of cash used in investing activities.

The Company's single reportable segment profit or loss information is as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Laboratory Services

 

$

218

 

 

$

494

 

 

$

250

 

 

$

2,632

 

Kitted Products

 

 

21

 

 

 

24

 

 

 

21

 

 

 

24

 

Total net revenues

 

 

239

 

 

 

518

 

 

 

271

 

 

 

2,656

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues, as adjusted

 

 

58

 

 

 

159

 

 

 

54

 

 

 

945

 

Personnel-related expenses and board fees

 

 

3,751

 

 

 

3,136

 

 

 

7,861

 

 

 

6,164

 

Professional fees, legal, and outside services

 

 

1,646

 

 

 

1,494

 

 

 

4,193

 

 

 

3,343

 

Facilities and insurance

 

 

508

 

 

 

482

 

 

 

1,071

 

 

 

987

 

Laboratory supplies and expenses

 

 

825

 

 

 

545

 

 

 

1,479

 

 

 

1,001

 

Clinical trial and registry service fees

 

 

641

 

 

 

200

 

 

 

1,358

 

 

 

235

 

Marketing and advertising

 

 

262

 

 

 

159

 

 

 

397

 

 

 

224

 

Travel and entertainment

 

 

288

 

 

 

259

 

 

 

574

 

 

 

454

 

Other segment items (1)

 

 

52

 

 

 

59

 

 

 

161

 

 

 

234

 

Segment loss

 

 

(7,792

)

 

 

(5,975

)

 

 

(16,877

)

 

 

(10,931

)

Reconciliation of segment profit and loss:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expenses

 

 

(665

)

 

 

(559

)

 

 

(1,296

)

 

 

(1,050

)

Stock-based compensation

 

 

(661

)

 

 

(504

)

 

 

(1,276

)

 

 

(977

)

Change in fair value of contingent consideration

 

 

(2,284

)

 

 

(2,804

)

 

 

3,634

 

 

 

(3,683

)

Interest expense

 

 

(20

)

 

 

(25

)

 

 

(43

)

 

 

(54

)

Other income, net

 

 

162

 

 

 

125

 

 

 

308

 

 

 

282

 

Income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net loss

 

$

(11,260

)

 

$

(9,742

)

 

$

(15,550

)

 

$

(16,413

)

 

(1)
Other segment items primarily includes delivery expenses, other business taxes and tax credits, and severance costs.

The Company's revenues and long-lived assets by geographic area are presented below. Revenues are based on the customer country of domicile. Assets are based on the location of held assets.

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Revenues by geographic area:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

218

 

 

$

494

 

 

$

250

 

 

$

2,632

 

Europe

 

 

15

 

 

 

24

 

 

 

15

 

 

 

24

 

Asia-Pacific

 

 

6

 

 

 

—

 

 

 

6

 

 

 

—

 

Total net revenues

 

$

239

 

 

$

518

 

 

$

271

 

 

$

2,656

 

 

 

 

June 30,
2026

 

 

December 31,
2025

 

 

 

(In thousands)

 

Long-lived assets by geographic area:

 

 

 

 

 

 

United States

 

$

6,104

 

 

$

7,177

 

Europe

 

 

1,607

 

 

 

1,577

 

United Kingdom

 

 

381

 

 

 

433

 

Asia-Pacific

 

 

9

 

 

 

63

 

Total

 

$

8,101

 

 

$

9,250