Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash deposits in banks and highly liquid investments that are readily convertible to cash (maturity of three months or less at the time of purchase).

Restricted cash consists of funds held or designated to satisfy the requirements of certain agreements that are restricted in their use. As of September 30, 2026 and December 31, 2025, the Company’s restricted cash consisted of cash deposits required to support irrevocable standby letters of credit provided to the landlord pursuant to certain lease agreements. The Company determines current or non-current classification of restricted cash on the consolidated balance sheets based on the expected duration of the restriction. The Company’s restricted cash totaled $9.6 million and $9.1 million at September 30, 2026, and December 31, 2025, respectively.

Property and Equipment

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


	September 30, 2026		December 31, 2025
Leasehold improvements	$	147,924	$	147,924
Laboratory machinery and equipment	47,261		40,669
Machinery and equipment	7,514		7,514
Computer hardware and software	7,220		4,905
Furniture and fixtures	4,140		4,140
Construction in progress	7,451		847
Subtotal	221,510		205,999
Less: accumulated depreciation and amortization	(66,973)		(50,223)
Total property and equipment, net	$	154,537	$	155,776

Depreciation expense related to property and equipment was $5.7 million and $5.8 million for the three months ended September 30, 2026, and 2025, respectively, and $17.5 million and $17.3 million for the nine months ended September 30, 2026 and 2025, respectively, and were recorded in both R&D expenses and general and administrative (“G&A”) expenses in the condensed consolidated statements of operations.

Accrued compensation and other related benefits

Accrued compensation and other related benefits consist of the following (in thousands):


	September 30, 2026		December 31, 2025
Accrued bonuses	$	11,067	$	12,141
Accrued payroll and related expenses	947		916
Accrued other compensation related benefits	452		367
Total accrued compensation and other related benefits	$	12,466	$	13,424

Intangible Assets, net

The following table presents details of intangible assets, net as of September 30, 2026 (in thousands):


	September 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted- Average Useful Life (in years)
Intangible assets acquired:
Acquired developed technology	$	5,509	$	(3,241)	$	2,268	2.6
Customer relationships	529		(311)		218		2.6
Total intangible assets acquired	$	6,038	$	(3,552)	$	2,486

The following table presents details of intangible assets, net as of December 31, 2025 (in thousands):


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted- Average Useful Life (in years)
Intangible assets acquired:
Acquired developed technology	$	5,509	$	(2,498)	$	3,011	3.4
Customer relationships	529		(240)		289		3.4
Total intangible assets acquired	$	6,038	$	(2,738)	$	3,300

Amortization expense of finite-lived intangible assets was $0.2 million for the three months ended September 30, 2026 and 2025, respectively, and $0.8 million for the nine months ended September 30, 2026 and 2025, respectively.

The following table summarizes the Company’s estimated future amortization expense of finite-lived intangible assets as of September 30, 2026 (in thousands):


Year Ending December 31,	Total
2026 (remainder of year)	$	271
2027	1,006
2028	1,006
2029	203
Total	$	2,486

Inventory

Inventory consists of raw materials and is stated at the lower of cost and net realizable value, with cost determined on a first-in, first-out basis. Costs capitalized to inventory consist of the purchase price of reagents used in commercial testing. Freight, duty and shipping, sales tax, storage and warehousing, consumables and plating costs are expensed as incurred. Before regulatory approval, the Company expensed pre-launch inventory costs as part of research and development expenses. Beginning in June 2026, in anticipation of FDA approval of SimpleScreen CRC, the Company began capitalizing the purchase price of reagents for commercial production because it determined that regulatory approval and future economic benefits were probable; the FDA approved SimpleScreen CRC in July 2026. Inventory used in research and development is expensed to research and development expense when consumed, and inventory used in commercial testing is expensed to cost of goods sold when the related test is performed. As of September 30, 2026 the Company had raw material inventory of $1.9 million.