Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

10. Segment Reporting

The Company has one reportable segment, cell engineering technology. The cell engineering technology segment generates revenue principally from the sale of instruments and PAs and consumables, and research and clinical license fees to the Company’s customers, as well as program-related revenues as our SPL customers achieve development and regulatory milestones. The cell engineering technology used in the Company’s license revenue arrangements and instrument sales arrangements is deployed and implemented by customers in a similar manner, and brings the Company similar economic outcomes. The accounting policies of the cell engineering technology segment are the same as those described in the summary of significant accounting policies. The Company’s chief operating decision maker (“CODM”) is the executive team which includes the Chief Executive Officer, Chief Financial Officer, and Chief Commercial Officer. The CODM assesses performance for the cell engineering technology segment and decides how to allocate resources based on net income and core revenues. Core revenue includes sales instruments, PAs and consumables, as well as fees from research and clinical licenses, while non-core revenue relates to SPL program-related revenue. We recognize both core and non-core revenue in accordance with U.S. GAAP. The CODM used net income to determine whether to further resources in the cell engineering technology segment or into other parts of the entity such as for acquisitions. The CODM also uses core revenue to assess performance of the segment and establishing Management’s compensation. The measure of segment assets is reported on the balance sheet as total assets. The Company does not have intra-entity sales or transfers.

The CODM is regularly provided with the following significant segment expenses which are included in the measurement of the single measure of profit: net income (loss):

	Year Ended December 31,
	2024		2023
Core revenue	$	32,512	$	29,823
Non-core revenue		6,115		11,465
Total Revenue		38,627		41,288
Cost of goods sold		7,100		4,742
Gross profit		31,527		36,546
Expenses:
Research and development		19,264		19,204
Sales and marketing		23,741		23,723
General and administrative		22,493		23,954
Depreciation and amortization		4,143		3,985
Stock-based compensation		13,083		13,979
Total operating expenses		82,724		84,845
Other income		10,142		10,376
Net loss	$	(41,055)	$	(37,923)

Revenue by geographic location is provided below. Other than the United States, no jurisdiction accounted for greater than 10% of the Company’s revenues for the year ended December 31, 2024 and 2023.

	Year Ended December 31,
	2024		2023
Revenue
Inside the United States	$	25,768	$	32,420
Outside the United States		12,859		8,868
Total Revenue	$	38,627	$	41,288

As of December 31, 2024, and 2023, substantially all of the Company’s assets were located in the United States.