Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 18. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker ("CODM"), in deciding how to allocate resources and assess performance. The Company’s CODM is the chief executive officer.

As a result of the acquisition of Akoya, the Company reassessed its operating segments and concluded that the Company continues to operate as one reportable segment as of December 31, 2025. This operating segment is focused on development and commercialization of comprehensive protein biomarker solutions that identify signatures in blood and tissue to provide insights to providers, patients, and research organizations.

The Company utilizes consolidated net loss as the measure of segment profitability (loss) as required by ASU 2023-07. The CODM uses this measure, along with the significant revenue and expense lines included in the table below, when analyzing the Company’s operations and performance and determining how to allocate resources. These measures are consistently used by the CODM in comparing budgeted results versus actuals, in determining when or where to invest resources into the business, and for decisions on strategic initiatives, all of which is assessed at the consolidated level.

The following table presents the reconciliation of significant segment information reviewed by the CODM to consolidated net loss:

	Year Ended December 31,
	2025		2024		2023
Revenues:
Revenue from contracts with customers (Note 5)	$	138,654	$	135,436	$	121,139
Grant revenue	243		1,985		1,229
Total revenues	138,897		137,421		122,368
Less:
Costs of goods sold and services, including shipping and handling costs	79,519		62,430		56,290
Certain operating expenses, excluding shipping and handling costs (1)	168,349		124,587		107,029
Other segment items (2)	(1,821)		(11,065)		(12,597)
Consolidated net loss	$	107,150	$	38,531	$	28,354

(1)Expenses consist of research and development and selling, general and administrative from the Consolidated Statements of Operations and exclude shipping and handling costs.

(2)Other segment items represent discrete events, non-recurring transactions, or insignificant items that are not used by the CODM to evaluate the Company’s performance or allocate resources, and include:

a.Impairment and restructuring costs – impairment charges for goodwill and other long-lived assets, and costs associated with approved restructuring plans, including costs to implement restructurings and employee separation costs;

b.Change in fair value of contingent liabilities – changes in the fair value of contingent payments as a result of updated valuation inputs;

c.Other lease costs – amortization of operating lease right-of-use assets and other facility operating expenses from leased facilities not in use;

d.Interest income – interest earned on cash, cash equivalents, and marketable securities, and the accretion of discounts on marketable securities;

e.Other income (expense), net – gains and losses on foreign currency, and other non-recurring items that are not a part of the Company’s core business operations; and

f.Income tax benefit (expense) – income taxes related to federal, state, and foreign jurisdictions in which the Company conducts business.

The CODM also reviews consolidated balance sheet accounts and activity including cash usage and other working capital changes using the balances as reported on the Consolidated Balance Sheets

There have been no changes to the methods used to determine segment profit or loss, or the significant segment captions, across any of the periods presented.