Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue

The Company disaggregates revenue by the following five customer types:

•Pharma tests and services includes sales of testing services and data analytics for clinical trials and research to pharmaceutical companies in support of their oncology drug development programs. Contracts typically contemplate a single project and involve a range of tests and analytics to fulfill the requirements of each particular project.

•Enterprise sales includes sales of tumor profiling and diagnostic tests directly to another business as an input to their products. The Company is typically contracted to deliver specified tests and analytics in high volume over time. Revenue from the Company's partnership with Natera to provide advanced tumor analysis for use in Natera's molecular residual disease ("MRD") test makes up substantially all of the revenue in this category.

•Population sequencing includes sales of genomic sequencing services and data analytics to support large-scale genetic research programs. The Company is typically contracted to perform WGS and provide data that can be used for analysis across a large volume of samples. All of the revenue within this category is from the Company's partnership with the VA MVP.

•Clinical diagnostic includes sales of ultra-sensitive, tumor-informed diagnostics tests, ordered by healthcare providers for cancer patients, that can detect residual or recurrent cancer earlier and aid in treatment decision-making. Revenue is derived from Medicare and private insurance reimbursements.

•Other includes sales of genomic tests and analytics to universities and non-profits.

The following table presents the Company's revenue disaggregated by customer type (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Pharma tests and services (1)	$	13,137	$	15,698	$	37,754	$	38,707
Enterprise sales		650		5,264		5,430		21,194
Population sequencing		234		4,431		7,755		7,211
Clinical diagnostic		384		271		1,161		583
Other		90		45		203		119
Total revenue	$	14,495	$	25,709	$	52,303	$	67,814

(1) Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025,respectively.

Contract Assets and Liabilities

The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.

	September 30, 2025		December 31, 2024
Opening balances:
Accounts receivable, net	$	8,140	$	17,730
Short-term contract liabilities	$	3,100	$	3,288
Long-term contract liabilities (included in other long-term liabilities)		—		3,928
Total contract liabilities	$	3,100	$	7,216
Closing balances:
Accounts receivable, net	$	14,376	$	8,140
Short-term contract liabilities		1,457		3,100
Total contract liabilities	$	1,457	$	3,100

Remaining Performance Obligations

Amounts collected in advance of services being provided are deferred as contract liabilities in the consolidated balance sheets. The associated revenue is recognized, and the contract liability is reduced, as the services are subsequently performed. Remaining performance obligations are comprised mainly of contract liabilities, and to a lesser extent, non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. As of September 30, 2025, the amount related to unfulfilled services under contracts with an original expected duration of more than one year was immaterial. Revenue recognized that was included in the contract liability balance at the beginning of each reporting period was $0.4 million and $1.9 million for the three and nine months ended September 30, 2025, and was $1.3 million and $4.1 million for the three and nine months ended September 30, 2024, respectively.