Related Party Transactions	6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	10. RELATED PARTY TRANSACTIONS In August 2020, the Company formed a new entity, PrognomiQ, Inc. (PrognomiQ), and entered into a stock purchase agreement with PrognomiQ, pursuant to which the Company transferred to PrognomiQ certain assets that comprise the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomiQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomiQ. The Company has concluded that PrognomiQ is a variable interest entities (VIE) due to its reliance on future financing and insufficient equity investment at risk. However, the Company is not the primary beneficiary of the VIE as it does not have the power to direct the activities that most significantly impact the economic performance of PrognomiQ and does not have control over the PrognomiQ board of directors. The Company has determined that it has the ability to exercise significant influence over PrognomiQ and therefore has accounted for its investment in PrognomiQ using the equity method. During the year ended December 31, 2020, the carrying value of the Company’s investment in PrognomiQ was reduced to nil after recognizing net losses based on its percentage of ownership in PrognomiQ. PrognomiQ constitutes a related party and, as of each of June 30, 2024 and December 31, 2023, the Company recorded $0.6 million in related party receivables, on the condensed consolidated balance sheets mainly due from product sales. For the three and six months ended June 30, 2024, the Company recognized revenue of $0.6 million and $1.5 million, respectively, of which $0.4 million and $1.2 million, respectively, were from product sales. This is presented as related party revenue on the unaudited condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2023, the Company recognized revenue of $1.4 million and $2.7 million, respectively, which is presented as related party revenue on the unaudited condensed consolidated statements of operations and comprehensive loss and is comprised of the sale of instruments and consumables. During 2022, a member of the Company’s Board of Directors served as a board member and an executive officer at a company that is a customer of the Company. There was no revenue recognized for each of the three and six months ended June 30, 2024 and 2023. The Company has a contract for equipment leased to this customer that has been classified as a sales-type lease. As of each of June 30, 2024 and December 31, 2023, the lease receivables related to the sales-type lease are $0.2 million. The lease receivables are presented as prepaid expenses and other current assets on the condensed consolidated balance sheets.

Related Party Transactions

6 Months Ended

Jun. 30, 2024

10.

RELATED PARTY TRANSACTIONS

In August 2020, the Company formed a new entity, PrognomiQ, Inc. (PrognomiQ), and entered into a stock purchase agreement with PrognomiQ, pursuant to which the Company transferred to PrognomiQ certain assets that comprise the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomiQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomiQ.

The Company has concluded that PrognomiQ is a variable interest entities (VIE) due to its reliance on future financing and insufficient equity investment at risk. However, the Company is not the primary beneficiary of the VIE as it does not have the power to direct the activities that most significantly impact the economic performance of PrognomiQ and does not have control over the PrognomiQ board of directors. The Company has determined that it has the ability to exercise significant influence over PrognomiQ and therefore has accounted for its investment in PrognomiQ using the equity method. During the year ended December 31, 2020, the carrying value of the Company’s investment in PrognomiQ was reduced to nil after recognizing net losses based on its percentage of ownership in PrognomiQ.

PrognomiQ constitutes a related party and, as of each of June 30, 2024 and December 31, 2023, the Company recorded $0.6 million in related party receivables, on the condensed consolidated balance sheets mainly due from product sales. For the three and six months ended June 30, 2024, the Company recognized revenue of $0.6 million and $1.5 million, respectively, of which $0.4 million and $1.2 million, respectively, were from product sales. This is presented as related party revenue on the unaudited condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2023, the Company recognized revenue of $1.4 million and $2.7 million, respectively, which is presented as related party revenue on the unaudited condensed consolidated statements of operations and comprehensive loss and is comprised of the sale of instruments and consumables.

During 2022, a member of the Company’s Board of Directors served as a board member and an executive officer at a company that is a customer of the Company. There was no revenue recognized for each of the three and six months ended June 30, 2024 and 2023. The Company has a contract for equipment leased to this customer that has been classified as a sales-type lease. As of each of June 30, 2024 and December 31, 2023, the lease receivables related to the sales-type lease are $0.2 million. The lease receivables are presented as prepaid expenses and other current assets on the condensed consolidated balance sheets.