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Summary of Significant Accounting Policies and Estimates (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Contract Liabilities
The following table shows the changes in the contract liabilities during the period:
(amounts in thousands)
Balance at December 31, 2024$7,470 
Increase in contract liabilities6,952 
Revenue recognized during the period that was included in deferred revenues at the beginning of the period(5,459)
Revenue recognized from performance obligations satisfied within the same period(3,623)
Balance at June 30, 2025$5,340 
Schedules of Concentration of Risk, by Risk Factor Revenue associated with each payer, including its affiliated entities, as a percentage of the Company’s total revenue for the respective period, and accounts receivable balance attributable to each payer, including its affiliated entities, as a percentage of the Company’s total accounts receivable balance at the respective condensed consolidated balance sheet date, are as follows:
% Revenue for the three months ended June 30,% Revenue for the six months ended June 30,% Accounts receivable as of
Major Payer2025202420252024June 30, 2025December 31, 2024
Payer 144.7%35.1%47.3%35.9%68.3%16.1%
Payer 214.9%13.5%14.3%13.6%*19.3%
Payer 311.5%*****
*Represents major payers below 10.0%.
Schedule of Property, Plant and Equipment
Depreciation and amortization expenses are calculated on a straight-line basis and applied to asset classes based upon the Company’s estimate of the asset class’s useful life, as summarized below:
Estimated Useful Life
Laboratory equipment3 years
Computer equipment and software3 years
Furniture and fixtures5 years
Aircraft15 years
Leasehold improvements/leased buildingsLesser of remaining lease term or useful life
Leased equipment
Lesser of initial lease term or 5 years
Property and equipment, net consist of the following:
As of June 30, 2025As of December 31, 2024
(amounts in thousands)
Computer equipment and software$74,791 $73,312 
Capitalized software26,312 25,921 
Laboratory equipment108,576 103,795 
Furniture and fixtures9,129 9,110 
Leasehold improvements/Leased buildings63,295 63,039 
Aircraft and leased equipment21,249 21,249 
Total property and equipment303,352 296,426 
Less: accumulated depreciation and amortization(242,037)(228,609)
Property and equipment, net$61,315 $67,817 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:
As of June 30, 2025
Fair ValueLevel 1Level 2Level 3
Financial assets(amounts in thousands)
Short-term marketable securities$2,249 $2,249 $— $— 
As of December 31, 2024
Fair ValueLevel 1Level 2Level 3
Financial assets(amounts in thousands)
Short-term marketable securities$2,201 $2,201 $— $— 
Financial liabilities
Warrant liability$91,642 $— $— $91,642 
Derivative liability$6,058 $— $— $6,058 
Fair Value Measurement Inputs and Valuation Techniques
The below table summarizes the significant unobservable inputs used in the fair value measurement of the 2018 and 2020 warrant liabilities as of December 31, 2024. The warrants were reclassified from liability to equity upon the IPO as they were exercised into Series C preferred stock, which was converted to common stock. The difference between the fair value of the warrants immediately prior to the reclassification and its prior fair value was recorded in the condensed consolidated statement of operations and comprehensive loss as changes in fair value of financial instruments. The fair
value immediately prior to the reclassification is based on the total number of common stock issued upon exercise and conversion, multiplied by the public offering price of $21.00 per share.
As of December 31, 2024
2018 Warrants2020 Warrants
Fair value per share of the underlying stock
$3.66 - $5.65
$3.66 - $5.65
Expected volatility
47.6% - 63.0%
61.2% - 63.0%
Risk-free interest rate
4.2% - 4.3%
4.3%
Expected dividend yield
—%
—%
Expected term (years)
0.29 - 0.75
0.29 - 2.25