Shareholders’ Equity and Equity Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following tables summarize the Company's stock option activity during the six months ended June 30, 2025:

	Options Outstanding
		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Number of	Price		Contract	Intrinsic
	Options	Per Share		Term	Value
				(in years)	(in thousands)
Total outstanding as of December 31, 2024:	21,770,225	$	9.06	5.40	$	226,117
Granted	3,085,295	18.79			1,040
Exercised	(686,254)	6.14			12,613
Cancelled/forfeited	(665,134)	12.56			6,292
Expired	(156)	2.44			4
Total outstanding as of June 30, 2025	23,503,976	$	10.33	5.55	$	348,605
Total exercisable as of June 30, 2025	17,018,261	$	7.53	4.37	$	299,962
Total vested or expected to vest as of June 30, 2025	22,478,922	$	9.99	5.41	$	341,097

Schedule of Nonvested Share Activity

	Unvested/Vested Activity
				Weighted
		Weighted		Average
		Average		Grant Date		Average
		Exercise		Fair		Remaining
	Options	Price		Value		Life
						(in years)
Unvested outstanding, as of December 31, 2024	6,658,321	$	15.79	$	9.39	3.30
Granted	3,085,295	18.79		15.43
Cancelled/forfeited	(362,227)	15.52		9.62
Vested, outstanding shares	(2,203,174)	14.41		8.88
Unvested outstanding, as of June 30, 2025	7,178,215	17.52		12.13		3.34
Early exercised unvested, end of period	43,605	$	16.20	$	10.37

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the Company's restricted stock unit activity for the six months ended June 30, 2025:

		Weighted
	Number of	Average Grant
	Restricted Stock Units	Date Fair Value
Unvested as of December 31, 2024	762,500	$	18.19
Granted	4,657,014	$	20.73
Vested	(1,048,250)	$	18.60
Cancelled/forfeited	(7,802)	$	21.00
Unvested as of June 30, 2025	4,363,462	$	20.88

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(amounts in thousands)
Cost of services - Molecular profiling services	$	882	$	399	$	1,348	$	826
Cost of services - Pharma research and development services	2		2		3		4
Selling and marketing expense	1,990		967		3,232		2,085
General and administrative expense	22,392		2,053		33,027		3,998
Research and development expense	3,027		1,064		5,374		2,030
Total	$	28,293	$	4,485	$	42,984	$	8,943

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The key assumptions used in determining the fair value of options granted and a summary of the methodology applied to develop each assumption are as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Expected volatility	68.3%	62.5% - 63.2%	68.3% - 69.5%	62.5% - 63.2%
Risk-free interest rate	4.2%	4.4% - 4.6%	3.9% - 4.2%	4.4% - 4.6%
Expected term (years)	6.50	5.97 - 6.55	5.00 - 6.55	5.97 - 6.55
Expected dividend rate	—%	—%	—%	—%
Expected forfeiture rate	8.5%	8.5%	0.0% - 8.5%	8.5%