Summary of Significant Accounting Policies and Estimates (Tables)

9 Months Ended

Sep. 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 liabilities	7,903
Revenue recognized during the period that was included in deferred revenues at the beginning of the period	(7,093)
Revenue recognized from performance obligations satisfied within the same period	(5,489)
Balance at September 30, 2025	$	2,791

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 September 30,		% Revenue for the nine months ended September 30,		% Accounts receivable as of
Major Payer	2025	2024	2025	2024	September 30, 2025	December 31, 2024
Payer 1	37.7%	35.6%	43.3%	35.8%	50.8%	16.1%
Payer 2	21.2%	17.3%	17.2%	14.9%	*	19.3%
Payer 3	12.9%	*	10.9%	*	*	*

*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 equipment	3 years
Computer equipment and software	3 years
Furniture and fixtures	5 years
Aircraft	15 years
Leasehold improvements/leased buildings	Lesser 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 September 30, 2025		As of December 31, 2024
	(amounts in thousands)
Computer equipment and software	$	75,814	$	73,312
Capitalized software	27,097		25,921
Laboratory equipment	108,476		103,795
Furniture and fixtures	8,305		9,110
Leasehold improvements/Leased buildings	63,502		63,039
Aircraft and leased equipment	21,255		21,249
Total property and equipment	304,449		296,426
Less: accumulated depreciation and amortization	(240,452)		(228,609)
Property and equipment, net	$	63,997	$	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 September 30, 2025
	Fair Value		Level 1		Level 2		Level 3
Financial assets	(amounts in thousands)
Short-term marketable securities	$	2,272	$	2,272	$	—	$	—

	As of December 31, 2024
	Fair Value		Level 1		Level 2		Level 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 Warrants	2020 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