Shareholders’ Equity and Equity Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

The following tables summarize the Company's stock option activity during the nine months ended September 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
Exercised	(1,287,294)	6.13
Forfeited or expired	(897,662)	13.49
Total outstanding as of September 30, 2025	22,670,564	$	10.38	5.21	$	450,463
Total exercisable as of September 30, 2025	16,656,509	$	7.74	4.21	$	374,980
Total vested or expected to vest as of September 30, 2025	21,841,290	$	10.09	5.10	$	440,333

Schedule of Nonvested Restricted Stock Units Activity

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

		Weighted
	Number of	Average Grant
	Restricted Stock Units	Date Fair Value
Unvested as of December 31, 2024	762,500	$	18.19
Granted	4,743,247	$	20.94
Vested	(1,048,250)	$	18.23
Cancelled/forfeited	(88,642)	$	22.13
Unvested as of September 30, 2025	4,368,855	$	21.09

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(amounts in thousands)
Cost of services - Molecular profiling services	$	1,104	$	411	$	2,452	$	1,237
Cost of services - Pharma research and development services	17		3		20		6
Selling and marketing expense	3,322		1,092		6,554		3,177
General and administrative expense	6,410		2,148		39,438		6,147
Research and development expense	2,802		1,069		8,175		3,099
Total	$	13,655	$	4,723	$	56,639	$	13,666

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 September 30,	Nine Months Ended September 30,
	2024	2025	2024
Expected volatility	68.2% - 68.4%	68.3% - 69.5%	62.5% - 68.4%
Risk-free interest rate	3.7%	3.9% - 4.2%	3.7% - 4.6%
Expected term (years)	6.34 - 6.57	5.00 - 6.55	5.97 - 6.57
Expected dividend rate	—%	—%	—%
Expected forfeiture rate	8.4%	0.0% - 8.5%	8.4% - 8.5%