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Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Assets
Cash and cash equivalents, Adjusted Cost	$ 49,973	$ 91,415	$ 75,800
Fair Value Measurements Recurring
Assets
Assets, Adjusted Cost	150,453	184,987
Assets, Unrealized Gains	73	35
Assets, Unrealized Losses	(11)	(13)
Assets, Fair Value	150,515	185,009
Cash and cash equivalents, Adjusted Cost	49,978	91,420
Cash and cash equivalents, Unrealized Gains		1
Cash and cash equivalents, Unrealized Losses	(5)	(6)
Cash and cash equivalents, Fair Value	49,973	91,415
Fair Value Measurements Recurring \| Short-term Investments
Assets
Investments, Adjusted Cost	100,475	93,567
Investments, Unrealized Gains	73	34
Investments, Unrealized Losses	(6)	(7)
Investments, Fair Value	100,542	93,594
Fair Value Measurements Recurring \| Cash
Assets
Cash and cash equivalents, Adjusted Cost	2,552	1,152
Cash and cash equivalents, Fair Value	2,552	1,152
Fair Value Measurements Recurring \| Money Market Funds \| Level 1
Assets
Cash and cash equivalents, Adjusted Cost	14,118	44,524
Cash and cash equivalents, Fair Value	14,118	44,524
Fair Value Measurements Recurring \| Commercial Paper \| Level 2
Assets
Cash and cash equivalents, Adjusted Cost	33,308	39,291
Cash and cash equivalents, Unrealized Losses	(5)	(6)
Cash and cash equivalents, Fair Value	33,303	39,285
Fair Value Measurements Recurring \| Commercial Paper \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	15,420	8,697
Investments, Unrealized Gains	1	1
Investments, Unrealized Losses	(2)	(1)
Investments, Fair Value	15,419	8,697
Fair Value Measurements Recurring \| Corporate Debt Securities \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost		498
Investments, Fair Value		498
Fair Value Measurements Recurring \| U.S. Agency Securities \| Level 2
Assets
Cash and cash equivalents, Adjusted Cost		6,453
Cash and cash equivalents, Unrealized Gains		1
Cash and cash equivalents, Fair Value		6,454
Fair Value Measurements Recurring \| U.S. Agency Securities \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	919	2,330
Investments, Fair Value	919	2,330
Fair Value Measurements Recurring \| U.S. Government Securities \| Level 2 \| Short-term Investments
Assets
Investments, Adjusted Cost	84,136	82,042
Investments, Unrealized Gains	72	33
Investments, Unrealized Losses	(4)	(6)
Investments, Fair Value	$ 84,204	$ 82,069

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	2,552	$	—	$	—		$	2,552
Money market funds		14,118		—		—			14,118	Level 1
Commercial paper		33,308		—		(5	)		33,303	Level 2
Total cash and cash equivalents		49,978		—		(5	)		49,973
Short-term investments:
Commercial paper		15,420		1		(2	)		15,419	Level 2
U.S. agency securities		919		—		—			919	Level 2
U.S. government securities		84,136		72		(4	)		84,204	Level 2
Total short-term investments		100,475		73		(6	)		100,542
Total assets measured at fair value	$	150,453	$	73	$	(11	)	$	150,515

	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,152	$	—	$	—		$	1,152
Money market funds		44,524		—		—			44,524	Level 1
Commercial paper		39,291		—		(6	)		39,285	Level 2
U.S. agency securities		6,453		1		—			6,454	Level 2
Total cash and cash equivalents		91,420		1		(6	)		91,415
Short-term investments:
Commercial paper		8,697		1		(1	)		8,697	Level 2
Corporate debt securities		498		—		—			498	Level 2
U.S. agency securities		2,330		—		—			2,330	Level 2
U.S. government securities		82,042		33		(6	)		82,069	Level 2
Total short-term investments		93,567		34		(7	)		93,594
Total assets measured at fair value	$	184,987	$	35	$	(13	)	$	185,009

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds) by contractual maturity, at September 30, 2025 are as follows (in thousands):


	September 30, 2025
	Amortized Cost		Fair Value
Less than 1 year	$	124,825	$	124,883
1 to 5 years		8,958		8,962
Total	$	133,783	$	133,845

Unrealized losses have not been recognized as losses in the consolidated statements of operations as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. The declines in fair value are due primarily to changes in market interest rates, rather than credit losses.

Tempus Warrants

The Black-Scholes option-pricing model was used to estimate fair value of the warrants issued to Tempus AI, Inc. ("Tempus") at the date of issuance, November 28, 2023, and at each subsequent balance sheet date prior to their exercise in full in August 2024. Assumptions used are listed below, which are Level 3 fair value inputs. Expected term was equal to the then-remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected terms of the warrants. Refer to Note 8. Related Party Transactions for further information about the warrants issued to Tempus.


	August 16, 2024 Exercise Date		As of June 30, 2024		As of March 31, 2024

Expected term (in years)		—-	0.50 - 1.50		0.75 - 1.75
Volatility		—-	79.67% - 99.80%		103.9 - 106.3%
Risk-free interest rate		—-	4.90% - 5.33%		4.70 - 5.21%
Dividend yield		—-	–%		–%
Total fair value of Tempus Warrants (in thousands)	$	28,302	$	2,288	$	5,262

The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):


Warrant Liabilities	Three months ended September 30, 2024			Nine months ended September 30, 2024
Beginning balance	$	2,288		$	10,027
Change in fair value—recognized as loss within Other income (expense), net in the consolidated statements of operations		26,014			18,275
Derecognition of warrant liabilities due to exercise in full		(28,302	)		(28,302	)
Ending balance	$	-		$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Current assets

Cash and cash equivalents

$ 49,973

$ 91,415

Short-term investments

100,542

93,594

Accounts receivable, net

^[1]

14,376

8,140

Inventory and other deferred costs

4,656

5,939

Prepaid expenses and other current assets

4,855

3,927

Total current assets

174,402

203,015

Property and equipment, net

47,003

48,274

Operating lease right-of-use assets

15,249

16,453

Other long-term assets

6,185

2,526

Total assets

242,839

270,268

Current liabilities

Accounts payable

^[2]

11,147

6,397

Accrued and other current liabilities

^[2]

23,552

21,629

Contract liabilities

1,457

3,100

Total current liabilities

36,156

31,126

Long-term operating lease liabilities

32,658

34,882

Other long-term liabilities

^[3]

2,610

1,303

Total liabilities

71,424

67,311

Commitments and contingencies (Note 11)

Stockholders’ equity

Preferred stock, $0.0001 par value — 10,000,000 shares authorized; none issued

Common stock, $0.0001 par value - 200,000,000 shares authorized; 88,745,366 and 85,171,146 shares issued and outstanding, respectively

Additional paid-in capital

778,772

752,961

Accumulated other comprehensive income (loss)

(23)

Accumulated deficit

(607,448)

(549,990)

Total stockholders’ equity

171,415

202,957

Total liabilities and stockholders’ equity

$ 242,839

$ 270,268

[1]	Includes related party accounts receivable of $2.6 million and $2.5 million as of September 30, 2025 and December 31, 2024, respectively.
[2]	Includes related party liabilities of $4.6 million and $1.7 million as of September 30, 2025 and December 31, 2024, respectively.
[3]	Includes related party liabilities of $1.1 million and $1.2 million as of September 30, 2025 and December 31, 2024, respectively.

Loans - Additional Information (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
Loans - Additional Information (Details) $ in Thousands	Apr. 30, 2025 USD ($)	Jan. 31, 2025 USD ($) Payment	Nov. 30, 2023 USD ($) Payment	Jul. 31, 2022 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Lab Equipment
Debt Disclosure [Line Items]
Principal amount			$ 3,400
Number of equal payments \| Payment			24
Percentage of down payment			30.00%
Debt instrument, periodic payment			monthly
Repayment of loans					$ 400	$ 300	$ 1,000	$ 800
Payment Agreement with Financing Entity
Debt Disclosure [Line Items]
Principal amount					$ 2,451		$ 2,451		$ 1,772
Interest expense		$ 200
Initial present value of payment agreements		2,600
Repayment of loans	$ 700
Payment Agreement with Financing Entity \| Software Loans
Debt Disclosure [Line Items]
Principal amount		$ 2,800
Number of equal payments \| Payment		3
Imputed interest rate		8.90%
Software loans outstanding									$ 400
Gain on settlement recognized				$ 400
Payment Agreement with Financing Entity \| February 2025 \| Software Loans
Debt Disclosure [Line Items]
Payment of debt		$ 700
Payment Agreement with Financing Entity \| February 2026 \| Software Loans
Debt Disclosure [Line Items]
Payment of debt		1,200
Payment Agreement with Financing Entity \| February 2027 \| Software Loans
Debt Disclosure [Line Items]
Payment of debt		$ 900

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Preferred stock, par value

$ 0.0001

Preferred stock, shares authorized

10,000,000

Preferred stock, shares issued

Common stock, par value

$ 0.0001

Common stock, shares authorized

200,000,000

Common stock, shares, issued

88,745,366

85,171,146

Common stock, shares, outstanding

88,745,366

85,171,146

Accounts receivable, net

^[1]

$ 14,376

$ 8,140

Accrued and other current liabilities

^[2]

23,552

21,629

Other long-term liabilities

^[3]

2,610

1,303

Related Party

Accounts receivable, net

2,600

2,500

Accrued and other current liabilities

4,600

1,700

Other long-term liabilities

$ 1,100

$ 1,200

[1]	Includes related party accounts receivable of $2.6 million and $2.5 million as of September 30, 2025 and December 31, 2024, respectively.
[2]	Includes related party liabilities of $4.6 million and $1.7 million as of September 30, 2025 and December 31, 2024, respectively.
[3]	Includes related party liabilities of $1.1 million and $1.2 million as of September 30, 2025 and December 31, 2024, respectively.

Stock-Based Compensation - Summary of Weighted-average Assumptions Used in Determination of Fair Value of Service-Based Stock Options (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility, minimum	89.54%	82.57%	83.72%	72.61%
Volatility, maximum	90.15%	83.59%	90.15%	83.59%
Risk-free interest rate, minimum	3.70%	3.48%	3.70%	3.48%
Risk-free interest rate, maximum	4.16%	4.15%	4.50%	4.65%
Dividend yield	0.00%	0.00%	0.00%	0.00%
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months	6 months
Volatility	92.85%	61.35%	92.85%	61.35%
Risk-free interest rate	4.22%	5.43%	4.22%	5.43%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Fair value	$ 1.59	$ 0.51	$ 1.59	$ 0.51
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 7 days	5 years 9 months 7 days	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 29 days	6 years 29 days

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements


	September 30, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	2,552	$	—	$	—		$	2,552
Money market funds		14,118		—		—			14,118	Level 1
Commercial paper		33,308		—		(5	)		33,303	Level 2
Total cash and cash equivalents		49,978		—		(5	)		49,973
Short-term investments:
Commercial paper		15,420		1		(2	)		15,419	Level 2
U.S. agency securities		919		—		—			919	Level 2
U.S. government securities		84,136		72		(4	)		84,204	Level 2
Total short-term investments		100,475		73		(6	)		100,542
Total assets measured at fair value	$	150,453	$	73	$	(11	)	$	150,515

	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,152	$	—	$	—		$	1,152
Money market funds		44,524		—		—			44,524	Level 1
Commercial paper		39,291		—		(6	)		39,285	Level 2
U.S. agency securities		6,453		1		—			6,454	Level 2
Total cash and cash equivalents		91,420		1		(6	)		91,415
Short-term investments:
Commercial paper		8,697		1		(1	)		8,697	Level 2
Corporate debt securities		498		—		—			498	Level 2
U.S. agency securities		2,330		—		—			2,330	Level 2
U.S. government securities		82,042		33		(6	)		82,069	Level 2
Total short-term investments		93,567		34		(7	)		93,594
Total assets measured at fair value	$	184,987	$	35	$	(13	)	$	185,009

Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds) by contractual maturity, at September 30, 2025 are as follows (in thousands):


	September 30, 2025
	Amortized Cost		Fair Value
Less than 1 year	$	124,825	$	124,883
1 to 5 years		8,958		8,962
Total	$	133,783	$	133,845

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

Assumptions used are listed below, which are Level 3 fair value inputs. Expected term was equal to the then-remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected terms of the warrants. Refer to Note 8. Related Party Transactions for further information about the warrants issued to Tempus.


	August 16, 2024 Exercise Date		As of June 30, 2024		As of March 31, 2024

Expected term (in years)		—-	0.50 - 1.50		0.75 - 1.75
Volatility		—-	79.67% - 99.80%		103.9 - 106.3%
Risk-free interest rate		—-	4.90% - 5.33%		4.70 - 5.21%
Dividend yield		—-	–%		–%
Total fair value of Tempus Warrants (in thousands)	$	28,302	$	2,288	$	5,262

Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments

The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):


Warrant Liabilities	Three months ended September 30, 2024			Nine months ended September 30, 2024
Beginning balance	$	2,288		$	10,027
Change in fair value—recognized as loss within Other income (expense), net in the consolidated statements of operations		26,014			18,275
Derecognition of warrant liabilities due to exercise in full		(28,302	)		(28,302	)
Ending balance	$	-		$	-

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - 2019 Plan and Inducement Plan $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Number of Shares \| shares	433,484
Unvested Restricted Stock Units, Number of Shares, vested \| shares	(197,819)
Unvested Restricted Stock Units, Number of Shares, forfeited \| shares	(10,897)
Ending Balance, Number of Shares \| shares	224,768
Beginning Balance, Weighted-Average Grant Date Fair Value \| $ / shares	$ 6.34
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, vested \| $ / shares	9.46
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, forfeited \| $ / shares	5.88
Ending Balance, Weighted-Average Grant Date Fair Value \| $ / shares	$ 3.61
Unvested Restricted Stock Units, Aggregate Fair Value \| $	$ 1,465	$ 2,506
Restricted Stock Units, Aggregate Fair Value, vested \| $	$ 1,023

Segment and Geographic Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance based on revenue growth which is reported on the consolidated statements of operations. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total assets. Substantially all of the Company’s long-lived assets are located in the United States.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2025	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Reclassified accumulated foreign currency translation adjustment			$ 200
Proceeds from sale of stock				$ 17,782	$ 30,079
Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage of sales commission						3.00%
At Market Sales Agreement
Summary Of Significant Accounting Policies [Line Items]
Commission percentage of sale proceeds from common stock	3.00%
At Market Sales Agreement \| Common Stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued		0		3,064,152
Proceeds from sale of stock				$ 17,800
Weighted-average stock price				$ 5.89

Related Party Transactions - Schedule of Amounts of Transactions along with Amount Due From and To Tempus (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Amount payable

^[1]

$ 11,147

$ 6,397

Total accrued and other current liabilities

^[1]

23,552

21,629

Total other long-term liabilities

^[2]

2,610

1,303

Tempus

Total accrued and other current liabilities

4,614

1,745

Total other long-term liabilities

1,050

1,200

Tempus | Selling, general, and administrative

Orders and results delivery fees and net promotional fees

1,208

2,718

Accrued and Other Current Liabilities | Tempus

Unamortized Market Development Fees

3,500

1,400

Amount payable

1,114

345

Other Long-term Liabilities | Tempus

Unamortized Market Development Fees

$ 1,050

$ 1,200

[1]	Includes related party liabilities of $4.6 million and $1.7 million as of September 30, 2025 and December 31, 2024, respectively.
[2]	Includes related party liabilities of $1.1 million and $1.2 million as of September 30, 2025 and December 31, 2024, respectively.

Balance Sheet Details - Schedule of Inventory and Other Deferred Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory And Other Deferred Costs [Abstract]
Raw materials	$ 3,729	$ 3,976
Other deferred costs	927	1,963
Total inventory and other deferred costs	$ 4,656	$ 5,939

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,652)	$ (39,089)	$ (57,458)	$ (64,859)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of net revenues by geographic region

The Company attributes revenues to geographic region based on the billing addresses of customers. The following table presents net revenues by geographic region:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
United States	87%	97%	90%	96%
Others	13%	3%	10%	4%

Schedule of reported segment revenue, segment loss and significant segment expenses

The following table provides information about reported segment revenue, segment loss, and significant segment expenses (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	14,495		$	25,709		$	52,303		$	67,814
Less:
Payroll and related costs		16,528			17,376			52,589			51,391
Lab supplies and outside services		3,664			1,751			10,595			9,202
Facility costs		2,577			2,539			7,329			7,681
Professional services		2,969			1,924			8,341			7,320
Repairs and maintenance		2,441			2,076			6,381			5,926
Change in fair value of the Tempus Warrants		—			26,014			—			18,274
Depreciation and amortization		2,405			2,758			7,523			8,398
Other segment items(a)		7,243			11,744			22,588			28,360
Interest income		(1,680	)		(1,384	)		(5,585	)		(3,879	)
Segment and consolidated net loss	$	(21,652	)	$	(39,089	)	$	(57,458	)	$	(64,859	)

(a) Other segment items included in segment net loss include materials cost related to cost of revenue, marketing expenses, office expenses, foreign currency exchange gain and losses, and other overhead expenses.

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

Note 8. Related Party Transactions

The Company determined that Tempus and Merck & Co., Inc. (“Merck”) are related parties because they own more than 10% of the Company's common stock.

Tempus

Tempus acquired its ownership stake in August 2024 by exercising the Tempus Warrants and purchasing additional shares under the Investment Agreement (defined below).

Overview of Tempus Agreement

In November 2023, the Company entered into a Commercialization and Reference Laboratory Agreement (as amended by Amendment No. 1, dated August 16, 2024, Amendment No. 2, dated September 20, 2024, Amendment No. 3, dated December 13, 2024, Amendment No. 4, dated July 8, 2025 and Amendment No. 5, dated September 11, 2025, collectively, the “Tempus Agreement”) with Tempus pursuant to which Tempus markets the Company's NeXT Personal Dx test in the United States. The Company performs tests ordered by patients through Tempus and the Company bills the patients or payors. The Company compensates Tempus for orders obtained and results delivered on a per-test basis. The term of the Tempus Agreement is six years, which may be extended for successive one-year terms. Either party may terminate the Tempus Agreement for convenience upon 30 months' prior written notice.

Under the Tempus Agreement, the Company conducted development activities to analytically validate NeXT Personal Dx in three indications: breast cancer, lung cancer and immuno-oncology monitoring. In consideration of the Company performing such development activities, in addition to the activation and first milestone fees, Tempus agreed to pay the Company a second milestone fee of $6.0 million (the "Market Development Fee"), payable in six equal quarterly installments.

Separately, the parties are performing co-promotion activities, and the Company is compensating Tempus for promotional and commercialization services through the end of 2026.

The Tempus Agreement also granted Tempus access to initial and longitudinal genomic data derived from performance of the tests and Tempus will have the right to use such data. If Tempus licenses such data to a third party and Tempus recognizes revenue from such license, Tempus will pay the Company a percentage of its gross revenues attributable to such license that is in the range of 10% to 20%. Such revenue share shall be payable during the term of the agreement and for 10 years thereafter. There was no revenue share recognized during the three and nine months ended September 30, 2025.

Additionally, as partial consideration of Tempus' obligations to the Company under the Tempus Agreement, the Company issued warrants to Tempus. See "Tempus Warrants" section below.

In July 2025, the Company and Tempus entered into an amendment to the Tempus Agreement pursuant to which the Company authorized Tempus to market NeXT Personal Dx in a fourth indication, colorectal cancer, on the same terms as Tempus’ marketing of the other indications covered by the Tempus Agreement and the parties extended the term of the Tempus Agreement through November 25, 2029.

In addition, the amendment extends the time period to December 31, 2028, during which the Company will not allow any third party (other than an acquiror of the Company or any affiliates of such acquiror) to market NeXT Personal Dx in any of the indications and Tempus will not market another tumor-informed molecular residual disease assay indicated for use in such indications (whether its own or that of a third party), in each case subject to certain exceptions and to the extent they do not expire earlier (the “Exclusivity Period”).

The amendment modified the term of certain customary standstill restrictions agreed to by Tempus in the Tempus Agreement such that they will automatically expire on the earlier of (i) June 4, 2027 and (ii) the expiration or termination of the Exclusivity Period.

In September 2025, the Company and Tempus entered into an amendment to the Tempus Agreement, pursuant to which the existing standstill was amended to allow Tempus to acquire shares of the Company's common stock in open market purchases as long as Tempus's beneficial ownership of the Company's common stock does not exceed 19.99%.

Tempus Warrants

In consideration of Tempus’ obligations to Personalis under the Tempus Agreement, on November 28, 2023, the Company issued to Tempus two warrants to purchase up to 9,218,800 shares of Personalis common stock at an average exercise price of $2.00 per share (the “Tempus Warrants”). In August 2024, concurrently with the execution of the Tempus Investment Agreement (described below), Tempus exercised in full the Tempus Warrants for $18.4 million in cash.

The Tempus Warrants included a provision under which the total number of shares issuable upon settlement were subject to adjustment, which caused the Tempus Warrants to be classified as liability instruments while outstanding and subject to remeasurement at each balance sheet date, with changes in fair value recognized as other income (expense), net in the consolidated statements of operations. Fair values of the warrants were estimated using the Black-Scholes option-pricing model. See Note 5, Fair Value Measurements for discussion of inputs used in the measurements of the Tempus Warrants and the resulting noncash loss recognized in the consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recognized noncash losses of $26.0 million and $18.3 million, respectively, for the change in fair value of the Tempus Warrants.

Investment Agreement with Tempus

In August 2024, the Company entered into an investment agreement (the "Tempus Investment Agreement") with Tempus under which the Company issued and sold 3,500,000 shares of common stock at a price per share of $5.07 and received $17.7 million of cash from the sale of the shares.

Impact of Tempus Agreement on the Financial Statements

The Market Development Fee for the second milestone is recorded as a liability when received and offset against promotional fees as they are paid by the Company to Tempus. As of September 30, 2025, all of the $6.0 million Market Development Fee for the second milestone has been received.

Amounts of transactions with Tempus during each income statement period presented, along with amounts due from or to Tempus as of each balance sheet date, are as follows (in thousands):


	Income Statement
	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Orders and results delivery fees and net promotional fees — Selling, general and administrative expenses	$	1,208	$	2,718


	Balance Sheet
	September 30, 2025		December 31, 2024
Accrued and other current liabilities:
Unamortized Market Development Fees	$	3,500	$	1,400
Accrued payable to Tempus		1,114		345
Total accrued and other current liabilities	$	4,614	$	1,745

Other long-term liabilities:
Unamortized Market Development Fees	$	1,050	$	1,200
Total other long-term liabilities	$	1,050	$	1,200

Merck Sharp & Dohme LLC

Investment Agreement with Merck

On December 19, 2024, the Company entered into an investment agreement (the "Merck Investment Agreement") with Merck under which the Company issued and sold 14,044,943 shares of common stock at a price per share of $3.56, representing the last reported closing price of the common stock. The Company received $50.0 million of cash from the sale of the shares and incurred $0.3 million of issuance costs directly related to the sale. Pursuant to the terms of the Merck Investment Agreement, the Company agreed to reserve $10.0 million of the proceeds to open an ISO-certified laboratory in a region outside of the United States, with such region mutually agreed upon by the Company and Merck. This cash was not legally restricted under the Merck Investment Agreement and therefore included in cash and cash equivalents as of September 30, 2025 and December 31, 2024.

Before Merck became a related party in December 2024, the Company entered into a Master Service Agreement (the “Master Agreement”), in June 2017, as amended from time to time, with Merck for the performance of DNA and RNA sequencing analysis and data interpretation services, as well as synthesis and/or analysis of chemical compounds, genetic material and related samples for preclinical research purposes. In February 2024, the Company entered into an amendment whereby Merck engaged the Company to provide clinical laboratory services in connection with Merck's clinical studies.

During the three and nine months ended September 30, 2025, the Company invoiced $1.0 million and $3.3 million, respectively, pursuant to the terms of the Master Agreement and recorded as revenue in its consolidated statement of operations. As of each of September 30, 2025 and December 31, 2024, $2.5 million was outstanding as a receivable from Merck and included in accounts receivable in the consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Loans

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Loans

6. Loans

Amounts outstanding under loans are as follows (in thousands):


	September 30, 2025			December 31, 2024
Principal	$	2,451		$	1,772
Less: unamortized discount		(135	)		—
Total carrying amount		2,316			1,772
Less: current portion (included in accrued and other current liabilities)		(1,473	)		(1,669	)
Long-term portion (included in other long-term liabilities)	$	843		$	103

Software Loans

In July 2022, the Company entered into a secured payment agreement with a financing entity to finance the purchase of internal use software licenses and related ongoing support from a vendor. As of December 31, 2024, $0.4 million was outstanding, which was waived entirely in January 2025 as part of a settlement agreement with the vendor related to a service claim on the ongoing support component of the agreement. The $0.4 million settlement was recognized as a gain and presented as an offset to maintenance costs upon the settlement, included as part of selling, general and administrative in the consolidated statements of operations.

In January 2025, the Company entered into another secured payment agreement to finance the purchase of $2.8 million of internal use software licenses and related ongoing support (the "January 2025 Agreement"). The Company agreed to repay the financed amount in three payments of $0.7 million in February of 2025, $1.2 million in February 2026, and $0.9 million in February 2027. The financing entity and vendor are not related. The payment agreement is noninterest bearing and the Company concluded that the stated zero interest rate did not represent fair and adequate compensation to the financing entity for the use of the related funds. Accordingly, the Company approximated the rate at which it could obtain financing of a similar nature from other sources at the date of the transaction. The resulting imputed interest rate was 8.9% and was used to establish the present value of the payment agreement.

The total initial present value of the January 2025 Agreement was $2.6 million. The discount of $0.2 million is being recognized as interest expense in the consolidated statements of operations over the life of the payment agreement. The first repayment of $0.7 million was billed in March 2025 and paid in April 2025. Interest expense for the three and nine months ended September 30, 2025 was immaterial.

Lab Equipment Loan

In November 2023, the Company purchased lab equipment from one of its main vendors for $3.4 million. Extended payment terms were provided to the Company through a financial solutions partner of the vendor. Terms included a 30% down payment and 24 equal monthly payments for the remaining balance, with such monthly payments commencing in January 2024 and the last payment due in January 2026, and no interest or financing charges. Title for the lab equipment transferred immediately upon delivery to the Company. The financial solutions partner retains a security interest until payoff is complete at the end of 2025. The purchase price for the lab equipment was equal to the cash price and thus the impact of imputing interest would have been de minimis. Repayments during the three months ended September 30, 2025 and 2024 were $0.4 million and $0.3 million, respectively, and were $1.0 million and $0.8 million during the nine months ended September 30, 2025 and 2024, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 8A
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+ Details

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Lease cost
Operating lease cost	$ 1,460	$ 1,503	$ 4,409	$ 4,535
Short-term lease cost	1	1	3	197
Variable lease cost	537	513	1,444	1,539
Total lease cost	$ 1,998	$ 2,017	$ 5,856	$ 6,271

Loans - Schedule of Amounts Outstanding (Details) - Payment Agreement with Financing Entity - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Disclosure [Line Items]
Principal	$ 2,451	$ 1,772
Less: unamortized discount	(135)	0
Total carrying amount	2,316	1,772
Less: current portion (included in accrued and other current liabilities)	(1,473)	(1,669)
Long-term portion (included in other long-term liabilities)	$ 843	$ 103

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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+ Details

Basic and Diluted Net Loss Per Common Share - Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	14,064,763	9,812,412	14,064,763	9,812,412
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	13,073,259	8,918,477	13,073,259	8,918,477
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	799,768	701,594	799,768	701,594
ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	191,736	192,341	191,736	192,341

Summary of Significant Accounting Policies - Schedule of Percentage of Revenue and Accounts Receivables from Customers (Parenthetical) (Details) - Maximum - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2025
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%
Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Statement [Abstract]
Depreciation and amortization expense	$ 2,400	$ 2,800	$ 7,500	$ 8,400
Accumulated depreciation and amortization	53,300		53,300		$ 46,000
Restricted cash, included in other long-term assets	$ 1,790	$ 1,790	$ 1,790	$ 1,790	$ 1,800

Summary of Significant Accounting Policies - Schedule of Percentage of Revenue and Accounts Receivables from Customers (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenue \| Moderna Inc
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	19.00%	33.00%	25.00%	28.00%
Revenue \| Regeneron Pharmaceuticals
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	19.00%
Revenue \| Pfizer Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	11.00%
Revenue \| Natera Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		20.00%	10.00%	31.00%
Revenue \| VA MVP
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		17.00%	15.00%	11.00%
Accounts Receivable \| Moderna Inc
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			11.00%
Accounts Receivable \| Regeneron Pharmaceuticals
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			19.00%
Accounts Receivable \| Pfizer Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			12.00%		25.00%
Accounts Receivable \| Natera Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage					13.00%
Accounts Receivable \| Merck & Co., Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			18.00%		31.00%

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Amount of Transactions along with Amounts Due From and To Tempus

Amounts of transactions with Tempus during each income statement period presented, along with amounts due from or to Tempus as of each balance sheet date, are as follows (in thousands):


	Income Statement
	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Orders and results delivery fees and net promotional fees — Selling, general and administrative expenses	$	1,208	$	2,718


	Balance Sheet
	September 30, 2025		December 31, 2024
Accrued and other current liabilities:
Unamortized Market Development Fees	$	3,500	$	1,400
Accrued payable to Tempus		1,114		345
Total accrued and other current liabilities	$	4,614	$	1,745

Other long-term liabilities:
Unamortized Market Development Fees	$	1,050	$	1,200
Total other long-term liabilities	$	1,050	$	1,200

Leases - Additional Information (Details)	1 Months Ended		9 Months Ended		12 Months Ended
Leases - Additional Information (Details)	Jan. 31, 2026 USD ($)	Sep. 30, 2025 USD ($) ft² Installment	Sep. 30, 2025 USD ($) ft² Installment	Sep. 30, 2024 USD ($)	Dec. 31, 2021 USD ($) ft²
Lessee Lease Description [Line Items]
Area of office space \| ft²		31,280	31,280
Lease expiration month and year			2027-11
Operating leases, weighted-average remaining lease term		9 years 6 months	9 years 6 months
Operating leases, weighted-average discount rate		10.60%	10.60%
Cash paid for operating lease liabilities			$ 6,200,000	$ 6,100,000
Finance lease description			In September 2025, the Company entered into an agreement to lease lab equipment for 36 months with 33 monthly payments of $71,479, commencing in January 2026. The Company classified this lease as a finance lease as the agreement contains an early buyout option which the Company is reasonably certain to exercise. Pursuant to the early buyout option, the Company can purchase the equipment and simultaneously terminate the agreement by paying the purchase price of $2.1 million in January 2026. The purchase price was recognized as part of right-of-use ("ROU") finance lease assets and finance lease liabilities. As of September 30, 2025, finance lease ROU assets and ROU liabilities were $3.3 million and $3.2 million, respectively. As of December 31, 2024, the Company had no finance leases. Finance lease ROU assets are classified as long-term assets and are reported within the other long-term assets line in the consolidated balance sheets. Finance lease ROU liabilities with payments due within one year are classified as short-term liabilities and reported within the accrued and other current liabilities line in the consolidated balance sheets. Finance lease ROU liabilities with payments due beyond one year are classified as long-term liabilities and reported with the other long-term liabilities line in the consolidated balance sheets.
Finance lease term		36 months	36 months
Finance lease, number of monthly installment payments \| Installment		33	33
Finance lease payments due		$ 71,479	$ 71,479
Finance lease, commencement month and year		2026-01
Finance lease option to terminate [true false]		true
Finance lease option to terminate description			The Company classified this lease as a finance lease as the agreement contains an early buyout option which the Company is reasonably certain to exercise. Pursuant to the early buyout option, the Company can purchase the equipment and simultaneously terminate the agreement by paying the purchase price of $2.1 million in January 2026.
Finance lease ROU assets		$ 3,300,000	$ 3,300,000
Finance lease ROU liabilities		$ 3,200,000	$ 3,200,000
Scenario Forecast
Lessee Lease Description [Line Items]
Finance lease termination payment purchase price	$ 2,100,000
Minimum
Lessee Lease Description [Line Items]
Lease Expiration Year			2025
Maximum
Lessee Lease Description [Line Items]
Lease Expiration Year			2026
Laboratory Operations and its New Corporate Headquarters
Lessee Lease Description [Line Items]
Area of office space \| ft²					100,000
Lease expiration month and year					2036-03
Operating lease, existence of option to extend					true
Operating lease, option to extend			two options to extend the term for a period of five-years
Operating lease option to extend term					5 years
Lease term					13 years 6 months
Operating lease landlord agreed to contribution amount, approximate					$ 15,100,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (21,652)	$ (39,089)	$ (57,458)	$ (64,859)
Changes in foreign currency translation adjustments:
Change during period	(33)	61	66	34
Reclassification of adjustments to net loss due to dissolution of Personalis (Shanghai) Ltd				199
Net changes in foreign currency translation adjustments	(33)	61	66	233
Change in unrealized gain on available-for-sale debt securities	95	146	39	76
Comprehensive loss	$ (21,590)	$ (38,882)	$ (57,353)	$ (64,550)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Cash flows from operating activities:

Net loss

$ (57,458)

$ (64,859)

Adjustments to reconcile net loss to net cash used in operating activities

Stock-based compensation expense

7,131

8,017

Depreciation and amortization

7,584

8,398

Noncash operating lease cost

1,204

1,036

Amortization of discount on short-term investments

(3,146)

(1,826)

Other

(229)

Changes in operating assets and liabilities

Accounts receivable

^[1]

(6,236)

4,255

Inventory and other deferred costs

1,284

1,979

Prepaid expenses and other assets

(1,275)

271

Accounts payable

^[2]

2,731

(4,135)

Accrued and other current liabilities

^[2]

524

(3,161)

Contract liabilities

(1,644)

(3,638)

Operating lease liabilities

(3,020)

(2,571)

Other long-term liabilities

^[2]

(150)

550

Net cash used in operating activities

(52,700)

(37,354)

Cash flows from investing activities:

Purchases of available-for-sale debt securities

(156,447)

(76,769)

Proceeds from maturities of available-for-sale debt securities

152,685

68,000

Purchases of property and equipment

(4,427)

(357)

Proceeds from sales of property and equipment

240

Net cash used in investing activities

(8,189)

(8,886)

Cash flows from financing activities:

Proceeds from sales of common stock under ATM facility, net of commissions

17,782

30,079

Proceeds from exercise of Tempus Warrants

18,438

Proceeds from sale of common stock under Tempus Investment Agreement

17,745

Payment of costs related to Tempus and Merck Investment Agreements

(106)

(800)

Proceeds from loans

2,587

Repayments of loans

(1,718)

(822)

Proceeds from issuance of common stock under equity incentive plans

898

431

Net cash provided by financing activities

19,443

65,071

Effect of exchange rates on cash, cash equivalents and restricted cash

(15)

Net change in cash, cash equivalents and restricted cash

(41,442)

18,816

Cash, cash equivalents and restricted cash, beginning of period

93,205

58,774

Cash, cash equivalents and restricted cash, end of period

51,763

77,590

Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:

Cash and cash equivalents

49,973

75,800

Restricted cash, included in other long-term assets

1,790

Total cash, cash equivalents and restricted cash

51,763

77,590

Supplemental cash flow information:

Acquisition of property and equipment included in accounts payable and accrued liabilities

2,523

1,010

Right-of-use finance lease assets obtained in exchange for finance lease liabilities

$ 3,153

Tempus Warrants

Adjustments to reconcile net loss to net cash used in operating activities

$ 18,274

[1]	Includes a change in related party receivable of $0.1 million for the nine months ended September 30, 2025.
[2]	Includes a change in related party liabilities of $2.7 million for the nine months ended September 30, 2025.

Loans (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Amounts Outstanding

Amounts outstanding under loans are as follows (in thousands):


	September 30, 2025			December 31, 2024
Principal	$	2,451		$	1,772
Less: unamortized discount		(135	)		—
Total carrying amount		2,316			1,772
Less: current portion (included in accrued and other current liabilities)		(1,473	)		(1,669	)
Long-term portion (included in other long-term liabilities)	$	843		$	103

Basic and Diluted Net Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(21,652	)	$	(39,089	)	$	(57,458	)	$	(64,859	)
Weighted-average common shares outstanding—basic and diluted		88,699,131			61,051,350			88,226,838			54,708,205
Net loss per common share—basic and diluted	$	(0.24	)	$	(0.64	)	$	(0.65	)	$	(1.19	)

Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share

The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Options to purchase common stock		13,073,259		8,918,477		13,073,259		8,918,477
Unvested RSUs		799,768		701,594		799,768		701,594
ESPP		191,736		192,341		191,736		192,341
Total		14,064,763		9,812,412		14,064,763		9,812,412

Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

Note 10. Segment and Geographic Information

The Company operates in one reportable segment, which is providing advanced cancer genomic tests and services for precision oncology applications, personalized testing, and other tests. The Company develops, markets, and sells these tests to pharmaceutical companies, biopharmaceutical companies, diagnostic companies, healthcare providers for cancer patients, universities, non-profits, and government entities. It derives revenue primarily in the United States from the sale of genomic testing services and manages its business activities on a consolidated basis. The Company does not have intra-entity sales or transfers. The Company’s CODM is its CEO, who reviews consolidated operating results, accompanied by disaggregated information about net revenues by customer types, as presented below, to make decisions about allocating resources and assessing performance for the entire Company.

Consolidated net loss is used to monitor actual performance compared to plans and forecasts. The CODM assesses performance based on revenue growth which is reported on the consolidated statements of operations. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total assets. Substantially all of the Company’s long-lived assets are located in the United States.

The Company attributes revenues to geographic region based on the billing addresses of customers. The following table presents net revenues by geographic region:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
United States	87%	97%	90%	96%
Others	13%	3%	10%	4%

The following table provides information about reported segment revenue, segment loss, and significant segment expenses (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	14,495		$	25,709		$	52,303		$	67,814
Less:
Payroll and related costs		16,528			17,376			52,589			51,391
Lab supplies and outside services		3,664			1,751			10,595			9,202
Facility costs		2,577			2,539			7,329			7,681
Professional services		2,969			1,924			8,341			7,320
Repairs and maintenance		2,441			2,076			6,381			5,926
Change in fair value of the Tempus Warrants		—			26,014			—			18,274
Depreciation and amortization		2,405			2,758			7,523			8,398
Other segment items(a)		7,243			11,744			22,588			28,360
Interest income		(1,680	)		(1,384	)		(5,585	)		(3,879	)
Segment and consolidated net loss	$	(21,652	)	$	(39,089	)	$	(57,458	)	$	(64,859	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
2011 Plan, 2019 Plan and Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Number of Shares, Beginning Balance \| shares	8,607,718
Outstanding Options, Number of Shares, granted \| shares	4,617,500
Outstanding Options, Number of Shares, exercised \| shares	(118,511)
Outstanding Options, Number of Shares, forfeited or expired \| shares	(304,948)
Outstanding Options, Number of Shares, Ending Balance \| shares	12,801,759	8,607,718
Options vested and exercisable, Number of Shares \| shares	6,602,404
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance \| $ / shares	$ 5.07
Outstanding Options, Weighted-Average Exercise Price, granted \| $ / shares	4.11
Outstanding Options, Weighted-Average Exercise Price, exercised \| $ / shares	2.32
Outstanding Options, Weighted-Average Exercise Price, forfeited or expired \| $ / shares	6.54
Outstanding Options, Weighted-Average Exercise Price, Ending Balance \| $ / shares	4.71	$ 5.07
Options vested and exercisable, Weighted-Average Exercise Price \| $ / shares	$ 5.79
Outstanding Options, Weighted-Average Remaining Contractual Term (in years)	7 years 10 months 6 days	7 years 7 months 20 days
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years)	6 years 8 months 4 days
Outstanding Options, Aggregate Intrinsic Value \| $	$ 37,105	$ 21,949
Options vested and exercisable, Aggregate Intrinsic Value \| $	$ 18,792
2019 Plan \| Performance-Based Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Number of Shares, Beginning Balance \| shares	271,500
Outstanding Options, Number of Shares, Ending Balance \| shares	271,500	271,500
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance \| $ / shares	$ 1.61
Outstanding Options, Weighted-Average Exercise Price, Ending Balance \| $ / shares	$ 1.61	$ 1.61
Outstanding Options, Weighted-Average Remaining Contractual Term (in years)	8 years 5 months 12 days	9 years 2 months 12 days
Outstanding Options, Aggregate Intrinsic Value \| $	$ 1,334	$ 1,133

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,082	$ 2,677	$ 7,131	$ 8,017
Costs of revenue
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	156	156	537	463
Research and development
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	698	1,006	2,512	2,999
Selling, general, and administrative
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,228	$ 1,515	$ 4,082	$ 4,555

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Paragraph 2
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Details

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Note 4. Balance Sheet Details

Inventory and other deferred costs consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	3,729	$	3,976
Other deferred costs		927		1,963
Total inventory and other deferred costs	$	4,656	$	5,939

Property and equipment. Depreciation and amortization expense for the three months ended September 30, 2025 and 2024 was $2.4 million and $2.8 million, and was $7.5 million and $8.4 million for the nine months ended September 30, 2025 and 2024, respectively. Accumulated depreciation and amortization was $53.3 million and $46.0 million as of September 30, 2025 and December 31, 2024, respectively.

Restricted cash. The Company’s restricted cash is pledged as collateral for a standby letter of credit related to a property lease. The balance of restricted cash was $1.8 million as of September 30, 2025 and December 31, 2024, and is included in other long-term assets.

Accrued and other current liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation	$	6,807	$	8,544
Operating lease liabilities		6,900		7,696
Loans—current portion (Note 6)		1,473		1,669
Market Development Fees received from Tempus (Note 8)		3,500		1,400
Employee ESPP contributions		737		301
Other current liabilities		4,135		2,019
Total accrued and other current liabilities	$	23,552	$	21,629

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Percentage of Revenue and Accounts Receivable from Customers

Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows:


	Revenue				Accounts Receivable
	Three Months Ended September 30,		Nine Months Ended September 30,		September 30, 2025	December 31, 2024
	2025	2024	2025	2024
ModernaTX, Inc.	19%	33%	25%	28%	11%	*
Regeneron Pharmaceuticals	19%	*	*	*	19%	*
Pfizer Inc.	11%	*	*	*	12%	25%
Natera, Inc.	*	20%	10%	31%	*	13%
Merck & Co., Inc.	*	*	*	*	18%	31%
VA MVP	*	17%	15%	11%	*	*

* Less than 10% of revenue or accounts receivable.

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 0.4	$ 1.3	$ 1.9	$ 4.1
Revenue performance obligation unsatisfied service, period			unfulfilled services under contracts with an original expected duration of more than one year

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Abstract]

Schedule of Revenue Disaggregated by Customer Type

The following table presents the Company's revenue disaggregated by customer type (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Pharma tests and services (1)	$	13,137	$	15,698	$	37,754	$	38,707
Enterprise sales		650		5,264		5,430		21,194
Population sequencing		234		4,431		7,755		7,211
Clinical diagnostic		384		271		1,161		583
Other		90		45		203		119
Total revenue	$	14,495	$	25,709	$	52,303	$	67,814

(1) Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025,respectively.

Schedule of Contract Assets and Liabilities

The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.


	September 30, 2025		December 31, 2024
Opening balances:
Accounts receivable, net	$	8,140	$	17,730

Short-term contract liabilities	$	3,100	$	3,288
Long-term contract liabilities (included in other long-term liabilities)		—		3,928
Total contract liabilities	$	3,100	$	7,216

Closing balances:
Accounts receivable, net	$	14,376	$	8,140

Short-term contract liabilities		1,457		3,100
Total contract liabilities	$	1,457	$	3,100

Segment and Geographic Information - Schedule of net revenues by geographic region (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
United States
Segment Reporting Information [Line Items]
Percentage of total revenue	87.00%	97.00%	90.00%	96.00%
Others
Segment Reporting Information [Line Items]
Percentage of total revenue	13.00%	3.00%	10.00%	4.00%

Fair Value Measurements - Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Amortized Cost
Less than 1 year	$ 124,825
1 to 5 years	8,958
Total	133,783
Fair Value
Less than 1 year	124,883
1 to 5 years	8,962
Total	$ 133,845

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Future Minimum Lease Payments

As of September 30, 2025, operating leases had a weighted-average remaining lease term of 9.5 years and a weighted-average discount rate of 10.6%. Discount rates are based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of September 30, 2025 were as follows (in thousands):


	Amount
2025 (remaining three months)	$	1,832
2026		7,230
2027		7,189
2028		5,215
2029		5,371
2030 and thereafter		37,426
Total future minimum lease payments		64,263
Less: imputed interest		(24,705	)
Present value of future minimum lease payments		39,558
Less: current portion of operating lease liability (included in accrued and other current liabilities)		(6,900	)
Long-term operating lease liabilities	$	32,658

Components of Lease Costs

Components of lease costs were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Lease cost
Operating lease cost	$	1,460	$	1,503	$	4,409	$	4,535
Short-term lease cost		1		1		3		197
Variable lease cost		537		513		1,444		1,539
Total lease cost	$	1,998	$	2,017	$	5,856	$	6,271

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies

Contingencies

The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s consolidated results of operations in a given period. As of September 30, 2025, the Company was not involved in any material legal proceedings.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

In accordance with the Company's bylaws and/or pursuant to indemnification agreements entered into with directors, officers and certain employees, the Company has indemnification obligations to its directors, officers and employees for claims brought against these persons arising out of certain events or occurrences while they are serving in such a capacity. The Company maintains a director and officer liability insurance coverage to reduce its exposure to such obligations, and payments made under these agreements. To date, there have been no indemnification claims by these directors, officers and employees.

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
2025 (remaining three months)	$ 1,832
2026	7,230
2027	7,189
2028	5,215
2029	5,371
2030 and thereafter	37,426
Total future minimum lease payments	64,263
Less: imputed interest	(24,705)
Present value of future minimum lease payments	39,558
Less: current portion of operating lease liability (included in accrued and other current liabilities)	(6,900)	$ (7,696)
Long-term operating lease liabilities	$ 32,658	$ 34,882

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During our last fiscal quarter, certain of our officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted written plans for the sale of our securities as set forth in the table below.

        
       Type of Trading Arrangement

       Name and Position

       Action

       Adoption Date

       Rule 10b5-1*

       Non-Rule 10b5-1**

       Total Shares of Common Stock to be Sold

       Expiration Date

       Aaron Tachibana, Chief Financial Officer and Chief Operating Officer

       Adoption

       August 7, 2025

       X

       ***

       August 22, 2026

*Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

**Non-Rule 10b5-1 trading arrangement as defined in Item 408(c) of Regulation S-K under the Exchange Act.

***The total shares to be sold is 269,901 shares less any shares sold after August 4, 2025 but prior to the selling start date under this 10b5-1 trading plan, pursuant to Mr. Tachibana's current 10b5-1 trading plan dated September 11, 2024.

Aaron Tachibana

Trading Arrangements, by Individual

Name

Aaron Tachibana

Title

Chief Financial Officer and Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

August 7, 2025

August 22, 2026

380 days

269,901

Stock-Based Compensation - Summary of Shares of Common Stock Reserved for Issuance (Details)	Sep. 30, 2025 shares
Share-Based Payment Arrangement [Abstract]
Outstanding stock awards	13,873,027
Reserved for future award grants	4,559,667
Reserved for future ESPP	306,323
Total common stock reserved for stock awards	18,739,017

Stock-Based Compensation - Summary of Performance Based RSU Activity (Details) - Performance Based RSU Activity - 2019 Plan and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSUs granted, Number of Shares	575,000
Ending Balance, Number of Shares	575,000
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, granted	$ 3.63
Ending Balance, Weighted-Average Grant Date Fair Value	$ 3.63
Unvested Restricted Stock Units, Aggregate Fair Value	$ 3,749

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim reporting. Certain note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiaries, Personalis (UK) Ltd. and Personalis (Shanghai) Ltd (the latter entity until its dissolution during the first quarter of 2024). All intercompany balances and transactions have been eliminated in consolidation. Upon dissolution of Personalis (Shanghai) Ltd during the first quarter of 2024, an accumulated foreign currency translation adjustment of $0.2 million was reclassified from accumulated other comprehensive loss to net loss within Other income (expense), net.

The consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, revenue recognition, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of common stock warrants, provisions for income taxes, and fair value of lease right-of-use assets. Actual results could differ from these estimates, and such differences could be material to the Company’s consolidated financial position and results of operations.

At-the-Market Equity Offerings

In December 2021, the Company entered into an At-the-Market ("ATM") Sales Agreement with BTIG, LLC (“BTIG”), as amended in December 2023 (the “Sales Agreement”), under which it was permitted to offer and sell its common stock from time to time through BTIG as its sales agent. BTIG agreed to use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company agreed to pay BTIG a commission of up to 3% of the gross sales proceeds of any common stock sold through BTIG under the Sales Agreement. The Company was not obligated to make any sales of common stock under the Sales Agreement.

In December 2024, the Company entered into an Amended and Restated At-the-Market Sales Agreement (the "Amended Sales Agreement") with Piper Sandler & Co. (“Piper”) and BTIG. The Amended Sales Agreement amends and restates the Sales Agreement to add Piper as a sales agent (Piper and BTIG, together, the “Sales Agents”), among certain other changes. The Sales Agents have agreed to use commercially reasonable efforts to sell the Company's common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company agreed to pay the applicable Sales Agent a commission of up to 3% of the gross sales proceeds of any common stock sold through such Sales Agent under the Amended Sales Agreement. The Company is not obligated to make any sales of common stock under the Amended Sales Agreement.

During the three months ended September 30, 2025, there were no shares of common stock issued and sold under the Amended Sales Agreement. During the nine months ended September 30, 2025, the Company issued and sold 3,064,152 shares of its common stock under the Amended Sales Agreement at a weighted-average price of $5.89 per share and received $17.8 million in proceeds, net of commissions.

Concentration of Credit Risk and Other Risks and Uncertainties

The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists.

The Company also invests in investment-grade debt instruments and has policy limits for the amount it can invest in any one type of security, except for securities issued or guaranteed by the U.S. government. The goals of the Company’s investment policy are as follows: preservation of principal; liquidity of investments sufficient to meet cash flow requirements; avoidance of inappropriate concentration and credit risk; competitive after-tax rate of returns; and fiduciary control of cash and investments. Under its investment policy, the Company limits the amounts invested in such securities by credit rating, maturity, investment type, and issuer. As a result, management believes that these financial instruments do not expose the Company to any significant concentrations of credit risk.

The Company purchases various reagents and sequencing materials from sole-source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand.

The Company routinely assesses the creditworthiness of its customers and does not require collateral. Historically, the Company has not experienced significant credit losses from accounts receivable. Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows:


	Revenue				Accounts Receivable
	Three Months Ended September 30,		Nine Months Ended September 30,		September 30, 2025	December 31, 2024
	2025	2024	2025	2024
ModernaTX, Inc.	19%	33%	25%	28%	11%	*
Regeneron Pharmaceuticals	19%	*	*	*	19%	*
Pfizer Inc.	11%	*	*	*	12%	25%
Natera, Inc.	*	20%	10%	31%	*	13%
Merck & Co., Inc.	*	*	*	*	18%	31%
VA MVP	*	17%	15%	11%	*	*

* Less than 10% of revenue or accounts receivable.

Significant Accounting Policies

As of September 30, 2025, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies” in its consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Recent Accounting Pronouncements

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item on an interim and annual basis. ASU 2024-03 also requires disclosure of the total amount of selling expenses and the Company's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Although the new standard requires comparative disclosures for all periods presented, entities will be permitted to begin applying the guidance prospectively. Therefore, comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that adoption of ASU 2024-03 will have on its consolidated financial statement disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Accounts receivable, net

$ 8,140

^[1]

$ 17,730

Short-term contract liabilities

3,100

3,288

Long-term contract liabilities (included in other long-term liabilities)

3,928

Total contract liabilities

3,100

7,216

Accounts receivable, net

^[1]

14,376

8,140

Short-term contract liabilities

1,457

3,100

Total contract liabilities

$ 1,457

$ 3,100

[1]	Includes related party accounts receivable of $2.6 million and $2.5 million as of September 30, 2025 and December 31, 2024, respectively.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

At-the-Market Equity Offerings

Concentration of Credit Risk and Other Risks and Uncertainties


	Revenue				Accounts Receivable
	Three Months Ended September 30,		Nine Months Ended September 30,		September 30, 2025	December 31, 2024
	2025	2024	2025	2024
ModernaTX, Inc.	19%	33%	25%	28%	11%	*
Regeneron Pharmaceuticals	19%	*	*	*	19%	*
Pfizer Inc.	11%	*	*	*	12%	25%
Natera, Inc.	*	20%	10%	31%	*	13%
Merck & Co., Inc.	*	*	*	*	18%	31%
VA MVP	*	17%	15%	11%	*	*

* Less than 10% of revenue or accounts receivable.

Significant Accounting Policies

Recent Accounting Pronouncements

New Accounting Pronouncements Not Yet Adopted

Revenue - Schedule of Revenue Disaggregated by Customer Type (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 14,495

$ 25,709

$ 52,303

$ 67,814

Revenue

$ 1,100

$ 3,500

[1]	Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - Level 3 - Warrant Liability - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning balance	$ 2,288	$ 10,027
Change in fair value-recognized as loss within Other income (expense), net in the consolidated statements of operations	26,014	18,275
Derecognition of warrant liabilities due to exercise in full	(28,302)	(28,302)
Ending balance	$ 0	$ 0

Basic and Diluted Net Loss Per Common Share - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss	$ (21,652)	$ (39,089)	$ (57,458)	$ (64,859)
Weighted-average common shares outstanding-basic	88,699,131	61,051,350	88,226,838	54,708,205
Weighted-average common shares outstanding-diluted	88,699,131	61,051,350	88,226,838	54,708,205
Net loss per common share-basic	$ (0.24)	$ (0.64)	$ (0.65)	$ (1.19)
Net loss per common share-diluted	$ (0.24)	$ (0.64)	$ (0.65)	$ (1.19)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue - Schedule of Revenue Disaggregated by Customer Type (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 14,495

$ 25,709

$ 52,303

$ 67,814

Pharma Tests and Services

Disaggregation of Revenue [Line Items]

Revenue

^[2]

13,137

15,698

37,754

38,707

Enterprise Sales

Disaggregation of Revenue [Line Items]

Revenue

650

5,264

5,430

21,194

Population Sequencing

Disaggregation of Revenue [Line Items]

Revenue

234

4,431

7,755

7,211

Clinical diagnostic

Disaggregation of Revenue [Line Items]

Revenue

384

271

1,161

583

Other

Disaggregation of Revenue [Line Items]

Revenue

$ 90

$ 45

$ 203

$ 119

[1]	Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025, respectively.
[2]	Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025,respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Balance Sheet Details - Schedule of Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued compensation

$ 6,807

$ 8,544

Operating lease liabilities

$ 6,900

$ 7,696

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Total accrued and other current liabilities

Loans—current portion (Note 6)

$ 1,473

$ 1,669

Market Development Fees received from Tempus (Note 8)

3,500

1,400

Employee ESPP contributions

737

301

Other current liabilities

4,135

2,019

Total accrued and other current liabilities

^[1]

$ 23,552

$ 21,629

[1]	Includes related party liabilities of $4.6 million and $1.7 million as of September 30, 2025 and December 31, 2024, respectively.

Related Party Transactions - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 19, 2024	Aug. 31, 2024	Nov. 30, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Nov. 28, 2023
Related Party Transaction [Line Items]
Noncash losses for change in fair value of the Tempus Warrants				$ 0	$ 26,014,000	$ 0	$ 18,274,000
Proceeds from sale of stock						$ 17,782,000	30,079,000
Minimum \| Tempus
Related Party Transaction [Line Items]
Percentage of common stock owned				10.00%		10.00%
Tempus Agreement
Related Party Transaction [Line Items]
Market development fees received						$ 6,000
Tempus Agreement \| Tempus
Related Party Transaction [Line Items]
Market Development Fees			$ 6,000
Noncash losses for change in fair value of the Tempus Warrants					$ 26,000,000		$ 18,300,000
Tempus Agreement \| Maximum
Related Party Transaction [Line Items]
Percentage of common stock owned				19.99%		19.99%
Percentage of its gross revenues attributable to such license						20.00%
Tempus Agreement \| Minimum
Related Party Transaction [Line Items]
Percentage of its gross revenues attributable to such license						10.00%
Tempus Agreement \| First Warrant \| Tempus
Related Party Transaction [Line Items]
Warrants and rights outstanding									$ 18,400,000
Warrant exercise price per share									$ 2
Tempus Agreement \| First Warrant \| Maximum \| Tempus
Related Party Transaction [Line Items]
Warrant issued to purchase stock									9,218,800
Investment Agreement \| Tempus
Related Party Transaction [Line Items]
Number of shares issued		3,500,000
Share price		$ 5.07
Proceeds from sale of stock		$ 17,700,000
Investment Agreement with Merck \| Merck Sharp and Dohme LLC [Member]
Related Party Transaction [Line Items]
Number of shares issued	14,044,943
Share price	$ 3.56
Proceeds from sale of stock	$ 50,000,000
Agreement reserve	10,000,000
Stock issuance cost	$ 300,000
Invoice amount				$ 1,000,000		$ 3,300,000
Receivable				$ 2,500,000		$ 2,500,000		$ 2,500,000

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,082	$ 2,677	$ 7,131	$ 8,017
Employee Stock Option
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,956	1,267	5,066	3,719
Performance-based stock options
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	35	36	105	77
Service-based RSUs
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	202	1,324	1,463	4,056
Performance Based RSU Activity
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	(259)	0	0	0
ESPP
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 148	$ 50	$ 497	$ 165

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants (Details) - Tempus Warrants - Level 3 $ in Thousands	Aug. 16, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of Tempus Warrants (in thousands)	$ 28,302	$ 2,288	$ 5,262
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)	0 years	6 months	9 months
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)		1 year 6 months	1 year 9 months
Volatility \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	0	79.67	103.9
Volatility \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input		99.8	106.3
Risk-free Interest Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	0	4.9	4.7
Risk-free Interest Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input		5.33	5.21
Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	0	0	0

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 9. Stock-Based Compensation

Shares of common stock reserved for issuance under the Company’s equity incentive plans were as follows:


	September 30, 2025
Outstanding stock awards		13,873,027
Reserved for future award grants		4,559,667
Reserved for future ESPP		306,323
Total common stock reserved for stock awards		18,739,017

Service-Based Stock Option Activity

A summary of the Company’s service-based stock option activity (excluding performance-based stock option activity, which is presented separately below) for the nine months ended September 30, 2025 is as follows:


	Outstanding Service-Based Options
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2024		8,607,718		$	5.07		7.64	$	21,949
Options granted		4,617,500			4.11
Options exercised		(118,511	)		2.32
Options forfeited or expired		(304,948	)		6.54
Balance—September 30, 2025		12,801,759		$	4.71		7.85	$	37,105
Options vested and exercisable as of September 30, 2025		6,602,404		$	5.79		6.68	$	18,792

The weighted-average grant date fair value of options granted was $4.47 and $3.55 per share for the three months ended September 30, 2025 and 2024 and $3.01 and $1.49 per share for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the unrecognized stock-based compensation cost of unvested options was $14.8 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Valuation of Service-Based Stock Options

The Company estimated the fair value of service-based stock options using the Black-Scholes option-pricing model. Fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected term (in years)	6.02 - 6.08	5.77 - 6.08	5.50 - 6.08	5.50 - 6.08
Volatility	89.54 - 90.15%	82.57 - 83.59%	83.72 - 90.15%	72.61 - 83.59%
Risk-free interest rate	3.70 - 4.16%	3.48 - 4.15%	3.70 - 4.50%	3.48 - 4.65%
Dividend yield	–%	–%	–%	–%

Performance-Based Stock Option Activity

During 2024, the Company granted performance-based stock options ("PSOs") to the executive leadership team. Vesting of the PSOs is based upon attainment of certain Medicare reimbursement coverages by the end of 2025 and subject to continuous service by the executives. Fair value was estimated using the Black-Scholes option-pricing model. Total grant-date fair value of the PSOs was $0.3 million. As of September 30, 2025, the unrecognized stock-based compensation cost of unvested PSOs was immaterial.

A summary of the Company's performance-based stock option activity for the nine months ended September 30, 2025 is as follows:


	Outstanding Performance-Based Options
(in thousands, except share and per share data)	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2024		271,500	$	1.61		9.20	$	1,133
Balance—September 30, 2025		271,500	$	1.61		8.45	$	1,334
Options vested and exercisable as of September 30, 2025		—		—		—		—

Restricted Stock Units ("RSU") Activity and Valuation

A summary of the Company’s RSU activity for the nine months ended September 30, 2025 is as follows:


	Unvested Service-Based Restricted Stock Units
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance—December 31, 2024		433,484		$	6.34	$	2,506
RSUs vested		(197,819	)		9.46		1,023
RSUs forfeited		(10,897	)		5.88
Balance—September 30, 2025		224,768		$	3.61	$	1,465

As of September 30, 2025, the unrecognized stock-based compensation cost of unvested RSUs was $0.5 million, which is expected to be recognized over a weighted-average period of 1.0 year.

Performance-Based RSU Activity

In March 2025, the Company granted performance-based RSUs ("PSUs") to the executive leadership team. A percentage of the number of RSUs will vest based upon achieving the Company's operational target as of the end of 2026, and subject to continuous service by the executives throughout March 2028. Fifty percent of the aggregate number of achieved PSUs (if any) will vest upon certification in March 2027, with the remaining fifty percent vesting in March 2028. The total grant-date fair value of the PSUs was $2.1 million. As of September 30, 2025, the Company no longer considered the achievement of the operational target to be probable. Accordingly, the Company reversed previously recognized stock-based compensation expense and no stock-based compensation cost was recognized for the nine months ended September 30, 2025.

A summary of the Company's PSUs activity for the nine months ended September 30, 2025 is as follows:


	Unvested Performance-Based Restricted Stock Units
(in thousands, except share and per share data)	Number of Shares		Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance—December 31, 2024		—	$	—	$	—
PSUs granted		575,000		3.63
Balance—September 30, 2025		575,000	$	3.63	$	3,749

ESPP Activity and Valuation

During the nine months ended September 30, 2025 and 2024, 193,738 and 391,415 shares of common stock were purchased under the Employee Stock Purchase Plan ("ESPP"), respectively. The fair value of stock purchase rights granted under the ESPP was estimated using the following range of assumptions:


	Three and Nine Months Ended September 30,
	2025	2024
Expected term (in years)	0.5	0.5
Volatility	92.85%	61.35%
Risk-free interest rate	4.22%	5.43%
Dividend yield	–%	–%
Fair value	1.59	0.51

Stock-Based Compensation Expense

The following is a summary of stock-based compensation expense by award type (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Service-based stock options	$	1,956		$	1,267	$	5,066	$	3,719
Performance-based stock options		35			36		105		77
Service-based RSUs		202			1,324		1,463		4,056
Performance-based RSUs		(259	)		—		—		—
ESPP		148			50		497		165
Total stock-based compensation expense	$	2,082		$	2,677	$	7,131	$	8,017

The following is a summary of stock-based compensation expense by function (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	156	$	156	$	537	$	463
Research and development		698		1,006		2,512		2,999
Selling, general and administrative		1,228		1,515		4,082		4,555
Total stock-based compensation expense	$	2,082	$	2,677	$	7,131	$	8,017

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenue

^[1]

$ 14,495

$ 25,709

$ 52,303

$ 67,814

Selling, general and administrative

^[2]

13,034

11,444

39,476

35,019

Other income (expense), net

^[3]

(26,081)

(100)

(18,544)

Related Party

Revenue

1,100

3,500

Selling, general and administrative

$ 1,200

$ 2,700

Related Party | Tempus Warrants

Other income (expense), net

$ 26,000

$ 18,300

[1]	Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025, respectively.
[2]	Includes related party sales and marketing expenses of $1.2 million and $2.7 million for the three and nine months ended September 30, 2025, respectively.
[3]	Includes related party other expense of $26.0 million and $18.3 million in connection with the change in fair value of Tempus Warrants for the three and nine months ended September 30, 2024, respectively.

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Shares of Common Stock Reserved for Issuance

Shares of common stock reserved for issuance under the Company’s equity incentive plans were as follows:


	September 30, 2025
Outstanding stock awards		13,873,027
Reserved for future award grants		4,559,667
Reserved for future ESPP		306,323
Total common stock reserved for stock awards		18,739,017

Summary of Stock Option Activity


	Outstanding Service-Based Options
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2024		8,607,718		$	5.07		7.64	$	21,949
Options granted		4,617,500			4.11
Options exercised		(118,511	)		2.32
Options forfeited or expired		(304,948	)		6.54
Balance—September 30, 2025		12,801,759		$	4.71		7.85	$	37,105
Options vested and exercisable as of September 30, 2025		6,602,404		$	5.79		6.68	$	18,792

Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected term (in years)	6.02 - 6.08	5.77 - 6.08	5.50 - 6.08	5.50 - 6.08
Volatility	89.54 - 90.15%	82.57 - 83.59%	83.72 - 90.15%	72.61 - 83.59%
Risk-free interest rate	3.70 - 4.16%	3.48 - 4.15%	3.70 - 4.50%	3.48 - 4.65%
Dividend yield	–%	–%	–%	–%

Summary of Restricted Stock Units Activity

A summary of the Company’s RSU activity for the nine months ended September 30, 2025 is as follows:


	Unvested Service-Based Restricted Stock Units
(in thousands, except share and per share data)	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance—December 31, 2024		433,484		$	6.34	$	2,506
RSUs vested		(197,819	)		9.46		1,023
RSUs forfeited		(10,897	)		5.88
Balance—September 30, 2025		224,768		$	3.61	$	1,465

Performance Based RSU Activity

A summary of the Company's PSUs activity for the nine months ended September 30, 2025 is as follows:


	Unvested Performance-Based Restricted Stock Units
(in thousands, except share and per share data)	Number of Shares		Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance—December 31, 2024		—	$	—	$	—
PSUs granted		575,000		3.63
Balance—September 30, 2025		575,000	$	3.63	$	3,749

Stock Based Compensation Expense by Award Type and Function

The following is a summary of stock-based compensation expense by award type (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Service-based stock options	$	1,956		$	1,267	$	5,066	$	3,719
Performance-based stock options		35			36		105		77
Service-based RSUs		202			1,324		1,463		4,056
Performance-based RSUs		(259	)		—		—		—
ESPP		148			50		497		165
Total stock-based compensation expense	$	2,082		$	2,677	$	7,131	$	8,017

The following is a summary of stock-based compensation expense by function (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	156	$	156	$	537	$	463
Research and development		698		1,006		2,512		2,999
Selling, general and administrative		1,228		1,515		4,082		4,555
Total stock-based compensation expense	$	2,082	$	2,677	$	7,131	$	8,017

2019 Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options


	Three and Nine Months Ended September 30,
	2025	2024
Expected term (in years)	0.5	0.5
Volatility	92.85%	61.35%
Risk-free interest rate	4.22%	5.43%
Dividend yield	–%	–%
Fair value	1.59	0.51

2019 Employee Stock Purchase Plan | Performance-Based Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity

A summary of the Company's performance-based stock option activity for the nine months ended September 30, 2025 is as follows:


	Outstanding Performance-Based Options
(in thousands, except share and per share data)	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance—December 31, 2024		271,500	$	1.61		9.20	$	1,133
Balance—September 30, 2025		271,500	$	1.61		8.45	$	1,334
Options vested and exercisable as of September 30, 2025		—		—		—		—

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	ATM facility	Tempus Investment Agreement	Common Stock	Common Stock ATM facility	Common Stock Tempus Investment Agreement	Additional Paid-In Capital	Additional Paid-In Capital ATM facility	Additional Paid-In Capital Tempus Investment Agreement	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2023	$ 129,441			$ 5			$ 598,364			$ (222)	$ (468,706)
Beginning balance, shares at Dec. 31, 2023				50,480,694
Exercise of Tempus Warrants	46,739			$ 1			46,738
Exercise of Tempus Warrants, Shares				9,218,800
Proceeds from sales of common stock under, net		$ 30,078	$ 16,605		$ 1			$ 30,077	$ 16,605
Proceeds from sales of common stock, net, shares					6,660,731	3,500,000
Proceeds from ESPP	317						317
Proceeds from ESPP, shares				391,415
Restricted stock units vested, shares				340,079
Proceeds from exercise of stock options	114						114
Proceeds from exercise of stock options, shares				46,471
Stock-based compensation	8,017						8,017
Foreign currency translation adjustment	233									233
Unrealized gain on available-for-sale debt securities	76									76
Net loss	(64,859)										(64,859)
Ending balance at Sep. 30, 2024	166,761			$ 7			700,232			87	(533,565)
Ending balance, shares at Sep. 30, 2024				70,638,190
Beginning balance at Jun. 30, 2024	112,272			$ 5			606,863			(120)	(494,476)
Beginning balance, shares at Jun. 30, 2024				53,052,847
Exercise of Tempus Warrants	46,739			$ 1			46,738
Exercise of Tempus Warrants, Shares				9,218,800
Proceeds from sales of common stock under, net		27,236	$ 16,605		$ 1			27,235	$ 16,605
Proceeds from sales of common stock, net, shares					4,760,588	3,500,000
Restricted stock units vested, shares				59,484
Proceeds from exercise of stock options	114						114
Proceeds from exercise of stock options, shares				46,471
Stock-based compensation	2,677						2,677
Foreign currency translation adjustment	61									61
Unrealized gain on available-for-sale debt securities	146									146
Net loss	(39,089)										(39,089)
Ending balance at Sep. 30, 2024	166,761			$ 7			700,232			87	(533,565)
Ending balance, shares at Sep. 30, 2024				70,638,190
Beginning balance at Dec. 31, 2024	202,957			$ 9			752,961			(23)	(549,990)
Beginning balance, shares at Dec. 31, 2024				85,171,146
Proceeds from sales of common stock under, net		$ 17,782						$ 17,782
Proceeds from sales of common stock, net, shares					3,064,152
Proceeds from ESPP	624						624
Proceeds from ESPP, shares				193,738
Restricted stock units vested, shares				197,819
Proceeds from exercise of stock options	274						274
Proceeds from exercise of stock options, shares				118,511
Stock-based compensation	7,131						7,131
Foreign currency translation adjustment	66									66
Unrealized gain on available-for-sale debt securities	39									39
Net loss	(57,458)										(57,458)
Ending balance at Sep. 30, 2025	171,415			$ 9			778,772			82	(607,448)
Ending balance, shares at Sep. 30, 2025				88,745,366
Beginning balance at Jun. 30, 2025	190,829			$ 9			776,596			20	(585,796)
Beginning balance, shares at Jun. 30, 2025				88,649,766
Restricted stock units vested, shares				55,506
Proceeds from exercise of stock options	94						94
Proceeds from exercise of stock options, shares				40,094
Stock-based compensation	2,082						2,082
Foreign currency translation adjustment	(33)									(33)
Unrealized gain on available-for-sale debt securities	95									95
Net loss	(21,652)										(21,652)
Ending balance at Sep. 30, 2025	$ 171,415			$ 9			$ 778,772			$ 82	$ (607,448)
Ending balance, shares at Sep. 30, 2025				88,745,366

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Note 7. Leases

In 2021, the Company entered into a noncancelable operating lease for approximately 100,000 square feet in Fremont, California used for laboratory operations and its corporate headquarters. The lease term is 13.5 years and commenced in October 2022. The Company gained early access to the premises for the purpose of constructing and installing tenant improvements, for which the landlord contributed $15.1 million. Such contributions were accounted for as lease incentives and are recognized as reductions to lease expense over the lease term. The lease expires at the end of March 2036 and includes two options to extend the term for a period of five-years per option at market rates. The Company determined the extension options are not reasonably certain to be exercised. The lease includes escalating rent payments.

The Company has a noncancelable operating lease expiring in November 2027 for 31,280 square feet in Menlo Park, California previously used for laboratory operations and its former corporate headquarters. The lease includes escalating rent payments. The Company moved all laboratory operations to the Fremont facility during the third quarter of 2023, resulting in a lease impairment charge at that time. The Company is actively marketing the vacated Menlo Park space for sublease.

The Company has noncancelable operating leases for data center space expiring between 2025 and 2026. The leases include renewal options that the Company determined are not reasonably certain to be exercised. Separately, the Company also has various other short-term leases.


	Amount
2025 (remaining three months)	$	1,832
2026		7,230
2027		7,189
2028		5,215
2029		5,371
2030 and thereafter		37,426
Total future minimum lease payments		64,263
Less: imputed interest		(24,705	)
Present value of future minimum lease payments		39,558
Less: current portion of operating lease liability (included in accrued and other current liabilities)		(6,900	)
Long-term operating lease liabilities	$	32,658

Cash paid for operating lease liabilities, included in cash flows from operating activities in the consolidated statements of cash flows, for the nine months ended September 30, 2025 and 2024, was $6.2 million and $6.1 million, respectively.

Components of lease costs were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Lease cost
Operating lease cost	$	1,460	$	1,503	$	4,409	$	4,535
Short-term lease cost		1		1		3		197
Variable lease cost		537		513		1,444		1,539
Total lease cost	$	1,998	$	2,017	$	5,856	$	6,271

In September 2025, the Company entered into an agreement to lease lab equipment for 36 months with 33 monthly payments of $71,479, commencing in January 2026. The Company classified this lease as a finance lease as the agreement contains an early buyout option which the Company is reasonably certain to exercise. Pursuant to the early buyout option, the Company can purchase the equipment and simultaneously terminate the agreement by paying the purchase price of $2.1 million in January 2026. The purchase price was recognized as part of right-of-use ("ROU") finance lease assets and finance lease liabilities. As of September 30, 2025, finance lease ROU assets and ROU liabilities were $3.3 million and $3.2 million, respectively. As of December 31, 2024, the Company had no finance leases. Finance lease ROU assets are classified as long-term assets and are reported within the other long-term assets line in the consolidated balance sheets. Finance lease ROU liabilities with payments due within one year are classified as short-term liabilities and reported within the accrued and other current liabilities line in the consolidated balance sheets. Finance lease ROU liabilities with payments due beyond one year are classified as long-term liabilities and reported with the other long-term liabilities line in the consolidated balance sheets.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted	$ 4.47	$ 3.55	$ 3.01	$ 1.49
Unrecognized stock-based compensation cost of unvested options	$ 14.8		$ 14.8
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period			2 years 2 months 12 days
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares purchased			193,738	391,415
Performance-Based Stock Option \| 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value			$ 0.3
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period			1 year
Unrecognized stock-based compensation cost of unvested	0.5		$ 0.5
Performance Based RSU Activity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value			$ 2.1
Share-based payment award, vesting rights			A percentage of the number of RSUs will vest based upon achieving the Company's operational target as of the end of 2026, and subject to continuous service by the executives throughout March 2028. Fifty percent of the aggregate number of achieved PSUs (if any) will vest upon certification in March 2027, with the remaining fifty percent vesting in March 2028.
Unrecognized stock-based compensation cost of unvested	$ 0.0		$ 0.0
Performance Based RSU Activity \| Vesting in March 2027
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting percentage			50.00%
Performance Based RSU Activity \| Vesting in March 2028
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting percentage			50.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - Related Party [Member] $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Accounts receivable includes related party	$ 0.1
Payable and accruals includes related party	$ 2.7

Segment and Geographic Information - Schedule of reported segment revenue, segment loss, and significant segment expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Segment Reporting [Abstract]

Revenue

^[1]

$ 14,495

$ 25,709

$ 52,303

$ 67,814

Payroll and related costs

16,528

17,376

52,589

51,391

Lab supplies and outside services

3,664

1,751

10,595

9,202

Facility costs

2,577

2,539

7,329

7,681

Professional services

2,969

1,924

8,341

7,320

Repairs and maintenance

2,441

2,076

6,381

5,926

Change in fair value of the Tempus Warrants

26,014

18,274

Depreciation and amortization

2,405

2,758

7,523

8,398

Other segment items

^[2]

7,243

11,744

22,588

28,360

Interest income

(1,680)

(1,384)

(5,585)

(3,879)

Net loss

$ (21,652)

$ (39,089)

$ (57,458)

$ (64,859)

[1]	Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025, respectively.
[2]	(a) Other segment items included in segment net loss include materials cost related to cost of revenue, marketing expenses, office expenses, foreign currency exchange gain and losses, and other overhead expenses.

Company and Nature of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2025 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Income Statement [Abstract]

Revenue

^[1]

$ 14,495

$ 25,709

$ 52,303

$ 67,814

Costs and expenses

Cost of revenue

12,581

16,964

38,426

45,539

Research and development

12,171

11,683

37,192

37,411

Selling, general and administrative

^[2]

13,034

11,444

39,476

35,019

Total costs and expenses

37,786

40,091

115,094

117,969

Loss from operations

(23,291)

(14,382)

(62,791)

(50,155)

Interest income

1,680

1,384

5,585

3,879

Interest expense

(64)

(7)

(140)

(25)

Other income (expense), net

^[3]

(26,081)

(100)

(18,544)

Loss before income taxes

(21,649)

(39,086)

(57,446)

(64,845)

Provision for income taxes

Net loss

$ (21,652)

$ (39,089)

$ (57,458)

$ (64,859)

Net loss per share, basic

$ (0.24)

$ (0.64)

$ (0.65)

$ (1.19)

Net loss per share, diluted

$ (0.24)

$ (0.64)

$ (0.65)

$ (1.19)

Weighted-average shares outstanding, basic

88,699,131

61,051,350

88,226,838

54,708,205

Weighted-average shares outstanding, diluted

88,699,131

61,051,350

88,226,838

54,708,205

[1]	Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025, respectively.
[2]	Includes related party sales and marketing expenses of $1.2 million and $2.7 million for the three and nine months ended September 30, 2025, respectively.
[3]	Includes related party other expense of $26.0 million and $18.3 million in connection with the change in fair value of Tempus Warrants for the three and nine months ended September 30, 2024, respectively.

Basic and Diluted Net Loss Per Common Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Common Share

Note 12. Basic and Diluted Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed using net loss and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of outstanding stock options, the assumed release of outstanding RSUs, the assumed issuance of common stock under the ESPP. The Company incurred net losses in the periods presented, and as a result, potential common shares from stock options, RSUs, ESPP issuances were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(21,652	)	$	(39,089	)	$	(57,458	)	$	(64,859	)
Weighted-average common shares outstanding—basic and diluted		88,699,131			61,051,350			88,226,838			54,708,205
Net loss per common share—basic and diluted	$	(0.24	)	$	(0.64	)	$	(0.65	)	$	(1.19	)

The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Options to purchase common stock		13,073,259		8,918,477		13,073,259		8,918,477
Unvested RSUs		799,768		701,594		799,768		701,594
ESPP		191,736		192,341		191,736		192,341
Total		14,064,763		9,812,412		14,064,763		9,812,412

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2025	Oct. 28, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Registrant Name	Personalis, Inc.
Entity Central Index Key	0001527753
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		88,804,348
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38943
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5411038
Entity Address, Address Line One	6600 Dumbarton Circle
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94555
City Area Code	650
Local Phone Number	752-1300
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	PSNL
Security Exchange Name	NASDAQ

Company and Nature of Business

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company and Nature of Business

Note 1. Company and Nature of Business

Personalis, Inc. (the "Company" or "Personalis") develops, markets, and sells advanced cancer genomic tests and services. The services are used by pharmaceutical companies for translational research, biomarker discovery, the development of personalized cancer therapies, and for clinical trials. The clinical version of the tests are used by physicians to detect residual or recurrent cancer in patients, monitor cancer response to therapy, and uncover insights for therapy selection. The Company also provides whole exome and whole genome sequencing ("WGS") services for other diagnostic companies and population sequencing initiatives. The principal markets for the Company’s tests and services are in the United States and Europe.

The Company is expanding its business model to offer genomic tests directly to cancer patients in a clinical setting. However, revenue generated from clinical patients was not significant for any periods presented in these consolidated financial statements.

The Company was incorporated in Delaware in February 2011 and began operations in September 2011. The Company formed a wholly owned subsidiary, Personalis (UK) Ltd., in August 2013 and a wholly owned subsidiary, Shanghai Personalis Biotechnology Co., Ltd., which is referred to as “Personalis (Shanghai) Ltd” herein, in October 2020. The Company terminated its operations in China and completed the process of dissolving the Personalis (Shanghai) Ltd entity in February 2024. The Company operates and manages its business as one reportable operating segment, which is providing advanced cancer genomic tests and services for precision oncology applications, personalized testing, and other tests.

The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including investments in product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of its equity securities and cash from operations.

Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory and Other Deferred Costs

Inventory and other deferred costs consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	3,729	$	3,976
Other deferred costs		927		1,963
Total inventory and other deferred costs	$	4,656	$	5,939

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation	$	6,807	$	8,544
Operating lease liabilities		6,900		7,696
Loans—current portion (Note 6)		1,473		1,669
Market Development Fees received from Tempus (Note 8)		3,500		1,400
Employee ESPP contributions		737		301
Other current liabilities		4,135		2,019
Total accrued and other current liabilities	$	23,552	$	21,629

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue

The Company disaggregates revenue by the following five customer types:

•

Pharma tests and services includes sales of testing services and data analytics for clinical trials and research to pharmaceutical companies in support of their oncology drug development programs. Contracts typically contemplate a single project and involve a range of tests and analytics to fulfill the requirements of each particular project.

•

Enterprise sales includes sales of tumor profiling and diagnostic tests directly to another business as an input to their products. The Company is typically contracted to deliver specified tests and analytics in high volume over time. Revenue from the Company's partnership with Natera to provide advanced tumor analysis for use in Natera's molecular residual disease ("MRD") test makes up substantially all of the revenue in this category.

•

Population sequencing includes sales of genomic sequencing services and data analytics to support large-scale genetic research programs. The Company is typically contracted to perform WGS and provide data that can be used for analysis across a large volume of samples. All of the revenue within this category is from the Company's partnership with the VA MVP.

•

Clinical diagnostic includes sales of ultra-sensitive, tumor-informed diagnostics tests, ordered by healthcare providers for cancer patients, that can detect residual or recurrent cancer earlier and aid in treatment decision-making. Revenue is derived from Medicare and private insurance reimbursements.

•

Other includes sales of genomic tests and analytics to universities and non-profits.

The following table presents the Company's revenue disaggregated by customer type (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Pharma tests and services (1)	$	13,137	$	15,698	$	37,754	$	38,707
Enterprise sales		650		5,264		5,430		21,194
Population sequencing		234		4,431		7,755		7,211
Clinical diagnostic		384		271		1,161		583
Other		90		45		203		119
Total revenue	$	14,495	$	25,709	$	52,303	$	67,814

(1) Includes related party revenue of $1.1 million and $3.5 million for the three and nine months ended September 30, 2025,respectively.

Contract Assets and Liabilities

The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.


	September 30, 2025		December 31, 2024
Opening balances:
Accounts receivable, net	$	8,140	$	17,730

Short-term contract liabilities	$	3,100	$	3,288
Long-term contract liabilities (included in other long-term liabilities)		—		3,928
Total contract liabilities	$	3,100	$	7,216

Closing balances:
Accounts receivable, net	$	14,376	$	8,140

Short-term contract liabilities		1,457		3,100
Total contract liabilities	$	1,457	$	3,100

Remaining Performance Obligations

Amounts collected in advance of services being provided are deferred as contract liabilities in the consolidated balance sheets. The associated revenue is recognized, and the contract liability is reduced, as the services are subsequently performed. Remaining performance obligations are comprised mainly of contract liabilities, and to a lesser extent, non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. As of September 30, 2025, the amount related to unfulfilled services under contracts with an original expected duration of more than one year was immaterial. Revenue recognized that was included in the contract liability balance at the beginning of each reporting period was $0.4 million and $1.9 million for the three and nine months ended September 30, 2025, and was $1.3 million and $4.1 million for the three and nine months ended September 30, 2024, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details