STANDARD BIOTOOLS INC.
For the period ended Mar 31, 2025. Filed May 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 6, 2025
LAB$0.64+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000950170-24-122473
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0000950170-25-064606
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 129 current paragraphs.
76 unchanged; 26 reworded; 27 added; 27 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
At Standard BioTools, Inc., we are committed to setting the new standard in the life science tools industry through strategic consolidation, best-in-class operations and a world-class management team. Our established portfolio includes essential, standardized next-generation solutions designed to help biomedical researchers develop better therapeutics faster. We offer a diverse range of instrumentation, consumables, and services that generate high-quality data across early discovery, translational and clinical research. With advanced technologies in proteomics and genomics, we empower scientists to gain deeper biological insights, accelerate discoveries, and drive improved health outcomes across diverse therapeutic areas including immunology, oncology, neuroscience, cardiometabolic diseases and more.
Current report
We have built a solid foundation supporting a differentiated portfolio of life science tools, offering broad multi-omic capabilities that drive innovation and accelerate the pace of drug development. Our solutions are designed to unlock complex biological information across plasma, single-cell and spatial proteomics, as well as genomic analyses, enabling researchers to explore disease mechanisms with unprecedented depth and precision. By integrating our advanced platforms – SomaScan™, CyTOF™, Hyperion™, Biomark™, and KREX™ – we empower scientists to generate high-content data across therapeutic areas, from immuno-oncology to neurology and infectious diseases. Each system is engineered to extract meaningful molecular signatures, providing researchers with the tools they need to decode intricate biological networks. Together, these technologies accelerate discovery, offering a comprehensive approach to understanding the complexities of health and disease.
Current report
We added the KREX™ precision antibody profiling services and kits to our SomaScan™ suite of solutions, enabling the detection of autoantibody biomarkers and protein interactions for basic, translational and clinical research.
Current report
Cost of collaboration and other revenue
Current report
Cost of collaboration and other revenue consists primarily of personnel-related costs and other direct costs related to collaboration and other revenue.
Current report
Restructuring and Related Charges
Current report
Total revenue decreased by $4.7 million, or 10%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decline was primarily driven by a $2.9 million, or 16%, decrease in consumables revenue, primarily due to lower sales volume. Lab services revenue declined by $2.8 million, or 19%, primarily due to elevated backlogs at the beginning of the first quarter of 2024, which contributed to higher lab services revenue in the prior-year period. These declines were partially offset by a $1.5 million, or 24%, increase in instruments revenue, primarily driven by higher sales of our Hyperion XTi spatial proteomics platform.
Current report
Cost of Revenue and Gross Profit
Current report
Gross profit decreased by $4.4 million, or 18%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease in gross profit was primarily driven by the decline in revenues during the current period. Gross margins decreased primarily as a result of lower sales volume and lower price realization.
Current report
Research and Development
Current report
R&D expense decreased by $4.7 million, or 29%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease was primarily driven by a reduction in employee headcount as a result of restructuring activities undertaken during 2024. Additionally, R&D expense decreased due to reduced investment in certain long-term instrument projects.
Current report
Selling, General and Administrative
Current report
SG&A expense decreased by $8.2 million, or 18%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily caused by a reduction in employee headcount as a result of restructuring activities undertaken during 2024.
Current report
Restructuring and Related Charges
Current report
Restructuring and related charges decreased by $2.7 million, or 64%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as restructuring activities stemming from the Merger, were completed in 2024.
Current report
Interest Income
Current report
Interest Expense
Current report
Interest expense decreased by $1.0 million, or 99%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. During 2024, the Company fully repaid its outstanding term loan facility, as well as the balance on convertible notes issued during 2019. As a result, the Company had no material debt outstanding during the three months ended March 31, 2025, which resulted in negligible interest expense for the period.
Current report
Other Income (Expense), net
Current report
Other income (expense), net increased by $6.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily driven by a decrease in the fair value of our contingent consideration liability, which resulted in a $3.4 million gain. The increase was further driven by more favorable impacts from foreign currency transactions for the three months ended March 31, 2025 compared to the prior-year period.
Current report
In connection with the Merger, we assumed a purchase commitment of $6.9 million to IDT. Under the contract manufacturing agreement with IDT, we are required to spend $2.3 million per year for three years. We entered into a similar agreement with LGC in 2024, under which we are required to make annual purchases of $1.0 million for two years, resulting in a purchase obligation of $2.0 million. As of March 31, 2025, the remaining outstanding purchase commitment related to these agreements totaled $8.9 million.
Current report
Net cash used in operating activities decreased by $32.2 million for the three months ended March 31, 2025 compared to the same period in 2024. The decrease in cash use is due to a decrease in operating expenses for the three months ended March 31, 2025 compared to the same period in 2024, resulting from the completion of restructuring activities during 2024.
Current report
Cash used in financing activities was less than $0.1 million for the three months ended March 31, 2025 compared to $19.7 million for the three months ended March 31, 2024. During the three months ended March 31, 2024, we executed $11.1 million of common share repurchases under the 2024 Stock Repurchase Program and made $8.2 million of payments on the Company's term loan and convertible notes issued in 2014. We did not repurchase any common shares or repay any debt during the three months ended March 31, 2025.
Current report
Goodwill and Long-Lived Assets
Current report
Goodwill represents the excess of the purchase price of an acquired entity over the fair value of the net assets acquired and liabilities assumed in a business combination. We assess goodwill at the reporting unit level on an annual basis during the fourth quarter, or more frequently if events or changes in circumstances suggest that goodwill impairment exists. A significant amount of judgment is involved in determining if an indicator of impairment exists.
Current report
For those reporting units where events or change in circumstances indicate that potential impairment indicators exist, we perform a quantitative assessment to determine whether the carrying value of goodwill can be recovered. When performing the annual goodwill impairment test, we may start with an optional qualitative assessment. As part of the qualitative assessment, we evaluate all events and circumstances, including both positive and negative events, in their totality, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we perform a quantitative assessment to estimate the fair value of each reporting unit and compare the fair value of each reporting unit to its carrying value. We generally estimate a reporting unit's fair value using a discounted cash flow approach which is dependent on several significant estimates and assumptions related to forecasts of future revenues, cost of sales, expenses and the weighted average cost of capital for each reporting unit. If the carrying amount of a reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. The impairment of goodwill is limited to the total amount of goodwill allocated to the reporting unit. Any adverse changes in the significant estimates and assumptions used in our goodwill impairment test could have a significant impact on our goodwill impairment analyses and could have a material impact on our consolidated financial statements.
Current report
Our most recent assessment in the first quarter of 2025 did not indicate existence of impairment. However, during the first quarter of 2025, the price per share of our common stock has declined substantially. Management will continue to monitor our market capitalization relative to our net book value, and if our stock price does not increase, we may be required to perform additional impairment analyses for our reporting unit and could be required to recognize a non-cash goodwill impairment charge in the near future. Refer to Note 4 to our accompanying unaudited financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for additional information on goodwill and long-lived assets.
Removed paragraphs (27)
Previous report
Standard BioTools Inc. is driven by a bold purpose – unleashing tools to accelerate breakthroughs in human health. We have an established portfolio of essential technologies that assist biomedical researchers develop medicines faster and better. We have created high resolution instruments designed to provide reliable and repeatable insights in health and disease, through the use of our proprietary mass cytometry and microfluidics technologies, which are useful in proteomics and genomics, to help transform scientific discoveries into better patient outcomes.
Previous report
Additionally, we have an integrated proteomics platform ("SomaScan® Platform") capable of robust, high throughput proteomics analysis with broad proteome coverage, low limits of detection, and high reproducibility. Our SomaScan® Platform, together with our industry-leading single-cell proteomics and spatial proteomics solutions, comprise a comprehensive services offering to customers working to identify biomarkers of predictive response, mechanism of action, and patient stratification in their studies.
Previous report
We distribute our instruments through our direct sales force and support organizations located in North America, Europe, and Asia-Pacific, and through distributors or sales agents in several European, Latin American, Middle Eastern, and Asia-Pacific countries. We also offer lab services where we use our instruments, especially the SomaScan® Platform, to analyze customer samples within our own facility. Additionally, we have authorized third-party sites globally to conduct SomaScan® assays using our proprietary technology.
Previous report
We work with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy.
Previous report
Recent Developments
Previous report
Our leadership team identified three strategic priorities: revenue growth, improving operating discipline and strategic capital allocation, as more fully discussed in Part I Item 1 “Business” in our Annual Report.
Previous report
Merger
Previous report
On January 5, 2024, we completed the Merger pursuant to an Agreement and Plan of Merger, dated as of October 4, 2023 (the “Merger Agreement”), by and among us, SomaLogic and Martis Merger Sub, Inc. (“Merger Sub”), pursuant to which Merger Sub merged with and into SomaLogic, with SomaLogic surviving as our wholly owned subsidiary. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of SomaLogic Common Stock converted into the right to receive 1.11 shares of our common stock.
Previous report
In addition, as of the Effective Time, we assumed each SomaLogic stock incentive plan, outstanding option to purchase shares of SomaLogic Common Stock and outstanding RSUs, whether vested or unvested. In addition, as of the Effective Time, each SomaLogic warrant was treated in accordance with its terms.
Previous report
We expect general and administrative expenses to trend downward during the second half of 2024 as we reduce headcount and realize synergies from the Merger.
Previous report
Research and Development ("R&D")
Previous report
Selling, General, and Administrative ("SG&A")
Previous report
Total revenue grew 77% to $45.0 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and grew 63% to $127.7 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Due to the acquisition of SomaLogic, revenue increased by $22.9 million and $61.5 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. These increases were offset by decreases of $3.3 million and $12.0 million in revenues from our legacy business for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.
Previous report
Revenue by segment and as a percentage of total revenue were as follows ($ in thousands):
Previous report
Total proteomics revenue grew 147% for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and grew 109% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Our growth in proteomics was driven by the acquisition of SomaLogic, which expanded our proteomics capabilities, products and services.
Previous report
Total genomics revenue decreased 8% for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and decreased 7% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The continued decline in the genomics segment was anticipated, and is a driver of our continued focus on growing the OEM business and managing this segment to sustainable positive contribution margin in the near-term.
Previous report
Cost of Revenue
Previous report
Gross profit increased by $12.1 million, or 109%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $25.3 million, or 68%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase in gross profit during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributable to the impact from the Merger which resulted in increased revenue.
Previous report
R&D expense increased by $6.8 million, or 107%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $29.3 million, or 154%, for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The increase was primarily due to the impact of the Merger in the first quarter of 2024, which included increased salaries and benefits expense and stock-based compensation expense due to the expanded global workforce headcount.
Previous report
SG&A expense increased by $12.1 million, or 54%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $52.8 million, or 80%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily attributable to the impact of the Merger in the first quarter of 2024, which included increased salaries and benefits expense and stock-based compensation expense due to the expanded global workforce headcount.
Previous report
Restructuring and related charges increased by $0.3 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $7.0 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, driven by increased severance and termination benefits in connection with reductions in headcount following the Merger.
Previous report
Interest Income, net
Previous report
Following the Merger, we assumed additional cash commitments, including a requirement under the agreement originally entered into by SomaLogic with Illumina Cambridge, Ltd. in December 2021, to engage with two contract manufacturing organizations in order to ensure manufacturing capacity. Specifically, we assumed minimum annual purchase commitments of $2.3 million with Integrated DNA Technologies, Inc. ("IDT") who is contracted to manufacture custom products. As the minimum contract term is three years, our total purchase commitment related to the agreement is $6.9 million. As of September 30, 2024, we have not yet began placing orders under the agreement with IDT.
Previous report
The terms and provisions of our debt and leases are more fully discussed in Notes 6 and 7, respectively, in the unaudited condensed consolidated financial statements.
Previous report
For the nine months ended September 30, 2024, our routine business operations resulted in net cash outflows of $69.5 million. Our other uses of cash included payments of $39.4 million for transaction and integration costs, and payments of $10.0 million for restructuring costs.
Previous report
Net cash used in operating activities for the nine months ended September 30, 2024 increased by $100.2 million compared to the same period in 2023. The increase is primarily driven by the impact of the Merger, reflecting expanded global operations, as well as significant transaction, integration, and restructuring costs.
Previous report
Net cash used in financing activities was $48.1 million for the nine months ended September 30, 2024 compared to $5.8 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, our primary uses of cash in financing activities included common stock repurchases of $40.5 million, and payments of $8.2 million to settle our term loan and reduce the amount of our outstanding convertible notes. For the nine months ended September 30, 2023, our primary use of cash in financing activities included common stock repurchases of $5.2 million.
Reworded paragraphs (26)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited financial information and the notes thereto included appearing elsewhere in this Quarterly Report on Form 10-Q, and the audited financial information and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") on March 1, 2024 (the “Annual Report”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited financial information and the notes thereto included appearing elsewhere in this Quarterly Report on Form 10-Q, and the audited financial information and the notes thereto included in our Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.
Previous wording
We continue to focus on growth in instrument placements, including the SomaScan® authorized sites ("Authorized Sites") program, which we expect to drive future growth in sales of consumables, SomaScan® assay kits, and field services.
Current wording
We continue to focus on growth in instrument placements, including the SomaScan® Authorized Sites program, which we expect to drive future growth in sales of consumables, SomaScan® assay kits, and field services.
Previous wording
Investments in research and development will include hiring of employees with the necessary scientific and technical backgrounds to enable enhancements to our existing services and products and bring new services and products to market.
Current wording
Investments in R&D will include hiring of employees with the necessary scientific and technical backgrounds to enable enhancements to our existing services and products and bring new services and products to market.
Previous wording
As we integrate with SomaLogic, we continue to focus on improving operating discipline through implementation of lean Standard BioTools Business System principles to build more efficient operations and reduce costs.
Current wording
As we integrate with SomaLogic, we continue to focus on improving operating discipline through implementation of lean SBS principles to build more efficient operations and reduce costs.
Previous wording
We intend to reduce the cost of manufacturing SOMAmer® reagents by, in part, modifying our assays and laboratory processes to use materials and technologies that provide equal or greater quality at lower cost, improving how we manage our materials and negotiating favorable terms for our materials purchases.
Current wording
We intend to reduce manufacturing costs, in part, by modifying our assays and laboratory processes to use materials and technologies that provide equal or greater quality at lower cost, improving how we manage our materials and negotiating favorable terms for our materials purchases.
Previous wording
We intend to reduce the cost of performing the SomaScan® assay as we move to either a less expensive array or NGS system for our DNA readout of the protein concentrations present in a sample.
Current wording
We intend to reduce the cost of performing the SomaScan® assay as we move to either a less expensive array or Next Generation Sequencing system for our DNA readout of the protein concentrations present in a sample.
Previous wording
We generate our revenue from three primary sources: (1) product revenue, (2) lab services revenue, and (3) field services revenues. We also derive revenue from collaborative arrangements, license agreements, grants, and royalties. Customers include top biopharmaceutical companies and leading academic research universities.
Current wording
We generate our revenue from the sale of products and services. We also derive revenue from collaborative arrangements, license agreements, grants, and royalties. Customers include top biopharmaceutical companies and leading academic research universities.
Previous wording
Collaboration and other revenue consists of fees earned for research and development services, except for grant revenue research and development services that are classified in other revenue. We believe expanding collaborative arrangements with KOLs will allow for further enhancements of our integrated platform, lower barriers to adoption and introduce or expand new market channels and customers within geographic regions and markets we do not currently operate in.
Current wording
Collaboration and other revenue consists of fees earned for R&D services, except for grant revenue R&D services that are classified in other revenue. We believe expanding collaborative arrangements with KOLs will allow for further enhancements of our integrated platform, lower barriers to adoption and introduce or expand new market channels and customers within geographic regions and markets we do not currently operate in.
Previous wording
Cost of product revenue consists primarily of raw materials, equipment and production costs, salaries and other personnel costs, overhead and other direct costs related to product revenue. In addition, cost of product revenue includes amortization of developed technology, royalty costs for licensed technologies included in our products, warranty costs, provisions for excess and obsolete inventory, and stock-based compensation expense, and shipping and handling costs. Cost of product revenue is recognized in the period the related revenue is recognized. Shipping and handling costs incurred for product shipments are included in cost of product revenue in the condensed consolidated statements of operations and comprehensive loss. Our cost of product revenue and related product margin may fluctuate depending on the capacity utilization of our manufacturing facilities in response to market conditions and the demand for our products.
Current wording
Cost of product revenue consists primarily of raw materials, equipment and production costs, salaries and other personnel costs, overhead and other direct costs related to product revenue. In addition, cost of product revenue includes amortization of developed technology, royalty costs for licensed technologies included in our products, warranty costs, provisions for excess and obsolete inventory, and stock-based compensation expense, and shipping and handling costs. Cost of product revenue is recognized in the period the related revenue is recognized. Shipping and handling costs incurred for product shipments are included in cost of product revenue in the consolidated statements of operations. Our cost of product revenue and related product margin may fluctuate depending on the capacity utilization of our manufacturing facilities in response to market conditions and the demand for our products.
Previous wording
SG&A expenses consist primarily of personnel-related costs for our sales and marketing, business development, finance, legal, human resources, information technology and general management teams, as well as professional services, including legal and accounting services.
Current wording
SG&A expenses consist primarily of personnel costs for our sales and marketing, business development, finance, legal, human resources, information technology and general management teams, as well as professional services, including legal and accounting services.
Previous wording
Bargain purchase gain represents the excess of fair value of the assets acquired and liabilities assumed over the fair value of the consideration transferred in connection with the Merger. We determined that the bargain purchase gain was primarily attributable to a rapid decline in our stock price in the days following the announcement of the Merger, which persisted through the close of the Merger.
Current wording
Bargain purchase gain represents the excess of fair value of the assets acquired and liabilities assumed over the fair value of the consideration transferred in connection with the Merger with SomaLogic. We determined that the bargain purchase gain was primarily attributable to a rapid decline in our stock price in the days following the announcement of the Merger, which persisted through the Closing Date.
Previous wording
The following table presents our unaudited condensed consolidated statements of operations and as a percentage of total revenue for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
Current wording
The following table presents our unaudited condensed consolidated statements of operations and as a percentage of total revenue for the three months ended March 31, 2025 and 2024 ($ in thousands):
Previous wording
Revenue by product type and as a percentage of total revenue were as follows ($ in thousands):
Current wording
The following table sets forth revenue by product type, presented in dollars and as a percentage of total revenue ($ in thousands):
Previous wording
Transaction and integration expenses increased by $3.4 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $23.4 million for the nine months ended September 30, 2024, compared to the same period in 2023. The increase was primarily due to legal, advisory, accounting costs, and integration expenses incurred in connection with the Merger. The Company expects to incur additional integration costs in the future.
Current wording
Transaction and integration expenses decreased by $16.0 million, or 93%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was due significant legal, advisory, accounting, and integration expenses incurred in connection with the Merger during the three months ended March 31, 2024, the majority of which were one-time in nature. During the three months ended March 31, 2025, the Company primarily incurred residual integration costs resulting from the Merger and acquisition of Sengenics. The Company expects to incur additional transaction and integration expenses in connection with future transactions.
Previous wording
Bargain purchase gain increased by $25.2 million for the nine months ended September 30, 2024, compared to the same period in 2023. The increase for the nine months ended September 30, 2024 was due to the consummation of the Merger in January 2024, which resulted in the fair value of assets acquired and liabilities assumed from the Merger exceeding the fair value of the consideration transferred due to a decline in our stock price following the announcement of the Merger Agreement.
Current wording
Bargain purchase gain decreased by $25.2 million, or 100%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The bargain purchase gain recognized during the three months ended March 31, 2024 was due to the consummation of the Merger, which resulted in the fair value of assets acquired and liabilities assumed exceeding the fair value of the consideration transferred due to a decline in our stock price following the announcement of the Merger. The Company did not recognize any gains on bargain purchases of businesses during the three months ended March 31, 2025.
Previous wording
The increase in other income, net of $3.6 million and $12.9 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, was primarily due to the interest earned on increased balances of money market funds and short-term investments and higher interest rates, as well as a decrease in interest expense due to repayment of our term loan in March 2024. Money market funds balances and short-term investments increased as a result of the Merger with SomaLogic.
Current wording
Interest income decreased by $3.3 million, or 53%, for the three months ended March 31, 2025 compared the three months ended March 31, 2024. The decrease was primarily due to a decrease in the interest earned on balances of money market funds and short-term investments. The interest earned on money market funds and short-term investments decreased due to lower account balances during the three months ended March 31, 2025.
Previous wording
We recorded income tax expense of $0.1 million in each of the three months ended September 30, 2024 and 2023, and income tax expense of $0.3 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. The decrease in our tax provision reflects the effect of our foreign operations, which reported lower pre-tax income in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Current wording
We recorded an income tax benefit of $0.2 million and income tax expense of $0.1 million in the three months ended March 31, 2025 and 2024, respectively. The decrease in our tax provision reflects the effect of our foreign operations, which reported lower pre-tax income in the three months ended March 31, 2025 compared to the same period in 2024.
Previous wording
We have experienced operating losses since inception and have an accumulated deficit of $1,151.6 million as of September 30, 2024. To date, we have funded our operating losses primarily through equity offerings, term loans, convertible notes and redeemable preferred stock. Our ability to fund future operations and meet debt covenant requirements will depend upon our level of future revenue and operating cash flow and our ability to access additional funding through either equity offerings, issuances of debt instruments or both.
Current wording
We have experienced operating losses since inception and have an accumulated deficit of $1,211.7 million as of March 31, 2025. To date, we have funded our operating losses primarily through equity offerings, term loans, convertible notes and redeemable preferred stock. Our ability to fund future operations and meet debt covenant requirements will depend upon our level of future revenue and operating cash flow and our ability to access additional funding through either equity offerings, issuances of debt instruments or both.
Previous wording
Our liquidity and capital requirements depend upon many factors, including market acceptance of our products and services; effectiveness of our business improvement initiatives and restructuring programs; costs of supporting sales growth, product quality, R&D and capital expenditures, including our ERP upgrade; and costs and timing of acquiring other businesses, assets or technologies.
Current wording
Our liquidity and capital requirements depend upon many factors, including market acceptance of our products and services; effectiveness of our business improvement initiatives and restructuring programs; costs of supporting sales growth, product quality, R&D and capital expenditures, including our enterprise resource planning upgrade; and costs and timing of acquiring other businesses, assets or technologies.
Previous wording
Our principal sources of liquidity are cash, cash equivalents and short-term investments. Our collective balances of cash, cash equivalents, and short-term investments were $366.3 million at September 30, 2024 and $114.9 million at December 31, 2023.
Current wording
Our principal sources of liquidity are cash, cash equivalents and short-term investments. Our collective balances of cash, cash equivalents and short-term investments were $258.1 million and $292.9 million at March 31, 2025 and December 31, 2024, respectively.
Previous wording
We enter into arrangements that serve as sources of capital and the associated contractual agreements may result in firm or contingent obligations of us. In addition to our common stockholders’ equity, our sources of capital primarily include debt and operating leases. Our operating lease arrangements require cash repayment and our convertible debt that matures on December 1, 2024 contains rights that may result in their conversion to our common stock prior to maturity. On March 4, 2024, we fully repaid all outstanding indebtedness owed pursuant to the Term Loan Facility and terminated the agreement.
Current wording
We have entered into arrangements that serve as sources of capital and the associated contractual agreements may result in firm or contingent obligations of us. In addition to our common stockholders’ equity, our sources of capital have historically included debt and operating leases. Our operating lease arrangements require cash repayment, and our convertible debt contains rights that may result in their conversion to our common stock prior to maturity. However, as of March 31, 2025, we have fully repaid all traditional debt obligations and no longer maintain access to credit facilities. Accordingly, our ongoing sources of capital are primarily limited to equity and cash generated from operations.
Previous wording
In the nine months ended September 30, 2023, we used $36.1 million of net proceeds from the sales and maturities of short-term investments to help fund $29.2 million of net cash used in operating activities and $5.2 million of common stock repurchases.
Current wording
In the three months ended March 31, 2025, we used $19.7 million of net proceeds from the sales and maturities of short-term investments to help fund $30.3 million of net cash used in operating activities. We did not repurchase any common stock or repay and debt during the three months ended March 31, 2025.
Previous wording
In the nine months ended September 30, 2024, we used $62.4 million of net proceeds from the sales and maturities of short-term investments to help fund $129.4 million of net cash used in operating activities, $40.5 million of common stock repurchases, and $8.2 million of repayment of term loan and convertible notes.
Current wording
In the three months ended March 31, 2024, we used $38.8 million of net proceeds from the sales and maturities of short-term investments to help fund $62.5 million of net cash used in operating activities, $11.1 million of common stock repurchases under the 2024 Stock Repurchase Program, and $8.2 million of repayments on our term loan facility and convertible notes issued in 2014.
Previous wording
Net cash provided by investing activities for the nine months ended September 30, 2024 was $337.4 million compared to $33.4 million used in the nine months ended September 30, 2023. The nine months ended September 30, 2024 primarily reflects $280.0 million of cash and restricted cash acquired in the Merger, and $62.4 million of proceeds from sales and maturities of short-term investments, net of purchases. The nine months ended September 30, 2023 primarily reflects $36.1 million of proceeds from sales and maturities of short-term investments, net of purchases.
Current wording
Net cash provided by investing activities was $14.6 million for the three months ended March 31, 2025, compared to $318.1 million for the same period in 2024. The activity for the three months ended March 31, 2025 is primarily due to $19.7 million of proceeds from sales and maturities of short-term investments, net of purchases. In contrast, the net cash provided for the three months ended March 31, 2024 reflects $280.0 million of cash acquired in the Merger, along with $38.8 million of proceeds from sales and maturities of short-term investments, net of purchases.
Previous wording
Management’s discussion and analysis of our financial condition and results of operations are based on our unaudited condensed consolidated financial statements and related notes, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires the use of estimates and assumptions to determine the value of the assets, liabilities, revenues and expenses reported on the condensed consolidated balance sheets and statements of operations. We develop these estimates after considering historical transactions, the current economic environment and various other assumptions considered reasonable under the circumstances. Actual results may differ materially from these estimates and judgments. Accounts that rely heavily on estimated information to determine their values include revenue, trade receivables, inventories, right-of-use assets, goodwill, long-lived intangible assets, lease liabilities, income tax liabilities (assets) and preferred equity. Refer to Item 7 in our Annual Report for additional information regarding our critical accounting policies and estimates.
Current wording
Management’s discussion and analysis of our financial condition and results of operations are based on our unaudited condensed consolidated financial statements and related notes, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the use of estimates and assumptions to determine the value of the assets, liabilities, revenues and expenses reported on the condensed consolidated balance sheets and statements of operations. We develop these estimates after considering historical transactions, the current economic environment and various other assumptions considered reasonable under the circumstances. Actual results may differ materially from these estimates and judgments. Accounts that rely heavily on estimated information to determine their values include revenue, trade receivables, inventories, right-of-use assets, goodwill, long-lived intangible assets, lease liabilities and income tax liabilities (assets). Refer to Item 7 in our Annual Report for additional information regarding our critical accounting policies and estimates.
Previous wording
From time to time, new accounting standards are issued by the Financial Accounting Standards Board or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.
Current wording
From time to time, new accounting standards are issued by FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.