CareDx, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 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.
Sep 30, 2025 · Filed Nov 4, 2025
CDNA$78.56+2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001217234-25-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001217234-25-000063
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 120 previous paragraphs and 120 current paragraphs.
70 unchanged; 39 reworded; 10 added; 9 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 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 (10)
Current report
•Revenue of $100.1 million, an increase of 21% year-over-year
Current report
•Testing services revenue of $72.2 million, an increase of 19% year-over-year
Current report
Testing services revenue increased by $11.4 million, or 19%, for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by testing services volume growth of 13% as compared to the same period in 2024. The difference between revenue and volume growth is primarily driven by increased collections related to tests performed and revenue recognized in prior periods as per ASC 606.
Current report
Research and development expenses decreased by $0.7 million, or (4)%, for the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to decreases of $1.6 million in clinical trial and laboratory supply expenses, and $0.6 million in stock-based compensation expense, partially offset by an increase of $1.6 million in personnel-related costs.
Current report
Other (expense) income, net
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
Research and development expenses decreased by $3.8 million, or (7)%, for the nine months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily attributable to decreases of $3.2 million in clinical trial and laboratory supply expenses, $1.5 million in consulting expenses, and $1.2 million in stock-based compensation expense, partially offset by increases of $1.4 million in software-related expenses and $1.3 million in personnel-related costs.
Current report
General and administrative expenses decreased by $13.9 million, or (15)%, for the nine months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily attributable to decreases of $18.4 million in stock-based compensation expense and $1.9 million in legal expenses, partially offset by increases of $2.3 million in one-time impairment charge related to an intangible asset and associated construction in progress, $1.6 million in software-related costs, $1.0 million in consulting expenses, $0.9 million in personnel-related costs, and $0.5 million in travel expenses.
Current report
Income tax benefit (expense)
Current report
During the nine months ended September 30, 2025, we purchased an aggregate of 5.0 million shares of our common stock under the February 2025 and May 2025 Repurchase Programs, for a total purchase price of $75.6 million.
Removed paragraphs (9)
Previous report
•Reported revenue of $86.7 million including a negative $3.8 million adjustment associated with tests performed in prior periods
Previous report
•Testing services revenue of $62.0 million, a decrease of 13% year-over-year
Previous report
Research and development expenses decreased by $2.9 million, or (15)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in clinical trials expense of $1.2 million, a decrease in personnel-related costs of $1.0 million and a decrease in consulting expense of $0.6 million.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
Testing services revenue decreased by $0.8 million, or (1)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to: (i) higher collections resulting in positive revenue adjustments recognized during the six months ended June 30, 2024 under ASC 606 related to specific tests performed in earlier periods, and (ii) lower collections recognized during the six months ended June 30, 2025 related to tests performed in earlier periods. Excluding the impact of these items, testing services revenue increased by 20%, which is mainly due to the growth in testing volume during the six months ended June 30, 2025.
Previous report
Research and development expenses decreased by $3.1 million, or (8)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in consulting expense of $1.6 million and a decrease in clinical trials expense of $1.4 million.
Previous report
General and administrative expenses decreased by $10.6 million, or (17)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in stock-based compensation expense of $12.1 million, partially offset by an increase in consulting expense of $1.9 million related to one-time transformational initiative costs.
Previous report
Litigation settlement expense
Previous report
Other income (expense), net
Reworded paragraphs (39)
Previous wording
•Testing services volume of 49,500 increased 13% year-over-year
Current wording
•Testing services volume of 50,300, an increase of 13% year-over-year
Previous wording
•Net loss of $8.6 million, compared to a net loss of $4.6 million in the second quarter of 2024
Current wording
•Net income of $1.7 million, compared to a net loss of $10.6 million in the third quarter of 2024
Previous wording
•Cash, cash equivalents and marketable securities of $186 million as of June 30, 2025, net of $50 million share repurchase carried out during the quarter; no debt as of June 30, 2025
Current wording
•Cash, cash equivalents and marketable securities of $194.2 million as of September 30, 2025, net of a $25.6 million share repurchase carried out during the quarter; no debt as of September 30, 2025
Previous wording
Our testing services revenue is derived from AlloSure Kidney, AlloMap Heart, AlloSure Heart and AlloSure Lung tests, which represented 72% of our total revenue for each of the three and six months ended June 30, 2025, and 77% and 76% of our total revenue for the three and six months ended June 30, 2024, respectively. Our testing services revenue depends on a number of factors, including (i) the number of tests performed; (ii) establishment of coverage policies by third-party insurers and government payers; (iii) our ability to collect from payers with whom we do not have positive coverage determination, which often requires that we pursue a case-by-case appeals process; (iv) our ability to recognize revenues on tests billed prior to the establishment of reimbursement policies, contracts or payment histories; and (v) how quickly we can successfully commercialize new product offerings.
Current wording
Our testing services revenue is derived from AlloSure Kidney, AlloMap Heart, AlloSure Heart and AlloSure Lung tests, which represented 72% of our total revenue for each of the three and nine months ended September 30, 2025, and 73% and 75% of our total revenue for the three and nine months ended September 30, 2024, respectively. Our testing services revenue depends on a number of factors, including (i) the number of tests performed; (ii) establishment of coverage policies by third-party insurers and government payers; (iii) our ability to collect from payers with whom we do not have positive coverage determination, which often requires that we pursue a case-by-case appeals process; (iv) our ability to recognize revenues on tests billed prior to the establishment of reimbursement policies, contracts or payment histories; and (v) how quickly we can successfully commercialize new product offerings.
Previous wording
12% of our total revenue for the three and six months ended June 30, 2024, respectively. We recognize product revenue from the sale of products to end-users, distributors and strategic partners when all revenue recognition criteria are satisfied. We generally have a contract or a purchase order from a customer with the specified required terms of order, including the number of products ordered. Transaction prices are determinable and products are delivered and risk of loss passed to the customer upon either shipping or delivery, as per the terms of the agreement. There are no further performance obligations related to a contract and revenue is recognized at the point of delivery consistent with the terms of the contract or purchase order.
Current wording
Our product revenue is derived primarily from sales of AlloSeq Tx, Olerup SSP and QTYPE products. Product revenue represented 12% and 13% of our total revenue for the three and nine months ended September 30, 2025, respectively, and 12% of our total revenue for each of the three and nine months ended September 30, 2024. We recognize product revenue from the sale of products to end-users, distributors and strategic partners when all revenue recognition criteria are satisfied. We generally have a contract or a purchase order from a customer with the specified required terms of order, including the number of products ordered. Transaction prices are determinable and products are delivered and risk of loss passed to the customer upon either shipping or delivery, as per the terms of the agreement. There are no further performance obligations related to a contract and revenue is recognized at the point of delivery consistent with the terms of the contract or purchase order.
Previous wording
Our patient and digital solutions revenue is mainly derived from sales of our Ottr software, XynQAPI, MedActionPlan, mTilda (HLA Data Systems), MediGO, TransChart and Tx Access licenses, services and SaaS agreements across the digital portfolio, as well as our pharmacy sales at The Transplant Pharmacy, or TTP. Patient and digital solutions revenue represented 15% and 14% of total revenue for the three and six months ended June 30, 2025, respectively, and 12% of our total revenue for each of the three and six months ended June 30, 2024.
Current wording
Our patient and digital solutions revenue is mainly derived from sales of our Ottr software, XynQAPI, MedActionPlan, mTilda (HLA Data Systems), TransChart and Tx Access licenses, services and SaaS agreements across the digital portfolio, as well as our pharmacy sales at The Transplant Pharmacy, or TTP. Patient and digital solutions revenue represented 15% of our total revenue for each of the three and nine months ended September 30, 2025, and 14% and 13% of our total revenue for the three and nine months ended September 30, 2024, respectively.
Previous wording
The growth of our patient and digital revenues is tied to the continued successful implementation of our Ottr, MedActionPlan and XynQAPI software businesses, as well as continued support and maintenance of existing MedActionPlan, Ottr and XynManagement customers. The Ottr software, TransChart, Tx Access and XynQAPI are currently implemented in multiple locations in the United States. The Ottr software implementation and XynQAPI implementation and support teams are based in Omaha, Nebraska. In addition, patient solutions offered by TTP in Flowood, Mississippi include hospital-affiliated pharmacies located on-site at the transplant center and specialty pharmacies that provide transplant-specific care and dispensing services. Additionally, with HLA Data Systems, we are able to support HLA laboratories in managing their day-to-day workflow and with MediGO, we are able to serve the organ procurement market for organ logistical needs.
Current wording
The growth of our patient and digital revenues is tied to the continued successful implementation of our Ottr, MedActionPlan and XynQAPI software businesses, as well as continued support and maintenance of existing MedActionPlan, Ottr and XynManagement customers. The Ottr software, TransChart, Tx Access and XynQAPI are currently implemented in multiple locations in the United States. The Ottr software implementation and XynQAPI implementation and support teams are based in Omaha, Nebraska. In addition, patient solutions offered by TTP in Flowood, Mississippi include hospital-affiliated pharmacies located on-site at the transplant center and specialty pharmacies that provide transplant-specific care and dispensing services. Additionally, with HLA Data Systems, we are able to support HLA laboratories in managing their day-to-day workflow.
Previous wording
Product revenue increased by $1.2 million, or 12%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to higher sales of our commercial NGS-based kitted solutions.
Current wording
Product revenue increased by $2.3 million, or 22%, for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to higher sales of our commercial NGS-based kitted solutions resulting from growth in our existing business including conversions of targeted customers.
Previous wording
Patient and digital solutions revenue increased by $2.1 million, or 19%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase was mainly driven by our digital solutions, primarily Ottr software and higher pharmacy sales.
Current wording
Patient and digital solutions revenue increased by $3.5 million, or 30%, for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by growth in our digital solutions, particularly an expanded customer base from Ottr software and higher pharmacy sales.
Previous wording
Cost of testing services increased by $1.1 million, or 8%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses.
Current wording
Cost of testing services increased by $1.3 million, or 9%, for the three months ended September 30, 2025, compared to the same period in 2024. The increase was attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses.
Previous wording
Cost of product decreased by $1.3 million, or (21)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers.
Current wording
Cost of product decreased by $0.6 million, or (9)%, for the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers.
Previous wording
Cost of patient and digital solutions increased by $0.9 million, or 12%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Current wording
Cost of patient and digital solutions increased by $2.4 million, or 30%, for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Previous wording
Sales and marketing expenses increased by $3.3 million, or 16%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to an increase in personnel-related costs of $1.1 million, an increase in consulting expense of $1.4 million, and an increase in marketing expense of $1.0 million.
Current wording
Sales and marketing expenses increased by $4.6 million, or 23%, for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to increases of $4.1 million in personnel-related costs, $1.1 million in marketing expenses, and $0.7 million in consulting expenses, partially offset by decreases of $1.0 million in stock-based compensation expense, and $0.2 million in travel expenses.
Previous wording
General and administrative expenses decreased by $3.2 million, or (10)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in stock-based compensation expense of $5.6 million, partially offset by an increase in consulting expense of $1.9 million related to one-time transformational initiative costs and an increase in software expense of $0.6 million.
Current wording
General and administrative expenses decreased by $3.3 million, or (10)%, for the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to decreases of $6.4 million in stock-based compensation expense and $0.8 million in consulting expenses partially offset by increases of $2.3 million in one-time impairment charge related to an intangible asset and associated construction in progress, $0.8 million in software-related costs, and $0.7 million in personnel-related expenses.
Previous wording
Interest income, net decreased by $0.5 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in cash and cash equivalents and marketable securities.
Current wording
Interest income, net decreased by $1.0 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in cash and cash equivalents and marketable securities.
Previous wording
Litigation settlement expense increased by $0.4 million for the three months ended June 30, 2025, compared to the same period in 2024. The increase is due to litigation settlement expense incurred during the three months ended June 30, 2025.
Current wording
Other (expense) income, net decreased by $0.4 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in unrealized investment loss during the period.
Previous wording
Income tax benefit (expense) increased by $0.1 million for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily attributable to a change in mixed profit (loss) across jurisdictions.
Current wording
Income tax benefit (expense) increased by $0.2 million for the three months ended September 30, 2025, compared to the same period in 2024. The increase is primarily attributable to a change in mixed profit (loss) across jurisdictions.
Previous wording
Testing services revenue decreased by $8.9 million, or (13)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to: (i) higher collections resulting in positive revenue adjustments recognized during the three months ended June 30, 2024 under ASC 606 related to specific tests performed in earlier periods, and (ii) lower collections recognized during the three months ended June 30, 2025 related to tests performed in earlier periods. Excluding the impact of these items, testing services revenue increased by 14%, which is mainly due to the growth in testing volume during the three months ended June 30, 2025.
Current wording
Testing services revenue increased by $10.6 million, or 6%, for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by testing services volume growth of 13% as compared to the same period in 2024. This increase was partially offset by increased collections resulting in positive revenue adjustments recognized during the nine months ended September 30, 2024 under ASC 606 related to specific tests performed in prior periods.
Previous wording
Product revenue increased by $3.4 million, or 18%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to higher sales of our commercial NGS-based kitted solutions.
Current wording
Product revenue increased by $5.7 million, or 19%, for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to higher sales of our commercial NGS-based kitted solutions resulting from growth in our existing business including conversions of targeted customers.
Previous wording
Patient and digital solutions revenue increased by $4.4 million, or 22%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase was mainly driven by our digital solutions, primarily Ottr software and higher pharmacy sales.
Current wording
Patient and digital solutions revenue increased by $7.9 million, or 25%, for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by growth in our digital solutions, particularly an expanded customer base from Ottr software and higher pharmacy sales.
Previous wording
Cost of testing services increased by $2.6 million, or 9%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses.
Current wording
Cost of testing services increased by $3.8 million, or 9%, for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses.
Previous wording
Cost of product decreased by $1.1 million, or (9)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers.
Current wording
Cost of product decreased by $1.7 million, or (9)%, for the nine months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers.
Previous wording
Cost of patient and digital solutions increased by $1.6 million, or 11%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Current wording
Cost of patient and digital solutions increased by $4.0 million, or 18%, for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Previous wording
Sales and marketing expenses increased by $6.4 million, or 16%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is due to an increase in personnel-related costs of $4.0 million and an increase in consulting expense of $2.1 million.
Current wording
Sales and marketing expenses increased by $11.1 million, or 18%, for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily attributable to increases of $8.0 million in personnel-related costs, $2.9 million in consulting expenses, $2.1 million in marketing expenses, and $0.3 million in travel expenses, partially offset by a decrease of $2.2 million in stock-based compensation expense.
Previous wording
Litigation settlement expense increased by $5.7 million for the six months ended June 30, 2025, compared to the same period in 2024. The increase is mainly due to settlement of the Securities Class Action lawsuit. See Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption “Litigation and Indemnification Obligations”, which is incorporated herein by reference.
Current wording
Litigation settlement expense increased by $5.7 million for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was mainly due to settlement of the Securities Class Action lawsuit. See Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption “Litigation and Indemnification Obligations”, which is incorporated herein by reference.
Previous wording
Interest income, net decreased by $0.6 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in cash, cash equivalents, and marketable securities.
Current wording
Interest income, net decreased by $1.6 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in cash, cash equivalents, and marketable securities.
Previous wording
Other income (expense), net increased by $0.2 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase in foreign exchange gains.
Current wording
Other income (expense), net increased by $0.4 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to an increase in foreign exchange gains.
Previous wording
Cash Flows for the Six Months Ended June 30, 2025 and 2024
Current wording
Cash Flows for the Nine Months Ended September 30, 2025 and 2024
Previous wording
Net cash (used in) provided by operating activities consists of net loss, adjusted for certain noncash items in the condensed consolidated statements of operations and changes in operating assets and liabilities.
Current wording
Net cash provided by operating activities consists of net loss, adjusted for certain noncash items in the condensed consolidated statements of operations and changes in operating assets and liabilities.
Previous wording
Cash used in operating activities for the six months ended June 30, 2025 was $16.7 million. Net operating assets decreased by $27.2 million. Our noncash items primarily included $18.4 million in stock-based compensation expense, $7.3 million of depreciation and amortization expense, $2.7 million of amortization of right-of-use assets, $0.6 million of amortization of premium on short-term marketable securities, net, and $0.5 million of revaluation of contingent consideration to estimated fair value.
Current wording
Cash provided by operating activities for the nine months ended September 30, 2025 was $20.7 million. Net operating assets decreased by $8.4 million. Our noncash items primarily included $26.8 million in stock-based compensation expense, $11.1 million of depreciation and amortization expense, $4.0 million of amortization of right-of-use assets, $2.3 million of one-time impairment charge related to an intangible asset and associated construction in progress, $1.5 million of amortization of premium on short-term marketable securities, net, and $0.5 million of revaluation of contingent consideration to estimated fair value.
Previous wording
Cash provided by operating activities for the six months ended June 30, 2024 was $3.6 million. Net operating assets decreased by $16.4 million. Our noncash items included $33.0 million in stock-based compensation expense, $7.4 million of depreciation and amortization expense, $2.8 million of amortization of right-of-use assets, $0.5 million of revaluation of contingent consideration to estimated fair value, and $0.8 million of amortization of premium on short-term marketable securities, net.
Current wording
Cash provided by operating activities for the nine months ended September 30, 2024 was $16.2 million. Net operating assets decreased by $15.6 million. Our noncash items included $40.2 million in stock-based compensation expense, $10.8 million of depreciation and amortization expense, $4.2 million of amortization of right-of-use assets, $0.8 million of revaluation of contingent consideration to estimated fair value, and $1.2 million of amortization of premium on short-term marketable securities, net.
Previous wording
For the six months ended June 30, 2025, net cash provided by investing activities of $24.7 million was primarily related to proceeds from maturities of marketable securities of $94.6 million, partially offset by purchases of marketable securities of $67.3 million, and $2.6 million related to additions of capital expenditures.
Current wording
For the nine months ended September 30, 2025, net cash provided by investing activities of $37.1 million was primarily related to proceeds from maturities of marketable securities of $126.0 million, partially offset by purchases of marketable securities of $84.4 million, $3.9 million related to additions of capital expenditures, and $0.7 million related to acquisition of an intangible asset.
Previous wording
For the six months ended June 30, 2024, net cash provided by investing activities of $16.0 million was primarily related to proceeds from maturities of marketable securities of $112.5 million, partially offset by purchases of marketable securities of $93.2 million, and $3.3 million related to additions of capital expenditures, net.
Current wording
For the nine months ended September 30, 2024, net cash provided by investing activities of $1.6 million was primarily related to proceeds from maturities of marketable securities of $149.8 million, offset by purchases of marketable securities of $143.2 million, and $5.0 million related to additions of capital expenditures, net.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2025 of $54.5 million was primarily due to repurchase and retirement of common stock of $50.0 million, taxes paid related to net share settlements of restricted stock units of $9.3 million, and payment for contingent consideration of $1.5 million, offset by proceeds from issuances of common stock under our employee stock purchase plan of $2.3 million, and proceeds from exercise of stock options of $4.1 million.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2025 of $80.9 million was primarily due to repurchase and retirement of common stock of $75.6 million, taxes paid related to net share settlements of restricted stock units of $10.5 million, and payment for contingent consideration of $1.5 million, partially offset by proceeds from issuances of common stock under our employee stock purchase plan of $2.3 million, and proceeds from exercise of stock options of $4.3 million.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2024 of $6.1 million was primarily due to taxes paid related to net share settlements of restricted stock units of $4.3 million, repurchase and retirement of common stock of $0.5 million and payments of contingent consideration of $2.0 million. These payments were partially offset by proceeds from issuances of common stock under our employee stock purchase plan of $0.5 million.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2024 of $4.7 million was primarily due to taxes paid related to net share settlements of restricted stock units of $6.5 million, repurchase and retirement of common stock of $0.5 million and payments of contingent consideration of $2.4 million. These payments were offset by proceeds from issuances of common stock under our employee stock purchase plan of $1.4 million and proceeds from exercise of stock options of $3.3 million.
Previous wording
We have incurred significant losses and negative cash flows from operations and had an accumulated deficit of $695.2 million at June 30, 2025. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $186.3 million and no debt outstanding.
Current wording
We have incurred significant losses and negative cash flows from operations and had an accumulated deficit of $719.0 million at September 30, 2025. As of September 30, 2025, we had cash, cash equivalents and marketable securities of $194.2 million and no debt outstanding.
Previous wording
On February 20, 2025, our Board of Directors approved a Stock Repurchase Program (the“February 2025 Repurchase Program”), whereby we were authorized to purchase up to $50.0 million in shares of our common stock over a period of up to two years, commencing on February 20, 2025, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. During the three and six months ended June 30, 2025, we repurchased an aggregate of 3.0 million shares of our common stock under the February 2025 Repurchase Program for an aggregate purchase price of$50.0 million. As of June 30, 2025, no amounts were available for future share repurchases under the February 2025 Repurchase Program.
Current wording
On February 20, 2025, our Board of Directors approved a Stock Repurchase Program (the“February 2025 Repurchase Program”), whereby we were authorized to purchase up to $50.0 million in shares of our common stock over a period of up to two years, commencing on February 20, 2025, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. During the three months ended June 30, 2025, we repurchased an aggregate of 3.0 million shares of our common stock under the February 2025 Repurchase Program for an aggregate purchase price of$50.0 million.
Previous wording
Following the completion of the February 2025 Repurchase Program, on May 30, 2025, our Board of Directors authorized a new share repurchase program of up to$50.0 million in shares of our common stock over a period of up to two years, commencing on May 30, 2025 (the “May 2025 Repurchase Program”). The May 2025 Repurchase Program may be carried out, subject to approval by a committee of our Board of Directors, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. As of June 30, 2025, $50.0 million was available for future share repurchases under the May 2025 Repurchase Program.
Current wording
Following the completion of the February 2025 Repurchase Program, on May 30, 2025, our Board of Directors authorized a new share repurchase program of up to$50.0 million in shares of our common stock over a period of up to two years, commencing on May 30, 2025 (the “May 2025 Repurchase Program”). The May 2025 Repurchase Program may be carried out, subject to approval by a committee of our Board of Directors, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. During the three and nine months ended September 30, 2025, we purchased an aggregate of 2.0 million shares of our common stock under the May 2025 Repurchase Program for an aggregate purchase price of $25.6 million. As of September 30, 2025, $24.4 million was available for future share repurchases under the May 2025 Repurchase Program.
Previous wording
There were no material changes in the matters for which we make critical accounting estimates in the preparation of our unaudited condensed consolidated financial statements during the three and six months ended June 30, 2025 as compared to those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.
Current wording
There were no material changes in the matters for which we make critical accounting estimates in the preparation of our unaudited condensed consolidated financial statements during the three and nine months ended September 30, 2025 as compared to those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Income tax benefit (expense) increased by $0.2 million for the nine months ended September 30, 2025, compared to the same period in 2024. The increase is primarily attributable to a change in mixed profit (loss) across jurisdictions.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Our product revenue is derived primarily from sales of AlloSeq Tx, Olerup SSP and QTYPE products. Product revenue represented 14% and 13% of our total revenue for the three and six months ended June 30, 2025, respectively, and 11% and
Previous report — wording carried elsewhere
Other income (expense), net increased by $0.8 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase in foreign exchange gains.