10x Genomics, Inc.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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.
Jun 30, 2026 · Filed Aug 7, 2026
TXG$59.28+2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001628280-26-032388
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001628280-26-054491
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 50 previous paragraphs and 59 current paragraphs.
25 unchanged; 18 reworded; 15 added; 6 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 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 (15)
Current report
Acquisition
Current report
On June 8, 2026, we entered into a stock purchase agreement (“SPA”) to acquire 100% of the outstanding shares of common stock of Proteintech Genomics, Inc. (“PTG”), a division of Proteintech Group, Inc. (“Proteintech”), for $6.1 million in cash. PTG specializes in developing high-plex proteomic solutions for single cell and spatial applications on 10x platforms. We expect the acquisition will allow us to expand our proteomics capabilities.
Current report
Concurrently with the SPA, we and Proteintech entered into a supply agreement under which Proteintech will supply products to us for use in single-cell and spatial analysis. The supply agreement was accounted for separately from the acquisition of the PTG business. The total consideration paid for the supply agreement and the PTG business was allocated based on the relative fair value of each component, with the fair value of the supply agreement determined by using the income approach and the fair value of PTG’s enterprise value determined by using the net asset value method. Based on the allocation, $12.4 million related to the supply agreement was recorded in “Other noncurrent assets” and “Prepaid expenses and other current assets” in the condensed consolidated balance sheets. The amount allocated to the supply agreement will be reclassified to inventory as quantities are purchased over a 10-year period. $6.1 million was allocated to the PTG business.
Current report
The fair value measurements used to allocate the total consideration between the supply agreement and the PTG business, as described above, are classified as Level 3 within the fair value hierarchy, as they are based on significant unobservable inputs, including management's estimates of future purchase volumes, contractual and market pricing, and a discount rate.
Current report
The acquisition of the PTG business was accounted for as a business combination using the acquisition method of accounting. The purchase price consideration was preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, including $3.7 million of developed technology, with the excess of the purchase consideration over the estimated fair value of the identifiable net assets acquired recorded as goodwill.
Current report
The fair value of the developed technology was estimated using a cost approach, reflecting the estimated current cost to recreate the technology with comparable functionality and utility. The developed technology intangible asset will be amortized over an estimated useful life of 10 years. Because these inputs involve significant judgment and are not observable in the market, the fair value measurement is classified as Level 3 within the fair value hierarchy.
Current report
Products and Services Revenue
Current report
Products and services revenue increased $3.9 million, or 3%, to $149.1 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Consumables revenue increased $8.6 million, or 7%, to $130.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Instruments revenue decreased $6.8 million, or 47%, to $7.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Services revenue increased $2.2 million, or 26%, to $10.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.
Current report
Products and services revenue increased $16.0 million, or 6%, to $299.0 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Consumables revenue increased $23.0 million, or 10%, to $260.6 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Instruments revenue decreased $10.4 million, or 35%, to $18.9 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Services revenue increased $3.4 million, or 21%, to $19.5 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.
Current report
License and royalty revenue decreased $25.8 million, or 93%, in the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. The decrease was primarily due to one-time royalty revenue of $27.3 million recognized in the three months ended June 30, 2025 in connection with the settlement of our worldwide patent litigation with Bruker Corporation (“Bruker”), partially offset by $1.6 million of revenue recognized during the three months ended June 30, 2026 in connection with our patent litigation settlement with Takara Bio USA Holdings, Inc. (“Takara”).
Current report
Cost of products and services revenue decreased $9.3 million, or 19%, to $38.5 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. The decrease was primarily driven by lower manufacturing costs of $3.3 million which included $2.6 million of tariff refunds, lower inventory write-downs of $3.0 million, lower warranty costs of $2.7 million, and lower royalty costs of $0.4 million. Gross margin increased to 74% for the three months ended June 30, 2026 as compared to 72% for the three months ended June 30, 2025. The increase was primarily due to lower manufacturing costs including tariff refunds, lower inventory write-downs, lower warranty costs, and changes in product mix, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the three months ended June 30, 2025.
Current report
Research and development expenses decreased $4.4 million, or 7%, to $56.8 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The decrease was primarily driven by an $8.3 million decrease in personnel expenses, including a $2.1 million decrease in stock-based compensation expense, partially offset by a $4.2 million increase in laboratory materials and supplies.
Current report
Selling, general and administrative expenses increased $4.2 million, or 6%, to $78.7 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily driven by a $1.8 million increase in travel and entertainment expenses, $1.5 million increase in outside legal expenses, $1.2 million increase in marketing expenses and a $0.3 million increase in facilities costs partially offset by a $0.7 million decrease in personnel expenses.
Current report
Provision for (Benefit from) Income Taxes
Current report
Our benefit from income taxes was $0.7 million and $0.1 million for the three and six months ended June 30, 2026 and our provision for income taxes was $2.5 million and $3.3 million for the three and six months ended June 30, 2025. The change in both periods was primarily driven by the income tax benefit of $1.4 million recognized in the second quarter of 2026 from a reduction in the valuation allowance recorded against our net deferred tax assets. This release was due to deferred tax liabilities recognized in connection with the PTG acquisition, which can be used as a source of income to realize certain domestic deferred tax assets. Additionally, the comparable 2025 periods included federal and state income tax expense of $1.2 million related to Internal Revenue Code Section 174 capitalization. This expense did not recur in 2026 following the enactment of an act to provide for reconciliation pursuant to title II of H. Con. Res. 14 on July 4, 2025, which restored the immediate deductibility of U.S. research and experimental expenditures, thereby lowering U.S. taxable income in the current year periods.
Removed paragraphs (6)
Previous report
Product and Services Revenue
Previous report
Products and services revenue increased $12.1 million, or 9%, to $149.9 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Consumables revenue increased $14.4 million, or 13%, to
Previous report
$129.8 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Instruments revenue decreased $3.6 million, or 24%, to $11.3 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Services revenue increased $1.2 million, or 15%, to $8.8 million for the three months ended March 31, 2026 as compared to three months ended March 31, 2025, primarily driven by an increase in service plans for instruments coming off warranty.
Previous report
Provision for Income Taxes
Previous report
Our provision for income taxes was $0.6 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was primarily due to lower foreign income.
Previous report
In 2025, we entered into a settlement agreement and license agreements with Bruker under which we will receive four quarterly installment payments totaling $68.0 million beginning in the third quarter of 2025 with applicable interest. As of March 31, 2026, we had received three quarterly payments, and the remaining balance was included in “Other receivables” in the condensed consolidated balance sheets as of March 31, 2026. We will also receive royalties on Bruker’s sales of products and services covered by the license.
Reworded paragraphs (18)
Previous wording
Comparison of the Three Months Ended March 31, 2026 and 2025
Current wording
Comparison of the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
License and royalty revenue decreased $16.1 million, or 94%, in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was primarily due to one-time royalty revenue of $16.8 million recognized in the three months ended March 31, 2025 in connection with our worldwide patent litigation settlement with Vizgen, Inc. (“Vizgen”).
Current wording
License and royalty revenue decreased $41.9 million, or 94%, in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decrease was primarily due to one-time royalty revenue of $44.1 million recognized in the six months ended June 30, 2025 in connection with our worldwide patent litigation settlements with Vizgen, Inc. (“Vizgen”) and Bruker, partially offset by $1.6 million of revenue recognized during the three months ended June 30, 2026 in connection with our patent litigation settlement with Takara.
Previous wording
Excluding $44.1 million of non-recurring license and royalty revenue related to patent litigation settlements in 2025, we expect our revenues to moderately increase in 2026 as compared to 2025.
Current wording
Excluding non-recurring license and royalty revenue related to patent litigation settlements in 2026 and 2025, we expect our revenues to moderately increase in 2026 as compared to 2025.
Previous wording
Cost of products and services revenue decreased $4.8 million, or 10%, to $44.7 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was primarily driven by lower inventory write-downs of $9.2 million and lower warranty costs of $2.5 million, partially offset by higher manufacturing costs of $6.1 million due to a change in product mix and higher royalty costs of $0.9 million. Gross margin increased to 70% primarily due to lower warranty costs and lower inventory write-downs, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the three months ended March 31, 2025.
Current wording
Cost of products and services revenue decreased $14.1 million, or 14%, to $83.2 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decrease was primarily driven by lower inventory write-downs of $12.2 million and lower warranty costs of $5.2 million, partially offset by higher manufacturing costs of $2.8 million and higher royalty costs of $0.4 million. Gross margin increased to 72% for the six months ended June 30, 2026 as compared to 70% for the six months ended June 30, 2025. The increase was primarily due to lower inventory write-downs, lower warranty costs and changes in product mix, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the six months ended June 30, 2025.
Previous wording
Research and development expenses decreased $7.4 million, or 12%, to $56.8 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily driven by a $5.4 million decrease in personnel expenses, including a $3.4 million decrease in stock-based compensation expense, a $1.0 million decrease in laboratory materials and supplies and a $0.6 million decrease in facilities and information technology costs.
Current wording
Research and development expenses decreased $11.8 million, or 9%, to $113.6 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily driven by a $13.6 million decrease in personnel expenses, including a $5.5 million decrease in stock-based compensation expense and a $2.3 million decrease in facilities and information technology costs, partially offset by a $3.8 million increase in laboratory materials and supplies.
Previous wording
Selling, general and administrative expenses decreased $23.4 million, or 26%, to $66.4 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily driven by a $12.2 million decrease in outside legal expenses, a $4.3 million decrease in personnel expenses primarily due to a decrease in stock-based compensation expenses, a $1.9 million decrease in travel and entertainment expenses, a $1.8 million decrease in professional services expenses, a $1.7 million decrease in facilities and information technology costs and a $1.6 million decrease in marketing expenses.
Current wording
Selling, general and administrative expenses decreased $19.1 million, or 12%, to $145.0 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily driven by a $10.7 million decrease in outside legal expenses, a $5.0 million decrease in personnel expenses primarily due to a $3.9 million decrease in stock-based compensation expense, a $1.5 million decrease in professional services expenses and a $2.0 million decrease in facilities and information technology costs.
Previous wording
Gain on settlement decreased due to a non-recurring gain on settlement of $9.2 million recorded in the three months ended March 31, 2025, as part of our patent litigation settlement with Vizgen in 2025.
Current wording
Gain on settlement decreased in the three and six months ended June 30, 2026 due to non-recurring gains on settlements of $40.7 million recorded in the three months ended June 30, 2025 and $49.9 million recorded in the six months ended June 30, 2025, as part of our patent litigation settlements with Bruker and Vizgen in 2025. In both periods, the decrease was partially offset by a $3.4 million gain on settlement recorded in the three months ended June 30, 2026 as part of our patent litigation settlement with Takara.
Previous wording
Excluding $49.9 million in gains on settlements recorded in 2025, we expect our operating expenses to modestly decrease in 2026 compared to the prior year as a result of our ongoing efforts to manage our spend.
Current wording
Excluding gains on settlements recorded in 2026 and 2025, we expect our operating expenses to modestly decrease in 2026 compared to the prior year as a result of our ongoing efforts to manage our spend.
Previous wording
Interest income increased by $1.3 million, or 36%, to $5.0 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to higher money market fund balances and interest income applicable to a quarterly legal settlement payment as described below, during the three months ended March 31, 2026.
Current wording
Interest income increased $0.5 million, or 12%, to $4.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to higher money market fund balances. Interest income increased $1.9 million or 23%, to $9.8 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The increase was primarily due to higher money market fund balances and interest income applicable to legal settlement payments we received from Bruker during the six months ended June 30, 2026.
Previous wording
Other income (expense), net decreased by $3.0 million to $0.8 million other expense, net for the three months ended March 31, 2026 as compared to $2.1 million other income, net, for the three months ended March 31, 2025. The decrease in other income (expense), net was primarily driven by a $2.2 million increase in net losses from foreign currency remeasurements.
Current wording
Other income (expense), net decreased $6.5 million to $3.9 million other expense, net for the three months ended June 30, 2026 as compared to $2.6 million other income, net, for the three months ended June 30, 2025. Other income (expense), net decreased $9.4 million to $4.7 million other expense, net for the six months ended June 30, 2026 as compared to $4.7 million other income, net, for the six months ended June 30, 2025. The decrease in both periods was primarily driven by a $3.5 million loss resulting from the change in fair value of contingent consideration and increases in net losses from foreign currency remeasurements of $2.6 million and $4.9 million for the three and six month periods, respectively.
Previous wording
We expect other income (expense), net, to fluctuate, potentially significantly, from quarter to quarter due to potential changes in the fair value of contingent consideration.
Current wording
We expect other income (expense), net, to fluctuate, potentially significantly, from quarter to quarter due to potential changes in the fair value of contingent consideration and fluctuations in foreign currency exchange rates.
Previous wording
As of March 31, 2026, we had approximately $539.8 million in cash and cash equivalents and marketable securities, which increased by $16.4 million as compared to December 31, 2025, and were primarily held in U.S. banks. We have generated losses from operations since inception as reflected in our accumulated deficit of $1.5 billion.
Current wording
As of June 30, 2026, we had approximately $552.0 million in cash and cash equivalents and marketable securities, which increased by $28.6 million as compared to December 31, 2025, and were primarily held in U.S. banks. We have generated losses from operations since inception as reflected in our accumulated deficit of $1.5 billion.
Previous wording
We intend to continue to evaluate market conditions and may in the future pursue additional sources of funding, such as mortgage or other financing, to further enhance our financial position and to execute our business strategy. In addition, should prevailing economic, financial, business or other factors adversely affect our ability to meet our operating cash requirements, we could be required to obtain funding though traditional or alternative sources of financing. We cannot be certain that additional funds would be available to us on favorable terms when required, or at all.
Current wording
We intend to continue to evaluate market conditions and may in the future pursue additional sources of funding, such as mortgage or other financing, to further enhance our financial position and to execute our business strategy. In addition, should prevailing economic, financial, business or other factors adversely affect our ability to meet our operating cash requirements, we could be required to obtain funding through traditional or alternative sources of financing. We cannot be certain that additional funds would be available to us on favorable terms when required, or at all.
Previous wording
The net cash provided by operating activities of $34.4 million for the three months ended March 31, 2025 primarily consisted of a net loss of $34.4 million, non-cash adjustments of $40.4 million and net cash inflow from changes in operating assets and liabilities of $28.3 million. The non-cash adjustment of $40.4 million primarily consisted of stock-based compensation expense of $31.1 million, depreciation and amortization of $8.0 million and non-cash lease expense of $1.8 million. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with a decrease in accounts receivable of $35.3 million and a decrease in inventory of $8.1 million. The net cash inflow from operating assets and liabilities was partially offset by cash outflows associated with a decrease in accrued compensation and other related benefits of $11.7 million related to prior year annual bonus payments, an increase in prepaid expenses and other current assets of $5.5 million, a decrease in operating lease liability of $2.6 million and a decrease in accounts payable of $2.5 million.
Current wording
The net cash provided by operating activities of $43.1 million for the six months ended June 30, 2026 consisted of a net loss of $31.4 million, non-cash adjustments of $73.3 million and a net cash inflow from changes in operating assets and liabilities of $1.2 million. The non-cash adjustments of $73.3 million primarily consisted of stock-based compensation expense of $48.3 million, depreciation and amortization of $19.6 million, non-cash lease expense of $4.0 million and fair value adjustments on contingent consideration of $3.5 million, partially offset by a $1.4 million of tax benefit recognized in relation to the acquisition of the PTG business. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with a decrease in other receivables of $32.1 million primarily related to the Bruker settlement, an increase in accounts payable of $8.1 million, a decrease in inventory of $5.7 million, and a decrease in prepaid and other current assets of $3.2 million. The net cash inflow from operating assets and liabilities was partially offset by cash outflows associated with a decrease in accrued compensation and other related benefits of $17.8 million, an increase in other noncurrent assets of $11.9 million, a decrease in accrued expenses and other current liabilities of $9.7 million, a decrease in the operating lease liability of $5.8 million, a decrease in deferred revenue of $1.5 million, a decrease in accrued contingent consideration of $0.6 million and an increase in accounts receivable of $0.5 million due to timing of collections.
Previous wording
The net cash provided by operating activities of $26.1 million for the three months ended March 31, 2026 consisted of a net loss of $13.5 million, non-cash adjustments of $34.3 million and a net cash inflow from changes in operating assets and liabilities of $5.3 million. The non-cash adjustments of $34.3 million primarily consisted of stock-based compensation expense of $22.6 million, depreciation and amortization of $10.0 million and non-cash lease expense of $2.0 million. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with a decrease in other receivables of $18.1 million primarily related to the Bruker settlement, a decrease in accounts receivable of $8.0 million due to timing of collections, an increase in accounts payable of $4.8 million, a decrease in inventory of $2.7 million, and a decrease in prepaid and other current assets of $1.9 million. The net cash inflow from operating assets and liabilities was partially offset by cash outflows associated with a decrease in accrued compensation and other related benefits of $21.0 million, a decrease in accrued expenses and other current liabilities of $6.1 million and a decrease in the operating lease liability of $2.9 million.
Current wording
The net cash provided by operating activities of $52.1 million for the six months ended June 30, 2025 consisted of net income of $0.2 million, non-cash adjustments of $77.3 million and a net cash outflow from changes in operating assets and liabilities of $25.4 million. The non-cash adjustments of $77.3 million consisted of stock-based compensation expense of $58.6 million, depreciation and amortization of $15.8 million and non-cash lease expense of $3.6 million. The net cash outflow from operating assets and liabilities was primarily driven by an increase in other receivables of $68.5 million primarily related to the Bruker settlement, a decrease in accrued compensation and other related benefits of $7.8 million, a decrease in the operating lease liability of $5.0 million and a decrease in accrued expenses and other current liabilities of $2.9 million. The net cash outflow from operating assets and liabilities was partially offset by cash inflows associated with a decrease in accounts receivable of $37.9 million, a decrease in inventory of $15.1 million, an increase in accounts payable of $3.5 million and a decrease in other noncurrent assets of $2.4 million.
Previous wording
The net cash used in investing activities of $1.3 million in the three months ended March 31, 2026 was due to the purchase of marketable securities of $24.7 million and net cash paid for purchases of property and equipment of $1.6 million, partially offset by maturities of marketable securities of $25.0 million.
Current wording
The net cash used in investing activities of $2.8 million in the six months ended June 30, 2025 was due to the purchase of marketable securities of $49.4 million and purchases of property and equipment of $3.5 million, partially offset by maturities of marketable securities of $50.0 million.
Previous wording
The net cash used in financing activities of $8.4 million in the three months ended March 31, 2026 was due to the payment of contingent consideration of $8.7 million related to the Scale Bio acquisition, partially offset by proceeds related to the issuance of common stock from the exercise of stock options.
Current wording
The net cash used in financing activities of $5.4 million in the six months ended June 30, 2026 was due to the payment of contingent consideration of $8.7 million related to the Scale Bio acquisition, partially offset by proceeds related to the issuance of common stock from the exercise of stock options.
Previous wording
The net cash provided by financing activities of $0.4 million in the three months ended March 31, 2025 was primarily from proceeds related to the issuance of common stock from the exercise of stock options.
Current wording
The net cash provided by financing activities of $3.9 million in the six months ended June 30, 2025 was primarily from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The net cash used in investing activities of $9.0 million in the six months ended June 30, 2026 was due to the purchase of marketable securities of $49.3 million, net cash paid for the business combination of $6.1 million and cash paid for purchases of property and equipment of $3.2 million, partially offset by maturities of marketable securities of $50.0 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The net cash used in investing activities of $1.9 million in the three months ended March 31, 2025 was due to purchases of property and equipment.