Personalis (PSNL) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	Personalis, Inc.
Entity Central Index Key	0001527753
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		51,938,839
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38943
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5411038
Entity Address, Address Line One	6600 Dumbarton Circle
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94555
City Area Code	650
Local Phone Number	752-1300
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	PSNL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 43,981	$ 56,984
Short-term investments	51,438	57,195
Accounts receivable, net	11,345	17,730
Inventory and other deferred costs	8,767	10,474
Prepaid expenses and other current assets	4,908	4,361
Total current assets	120,439	146,744
Property and equipment, net	54,529	57,366
Operating lease right-of-use assets	17,515	17,852
Other long-term assets	2,793	3,137
Total assets	195,276	225,099
Current liabilities
Accounts payable	9,179	14,920
Accrued and other current liabilities	16,159	23,941
Contract liabilities	3,526	3,288
Short-term warrant liability	2,509	5,085
Total current liabilities	31,373	47,234
Long-term operating lease liabilities	37,434	38,321
Long-term warrant liability	2,753	4,942
Other long-term liabilities	3,022	5,161
Total liabilities	74,582	95,658
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.0001 par value - 200,000,000 shares authorized; 51,394,199 and 50,480,694 shares issued and outstanding, respectively	5	5
Additional paid-in capital	602,488	598,364
Accumulated other comprehensive loss	(125)	(222)
Accumulated deficit	(481,674)	(468,706)
Total stockholders’ equity	120,694	129,441
Total liabilities and stockholders’ equity	$ 195,276	$ 225,099

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	51,394,199	50,480,694
Common stock, shares, outstanding	51,394,199	50,480,694

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 19,525	$ 18,860
Costs and expenses
Cost of revenue	14,032	14,130
Research and development	12,771	16,573
Selling, general and administrative	11,602	14,097
Restructuring and other charges		3,885
Total costs and expenses	38,405	48,685
Loss from operations	(18,880)	(29,825)
Interest income	1,359	1,253
Interest expense	(9)	(47)
Other income (expense), net	4,569	(26)
Loss before income taxes	(12,961)	(28,645)
Provision for income taxes	7	14
Net loss	$ (12,968)	$ (28,659)
Net loss per share, basic	$ (0.26)	$ (0.61)
Net loss per share, diluted	$ (0.26)	$ (0.61)
Weighted-average shares outstanding, basic	50,678,586	46,740,270
Weighted-average shares outstanding, diluted	50,678,586	46,740,270

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTSOF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,968)	$ (28,659)
Changes in foreign currency translation adjustments:
Change during period	(29)	28
Reclassification of adjustments to net loss due to dissolution of Personalis (Shanghai) Ltd	199
Net changes in foreign currency translation adjustments	170	28
Change in unrealized gain (loss) on available-for-sale debt securities	(73)	429
Comprehensive loss	$ (12,871)	$ (28,202)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 218,139	$ 5	$ 579,456	$ (912)	$ (360,410)
Beginning balance, shares at Dec. 31, 2022		46,707,084
Restricted stock units vested, shares		67,406
Stock-based compensation	3,695		3,695
Foreign currency translation adjustment	28			28
Unrealized gain (loss) on available-for-sale debt securities	429			429
Net loss	(28,659)				(28,659)
Ending balance at Mar. 31, 2023	193,632	$ 5	583,151	(455)	(389,069)
Ending balance, shares at Mar. 31, 2023		46,774,490
Beginning balance at Dec. 31, 2023	129,441	$ 5	598,364	(222)	(468,706)
Beginning balance, shares at Dec. 31, 2023		50,480,694
Proceeds from sales of common stock under ATM facility, net of commissions	1,437		1,437
Proceeds from sales of common stock under ATM facility, net of commissions, shares		880,000
Restricted stock units vested, shares		33,505
Stock-based compensation	2,687		2,687
Foreign currency translation adjustment	170			170
Unrealized gain (loss) on available-for-sale debt securities	(73)			(73)
Net loss	(12,968)				(12,968)
Ending balance at Mar. 31, 2024	$ 120,694	$ 5	$ 602,488	$ (125)	$ (481,674)
Ending balance, shares at Mar. 31, 2024		51,394,199

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (12,968)	$ (28,659)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	2,687	3,695
Depreciation and amortization	2,837	2,781
Noncash operating lease cost	337	539
Amortization of premium (discount) on short-term investments	(723)	(390)
Noncash restructuring and other charges		1,204
Other	199	144
Changes in operating assets and liabilities
Accounts receivable	6,385	(1,460)
Inventory and other deferred costs	1,707	262
Prepaid expenses and other assets	(203)	(254)
Accounts payable	(5,637)	(1,407)
Accrued and other current liabilities	(7,836)	426
Contract liabilities	(1,593)	4,999
Operating lease liabilities	(840)	2,375
Net cash used in operating activities	(20,413)	(15,745)
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(29,095)	(21,529)
Proceeds from maturities of available-for-sale debt securities	35,500	39,100
Purchases of property and equipment	(104)	(3,778)
Net cash provided by investing activities	6,301	13,793
Cash flows from financing activities:
Proceeds from sales of common stock under ATM facility, net of commissions	1,437
Repayments of loans	(308)
Net cash provided by financing activities	1,129
Effect of exchange rates on cash, cash equivalents and restricted cash	(20)	(4)
Net change in cash, cash equivalents and restricted cash	(13,003)	(1,956)
Cash, cash equivalents and restricted cash, beginning of period	58,774	90,918
Cash, cash equivalents and restricted cash, end of period	45,771	88,962
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	43,981	87,172
Restricted cash, included in other long-term assets	1,790	1,790
Total cash, cash equivalents and restricted cash	45,771	$ 88,962
Tempus Warrants
Adjustments to reconcile net loss to net cash used in operating activities
Noncash gain related to liability	$ (4,765)

Company and Nature of Business

Company and Nature of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company and Nature of Business	Note 1. Company and Nature of Business Personalis, Inc. (the "Company" or "Personalis") develops and markets advanced cancer genomic tests and analytics for precision oncology and personalized testing. The Company also provides sequencing and data analysis services to support population sequencing initiatives. Genomic tests are sold primarily to pharmaceutical companies, biopharmaceutical companies, diagnostics companies, universities, non-profits, and government entities, while services for population sequencing initiatives are sold primarily to government entities. The principal markets for the Company’s services are in the United States and Europe. The Company is expanding its business model to offer genomic tests directly to cancer patients in a clinical setting. However, revenue generated from clinical customers was not significant for any periods presented. The Company was incorporated in Delaware in February 2011 and began operations in September 2011. The Company formed a wholly owned subsidiary, Personalis (UK) Ltd., in August 2013 and a wholly owned subsidiary, Shanghai Personalis Biotechnology Co., Ltd., which is referred to as “Personalis (Shanghai) Ltd” herein, in October 2020. The Company terminated its operations in China during 2023 and completed the process of dissolving the entity in the first quarter of 2024. Refer to Note 9 for further information. The Company operates and manages its business as one reportable operating segment, which is the sale of sequencing and data analysis services. The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including investments in product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of its equity securities and cash from operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiary, Personalis (UK) Ltd. All intercompany balances and transactions have been eliminated in consolidation. Upon dissolution of Personalis (Shanghai) Ltd during the first quarter of 2024, an accumulated foreign currency translation adjustment of $ 0.2 million was reclassified from accumulated other comprehensive loss to net loss within Other income (expense), net. The condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2024. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, revenue recognition, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of common stock warrants, provisions for income taxes, and fair value of lease right-of-use assets. Actual results could differ from these estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. At-the-Market Equity Offerings In December 2021, the Company entered into an At-the-Market ("ATM") Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) under which it may offer and sell its common stock from time to time through BTIG as its sales agent. BTIG will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay BTIG a commission of up to 3 % of the gross sales proceeds of any common stock sold under the Sales Agreement. The Company is not obligated to make any sales of common stock under the Sales Agreement. During the three months ended March 31, 2024, the Company issued and sold 0.9 million shares of its common stock under the Sales Agreement at a weighted-average price of $ 1.67 per share and received $ 1.4 million in proceeds, net of commissions. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company also invests in investment-grade debt instruments and has policy limits for the amount it can invest in any one type of security, except for securities issued or guaranteed by the U.S. government. The goals of the Company’s investment policy are as follows: preservation of principal; liquidity of investments sufficient to meet cash flow requirements; avoidance of inappropriate concentration and credit risk; competitive after-tax rate of returns; and fiduciary control of cash and investments. Under its investment policy, the Company limits the amounts invested in such securities by credit rating, maturity, investment type, and issuer. As a result, management believes that these financial instruments do not expose the Company to any significant concentrations of credit risk. The Company purchases various reagents and sequencing materials from sole source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand. The Company routinely assesses the creditworthiness of its customers and does not require collateral. Historically, the Company has not experienced significant credit losses from accounts receivable. Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows: Revenue Accounts Receivable Three Months Ended March 31, March 31, 2024 December 31, 2023 2024 2023 Natera, Inc. 41 % 50 % 52 % 36 % Moderna, Inc. 24 % * * * VA MVP * 16 % * * Pfizer Inc. * * 22 % * * Less than 10 % of revenue or accounts receivable Significant Accounting Policies As of March 31, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies” in its consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Recent Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance will be effective for the Company's annual period ending December 31, 2025. The Company is currently evaluating the impact of the new guidance on its income tax disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue From Contract With Customer [Abstract]
Revenue	Note 3. Revenue The Company disaggregates revenue by the following four customer types: • Pharma tests and services includes sales of testing services and data analytics for clinical trials and research to pharmaceutical companies in support of their drug development programs. Contracts typically contemplate a single project and involve a range of tests and analytics to fulfill the requirements of each particular project. • Enterprise sales includes sales of tumor profiling and diagnostic tests directly to another business as an input to their products. The Company is typically contracted to deliver specified tests and analytics in high volume over time. Revenue from the Company's partnership with Natera to provide advanced tumor analysis for use in Natera's molecular residual disease ("MRD") test makes up substantially all of the revenue in this category. • Population sequencing includes sales of genomic sequencing services and data analytics to support large-scale genetic research programs. The Company is typically contracted to perform whole genome sequencing and provide data that can be used for analysis across a large volume of samples. All of the revenue within this category is from the Company's partnership with the VA MVP. • Other includes sales of genomic tests and analytics to universities and non-profits. Other also includes sales of diagnostics tests ordered by healthcare providers for cancer patients. The following table presents the Company’s revenue disaggregated by customer type (in thousands): Three Months Ended March 31, 2024 2023 Pharma tests and services $ 9,812 $ 6,333 Enterprise sales 7,972 9,458 Population sequencing 1,500 3,005 Other 241 64 Total revenue $ 19,525 $ 18,860 Revenue from countries outside of the United States, based on the billing addresses of customers, represented approximately 4 % and 13 % of the Company’s revenue for the three months ended March 31, 2024 and 2023, respectively. Contract Assets and Liabilities The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented. March 31, 2024 December 31, 2023 Opening balances: Accounts receivable, net $ 17,730 $ 16,642 Short-term contract liabilities $ 3,288 $ 1,264 Long-term contract liabilities (included in other long-term liabilities) 3,928 — Total contract liabilities 7,216 1,264 Closing balances: Accounts receivable, net $ 11,345 $ 17,730 Short-term contract liabilities $ 3,526 $ 3,288 Long-term contract liabilities (included in other long-term liabilities) 2,097 3,928 Total contract liabilities 5,623 7,216 Amounts collected in advance of services being provided are deferred as contract liabilities in the condensed consolidated balance sheets. The associated revenue is recognized, and the contract liability is reduced, as the services are subsequently performed. As of March 31, 2024, amounts related to unfulfilled services under contracts with an original expected duration of more than one year was $ 4.5 million. The Company expects to recognize approximately $ 2.4 million of this amount in the next 12 months, and the remaining $ 2.1 million in the 12 months after that. Revenue recognized that was included in the contract liability balance at the beginning of each reporting period was $ 2.0 million for the three months ended March 31, 2024, and was immaterial for the three months ended March 31, 2023.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Details	Note 4. Balance Sheet Details Inventory and other deferred costs consist of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 4,975 $ 5,661 Other deferred costs 3,792 4,813 Total inventory and other deferred costs $ 8,767 $ 10,474 Property and equipment. Depreciation and amortization expense for each of the three months ended March 31, 2024 and 2023 was $ 2.8 million. Accumulated depreciation and amortization was $ 40.5 million and $ 37.7 million as of March 31, 2024 and December 31, 2023, respectively. Restricted cash. The Company’s restricted cash is pledged as collateral for a standby letter of credit related to a property lease. The balance of restricted cash was $ 1.8 million as of March 31, 2024 and December 31, 2023, and is included in other long-term assets. Accrued and other current liabilities consist of the following (in thousands): March 31, 2024 December 31, 2023 Accrued compensation $ 4,586 $ 12,816 Operating lease liabilities 7,809 7,761 Loans—current portion (Note 6) 1,654 1,646 Accrued liabilities 1,126 858 Employee ESPP contributions 579 311 Accrued taxes 50 512 Customer deposits 355 37 Total accrued and other current liabilities $ 16,159 $ 23,941

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5. Fair Value Measurements The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 765 $ — $ — $ 765 Money market funds 10,598 — — 10,598 Level 1 Commercial paper 31,063 — ( 15 ) 31,048 Level 2 U.S. government securities 1,570 — — 1,570 Level 2 Total cash and cash equivalents 43,996 — ( 15 ) 43,981 Short-term investments: U.S. government securities 51,509 — ( 71 ) 51,438 Level 2 Total short-term investments 51,509 — ( 71 ) 51,438 Total assets measured at fair value $ 95,505 $ — $ ( 86 ) $ 95,419 December 31, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 3,649 $ — $ — $ 3,649 Money market funds 14,968 — — 14,968 Level 1 Commercial paper 34,416 — ( 18 ) 34,398 Level 2 U.S. agency securities 1,985 1 — 1,986 Level 2 U.S. government securities 1,983 — — 1,983 Level 2 Total cash and cash equivalents 57,001 1 ( 18 ) 56,984 Short-term investments: Commercial paper 495 — — 495 Level 2 U.S. agency securities 1,976 — — 1,976 Level 2 U.S. government securities 54,720 7 ( 3 ) 54,724 Level 2 Total short-term investments 57,191 7 ( 3 ) 57,195 Total assets measured at fair value $ 114,192 $ 8 $ ( 21 ) $ 114,179 Marketable debt securities at March 31, 2024 have maturities due in less than 12 months. No security has been in a continuous unrealized loss position for more than 12 months and the Company does not consider any of its marketable debt securities to be impaired. Tempus Warrants The Black-Scholes option-pricing model was used to estimate fair value of the warrants issued to Tempus AI, Inc. (formerly known as Tempus Labs, Inc., and referred to herein as "Tempus") at the date of issuance, November 28, 2023, and at each subsequent balance sheet date. Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8 for further information about the warrants issued to Tempus. As of March 31, 2024 As of December 31, 2023 Expected term (in years) 0.75 - 1.75 1.00 - 2.00 Volatility 103.91 - 106.32 % 102.55 - 108.46 % Risk-free interest rate 4.70 - 5.21 % 4.23 - 4.79 % Dividend yield – % – % Total fair value of Tempus Warrants (in thousands) $ 5,262 $ 10,027 The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands): Warrant Balance—December 31, 2023 $ 10,027 Change in fair value ( 4,765 ) Balance—March 31, 2024 $ 5,262

Loans

Loans	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Loans	6. Loans Amounts outstanding under loans are as follows (in thousands): March 31, 2024 December 31, 2023 Principal $ 2,594 $ 2,904 Less: unamortized discount ( 15 ) ( 24 ) Total carrying amount 2,579 2,880 Less: current portion (included in accrued and other current liabilities) ( 1,654 ) ( 1,646 ) Long-term portion (included in other long-term liabilities) $ 925 $ 1,234 Equipment and Software Loans In April 2021, the Company entered into a secured payment agreement with a financing entity to finance the purchase of $ 2.4 million of internal use software licenses and related software maintenance from a vendor. The financing entity and vendor are not related. The Company repaid the financed amount in three equal payments of $ 0.8 million in May 2021, May 2022, and May 2023. The payment agreement was noninterest bearing and the Company concluded that such interest rate ( zero ) did not represent fair and adequate compensation to the financing entity for the use of the related funds. Accordingly, the Company approximated the rate at which it could obtain financing of a similar nature from other sources at the date of the transaction. The resulting imputed interest rate was 7 % and was used to establish the present value of the payment agreement. The discount is recognized as interest expense in the condensed consolidated statements of operations over the life of the payment agreement. The Company entered into two more secured payment agreements in April 2021 and July 2022, with the same financing entity, to finance the purchase of $ 3.1 million of computer hardware and related hardware maintenance and $ 1.3 million of internal use software licenses and related ongoing support, respectively. The Company is required to pay three equal payments of $ 1.0 million in July 2021, June 2022, and June 2023 for the first agreement, and three equal payments of $ 0.4 million in September 2022, September 2023, and September 2024 for the second agreement. The nature of these agreements and resulting accounting treatment are the same as the payment agreement described in the preceding paragraph, except the imputed interest rate was 9 % for the July 2022 agreement. Repayments are presented as financing cash outflows. Interest expense was less than $ 0.1 million for periods presented. Lab Equipment Loan In November 2023, the Company purchased lab equipment from one of its main vendors for $ 3.4 million. Extended payment terms were provided to the Company through a financial solutions partner of the vendor. Terms included a 30 % down payment and 24 equal monthly payments for the remaining balance, with such monthly payments commencing in January 2024, and no interest or financing charges. Title for the lab equipment transferred immediately upon delivery to the Company. The financial solutions partner retains a security interest until payoff is complete at the end of 2025. The purchase price for the lab equipment was equal to the cash price and thus the impact of imputing interest would have been de minimis. Repayments are presented as financing cash outflows.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Note 7. Leases In 2021, the Company entered into a noncancelable operating lease for approximately 100,000 square feet in Fremont, California used for laboratory operations and its corporate headquarters. The lease term is 13.5 years and commenced in October 2022. The Company gained early access to the premises for the purpose of constructing and installing tenant improvements, for which the landlord contributed $ 15.1 million. Such contributions were accounted for as lease incentives and are recognized as reductions to lease expense over the lease term. The lease expires at the end of March 2036 and includes two options to extend the term for a period of five-years per option at market rates. The Company determined the extension options are not reasonably certain to be exercised. The lease includes escalating rent payments. The Company has a noncancelable operating lease expiring in November 2027 for 31,280 square feet in Menlo Park, California previously used for laboratory operations and its former corporate headquarters. The lease includes escalating rent payments. In 2021, the Company expanded the leased premises by an additional 14,710 square feet of space (the “Expansion Lease”). The Expansion Lease expired at the end of December 2022 and was not extended . The Company moved all laboratory operations to the Fremont facility during the third quarter of 2023 and is actively marketing the vacated Menlo Park space for sublease. The Company has noncancelable operating leases for data center space expiring between 2025 and 2026 . The leases include renewal options that the Company determined are not reasonably certain to be exercised. Separately, the Company also has various other short-term leases. As of March 31, 2024, operating leases had a weighted-average remaining lease term of 10.3 years and a weighted-average discount rate of 10.5 %. Discount rates are based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of March 31, 2024 were as follows (in thousands): Amount 2024 (remaining nine months) $ 6,111 2025 8,057 2026 7,230 2027 7,189 2028 5,215 2029 and thereafter 42,798 Total future minimum lease payments 76,600 Less: imputed interest ( 31,357 ) Present value of future minimum lease payments 45,243 Less: current portion of operating lease liability ( 7,809 ) Long-term operating lease liabilities $ 37,434 Cash paid for operating lease liabilities, included in cash flows from operating activities in the condensed consolidated statements of cash flows, for the three months ended March 31, 2024 and 2023, was $ 2.0 million and $ 0.8 million, respectively. Components of lease costs were as follows (in thousands): Three Months Ended March 31, 2024 2023 Lease cost Operating lease cost $ 1,521 $ 1,749 Short-term lease cost 187 99 Variable lease cost 360 493 Total lease cost $ 2,068 $ 2,341

Tempus Agreement

Tempus Agreement	3 Months Ended
	Mar. 31, 2024
Tempus Agreement [Abstract]
Tempus Agreement	Note 8. Tempus Agreement Overview On November 25, 2023, the Company entered into a Commercialization and Reference Laboratory Agreement (the “Tempus Agreement”) with Tempus pursuant to which Tempus will market the Company's NeXT Personal Dx test in the United States and the Company will conduct development activities to analytically validate the test in breast cancer, lung cancer and immuno-oncology monitoring indications. The Company will perform tests ordered by patients through Tempus and the Company will bill such patients or payors. In consideration of the Company performing development activities, Tempus will pay the Company fees of up to $ 12 million (the "Market Development Fees"), consisting of an activation fee of $ 3 million, a first milestone fee of $ 3 million (upon achievement of a specified clinical validation), and a second milestone fee payable in six quarterly installments totaling $ 6 million (subject to achieving two additional clinical validations). If the Company does not achieve the second milestone by June 2024, Tempus may withhold installment payments, and Tempus will have the right to terminate the Tempus Agreement or convert it to a non-exclusive arrangement. Upon termination or conversion, the Company will refund to Tempus fees received other than the activation fee, subject to certain reductions. The Company will compensate Tempus for the fair market value of order requisition services (Tempus will enable its base of ordering providers to order the Personalis test and provide specimen collection and procurement support) and results delivery services (Tempus will provide results delivery services from test completion to report delivery) on a per-test basis. In addition, the parties will perform co-promotion activities and the Company will compensate Tempus for the fair market value of promotional and commercialization services provided by Tempus in an amount up to $ 9.6 million. The Tempus Agreement also grants Tempus access to initial and longitudinal genomic data derived from performance of the tests and Tempus will have the right to use such data. If Tempus licenses such data to a third party and Tempus recognizes revenue from such license, Tempus will pay the Company a percentage of its gross revenues attributable to such license that is in the range of 10 to 20 percent. Such revenue share shall be payable during the term of the Tempus Agreement and for 10 years thereafter. Additionally, in consideration of Tempus' obligations to the Company under the agreement, on November 28, 2023, the Company issued warrants to Tempus. See "Tempus Warrants" section further below for discussion. Pursuant to the agreement, the Company will not allow another third party to market the test in such indications and Tempus will not market another tumor-informed molecular residual disease test for use in such indications (whether its own or that of a third party), in each case subject to certain exceptions. These exclusivity obligations terminate on December 31, 2027, to the extent they do not expire earlier. In addition, each party has the right to convert the Tempus Agreement to a non-exclusive arrangement upon the occurrence of certain specified events. The term of the Tempus Agreement is five years, which may be extended for successive one-year terms. Either party may terminate the Tempus Agreement for convenience upon 18 months prior written notice. Tempus may terminate the agreement if the Company does not achieve the second milestone by a specified date. Impact of Tempus Agreement on the Financial Statements The Company had achieved the first clinical validation milestone at the time of entering the Tempus Agreement and was therefore entitled to Market Development Fees of $ 6 million, consisting of the first milestone fee of $ 3 million and the activation fee of $ 3 million. These proceeds of $ 6 million were received in 2023 and allocated to the Tempus Warrants (defined below). The remainder of Market Development Fees to be paid by Tempus—$ 6 million, payable in six quarterly installments—were not yet due as of March 31, 2024. During the three months ended March 31, 2024, co-promotion activities commenced. The Company recognized an insignificant amount of selling, general and administrative expense in connection with these activities. Except for the co-promotion activities and ongoing accounting for the Tempus Warrants (described below), there were no other activities under the Tempus Agreement that impacted the Company's condensed consolidated balance sheets or statements of operations for periods presented. Tempus Warrants In consideration of Tempus’ obligations to Personalis under the agreement, on November 28, 2023, the Company issued to Tempus (1) a warrant to purchase up to 4,609,400 shares of Personalis common stock at an exercise price per share of $ 1.50 , with an expiration date of December 31, 2024 (the “First Warrant”), and (2) a warrant to purchase up to 4,609,400 shares of Personalis common stock at an exercise price per share of $ 2.50 , with an expiration date of December 31, 2025 (the “Second Warrant” and, together with the First Warrant, the “Tempus Warrants”). The Tempus Warrants are exercisable for cash at any time prior to the applicable expiration date, may be net exercised in certain circumstances, and will be automatically net exercised in connection with a change of control of Personalis if the value ascribed to the consideration to be paid for one share of common stock is greater than the applicable exercise price. If Tempus acquires any shares of common stock directly from the Company other than by exercising the Tempus Warrants (any such shares, “Non-Warrant Shares”), then the total number of shares issuable upon exercise of the Tempus Warrants will be reduced by the Non-Warrant Shares on a share-for-share basis, proportionally between the First Warrant and the Second Warrant based on how many shares are then underlying the Tempus Warrants. Subject to limited exceptions, neither the warrants nor any interest therein may be transferred or assigned without the prior written consent of Personalis. Because the number of shares issuable upon settlement are subject to adjustment if Tempus acquires Non-Warrant Shares, the Tempus Warrants are classified as liability instruments and are subject to remeasurement at each balance sheet date, with changes in fair value recognized as Other Income (Expense) in the condensed consolidated statements of operations. Fair values of each of the two warrants are estimated using the Black-Scholes option-pricing model. See Note 5 Fair Value Measurements for discussion of inputs used in the measurements of the Tempus Warrants. Fair value of the Tempus Warrants decreased by $ 4.8 million from December 31, 2023 to March 31, 2024. The decrease in fair value resulted in a $ 4.8 million gain recognized in Other Income (Expense) in the condensed consolidated statements of operations for the three months ended March 31, 2024.

Restructuring and Other Charges

Restructuring and Other Charges	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Note 9. Restructuring and Other Charges Costs related to the Company's reductions in workforce and closure of its China operations are included within Restructuring and Other Charges in the condensed consolidated statements of operations. Restructuring In January 2023, the Company initiated a reduction in workforce to reduce operating costs and improve operating efficiency. The workforce reduction affected nearly 100 employees and was substantially completed during the first quarter of 2023. The Company recognized $ 3.1 million in one-time employee termination benefits in the first quarter of 2023 in connection with the reduction in workforce, comprising separation pay and healthcare benefits payable in cash, all of which were paid by the end of the second quarter of 2023. In December 2023, the Company initiated a second reduction in workforce to further reduce operating costs and improve operating efficiency. The workforce reduction affected approximately 60 employees and was completed during the first quarter of 2024 . The Company recognized $ 4.0 million in one-time employee termination benefits in the fourth quarter of 2023 in connection with the reduction in workforce, comprising separation pay and healthcare benefits payable in cash. Substantially all of such termination benefits were paid by the end of March 31, 2024. The Company does not expect to incur any material additional costs in connection with the reductions in workforce. Closure of China Operations During the first half of 2023, the Company terminated its operations in China with the objective of streamlining international operations and reducing operating costs. The disposal did not qualify for reporting as a discontinued operation because it did not represent a strategic shift that has or will have a major effect on our operations and financial results. The Company completed the process of dissolving the Personalis (Shanghai) Ltd entity in February 2024. Expenses of $ 0.9 million were recognized in the first quarter of 2023 in connection with closure activities, of which $ 0.3 million was related to one-time employee termination benefits for the Company's 12 former employees located in China and were payable in cash. Substantially all of the terminations were completed during the first quarter of 2023, along with the related cash outlays. The remaining $ 0.6 million in expenses were comprised primarily of noncash charges, including losses on disposal of fixed assets and impairments of other assets.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 10. Stock-Based Compensation Shares of common stock reserved for issuance under the Company’s equity incentive plans were as follows: March 31, 2024 Outstanding stock awards 9,261,193 Reserved for future award grants 5,528,052 Reserved for future ESPP 583,756 Total common stock reserved for stock awards 15,373,001 Service-Based Stock Option Activity A summary of the Company’s service-based stock option activity (excluding performance-based stock option activity, which is presented separately below) for the three months ended March 31, 2024 is as follows: Outstanding Service-Based Options (in thousands, except share and per share data) Number of Weighted- Weighted- Aggregate Balance—December 31, 2023 5,805,586 $ 7.40 6.90 $ 64 Options granted 2,400,500 1.59 Options exercised — — Options forfeited or expired ( 256,904 ) 7.60 Balance—March 31, 2024 7,949,182 $ 5.64 7.85 $ 46 Options vested and exercisable as of March 31, 2024 3,321,228 $ 9.62 5.72 $ — The weighted-average grant date fair value of options granted was $ 1.61 and $ 1.91 per share for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the unrecognized stock-based compensation cost of unvested options was $ 7.9 million, which is expected to be recognized over a weighted-average period of 2.3 years. Valuation of Service-Based Stock Options The Company estimated the fair value of service-based stock options using the Black-Scholes option-pricing model. Fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions: Three Months Ended March 31, 2024 2023 Expected term (in years) 5.50 - 6.08 5.77 Volatility 72.63 - 80.28 % 78.98 % Risk-free interest rate 3.88 - 4.33 % 3.58 % Dividend yield – % – % Performance-Based Stock Option Activity During 2024, the Company granted performance-based stock options ("PSOs") to the executive leadership team. Vesting of the PSOs is based upon attainment of certain Medicare reimbursement coverages by the end of 2025 and subject to continuous service by the executives. Fair value was estimated using the Black-Scholes option-pricing model. Total grant-date fair value of the PSOs was $ 0.3 million. A summary of the Company's performance-based stock option activity for the three months ended March 31, 2024 is as follows: Outstanding Performance-Based Options (in thousands, except share and per share data) Number of Weighted- Weighted- Aggregate Balance—December 31, 2023 — $ — — $ — Options granted 264,500 1.61 Balance—March 31, 2024 264,500 $ 1.61 9.96 $ — Options vested and exercisable as of March 31, 2024 — Restricted Stock Units ("RSU") Activity and Valuation A summary of the Company’s RSU activity for the three months ended March 31, 2024 is as follows: Unvested Restricted Stock Units (in thousands, except share and per share data) Number of Weighted- Aggregate Balance—December 31, 2023 1,253,826 $ 8.99 $ 2,633 RSUs granted — — RSUs vested ( 33,505 ) 26.87 49 RSUs forfeited ( 172,810 ) 9.45 Balance—March 31, 2024 1,047,511 $ 8.34 $ 1,561 As of March 31, 2024, the unrecognized stock-based compensation cost of unvested RSUs was $ 6.4 million, which is expected to be recognized over a weighted-average period of 1.6 years. ESPP Activity and Valuation During the three months ended March 31, 2024 and 2023, no shares of common stock were purchased under the Employee Stock Purchase Plan ("ESPP"). Additionally, no stock purchase rights were granted during either period. Stock-Based Compensation Expense The following is a summary of stock-based compensation expense by award type (in thousands): Three Months Ended March 31, 2024 2023 Service-based stock options $ 1,215 $ 1,343 Performance-based stock options 6 — RSUs 1,408 2,123 ESPP 58 229 Total stock-based compensation expense $ 2,687 $ 3,695 The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 154 $ 490 Research and development 947 1,245 Selling, general and administrative 1,586 1,960 Total stock-based compensation expense $ 2,687 $ 3,695

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. Contingencies On August 2, 2022, the Company filed a complaint in the U.S. District Court for the District of Colorado (the "District Court") against Foresight Diagnostics Inc. (“Foresight”) for infringement of four of the Company's U.S. patents. The patents are part of the Company's intellectual property portfolio relating to detection of MRD. The Company is seeking remedies including injunctive relief, damages and costs. In October 2022, Foresight filed its answer and counterclaims in the matter, seeking declaratory judgment and alleging that its solid tumor recurrence test does not infringe the Company’s asserted patents and that the claims of the Company's asserted patents are invalid and/or unenforceable. In November 2022, the Company filed its answer to Foresight’s counterclaims. The Company intends to vigorously defend against these counterclaims. Between November 2022 and February 2023, Foresight filed four inter partes review petitions with the U.S. Patent and Trademark Office ("USPTO"), seeking to invalidate the four patents. Also, in November 2022, Foresight filed a motion to stay the Company's patent infringement action in the District Court pending the resolution of the inter partes review proceedings. In January 2023, the District Court granted Foresight’s motion to stay. In June 2023, the USPTO issued decisions granting inter partes reviews of two of the patents. In August 2023, the USPTO issued decisions granting inter partes reviews of the other two patents. On June 26, 2023, the Company filed a second complaint in the District Court against Foresight for infringement of three of the Company's U.S. patents. The second suit brings the total number of patents that the Company alleges Foresight has infringed to seven. These patents also relate to the Company's intellectual property portfolio relating to detection of MRD. The Company is seeking remedies including injunctive relief, damages and costs. In September 2023, Foresight filed counterclaims in the matter, seeking declaratory judgment and alleging that its solid tumor recurrence test does not infringe the Company’s asserted patents in the Company’s second patent infringement action and that the Company’s asserted patents are invalid and/or unenforceable. The Company filed its answer to Foresight’s counterclaims in October 2023. The Company intends to vigorously defend against these counterclaims. In October 2023, Foresight filed a motion to consolidate and stay the Company’s two patent infringement actions in the District Court. In November 2023, the Company filed its opposition to Foresight’s motion to consolidate and stay the infringement actions. Also in November 2023, Foresight filed its fifth inter partes review petition with the USPTO, seeking to invalidate one of the patents involved in the second patent infringement action. In January 2024, the District Court granted Foresight’s motion to consolidate and stay the two infringement actions against Foresight. The USPTO has yet to issue a decision regarding whether it will institute an inter partes review of the fifth patent. Except for events that have already occurred, it is too early in the foregoing proceedings to predict the outcome of these proceedings, or any impact they may have on the Company. As such, the estimated financial effect associated with these proceedings cannot be made as of the date of filing of this Quarterly Report on Form 10-Q. This litigation is a significant ongoing expense with an uncertain outcome. Management believes this investment is important to protect the Company's intellectual property position, even recognizing the uncertainty of the outcome. Apart from the matter described above, the Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss concerning loss contingencies for asserted legal and other claims.

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Common Share	Note 12. Basic and Diluted Ne t Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed using net loss and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of outstanding stock options, assumed release of outstanding RSUs, assumed issuance of common stock under the ESPP, and the assumed exercise of Tempus Warrants. The Company incurred net losses in the periods presented, and as a result, potential common shares from stock options, RSUs, ESPP issuances, and the Tempus Warrants were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Net loss $ ( 12,968 ) $ ( 28,659 ) Weighted-average common shares outstanding—basic and diluted 50,678,586 46,740,270 Net loss per common share—basic and diluted $ ( 0.26 ) $ ( 0.61 ) The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive: Three Months Ended March 31, 2024 2023 Tempus Warrants 9,218,800 — Options to purchase common stock 8,213,682 7,774,911 Unvested RSUs 1,047,511 2,197,008 ESPP 408,543 453,380 Total 18,888,536 10,425,299

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiary, Personalis (UK) Ltd. All intercompany balances and transactions have been eliminated in consolidation. Upon dissolution of Personalis (Shanghai) Ltd during the first quarter of 2024, an accumulated foreign currency translation adjustment of $ 0.2 million was reclassified from accumulated other comprehensive loss to net loss within Other income (expense), net. The condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2024.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, revenue recognition, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of common stock warrants, provisions for income taxes, and fair value of lease right-of-use assets. Actual results could differ from these estimates, and such differences could be material to the Company’s consolidated financial position and results of operations.
At-the-Market Equity Offerings	At-the-Market Equity Offerings In December 2021, the Company entered into an At-the-Market ("ATM") Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) under which it may offer and sell its common stock from time to time through BTIG as its sales agent. BTIG will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay BTIG a commission of up to 3 % of the gross sales proceeds of any common stock sold under the Sales Agreement. The Company is not obligated to make any sales of common stock under the Sales Agreement. During the three months ended March 31, 2024, the Company issued and sold 0.9 million shares of its common stock under the Sales Agreement at a weighted-average price of $ 1.67 per share and received $ 1.4 million in proceeds, net of commissions.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company also invests in investment-grade debt instruments and has policy limits for the amount it can invest in any one type of security, except for securities issued or guaranteed by the U.S. government. The goals of the Company’s investment policy are as follows: preservation of principal; liquidity of investments sufficient to meet cash flow requirements; avoidance of inappropriate concentration and credit risk; competitive after-tax rate of returns; and fiduciary control of cash and investments. Under its investment policy, the Company limits the amounts invested in such securities by credit rating, maturity, investment type, and issuer. As a result, management believes that these financial instruments do not expose the Company to any significant concentrations of credit risk. The Company purchases various reagents and sequencing materials from sole source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand. The Company routinely assesses the creditworthiness of its customers and does not require collateral. Historically, the Company has not experienced significant credit losses from accounts receivable. Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows: Revenue Accounts Receivable Three Months Ended March 31, March 31, 2024 December 31, 2023 2024 2023 Natera, Inc. 41 % 50 % 52 % 36 % Moderna, Inc. 24 % * * * VA MVP * 16 % * * Pfizer Inc. * * 22 % * * Less than 10 % of revenue or accounts receivable
Significant Accounting Policies	Significant Accounting Policies As of March 31, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies” in its consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance will be effective for the Company's annual period ending December 31, 2025. The Company is currently evaluating the impact of the new guidance on its income tax disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Percentage of Revenue and Accounts Receivable from Customers	Multiple customers have provided more than 10% of total revenue in the periods presented, or accounted for more than 10% of accounts receivable at each respective balance sheet date, as follows: Revenue Accounts Receivable Three Months Ended March 31, March 31, 2024 December 31, 2023 2024 2023 Natera, Inc. 41 % 50 % 52 % 36 % Moderna, Inc. 24 % * * * VA MVP * 16 % * * Pfizer Inc. * * 22 % * * Less than 10 % of revenue or accounts receivable

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Disaggregation Of Revenue [Abstract]
Schedule of Revenue Disaggregated by Customer Type	The following table presents the Company’s revenue disaggregated by customer type (in thousands): Three Months Ended March 31, 2024 2023 Pharma tests and services $ 9,812 $ 6,333 Enterprise sales 7,972 9,458 Population sequencing 1,500 3,005 Other 241 64 Total revenue $ 19,525 $ 18,860
Schedule of Contract Assets and Liabilities	The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented. March 31, 2024 December 31, 2023 Opening balances: Accounts receivable, net $ 17,730 $ 16,642 Short-term contract liabilities $ 3,288 $ 1,264 Long-term contract liabilities (included in other long-term liabilities) 3,928 — Total contract liabilities 7,216 1,264 Closing balances: Accounts receivable, net $ 11,345 $ 17,730 Short-term contract liabilities $ 3,526 $ 3,288 Long-term contract liabilities (included in other long-term liabilities) 2,097 3,928 Total contract liabilities 5,623 7,216

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory and Other Deferred Costs	Inventory and other deferred costs consist of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 4,975 $ 5,661 Other deferred costs 3,792 4,813 Total inventory and other deferred costs $ 8,767 $ 10,474
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following (in thousands): March 31, 2024 December 31, 2023 Accrued compensation $ 4,586 $ 12,816 Operating lease liabilities 7,809 7,761 Loans—current portion (Note 6) 1,654 1,646 Accrued liabilities 1,126 858 Employee ESPP contributions 579 311 Accrued taxes 50 512 Customer deposits 355 37 Total accrued and other current liabilities $ 16,159 $ 23,941

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements	The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 765 $ — $ — $ 765 Money market funds 10,598 — — 10,598 Level 1 Commercial paper 31,063 — ( 15 ) 31,048 Level 2 U.S. government securities 1,570 — — 1,570 Level 2 Total cash and cash equivalents 43,996 — ( 15 ) 43,981 Short-term investments: U.S. government securities 51,509 — ( 71 ) 51,438 Level 2 Total short-term investments 51,509 — ( 71 ) 51,438 Total assets measured at fair value $ 95,505 $ — $ ( 86 ) $ 95,419 December 31, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 3,649 $ — $ — $ 3,649 Money market funds 14,968 — — 14,968 Level 1 Commercial paper 34,416 — ( 18 ) 34,398 Level 2 U.S. agency securities 1,985 1 — 1,986 Level 2 U.S. government securities 1,983 — — 1,983 Level 2 Total cash and cash equivalents 57,001 1 ( 18 ) 56,984 Short-term investments: Commercial paper 495 — — 495 Level 2 U.S. agency securities 1,976 — — 1,976 Level 2 U.S. government securities 54,720 7 ( 3 ) 54,724 Level 2 Total short-term investments 57,191 7 ( 3 ) 57,195 Total assets measured at fair value $ 114,192 $ 8 $ ( 21 ) $ 114,179
Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants	Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8 for further information about the warrants issued to Tempus. As of March 31, 2024 As of December 31, 2023 Expected term (in years) 0.75 - 1.75 1.00 - 2.00 Volatility 103.91 - 106.32 % 102.55 - 108.46 % Risk-free interest rate 4.70 - 5.21 % 4.23 - 4.79 % Dividend yield – % – % Total fair value of Tempus Warrants (in thousands) $ 5,262 $ 10,027
Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments	The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands): Warrant Balance—December 31, 2023 $ 10,027 Change in fair value ( 4,765 ) Balance—March 31, 2024 $ 5,262

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Amounts Outstanding	March 31, 2024 December 31, 2023 Principal $ 2,594 $ 2,904 Less: unamortized discount ( 15 ) ( 24 ) Total carrying amount 2,579 2,880 Less: current portion (included in accrued and other current liabilities) ( 1,654 ) ( 1,646 ) Long-term portion (included in other long-term liabilities) $ 925 $ 1,234 Equipment and Software Loans In April 2021, the Company entered into a secured payment agreement with a financing entity to finance the purchase of $ 2.4 million of internal use software licenses and related software maintenance from a vendor. The financing entity and vendor are not related. The Company repaid the financed amount in three equal payments of $ 0.8 million in May 2021, May 2022, and May 2023. The payment agreement was noninterest bearing and the Company concluded that such interest rate ( zero ) did not represent fair and adequate compensation to the financing entity for the use of the related funds. Accordingly, the Company approximated the rate at which it could obtain financing of a similar nature from other sources at the date of the transaction. The resulting imputed interest rate was 7 % and was used to establish the present value of the payment agreement. The discount is recognized as interest expense in the condensed consolidated statements of operations over the life of the payment agreement. The Company entered into two more secured payment agreements in April 2021 and July 2022, with the same financing entity, to finance the purchase of $ 3.1 million of computer hardware and related hardware maintenance and $ 1.3 million of internal use software licenses and related ongoing support, respectively. The Company is required to pay three equal payments of $ 1.0 million in July 2021, June 2022, and June 2023 for the first agreement, and three equal payments of $ 0.4 million in September 2022, September 2023, and September 2024 for the second agreement. The nature of these agreements and resulting accounting treatment are the same as the payment agreement described in the preceding paragraph, except the imputed interest rate was 9 % for the July 2022 agreement. Repayments are presented as financing cash outflows. Interest expense was less than $ 0.1 million for periods presented. Lab Equipment Loan In November 2023, the Company purchased lab equipment from one of its main vendors for $ 3.4 million. Extended payment terms were provided to the Company through a financial solutions partner of the vendor. Terms included a 30 % down payment and 24 equal monthly payments for the remaining balance, with such monthly payments commencing in January 2024, and no interest or financing charges. Title for the lab equipment transferred immediately upon delivery to the Company. The financial solutions partner retains a security interest until payoff is complete at the end of 2025. The purchase price for the lab equipment was equal to the cash price and thus the impact of imputing interest would have been de minimis. Repayments are presented as financing cash outflows.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments	As of March 31, 2024, operating leases had a weighted-average remaining lease term of 10.3 years and a weighted-average discount rate of 10.5 %. Discount rates are based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of March 31, 2024 were as follows (in thousands): Amount 2024 (remaining nine months) $ 6,111 2025 8,057 2026 7,230 2027 7,189 2028 5,215 2029 and thereafter 42,798 Total future minimum lease payments 76,600 Less: imputed interest ( 31,357 ) Present value of future minimum lease payments 45,243 Less: current portion of operating lease liability ( 7,809 ) Long-term operating lease liabilities $ 37,434
Components of Lease Costs	Components of lease costs were as follows (in thousands): Three Months Ended March 31, 2024 2023 Lease cost Operating lease cost $ 1,521 $ 1,749 Short-term lease cost 187 99 Variable lease cost 360 493 Total lease cost $ 2,068 $ 2,341

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Shares of Common Stock Reserved for Issuance	Shares of common stock reserved for issuance under the Company’s equity incentive plans were as follows: March 31, 2024 Outstanding stock awards 9,261,193 Reserved for future award grants 5,528,052 Reserved for future ESPP 583,756 Total common stock reserved for stock awards 15,373,001 Service-Based
Summary of Stock Option Activity	A summary of the Company’s service-based stock option activity (excluding performance-based stock option activity, which is presented separately below) for the three months ended March 31, 2024 is as follows: Outstanding Service-Based Options (in thousands, except share and per share data) Number of Weighted- Weighted- Aggregate Balance—December 31, 2023 5,805,586 $ 7.40 6.90 $ 64 Options granted 2,400,500 1.59 Options exercised — — Options forfeited or expired ( 256,904 ) 7.60 Balance—March 31, 2024 7,949,182 $ 5.64 7.85 $ 46 Options vested and exercisable as of March 31, 2024 3,321,228 $ 9.62 5.72 $ —
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options	Three Months Ended March 31, 2024 2023 Expected term (in years) 5.50 - 6.08 5.77 Volatility 72.63 - 80.28 % 78.98 % Risk-free interest rate 3.88 - 4.33 % 3.58 % Dividend yield – % – %
Summary of Restricted Stock Units Activity	A summary of the Company’s RSU activity for the three months ended March 31, 2024 is as follows: Unvested Restricted Stock Units (in thousands, except share and per share data) Number of Weighted- Aggregate Balance—December 31, 2023 1,253,826 $ 8.99 $ 2,633 RSUs granted — — RSUs vested ( 33,505 ) 26.87 49 RSUs forfeited ( 172,810 ) 9.45 Balance—March 31, 2024 1,047,511 $ 8.34 $ 1,561
Stock Based Compensation Expense by Award Type and Function	The following is a summary of stock-based compensation expense by award type (in thousands): Three Months Ended March 31, 2024 2023 Service-based stock options $ 1,215 $ 1,343 Performance-based stock options 6 — RSUs 1,408 2,123 ESPP 58 229 Total stock-based compensation expense $ 2,687 $ 3,695 The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 154 $ 490 Research and development 947 1,245 Selling, general and administrative 1,586 1,960 Total stock-based compensation expense $ 2,687 $ 3,695
2019 Employee Stock Purchase Plan | Performance-Based Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company's performance-based stock option activity for the three months ended March 31, 2024 is as follows: Outstanding Performance-Based Options (in thousands, except share and per share data) Number of Weighted- Weighted- Aggregate Balance—December 31, 2023 — $ — — $ — Options granted 264,500 1.61 Balance—March 31, 2024 264,500 $ 1.61 9.96 $ — Options vested and exercisable as of March 31, 2024 —

Basic and Diluted Net Loss Pe_2

Basic and Diluted Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Net loss $ ( 12,968 ) $ ( 28,659 ) Weighted-average common shares outstanding—basic and diluted 50,678,586 46,740,270 Net loss per common share—basic and diluted $ ( 0.26 ) $ ( 0.61 )
Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share	The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive: Three Months Ended March 31, 2024 2023 Tempus Warrants 9,218,800 — Options to purchase common stock 8,213,682 7,774,911 Unvested RSUs 1,047,511 2,197,008 ESPP 408,543 453,380 Total 18,888,536 10,425,299

Company and Nature of Business

Company and Nature of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of stock		$ 1,437
Reclassified accumulated foreign currency translation adjustment		$ 200
Common Stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued		880,000
At Market Sales Agreement
Summary Of Significant Accounting Policies [Line Items]
Commission percentage of sale proceeds from common stock	3%
Proceeds from sale of stock		$ 1,400
At Market Sales Agreement | Common Stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued		900,000
Weighted-average stock price		$ 1.67

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Percentage of Revenue and Accounts Receivables from Customers (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue | Natera Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	41%	50%
Revenue | Moderna Inc
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	24%
Revenue | VA MVP
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		16%
Accounts Receivable | Natera Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	52%		36%
Accounts Receivable | Pfizer Inc.
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	22%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Percentage of Revenue and Accounts Receivables from Customers (Parenthetical) (Details) - Maximum - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2024
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10%
Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10%

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated by Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 19,525	$ 18,860
Pharma Tests and Services
Disaggregation Of Revenue [Line Items]
Revenue	9,812	6,333
Enterprise Sales
Disaggregation Of Revenue [Line Items]
Revenue	7,972	9,458
Population Sequencing
Disaggregation Of Revenue [Line Items]
Revenue	1,500	3,005
Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 241	$ 64

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue From Contract With Customer [Abstract]
Accounts receivable, net	$ 17,730	$ 16,642
Short-term contract liabilities	3,288	1,264
Long-term contract liabilities (included in other long-term liabilities)	3,928
Total contract liabilities	7,216	1,264
Accounts receivable, net	11,345	17,730
Short-term contract liabilities	3,526	3,288
Long-term contract liabilities (included in other long-term liabilities)	2,097	3,928
Total contract liabilities	$ 5,623	$ 7,216

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Contract liability, revenue recognized	$ 2
Contract with customer unsatisfied services	$ 4.5
Revenue performance obligation unsatisfied service, period	unfulfilled services under contracts with an original expected duration of more than one year
Customer Concentration Risk | Revenues | Maximum | Significant Customers | Outside of United States
Disaggregation Of Revenue [Line Items]
Revenue	4%	13%

Revenue - Additional Informat_2

Revenue - Additional Information (Details 1) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 2.4
Remaining performance obligation, expected time of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 2.1
Remaining performance obligation, expected time of satisfaction	12 months

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventory and Other Deferred Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory And Other Deferred Costs [Abstract]
Raw materials	$ 4,975	$ 5,661
Other deferred costs	3,792	4,813
Total inventory and other deferred costs	$ 8,767	$ 10,474

Balance Sheet Details - Additio

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Statement [Abstract]
Depreciation and amortization expense	$ 2,837	$ 2,781
Accumulated depreciation and amortization	40,500		$ 37,700
Restricted cash, included in other long-term assets	$ 1,790	$ 1,790	$ 1,800

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 4,586	$ 12,816
Operating lease liabilities	$ 7,809	$ 7,761
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Loans—current portion (Note 6)	$ 1,654	$ 1,646
Accrued liabilities	1,126	858
Employee ESPP contributions	579	311
Accrued taxes	50	512
Customer deposits	355	37
Total accrued and other current liabilities	$ 16,159	$ 23,941

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Cash and cash equivalents, Adjusted Cost	$ 43,981	$ 56,984	$ 87,172
Fair Value Measurements Recurring
Assets
Assets, Adjusted Cost	95,505	114,192
Assets, Unrealized Gains		8
Assets, Unrealized Losses	(86)	(21)
Assets, Fair Value	95,419	114,179
Cash and cash equivalents, Adjusted Cost	43,996	57,001
Cash and cash equivalents, Unrealized Gains		1
Cash and cash equivalents, Unrealized Losses	(15)	(18)
Cash and cash equivalents, Fair Value	43,981	56,984
Fair Value Measurements Recurring | Short-term Investments
Assets
Investments, Adjusted Cost	51,509	57,191
Investments, Unrealized Gains		7
Investments, Unrealized Losses	(71)	(3)
Investments, Fair Value	51,438	57,195
Fair Value Measurements Recurring | Cash
Assets
Cash and cash equivalents, Adjusted Cost	765	3,649
Cash and cash equivalents, Fair Value	765	3,649
Fair Value Measurements Recurring | Money Market Funds | Level 1
Assets
Cash and cash equivalents, Adjusted Cost	10,598	14,968
Cash and cash equivalents, Fair Value	10,598	14,968
Fair Value Measurements Recurring | Commercial Paper | Level 2
Assets
Cash and cash equivalents, Adjusted Cost		34,416
Cash and cash equivalents, Unrealized Losses		(18)
Cash and cash equivalents, Fair Value		34,398
Fair Value Measurements Recurring | Commercial Paper | Level 2 | Short-term Investments
Assets
Investments, Adjusted Cost		495
Investments, Unrealized Losses	(15)
Investments, Fair Value		495
Cash and cash equivalents, Adjusted Cost	31,063
Cash and cash equivalents, Fair Value	31,048
Fair Value Measurements Recurring | U.S. Government Securities | Level 2
Assets
Cash and cash equivalents, Adjusted Cost	1,570	1,983
Cash and cash equivalents, Fair Value	1,570	1,983
Fair Value Measurements Recurring | U.S. Government Securities | Level 2 | Short-term Investments
Assets
Investments, Adjusted Cost	51,509	54,720
Investments, Unrealized Gains		7
Investments, Unrealized Losses	(71)	(3)
Investments, Fair Value	$ 51,438	54,724
Fair Value Measurements Recurring | U.S. Agency Securities | Level 2
Assets
Cash and cash equivalents, Unrealized Gains		1
Fair Value Measurements Recurring | U.S. Agency Securities | Level 2 | Short-term Investments
Assets
Investments, Adjusted Cost		1,976
Investments, Fair Value		1,976
Cash and cash equivalents, Adjusted Cost		1,985
Cash and cash equivalents, Fair Value		$ 1,986

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized loss position for 12 months or greater on security	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants (Details) - Tempus Warrants - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of Tempus Warrants (in thousands)	$ 5,262	$ 10,027
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)	9 months	1 year
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected term (in years)	1 year 9 months	2 years
Volatility | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	103.91	102.55
Volatility | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	106.32	108.46
Risk-free Interest Rate | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	4.7	4.23
Risk-free Interest Rate | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	5.21	4.79
Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants measurement input	0	0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - Level 3 - Warrant Liability $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance	$ 10,027
Change in fair value	(4,765)
Balance	$ 5,262

Loans - Additional Information

Loans - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Nov. 30, 2023 USD ($) Payment	Jul. 31, 2022 USD ($) Payment	Apr. 30, 2021 USD ($) Payment	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lab Equipment Loan
Debt Disclosure [Line Items]
Principal amount	$ 3,400
Number of equal payments | Payment	24
Percentage of down payment	30%
Debt instrument, periodic payment	monthly
Payment Agreement with Financing Entity
Debt Disclosure [Line Items]
Principal amount				$ 2,594	$ 2,904
Payment Agreement with Financing Entity | Maximum
Debt Disclosure [Line Items]
Interest expense				$ 100
Payment Agreement with Financing Entity | Equipment and Software Loans
Debt Disclosure [Line Items]
Principal amount		$ 1,300	$ 2,400
Number of equal payments | Payment		3	3
Noninterest bearing rate			0%
Imputed interest rate		9%	7%
Payment Agreement with Financing Entity | Computer Equipment
Debt Disclosure [Line Items]
Principal amount			$ 3,100
Number of equal payments | Payment			3
Payment Agreement with Financing Entity | May 2021 | Equipment and Software Loans
Debt Disclosure [Line Items]
Payment of debt			$ 800
Payment Agreement with Financing Entity | May 2022 | Equipment and Software Loans
Debt Disclosure [Line Items]
Payment of debt			800
Payment Agreement with Financing Entity | May 2023 | Equipment and Software Loans
Debt Disclosure [Line Items]
Payment of debt			800
Payment Agreement with Financing Entity | July 2021 | Computer Equipment
Debt Disclosure [Line Items]
Payment of debt			1,000
Payment Agreement with Financing Entity | June 2022 | Computer Equipment
Debt Disclosure [Line Items]
Payment of debt			1,000
Payment Agreement with Financing Entity | June 2023 | Computer Equipment
Debt Disclosure [Line Items]
Payment of debt			$ 1,000
Payment Agreement with Financing Entity | September 2022 | Equipment and Software Loans
Debt Disclosure [Line Items]
Payment of debt		$ 400
Payment Agreement with Financing Entity | September 2023 | Equipment and Software Loans
Debt Disclosure [Line Items]
Payment of debt		400
Payment Agreement with Financing Entity | September 2024 | Equipment and Software Loans
Debt Disclosure [Line Items]
Payment of debt		$ 400

Loans - Schedule of Amounts Out

Loans - Schedule of Amounts Outstanding (Details) - Payment Agreement with Financing Entity - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Line Items]
Principal	$ 2,594	$ 2,904
Less: unamortized discount	(15)	(24)
Total carrying amount	2,579	2,880
Less: current portion (included in accrued and other current liabilities)	(1,654)	(1,646)
Long-term portion (included in other long-term liabilities)	$ 925	$ 1,234

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) ft²
Lessee Lease Description [Line Items]
Area of office space | ft²	31,280		14,710
Lease expiration month and year	2027-11		2022-12
Operating lease, existence of option to extend			false
Operating lease, option to extend			not extended
Operating leases, weighted-average remaining lease term	10 years 3 months 18 days
Operating leases, weighted-average discount rate	10.50%
Cash paid for operating lease liabilities | $	$ 2	$ 0.8
Minimum
Lessee Lease Description [Line Items]
Lease Expiration Year	2025
Maximum
Lessee Lease Description [Line Items]
Lease Expiration Year	2026
Laboratory Operations and its New Corporate Headquarters
Lessee Lease Description [Line Items]
Area of office space | ft²			100,000
Lease expiration month and year			2036-03
Operating lease, existence of option to extend			true
Operating lease, option to extend	two options to extend the term for a period of five-years
Operating lease option to extend term			5 years
Lease term			13 years 6 months
Operating lease landlord agreed to contribution amount, approximate | $			$ 15.1

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining nine months)	$ 6,111
2025	8,057
2026	7,230
2027	7,189
2028	5,215
2029 and thereafter	42,798
Total future minimum lease payments	76,600
Less: imputed interest	(31,357)
Present value of future minimum lease payments	45,243
Less: current portion of operating lease liability	(7,809)	$ (7,761)
Long-term operating lease liabilities	$ 37,434	$ 38,321

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease cost
Operating lease cost	$ 1,521	$ 1,749
Short-term lease cost	187	99
Variable lease cost	360	493
Total lease cost	$ 2,068	$ 2,341

Tempus Agreement (Additional In

Tempus Agreement (Additional Information) (Details) - Tempus Agreement $ / shares in Units, $ in Millions		3 Months Ended
	Nov. 25, 2023 USD ($)	Mar. 31, 2024 USD ($) Warrants	Nov. 28, 2023 $ / shares shares
Tempus Agreement [LineItems]
Market Development Fees		$ 6
Activation fees	$ 3	3
First milestone payments upon achievement of specified clinical validations	3
Second milestone fees payable subject to achieving two additial clinical validations	6
Fair market value of promotional and commercialization services	9.6
First Milestone Fee		$ 3
Number of warrants | Warrants		2
Decrease in fair value of warrants		$ (4.8)
Maximum
Tempus Agreement [LineItems]
Market Development Fees	$ 12
Percentage of its gross revenues attributable to such license	20%
Minimum
Tempus Agreement [LineItems]
Percentage of its gross revenues attributable to such license	10%
Other Nonoperating Income (Expense)
Tempus Agreement [LineItems]
Warrant gain recognized		4.8
Tempus Warrants
Tempus Agreement [LineItems]
Proceeds from issuance of warrants		6
Market development fees payable		$ 6
Warrant exercise price per share | $ / shares			$ 2.5
Warrant expiration date			Dec. 31, 2025
Tempus Warrants | Maximum
Tempus Agreement [LineItems]
Warrant issued to purchase stock | shares			4,609,400
First Warrant
Tempus Agreement [LineItems]
Warrant exercise price per share | $ / shares			$ 1.5
Warrant expiration date			Dec. 31, 2024
First Warrant | Maximum
Tempus Agreement [LineItems]
Warrant issued to purchase stock | shares			4,609,400

Restructuring and Other Charg_2

Restructuring and Other Charges - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2023 USD ($) Employees	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) Employees
Restructuring Cost and Reserve [Line Items]
Restructuring expenses recognized			$ 3,885
Restructuring completed date	Mar. 31, 2024
Number of employees affected in workforce reduction | Employees			100
Non-cash charges, disposals of fixed assets and impairment of other assets		$ 600
Expected number of employees affect in workforce reduction | Employees	60
One-time Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expenses recognized			$ 3,100
Restructuring expenses recognized	$ 4,000
CHINA
Restructuring Cost and Reserve [Line Items]
Restructuring expenses recognized			$ 900
Number of employees eligible for separation pay | Employees			12
CHINA | One-time Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expenses recognized			$ 300

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Shares of Common Stock Available for Issuance (Details)	Mar. 31, 2024 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding stock awards	9,261,193
Reserved for future award grants	5,528,052
Reserved for future ESPP	583,756
Total common stock reserved for stock awards	15,373,001

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2011 Plan, 2019 Plan and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Number of Shares, Beginning Balance	5,805,586
Outstanding Options, Number of Shares, granted	2,400,500
Outstanding Options, Number of Shares, forfeited or expired	(256,904)
Outstanding Options, Number of Shares, Ending Balance	7,949,182	5,805,586
Options vested and exercisable, Number of Shares	3,321,228
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance	$ 7.40
Outstanding Options, Weighted-Average Exercise Price, granted	1.59
Outstanding Options, Weighted-Average Exercise Price, forfeited or expired	7.60
Outstanding Options, Weighted-Average Exercise Price, Ending Balance	5.64	$ 7.40
Options vested and exercisable, Weighted-Average Exercise Price	$ 9.62
Outstanding Options, Weighted-Average Remaining Contractual Term (in years)	7 years 10 months 6 days	6 years 10 months 24 days
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years)	5 years 8 months 19 days
Outstanding Options, Aggregate Intrinsic Value	$ 46	$ 64
Performance-Based Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Number of Shares, granted	264,500
Outstanding Options, Number of Shares, Ending Balance	264,500
Outstanding Options, Weighted-Average Exercise Price, granted	$ 1.61
Outstanding Options, Weighted-Average Exercise Price, Ending Balance	$ 1.61
Outstanding Options, Weighted-Average Remaining Contractual Term (in years)	9 years 11 months 15 days

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted	$ 1.61	$ 1.91
Unrecognized stock-based compensation cost of unvested options	$ 7.9
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period	2 years 3 months 18 days
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares purchased	0	0
Number of shares, grants for stock purchase rights	0	0
Performance-Based Stock Option | 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 0.3
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period	1 year 7 months 6 days
Unrecognized stock-based compensation cost of unvested RSUs	$ 6.4

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Weighted-average Assumptions Used in Determination of Fair Value of Service-Based Stock Options (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		5 years 9 months 7 days
Volatility, minimum	72.63%
Volatility		78.98%
Volatility, maximum	80.28%
Risk-free interest rate, minimum	3.88%
Risk-free interest rate		3.58%
Risk-free interest rate, maximum	4.33%
Dividend yield	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units - 2019 Plan and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Restricted Stock Units, Number of Shares, Beginning Balance	1,253,826
Unvested Restricted Stock Units, Number of Shares, vested	(33,505)
Unvested Restricted Stock Units, Number of Shares, forfeited	(172,810)
Unvested Restricted Stock Units, Number of Shares, Ending Balance	1,047,511
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Beginning Balance	$ 8.99
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, vested	26.87
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, forfeited	9.45
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Ending Balance	$ 8.34
Unvested Restricted Stock Units, Aggregate Fair Value	$ 1,561	$ 2,633
Restricted Stock Units, Aggregate Fair Value, vested	$ 49

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,687	$ 3,695
Service-based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,215	1,343
Performance-based stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	6
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,408	2,123
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 58	$ 229

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,687	$ 3,695
Costs of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	154	490
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	947	1,245
Selling, general, and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,586	$ 1,960

Basic and Diluted Net Loss Pe_3

Basic and Diluted Net Loss Per Common Share - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (12,968)	$ (28,659)
Weighted-average common shares outstanding-basic	50,678,586	46,740,270
Weighted-average common shares outstanding-diluted	50,678,586	46,740,270
Net loss per common share-basic	$ (0.26)	$ (0.61)
Net loss per common share-diluted	$ (0.26)	$ (0.61)

Basic and Diluted Net Loss Pe_4

Basic and Diluted Net Loss Per Common Share - Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	18,888,536	10,425,299
Tempus Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	9,218,800
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	8,213,682	7,774,911
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	1,047,511	2,197,008
ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share	408,543	453,380