CareDx, Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
CDNA$78.56+2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001217234-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001217234-25-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 115 previous paragraphs and 120 current paragraphs.
53 unchanged; 31 reworded; 28 added; 31 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (28)
Current report
•Reported revenue of $86.7 million including a negative $3.8 million adjustment associated with tests performed in prior periods
Current report
•Testing services revenue of $62.0 million, a decrease of 13% year-over-year
Current report
•Testing services volume of 49,500 increased 13% year-over-year
Current report
•Net loss of $8.6 million, compared to a net loss of $4.6 million in the second quarter of 2024
Current report
*Percentage not meaningful
Current report
Testing services revenue decreased by $8.9 million, or (13)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to: (i) higher collections resulting in positive revenue adjustments recognized during the three months ended June 30, 2024 under ASC 606 related to specific tests performed in earlier periods, and (ii) lower collections recognized during the three months ended June 30, 2025 related to tests performed in earlier periods. Excluding the impact of these items, testing services revenue increased by 14%, which is mainly due to the growth in testing volume during the three months ended June 30, 2025.
Current report
Cost of product decreased by $1.3 million, or (21)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers.
Current report
Research and development expenses decreased by $2.9 million, or (15)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in clinical trials expense of $1.2 million, a decrease in personnel-related costs of $1.0 million and a decrease in consulting expense of $0.6 million.
Current report
Sales and marketing expenses increased by $3.3 million, or 16%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to an increase in personnel-related costs of $1.1 million, an increase in consulting expense of $1.4 million, and an increase in marketing expense of $1.0 million.
Current report
Litigation settlement expense increased by $0.4 million for the three months ended June 30, 2025, compared to the same period in 2024. The increase is due to litigation settlement expense incurred during the three months ended June 30, 2025.
Current report
Income tax benefit (expense)
Current report
Comparison of the Six Months Ended June 30, 2025 and 2024
Current report
*Percentage not meaningful
Current report
Testing services revenue
Current report
Testing services revenue decreased by $0.8 million, or (1)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to: (i) higher collections resulting in positive revenue adjustments recognized during the six months ended June 30, 2024 under ASC 606 related to specific tests performed in earlier periods, and (ii) lower collections recognized during the six months ended June 30, 2025 related to tests performed in earlier periods. Excluding the impact of these items, testing services revenue increased by 20%, which is mainly due to the growth in testing volume during the six months ended June 30, 2025.
Current report
Product revenue
Current report
Patient and digital solutions revenue
Current report
Cost of testing services
Current report
Cost of product
Current report
Cost of product decreased by $1.1 million, or (9)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to improved manufacturing efficiencies and lower costs resulting from favorable pricing terms negotiated with key manufacturers.
Current report
Research and development
Current report
Sales and marketing
Current report
General and administrative
Current report
General and administrative expenses decreased by $10.6 million, or (17)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in stock-based compensation expense of $12.1 million, partially offset by an increase in consulting expense of $1.9 million related to one-time transformational initiative costs.
Current report
Litigation settlement expense
Current report
Interest income, net
Current report
Other income (expense), net
Current report
Stock Repurchase Programs
Removed paragraphs (31)
Previous report
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Previous report
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,” “would,” “project,” “plan,” “target,” "contemplate," “predict,” “expect” and the negative and plural forms of these words and similar expressions are intended to identify forward-looking statements.
Previous report
“CareDx” or the “Company” or “we” or “us” or “our” as used in the Quarterly Report on Form 10-Q refer to CareDx, Inc. and its subsidiaries.
Previous report
These forward-looking statements may include, but are not limited to, statements concerning the following:
Previous report
•our ability to generate revenue and increase the commercial success of our current and future testing services, products and patient and digital solutions;
Previous report
•our ability to obtain, maintain and expand reimbursement coverage from payers for our current and other future testing services, if any;
Previous report
•our plans and ability to continue updating our testing services, products and patient and digital solutions to maintain our leading position in transplantation;
Previous report
•the outcome or success of our clinical trial collaborations and registry studies;
Previous report
•the favorable review of our testing services and product offerings, and our future solutions, if any, in peer-reviewed publications;
Previous report
•our ability to obtain additional financing on terms favorable to us, or at all;
Previous report
•our anticipated cash needs and our anticipated uses of our funds, including our estimates regarding operating expenses and capital requirements;
Previous report
•anticipated trends and challenges in our business and the markets in which we operate;
Previous report
•our dependence on certain of our suppliers, service providers and other distribution partners;
Previous report
•disruptions to our business, including disruptions at our laboratories and manufacturing facilities;
Previous report
•our ability to retain key members of our management team;
Previous report
•our ability to make successful acquisitions or investments and to manage the integration of such acquisitions or investments;
Previous report
•our ability to expand internationally;
Previous report
•our compliance with federal, state and foreign regulatory requirements;
Previous report
•our ability to protect and enforce our intellectual property rights, our strategies regarding filing additional patent applications to strengthen our intellectual property rights, and our ability to defend against intellectual property claims that may be brought against us;
Previous report
•our ability to successfully assert, defend against or settle any litigation brought by or against us or other legal matters or disputes;
Previous report
•our ability to remediate the material weakness in our internal control over financial reporting as of December 31, 2024; and
Previous report
•our ability to comply with the requirements of being a public company.
Previous report
These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially and adversely from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
Previous report
You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations.
Previous report
You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed with the SEC as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. We qualify all forward-looking statements by these cautionary statements.
Previous report
•Reported first quarter revenue of $84.7 million, increased 18% year-over-year
Previous report
•Testing services revenue of $61.9 million, increased 15% year-over-year, and testing services volume of approximately 47,100, increased 12% year-over-year
Previous report
•GAAP net loss of $10.4 million, a significant improvement from the first quarter 2024
Previous report
Testing services revenue increased by $8.1 million, or 15%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase is primarily driven by testing services volume growth of 12% across all organs.
Previous report
Income tax (expense) benefit
Previous report
Stock Repurchase Program
Reworded paragraphs (31)
Previous wording
Our commercially available testing services consist of AlloSure® Kidney, a donor-derived cell-free DNA, or dd-cfDNA, solution for kidney transplant patients, AlloMap® Heart, a gene expression solution for heart transplant patients, AlloSure® Heart, a dd-cfDNA solution for heart transplant patients, HeartCare, the combined used of AlloMap Heart and AlloSure Heart, and AlloSure® Lung, a dd-cfDNA solution for lung transplant patients. We have initiated several clinical studies to generate data on our existing and planned future testing services. We have signed multiple biopharma research partnerships for AlloCell, a surveillance solution that monitors the level of engraftment and persistence of allogeneic cells for patients who have received cell therapy. We also offer high-quality products that increase the chance of successful transplants by facilitating a better match between a donor and a recipient of stem cells and organs. We also provide digital solutions to transplant centers and various offerings in patient and digital solutions.
Current wording
Our commercially available post-transplant testing services consist of AlloSure® Kidney, a donor-derived cell-free DNA, or dd-cfDNA, solution for kidney transplant patients, AlloMap® Heart, a gene expression profiling solution for heart transplant patients, AlloSure® Heart, a dd-cfDNA solution for heart transplant patients, HeartCare, the combined use of AlloMap Heart and AlloSure Heart, and AlloSure® Lung, a dd-cfDNA solution for lung transplant patients. We have initiated several clinical studies to generate data on our existing and planned future testing services. We have signed multiple biopharma research partnerships for AlloCell, a surveillance solution that monitors the level of engraftment and persistence of allogeneic cells for patients who have received cell therapy. We also offer high-quality products in the pre-transplant space that increase the chance of successful transplants by facilitating a better match between a donor and a recipient of stem cells and organs. We also provide digital transplant solutions and various offerings that help transplant centers with patient management, outcomes quality and operational support.
Previous wording
•Cash, cash equivalents and marketable securities of $230.9 million, with no debt, as of March 31, 2025
Current wording
•Cash, cash equivalents and marketable securities of $186 million as of June 30, 2025, net of $50 million share repurchase carried out during the quarter; no debt as of June 30, 2025
Previous wording
Our testing services revenue is derived from AlloSure Kidney, AlloMap Heart, AlloSure Heart and AlloSure Lung tests, which represented 73% of our total revenue for the three months ended March 31, 2025 and 75% of our total revenue for the three months ended March 31, 2024. Our testing services revenue depends on a number of factors, including (i) the number of tests performed; (ii) establishment of coverage policies by third-party insurers and government payers; (iii) our ability to collect from payers with whom we do not have positive coverage determination, which often requires that we pursue a case-by-case appeals process; (iv) our ability to recognize revenues on tests billed prior to the establishment of reimbursement policies, contracts or payment histories; and (v) how quickly we can successfully commercialize new product offerings.
Current wording
Our testing services revenue is derived from AlloSure Kidney, AlloMap Heart, AlloSure Heart and AlloSure Lung tests, which represented 72% of our total revenue for each of the three and six months ended June 30, 2025, and 77% and 76% of our total revenue for the three and six months ended June 30, 2024, respectively. Our testing services revenue depends on a number of factors, including (i) the number of tests performed; (ii) establishment of coverage policies by third-party insurers and government payers; (iii) our ability to collect from payers with whom we do not have positive coverage determination, which often requires that we pursue a case-by-case appeals process; (iv) our ability to recognize revenues on tests billed prior to the establishment of reimbursement policies, contracts or payment histories; and (v) how quickly we can successfully commercialize new product offerings.
Previous wording
Our product revenue is derived primarily from sales of AlloSeq Tx, Olerup SSP and QTYPE products. Product revenue represented 13% of our total revenue for the three months ended March 31, 2025 and 12% of our total revenue for the three months ended March 31, 2024. We recognize product revenue from the sale of products to end-users, distributors and strategic partners when all revenue recognition criteria are satisfied. We generally have a contract or a purchase order from a customer with the specified required terms of order, including the number of products ordered. Transaction prices are determinable and products are delivered and risk of loss passed to the customer upon either shipping or delivery, as per the terms of the agreement. There are no further performance obligations related to a contract and revenue is recognized at the point of delivery consistent with the terms of the contract or purchase order.
Current wording
12% of our total revenue for the three and six months ended June 30, 2024, respectively. We recognize product revenue from the sale of products to end-users, distributors and strategic partners when all revenue recognition criteria are satisfied. We generally have a contract or a purchase order from a customer with the specified required terms of order, including the number of products ordered. Transaction prices are determinable and products are delivered and risk of loss passed to the customer upon either shipping or delivery, as per the terms of the agreement. There are no further performance obligations related to a contract and revenue is recognized at the point of delivery consistent with the terms of the contract or purchase order.
Previous wording
Our patient and digital solutions revenue is mainly derived from sales of our Ottr software, XynQAPI, MedActionPlan, mTilda (HLA Data Systems), MediGO, TransChart and Tx Access licenses, services and SaaS agreements across the digital portfolio, as well as our pharmacy sales at TTP. Patient and digital solutions revenue represented 14% of total revenue for the three months ended March 31, 2025 and 13% of our total revenue for the three months ended March 31, 2024.
Current wording
Our patient and digital solutions revenue is mainly derived from sales of our Ottr software, XynQAPI, MedActionPlan, mTilda (HLA Data Systems), MediGO, TransChart and Tx Access licenses, services and SaaS agreements across the digital portfolio, as well as our pharmacy sales at The Transplant Pharmacy, or TTP. Patient and digital solutions revenue represented 15% and 14% of total revenue for the three and six months ended June 30, 2025, respectively, and 12% of our total revenue for each of the three and six months ended June 30, 2024.
Previous wording
The growth of our patient and digital revenues is tied to the continued successful implementation of our Ottr, MedActionPlan and XynQAPI software businesses, as well as continued support and maintenance of existing MedActionPlan, Ottr and XynManagement customers. The Ottr software, TransChart, Tx Access and XynQAPI are currently implemented in multiple locations in the U.S. The Ottr software implementation and XynQAPI implementation and support teams are based in Omaha, Nebraska. In addition, patient solutions offered by TTP in Flowood, Mississippi include hospital-affiliated pharmacies located on-site at the transplant center and specialty pharmacies that provide transplant-specific care and dispensing services. Additionally, with HLA Data Systems, we are able to support HLA laboratories in managing their day-to-day workflow and with MediGO, we are able to serve the organ procurement market for organ logistical needs.
Current wording
The growth of our patient and digital revenues is tied to the continued successful implementation of our Ottr, MedActionPlan and XynQAPI software businesses, as well as continued support and maintenance of existing MedActionPlan, Ottr and XynManagement customers. The Ottr software, TransChart, Tx Access and XynQAPI are currently implemented in multiple locations in the United States. The Ottr software implementation and XynQAPI implementation and support teams are based in Omaha, Nebraska. In addition, patient solutions offered by TTP in Flowood, Mississippi include hospital-affiliated pharmacies located on-site at the transplant center and specialty pharmacies that provide transplant-specific care and dispensing services. Additionally, with HLA Data Systems, we are able to support HLA laboratories in managing their day-to-day workflow and with MediGO, we are able to serve the organ procurement market for organ logistical needs.
Previous wording
Product revenue increased by $2.2 million, or 26%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase is primarily due to higher sales of our commercial NGS-based kitted solutions.
Current wording
Product revenue increased by $1.2 million, or 12%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to higher sales of our commercial NGS-based kitted solutions.
Previous wording
Patient and digital solutions revenue increased by $2.3 million, or 24%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase was mainly driven by our digital solutions, primarily Ottr software and higher pharmacy sales.
Current wording
Patient and digital solutions revenue increased by $2.1 million, or 19%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase was mainly driven by our digital solutions, primarily Ottr software and higher pharmacy sales.
Previous wording
Cost of testing services increased by $1.5 million, or 11%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase is attributed to higher testing services volume offset in part by efficiency measures to lower laboratory expenses.
Current wording
Cost of testing services increased by $1.1 million, or 8%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses.
Previous wording
Cost of patient and digital solutions increased by $0.8 million, or 11%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase is primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Current wording
Cost of patient and digital solutions increased by $0.9 million, or 12%, for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Previous wording
General and administrative expenses decreased by $7.4 million, or (24)%, for the three months ended March 31, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in stock-based compensation expense of $6.4 million and a decrease in legal expense of $2.0 million, offset by an increase in personnel-related costs of $1.4 million.
Current wording
General and administrative expenses decreased by $3.2 million, or (10)%, for the three months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in stock-based compensation expense of $5.6 million, partially offset by an increase in consulting expense of $1.9 million related to one-time transformational initiative costs and an increase in software expense of $0.6 million.
Previous wording
Interest income, net decreased by $0.1 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to a decrease in cash, cash equivalents, and marketable securities.
Current wording
Interest income, net decreased by $0.5 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in cash and cash equivalents and marketable securities.
Previous wording
Other income (expense), net increased by $0.6 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to an increase in foreign exchange gains.
Current wording
Other income (expense), net increased by $0.2 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase in foreign exchange gains.
Previous wording
Income tax (expense) benefit decreased by $0.1 million for the three months ended March 31, 2025, compared to the same period in 2024. The decrease is primarily attributable to a change in mixed profit (loss) across jurisdictions.
Current wording
Income tax benefit (expense) increased by $0.1 million for the three months ended June 30, 2025, compared to the same period in 2024. The increase is primarily attributable to a change in mixed profit (loss) across jurisdictions.
Previous wording
Cost of product increased by $0.2 million, or 5%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase is primarily due to increased sales of our commercial NGS-based kitted solutions, which was partially offset by certain cost reduction efforts.
Current wording
Product revenue increased by $3.4 million, or 18%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to higher sales of our commercial NGS-based kitted solutions.
Previous wording
Research and development expenses decreased by $0.2 million, or (1)%, for the three months ended March 31, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in clinical trials expense of $0.3 million.
Current wording
Research and development expenses decreased by $3.1 million, or (8)%, for the six months ended June 30, 2025, compared to the same period in 2024. The decrease is primarily due to a decrease in consulting expense of $1.6 million and a decrease in clinical trials expense of $1.4 million.
Previous wording
Sales and marketing expenses increased by $3.2 million, or 16%, for the three months ended March 31, 2025, compared to the same period in 2024. The increase is primarily due to an increase in personnel-related costs of $2.5 million and an increase in consulting expense of $0.7 million.
Current wording
Sales and marketing expenses increased by $6.4 million, or 16%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is due to an increase in personnel-related costs of $4.0 million and an increase in consulting expense of $2.1 million.
Previous wording
Litigation settlement expense increased by $5.4 million for the three months ended March 31, 2025, compared to the same period in 2024. The increase is due to settlement of the Securities Class Action lawsuit. See Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the captions “Litigation and Indemnification Obligations”, which is incorporated herein by reference.
Current wording
Litigation settlement expense increased by $5.7 million for the six months ended June 30, 2025, compared to the same period in 2024. The increase is mainly due to settlement of the Securities Class Action lawsuit. See Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption “Litigation and Indemnification Obligations”, which is incorporated herein by reference.
Previous wording
Cash Flows for the Three Months Ended March 31, 2025 and 2024
Current wording
Cash Flows for the Six Months Ended June 30, 2025 and 2024
Previous wording
Net cash used in operating activities consists of net loss, adjusted for certain noncash items in the condensed consolidated statements of operations and changes in operating assets and liabilities.
Current wording
Net cash (used in) provided by operating activities consists of net loss, adjusted for certain noncash items in the condensed consolidated statements of operations and changes in operating assets and liabilities.
Previous wording
Cash used in operating activities for the three months ended March 31, 2024 was $15.3 million. Net operating assets decreased by $19.0 million. Our noncash items primarily included $16.6 million in stock-based compensation expense, $3.8 million of depreciation and amortization expense, $1.4 million of amortization of right-of-use assets, $0.3 million of revaluation of contingent consideration to estimated fair value, and $1.5 million of amortization of premium on short-term marketable securities, net.
Current wording
Cash used in operating activities for the six months ended June 30, 2025 was $16.7 million. Net operating assets decreased by $27.2 million. Our noncash items primarily included $18.4 million in stock-based compensation expense, $7.3 million of depreciation and amortization expense, $2.7 million of amortization of right-of-use assets, $0.6 million of amortization of premium on short-term marketable securities, net, and $0.5 million of revaluation of contingent consideration to estimated fair value.
Previous wording
Cash used in operating activities for the three months ended March 31, 2025 was $26.6 million. Net operating assets decreased by $31.0 million. Our noncash items primarily included $8.9 million in stock-based compensation expense, $3.6 million of depreciation and amortization expense, $1.3 million of amortization of right-of-use assets, and $0.8 million of amortization of premium on short-term marketable securities, net.
Current wording
Cash provided by operating activities for the six months ended June 30, 2024 was $3.6 million. Net operating assets decreased by $16.4 million. Our noncash items included $33.0 million in stock-based compensation expense, $7.4 million of depreciation and amortization expense, $2.8 million of amortization of right-of-use assets, $0.5 million of revaluation of contingent consideration to estimated fair value, and $0.8 million of amortization of premium on short-term marketable securities, net.
Previous wording
For the three months ended March 31, 2025, net cash provided by investing activities of $1.3 million was primarily related to proceeds from maturities of marketable securities of $55.4 million, offset by purchases of marketable securities of $52.5 million, and $1.6 million related to additions of capital expenditures.
Current wording
For the six months ended June 30, 2025, net cash provided by investing activities of $24.7 million was primarily related to proceeds from maturities of marketable securities of $94.6 million, partially offset by purchases of marketable securities of $67.3 million, and $2.6 million related to additions of capital expenditures.
Previous wording
For the three months ended March 31, 2024, net cash provided by investing activities of $27.7 million was primarily related to proceeds from maturities of marketable securities of $86.9 million, offset by purchases of marketable securities of $57.7 million, and $1.5 million related to additions of capital expenditures.
Current wording
For the six months ended June 30, 2024, net cash provided by investing activities of $16.0 million was primarily related to proceeds from maturities of marketable securities of $112.5 million, partially offset by purchases of marketable securities of $93.2 million, and $3.3 million related to additions of capital expenditures, net.
Previous wording
Net cash used in financing activities for the three months ended March 31, 2025 of $0.6 million was primarily due to payment for contingent consideration of $1.5 million, offset by proceeds from issuances of common stock under our employee stock purchase plan of $0.9 million.
Current wording
Net cash used in financing activities for the six months ended June 30, 2025 of $54.5 million was primarily due to repurchase and retirement of common stock of $50.0 million, taxes paid related to net share settlements of restricted stock units of $9.3 million, and payment for contingent consideration of $1.5 million, offset by proceeds from issuances of common stock under our employee stock purchase plan of $2.3 million, and proceeds from exercise of stock options of $4.1 million.
Previous wording
Net cash used in financing activities for the three months ended March 31, 2024 of $1.3 million was primarily due to taxes paid related to net share settlements of restricted stock units of $0.7 million, repurchase and retirement of common stock of $0.5 million and payments of contingent consideration of $0.6 million. These payments were offset by proceeds from issuances of common stock under our employee stock purchase plan of $0.5 million.
Current wording
Net cash used in financing activities for the six months ended June 30, 2024 of $6.1 million was primarily due to taxes paid related to net share settlements of restricted stock units of $4.3 million, repurchase and retirement of common stock of $0.5 million and payments of contingent consideration of $2.0 million. These payments were partially offset by proceeds from issuances of common stock under our employee stock purchase plan of $0.5 million.
Previous wording
We have incurred significant losses and negative cash flows from operations since our inception and had an accumulated deficit of $636.6 million at March 31, 2025. As of March 31, 2025, we had cash, cash equivalents and marketable securities of $230.9 million and no debt outstanding.
Current wording
We have incurred significant losses and negative cash flows from operations and had an accumulated deficit of $695.2 million at June 30, 2025. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $186.3 million and no debt outstanding.
Previous wording
On December 3, 2022, our Board of Directors approved a stock repurchase program (the “Repurchase Program”), whereby we may purchase up to $50 million in shares of our common stock over a period of up to two years, commencing on December 8, 2022. The Repurchase Program may be carried out, subject to approval by the committee of the Board of Directors, through open market purchases, one or more Rule 10b5-1 trading plans and block trades and in privately negotiated transactions. The Repurchase Program expired in December 2024 and was renewed on February 20, 2025 where we may purchase up to $50 million in shares of our common stock over a period of up to two years, commencing on February 20, 2025. There were no repurchases during the three months ended March 31, 2025. As of March 31, 2025, $50 million remained available for future share repurchases under the Repurchase Program.
Current wording
Following the completion of the February 2025 Repurchase Program, on May 30, 2025, our Board of Directors authorized a new share repurchase program of up to$50.0 million in shares of our common stock over a period of up to two years, commencing on May 30, 2025 (the “May 2025 Repurchase Program”). The May 2025 Repurchase Program may be carried out, subject to approval by a committee of our Board of Directors, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. As of June 30, 2025, $50.0 million was available for future share repurchases under the May 2025 Repurchase Program.
Previous wording
For a discussion regarding our significant contractual obligations as of March 31, 2025 and the effect those obligations are expected to have on our liquidity and cash flows in future periods, refer to Note 8 of the unaudited condensed consolidated financial statements and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources”, respectively, included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
For a discussion regarding our significant contractual obligations as of June 30, 2025 and the effect those obligations are expected to have on our liquidity and cash flows in future periods, refer to Note 8, Commitments and Contingencies, to the unaudited condensed consolidated financial statements and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources”, respectively, included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Our significant accounting policies are described in Note 2 of the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Some of these accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. We believe that the following critical accounting policies reflect the more significant estimates and assumptions used in the preparation of our financial statements. We believe the following critical accounting policies are affected by significant judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements:
Current wording
Our significant accounting policies are described in Note 2, Summary of Significant Accounting Policies - Recent Accounting Pronouncements, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Some of these accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. We believe that the following critical accounting policies reflect the more significant estimates and assumptions used in the preparation of our financial statements. We believe the following critical accounting policies are affected by significant judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements:
Previous wording
There were no material changes in the matters for which we make critical accounting estimates in the preparation of our unaudited condensed consolidated financial statements during the three months ended March 31, 2025 as compared to those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.
Current wording
There were no material changes in the matters for which we make critical accounting estimates in the preparation of our unaudited condensed consolidated financial statements during the three and six months ended June 30, 2025 as compared to those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Our product revenue is derived primarily from sales of AlloSeq Tx, Olerup SSP and QTYPE products. Product revenue represented 14% and 13% of our total revenue for the three and six months ended June 30, 2025, respectively, and 11% and
Current report — wording carried from elsewhere
Patient and digital solutions revenue increased by $4.4 million, or 22%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase was mainly driven by our digital solutions, primarily Ottr software and higher pharmacy sales.
Current report — wording carried from elsewhere
Cost of testing services increased by $2.6 million, or 9%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is attributed to higher testing services volume, partially offset by the continuous efficiency measures to lower laboratory expenses.
Current report — wording carried from elsewhere
Cost of patient and digital solutions
Current report — wording carried from elsewhere
Cost of patient and digital solutions increased by $1.6 million, or 11%, for the six months ended June 30, 2025, compared to the same period in 2024. The increase is primarily due to an increase in the cost of goods from our pharmacy business resulting from higher sales.
Current report — wording carried from elsewhere
Interest income, net decreased by $0.6 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in cash, cash equivalents, and marketable securities.
Current report — wording carried from elsewhere
Other income (expense), net increased by $0.8 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase in foreign exchange gains.
Current report — wording carried from elsewhere
On February 20, 2025, our Board of Directors approved a Stock Repurchase Program (the“February 2025 Repurchase Program”), whereby we were authorized to purchase up to $50.0 million in shares of our common stock over a period of up to two years, commencing on February 20, 2025, through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. During the three and six months ended June 30, 2025, we repurchased an aggregate of 3.0 million shares of our common stock under the February 2025 Repurchase Program for an aggregate purchase price of$50.0 million. As of June 30, 2025, no amounts were available for future share repurchases under the February 2025 Repurchase Program.