1 unchanged sentence
We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology.
−Removed: Our integrated solutions include instruments, consumables and software for analyzing biological systems at a resolution and scale that matches the complexity of biology.
+Added: Our integrated research solutions include instruments, consumables and software for analyzing biological systems at a resolution and scale that matches the complexity of biology.
We have built deep expertise across diverse disciplines including chemistry, biology, hardware and software.
2 unchanged sentences
Since launching our first product in mid-2015 through December 31, 2025, we have sold 8,046 instruments to researchers around the world, including academic and translational researchers and biopharmaceutical companies.
−Removed: Our revenue was $610.8 million and $618.7 million for the years ended 2024 and 2023, respectively, representing a year-over-year decrease of 1%.
+Added: Our revenue was $642.8 million and $610.8 million for the years ended 2025 and 2024, respectively, representing a year-over-year increase of 5%.
We generated net losses of $43.5 million and $182.6 million for the years ended 2025 and 2024, respectively.
In the years ended December 31, 2025 and 2024, we sold 1,007 and 1,073 instruments and 424,000 and 357,100 consumable reactions, respectively.
+Added: To date, we estimate that more than 10,000 peer-reviewed articles have been published based on data generated using our products.
Our portfolios
2 unchanged sentences
Second, we believe that high resolution tools only become truly powerful when they are built into technologies with tremendous scale.
−Removed: Our products enable measuring up to millions of single cells or tissue sample positions.
+Added: Our products enable measuring millions of single cells or tissue sample positions.
Each of our platforms is designed to interrogate a major class of biological information enabling researchers to understand the complexities of biology at a spatial and cellular level.
2 unchanged sentences
Our single cell portfolio, powered by our Chromium platform, includes microfluidic chips and related consumables and our Chromium X Series and legacy Chromium instruments.
−Removed: Chromium enables high-throughput analysis of individual biological components.
+Added: The Chromium portfolio enables high-throughput analysis of individual biological components.
Our Chromium instruments serve as precisely engineered reagent delivery systems, partitioning samples into individual components which can exceed one million.
3 unchanged sentences
Chromium enables multiomic readouts including gene expression, protein (cell surface and intracellular), chromatin, V(D)J, CRISPR/guide RNAs (gRNAs) and antigens, has broad sample compatibility (formalin-fixed paraffin-embedded (FFPE), fresh, fresh frozen, paraformaldehyde (PFA) fixed tissue, DSP/methanol fixed peripheral blood mononuclear cells (PBMCs) and whole blood) and delivers high performance including high cell recovery rates (CRE), high sensitivity, robustness and reproducibility.
+Added: Our single cell portfolio also includes QuantumScale Single Cell RNA and Single Cell Methylation kits, which we obtained through our acquisition of Scale Biosciences, Inc.
+Added: (“Scale Bio”) in 2025.
Our spatial portfolio
3 unchanged sentences
Similar to partitioning, spatial barcoding with large numbers of oligos on an array can unlock tremendous insights, providing high resolution molecular information to visualize the whole transcriptome and protein expression, paired with same section hematoxylin and eosin (H&E) or infrared (IR) imaging data, across biological tissues.
−Removed: The Visium platform includes our Spatial Gene Expression, HD Spatial Gene Expression and Spatial Gene and Protein Expression assays as well as the Visium CytAssist, an instrument designed to simplify and optimize the Visium solution workflow by facilitating the transfer of transcriptomic analytes from standard glass slides to Visium slides.
+Added: The Visium platform includes our Visium CytAssist, an instrument designed to simplify and optimize the Visium solution workflow by facilitating the transfer of transcriptomic analytes from standard glass slides to Visium slides, as well as our HD WT Panel Gene Expression and HD 3’ Gene Expression assays.
+Added: We also offer v2 WT Panel Gene Expression and v1 3’ Gene Expression, which are our first-generation assays.
Our Xenium platform .
7 unchanged sentences
As our portfolios unlock new levels of resolution and scale, they generate entirely new types of data at greater volumes and complexity than ever before.
+Added: That scale has required an entirely new level of instrument software and firmware sophistication to make instruments like Xenium a possibility.
Cell Ranger , introduced alongside our Chromium platform, has become a trusted scRNA-seq processing pipeline in scientific literature.
5 unchanged sentences
It transforms complex imaging and transcriptomic data into interactive insights, accelerating discovery in spatial biology.
+Added: Our goal is to expand this ecosystem through strategic partnerships that integrate powerful software tools designed to further democratize access to complex data analysis and accelerate the translation of biological insights into research and clinical advances.
Our market opportunity
We believe much of the $75 billion annual global life sciences research tools market is ultimately accessible to us due to our ability to answer a broad diversity of biological questions.
−Removed: We estimate a total addressable market of more than $21 billion annually, assuming every lab or company in the global life sciences research tools market was to adopt our solutions at spend levels comparable to our existing users.
−Removed: We estimate a serviceable addressable market of more than $13 billion annually, assuming every lab or company in the global life sciences research tools market that is currently using single cell, spatial or adjacent research techniques was to adopt our solutions at spend levels comparable to our existing users.
−Removed: We also expect to pursue additional opportunities that may further expand our opportunity, including new versions and potential applications of our single
−Removed: cell, spatial and in situ technologies in the future.
+Added: We estimate a total addressable market of more than $21 billion annually, assuming every lab or company in the global life sciences research tools market were to adopt our solutions at spend levels comparable to our existing users.
+Added: We estimate a serviceable addressable market of more than $13 billion annually,
+Added: assuming every lab or company in the global life sciences research tools market that is currently using single cell, spatial or adjacent research techniques were to adopt our solutions at spend levels comparable to our existing users.
+Added: We also expect to pursue additional opportunities that may further expand our opportunity, including new versions and potential applications of our single cell, spatial and in situ technologies in the future.
Our estimates are based on our own and third-party analyses of our potential opportunities.
See the section titled “ Risk Factors — The size of the market for our solutions may be smaller than estimated and new opportunities may not develop as quickly as we expect, or at all, limiting our ability to successfully sell our solutions.”
−Removed: Peer-reviewed scientific publications using our products
−Removed: To date, we estimate that more than 10,000 peer-reviewed articles have been published based on data generated using our products.
−Removed: More than 900 of these articles were published in three of the most highly regarded journals:
−Removed: Cell, Nature and Science .
−Removed: Underscoring the reach of our products, these publications cover a wide range of research and applied areas from cell biology to cardiovascular health to infectious disease to neuroscience.
−Removed: According to our estimates, the top three areas of publication are oncology, immunology and developmental biology.
Research and development
1 unchanged sentence
We work closely with our customers, many of whom are thought leaders in genomics and medicine, to identify future frontiers and unmet needs.
−Removed: Once we identify the correct opportunities, which we create through both organic development by our in-house teams and targeted acquisitions of technologies that i to accelerate our ability to bring new products and new versions of existing products to researchers, we have the discipline to focus on execution and have a track record of bringing successful products across multiple portfolios to market.
+Added: Once we identify the correct opportunities, which we create through both organic development by our in-house teams and targeted acquisitions of technologies that accelerate our ability to bring new products and new versions of existing products to researchers, we have the discipline to focus on execution and have a track record of bringing successful products across multiple portfolios to market.
Multidisciplinary, cross-functional collaboration and technological innovation are central to our product development process.
7 unchanged sentences
As of December 31, 2025, our commercial organization consisted of 473 full time employees, many with PhD degrees and many with significant industry experience.
−Removed: We sell our products through third-party distributors in certain regions of Asia, Europe, Oceania, Central America, South America, the Middle East and Africa.
−Removed: For the years ended December 31, 2024 and 2023, no single customer, including distributors, represented greater than 10% of our business.
−Removed: For the years ended December 31, 2024 and 2023, sales to academic institutions represented approximately 67% and 65% of our direct sales revenue, respectively.
+Added: We sell our products through third-party distributors in certain regions of Asia, Europe, Oceania, North America, South America, the Middle East and Africa.
+Added: Sales to academic and government institutions represent the largest portion of our direct sales revenue.
We expect that sales to biopharmaceutical companies will represent a growing proportion of our revenue in the future.
+Added: For the years ended December 31, 2025 and 2024, no single customer, including distributors, represented greater than 10% of our business.
Our sales and marketing efforts are targeted at the principal investigators, research scientists, department heads, research laboratory directors and core facility directors at leading academic institutions, biopharmaceutical companies and publicly and privately funded research institutions who control buying decisions.
15 unchanged sentences
We are led by a talented, global and diverse team of scientists, software developers and subject matter experts who help drive adoption of our products and support our vision.
−Removed: We have built a multidisciplinary team with talent and expertise across a diverse set of areas such as chemistry, molecular biology, microfluidics, hardware, computational biology and software engineering, and have supplemented this diverse technical experience with our operational team with expertise in manufacturing, legal, sales, marketing, customer service, human resources and finance.
+Added: We have built a multidisciplinary team with talent and expertise across a diverse set of areas such as chemistry, molecular biology, microfluidics, clinical applications, hardware, computational biology and software engineering, and have supplemented this diverse technical experience with our operational team with expertise in manufacturing, legal, sales, marketing, customer service, human resources and finance.
As of December 31, 2025, we employed a total of 1,178 individuals, 822 of whom were employed in the United States and 356 of whom were employed outside the United States.
10 unchanged sentences
Companies, both established and early stage, have introduced products for, among other things, genomics analysis, single cell analysis, spatial analysis and in situ analysis.
−Removed: We also compete with companies that offer existing tools and technologies for life science research, such as bulk sequencing, flow cytometry, polymerase chain reactions (PCR), immunofluorescence, immunohistochemistry and other imaging and cell-based assays, that are replaced by our products.
−Removed: Additional companies, including both early stage and established, have indicated that they are designing, manufacturing and marketing products to compete with us or that they intend to do so in the future.
+Added: Additional companies have released or indicated that they are designing, manufacturing and marketing products to compete with us or that they intend to do so in the future.
Some of these companies may have substantially greater financial and other resources than we do, including larger research and development staff or larger, more established marketing, distribution, service and sales organizations.
In addition, they may have greater name recognition than we do.
−Removed: Other competitors are in the process of developing novel technologies for the life sciences market which may lead to products
−Removed: that rival or replace our products.
+Added: Other competitors are in the process of developing novel technologies for the life sciences market which may lead to products that rival or replace our products.
We expect new competitors to continue to emerge and the intensity of competition to continue to increase.
4 unchanged sentences
The development, research, testing, manufacturing, marketing, post-market surveillance, distribution, packaging, import, export, sales, advertising, promotion and labeling of medical devices are subject to regulation in the United States by the U.S.
−Removed: Food and Drug Administration (“FDA”) under the Federal Food, Drug, and Cosmetic Act (“FDC Act”) and outside the United States by comparable state and international agencies such as the national competent authorities of the European Union (“EU”) member states and the Medicines and Healthcare products Regulatory Agency in the United Kingdom.
−Removed: The FDC Act defines a medical device to include, among other things, any instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent or other similar or related article, including any component part or accessory, which is (1) intended for use in the diagnosis of disease or other conditions, or in the cure, mitigation, treatment or prevention of disease, in man or other animals, or (2) intended to affect the structure or any function of the body of man or other animals and which does not achieve any of its primary intended purposes through chemical action within or on the body of man or other animals and which is not dependent upon being metabolized for the achievement of any of its primary intended purposes.
+Added: Food and Drug Administration (“FDA”) under the Federal Food, Drug, and Cosmetic Act (“FDC Act”) and outside the United States by comparable state and international agencies such as the national competent authorities of the European Union (“EU”) member states and the Medicines and Healthcare products Regulatory Agency (“MHRA”) in the United Kingdom.
+Added: The FDC Act defines a medical device to include, among other things, any instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent or other similar or related article, including any component part or accessory, which is (1) intended for use in the
+Added: diagnosis of disease or other conditions, or in the cure, mitigation, treatment or prevention of disease, in man or other animals, or (2) intended to affect the structure or any function of the body of man or other animals and which does not achieve any of its primary intended purposes through chemical action within or on the body of man or other animals and which is not dependent upon being metabolized for the achievement of any of its primary intended purposes.
Pursuant to its authority under the FDC Act, the FDA has jurisdiction over medical devices, which are defined to include, among other things, in vitro diagnostic devices (“IVDs”).
3 unchanged sentences
This aims at reducing the risk of discrepancies in interpretation across the different European markets.
−Removed: The EU IVDR became applicable on May 26, 2022.
+Added: The EU IVDR became applicable on May 26, 2022 but there is a tiered system extending the grace period for many devices (depending on their risk classification) before they have to be fully compliant with the regulation.
The EU IVDR defines an IVD as “any medical device which is a reagent, reagent product, calibrator, control material, kit, instrument, apparatus, piece of equipment, software or system, whether used alone or in combination, intended by the manufacturer to be used in vitro for the examination of specimens, including blood and tissue donations, derived from the human body, solely or principally for the purpose of providing information on one or more of the following:
6 unchanged sentences
The EU rules are generally applicable in the European Economic Area (“EEA”) (which consists of the 27 EU member states plus Norway, Liechtenstein and Iceland).
+Added: Since January 1, 2021, the MHRA has become the sovereign regulatory authority responsible for the Great Britain (i.e., England, Wales, and Scotland) IVD market and the EU regulatory regime for IVDs no longer applies in Great Britain.
+Added: Under the terms of the Ireland/Northern Ireland Protocol, the EU regulatory requirements continue to apply to IVDs placed on the Northern Ireland market.
+Added: Consequently, the regulatory framework for IVDs in Great Britain continues to be broadly based on the requirements of the EU IVDD as implemented into national law by the Medical Devices Regulation 2002.
We believe that our current products are not medical devices within the meaning of the FDC Act and foreign regulations applicable in countries where we market our products, such as the EU IVDR in the EU, but we nevertheless market our products for research use only (“RUO”).
13 unchanged sentences
The 510(k) clearance, PMA and CE mark processes can be resource intensive, expensive and lengthy, and require payment of significant (user) fees.
−Removed: Medical devices are also subject to post-market requirements.
+Added: Medical devices are
+Added: also subject to post-market requirements.
Failure to comply with applicable regulations can result in enforcement actions such as warning letters, fines, injunctions, civil or criminal penalties, termination of distribution, recalls or seizures of products, delays in the introduction of products into the market, total or partial suspension of production, refusal to grant future clearances, approvals or certifications or withdrawals or suspensions of existing clearances, approvals or certifications.
+Added: For further discussion of the risks relating to government regulation, see the sections titled “ Risk Factors—Risks related to our regulatory environment and taxation.
Intellectual property
9 unchanged sentences
We may also be obligated to pay our licensors certain milestones, royalties and/or other contingent payments.
−Removed: Subject to customary termination rights, such exclusive license agreements typically will expire upon the last valid claim included in the licensed patents expires or, in some cases, upon our failure to achieve specified sales volume thresholds.
+Added: Subject to customary termination rights, such exclusive license agreements typically will expire upon the last valid claim included in the licensed patents expires or, in some cases, upon our failure to achieve specified sales volume thresholds or other milestones.
Certain of these agreements also require that any products that are covered by the licensed patents be substantially manufactured in the United States.
4 unchanged sentences
Subject to the terms of the Stanford Agreement, we are required to pay Stanford a low single-digit royalty percentage based on the net revenue of certain ATAC-seq products that are covered by the patents and patent applications licensed under the Stanford Agreement, payable until the last to expire of the valid claims included in such licensed patents and patent applications.
−Removed: The initial exclusivity period of the Stanford Agreement terminates in 2025, provided, we have the option to extend the exclusivity period for additional one-year terms if we meet certain minimum sales thresholds beginning in 2025.
−Removed: If the exclusivity period ends or we fail to extend the exclusivity period, we retain a non-exclusive license under the licensed patents and patent applications.
+Added: The initial exclusivity period of the Stanford Agreement ended in 2025, and the Company exercised its option to extend the exclusivity period for an additional one-year term.
+Added: We have the right to extend for additional one-year terms if we meet certain minimum sales thresholds.
+Added: If we fail to extend the exclusivity period, we retain a non-exclusive license under the licensed patents and patent applications.
The Stanford Agreement is projected to expire in 2038.
−Removed: For the years ended December 31, 2024 and 2023, we made aggregate contingent and royalty payments under the Spatial Transcriptomics acquisition agreement, Stanford license agreement and Harvard license agreement, collectively, of approximately $9.2 million and $15.4 million, respectively.
+Added: We made aggregate royalty payments under the Stanford Agreement and Harvard Agreement, collectively, of approximately $3.7 million in 2025 and $5.9 million in 2024.
We expect such payments to decrease in 2026.
25 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.