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Supplementary Balance Sheet Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Compensation related accruals	$ 4,368	$ 6,770
Accrued clinical trial expenses	844	919
Other expenses	2,191	2,375
Total accrued liabilities	$ 7,403	$ 10,064

Income Taxes	3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Note 12 – Income Taxes Since inception, the Company has incurred net taxable losses, and accordingly, no provision for income taxes has been recorded. There was no cash paid for income taxes during the three months ended March 31, 2025 and 2024.

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 – Income Taxes

Since inception, the Company has incurred net taxable losses, and accordingly, no provision for income taxes has been recorded. There was no cash paid for income taxes during the three months ended March 31, 2025 and 2024.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Equity	3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]
Equity	Note 8 – Equity Nasdaq De-Listing Notice On March 24, 2025, the Company received written notice from the Listing Qualifications Staff (the Staff) of Nasdaq notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock had closed below the minimum $1.00 per share required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the Minimum Bid Price Requirement). In accordance with Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until September 22, 2025 (the Compliance Date), to regain compliance with the Minimum Bid Price Requirement. If, at any time before the Compliance Date, the closing bid price for the Company’s common stock is at least $1.00 for a minimum of ten consecutive business days, the Staff will provide the Company written confirmation of compliance with the Minimum Bid Price Requirement and close the matter. The Company may be eligible for an additional 180 calendar day compliance period. The Company intends to monitor the closing bid price of its common stock and will consider various options available to it if its common stock does not trade at a level to regain compliance with the Minimum Bid Price Requirement. These options include effecting a reverse stock split designed to increase the bid price of the Company’s common stock in an amount sufficient to regain compliance with the Minimum Bid Price Requirement. At-The-Market Program The Company maintains an at-the-market (ATM) facility that enables equity financing on an ongoing basis at the Company’s discretion. On November 1, 2024, the Company filed a shelf registration statement on Form S-3 and entered into a new sales agreement with a financial institution, pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50.0 million, subject to terms and conditions (the 2024 ATM Program). The shares of common stock offered pursuant to the 2024 ATM Program will be offered and sold by the Company pursuant to its registration statement on Form S-3 which became effective with the SEC on November 12, 2024. Sales of common stock under the 2024 ATM Program, if any, will be made at market prices by methods deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Market, or any other existing trading market for our common stock. In connection with establishing the 2024 ATM Program, the Company terminated its prior $50.0 million ATM program established in November 2021, and no additional stock can be issued thereunder. The Company had remaining available capacity for share issuances of up to $50.0 million under the 2024 ATM Program as of March 31, 2025. Warrants During 2018, the Company issued warrants to purchase shares of convertible preferred stock in conjunction with the sale of certain convertible preferred shares and issuance of debt. The Company issued to the lender a warrant to purchase 613,333 shares of Series G convertible preferred stock, at an exercise price of $0.75 per share, subject to adjustment upon specified dilutive issuances. The warrant was immediately exercisable upon issuance and expires on February 23, 2028. Through the effective date of the Company’s initial public offering (IPO) in October 2020, the Series G warrants were remeasured to an estimate of fair value using a Black-Scholes pricing model. As a result of the Company’s IPO, the preferred stock warrants were automatically converted to warrants to purchase 103,326 shares of common stock with a weighted average exercise price of $4.46 and were also transferred to additional paid-in capital. All common stock warrants remain outstanding as of March 31, 2025. On November 21, 2022, as consideration for the Perceptive Term Loan Facility (see Note 6 – Debt), the Company issued the Perceptive Warrant to purchase up to 5,000,000 shares of the Company's common stock, including the Initial Warrants. The per share exercise price for the Initial Warrants is equal to $1.0648. The Initial Warrants are equity classified and were immediately exercisable upon issuance and expire on November 21, 2032. The Initial Warrants were valued at $2.9 million using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 81.3%, a dividend yield of 0% and a risk-free interest rate of 3.67%. All Initial Warrants remain outstanding as of March 31, 2025. On May 10, 2023, as consideration for the First Amendment (see Note 6 – Debt), the Company agreed to issue to Perceptive a warrant to purchase up to 500,000 shares of the Company’s common stock (the First Amendment Warrants) at a per share exercise price equal to $1.6254, which is equal to the 10-day VWAP of the Company’s common stock ending on the business day immediately prior to the First Amendment Effective Date. The First Amendment Warrants are equity classified and immediately exercisable upon issuance and expire on May 10, 2033. The First Amendment Warrants were valued at $0.7 million using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 78.7%, a dividend yield of 0% and a risk-free interest rate of 3.49%. All First Amendment Warrants remain outstanding as of March 31, 2025. On December 15, 2023 (the Tranche B Borrowing Date), the Company exercised its ability to draw the Tranche B loan (see Note 6 – Debt). In connection with the Tranche B draw, the Company remeasured the Tranche B Warrants through the Tranche B Borrowing Date and recorded the change in fair value through the statements of operations and, subsequently, reclassified the fair value to additional paid-in capital. The per share exercise price for the Tranche B Warrants is equal to $1.0648. The Tranche B Warrants are now equity classified and immediately exercisable upon issuance and expire on December 15, 2033. The Tranche B Warrants were valued at $1.3 million using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 76.2%, a dividend yield of 0% and a risk-free interest rate of 3.91%. All Tranche B Warrants remain outstanding as of March 31, 2025.

Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Equity

Note 8 – Equity

Nasdaq De-Listing Notice

On March 24, 2025, the Company received written notice from the Listing Qualifications Staff (the Staff) of Nasdaq notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock had closed below the minimum $1.00 per share required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the Minimum Bid Price Requirement). In accordance with Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until September 22, 2025 (the Compliance Date), to regain compliance with the Minimum Bid Price Requirement. If, at any time before the Compliance Date, the closing bid price for the Company’s common stock is at least $1.00 for a minimum of ten consecutive business days, the Staff will provide the Company written confirmation of compliance with the Minimum Bid Price Requirement and close the matter. The Company may be eligible for an additional 180 calendar day compliance period. The Company intends to monitor the closing bid price of its common stock and will consider various options available to it if its common stock does not trade at a level to regain compliance with the Minimum Bid Price Requirement. These options include effecting a reverse stock split designed to increase the bid price of the Company’s common stock in an amount sufficient to regain compliance with the Minimum Bid Price Requirement.

At-The-Market Program

The Company maintains an at-the-market (ATM) facility that enables equity financing on an ongoing basis at the Company’s discretion. On November 1, 2024, the Company filed a shelf registration statement on Form S-3 and entered into a new sales agreement with a financial institution, pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $50.0 million, subject to terms and conditions (the 2024 ATM Program). The shares of common stock offered pursuant to the 2024 ATM Program will be offered and sold by the Company pursuant to its registration statement on Form S-3 which became effective with the SEC on November 12, 2024. Sales of common stock under the 2024 ATM Program, if any, will be made at market prices by methods deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Market, or any other existing trading market for our common stock. In connection with establishing the 2024 ATM Program, the Company terminated its prior $50.0 million ATM program established in November 2021, and no additional stock can be issued thereunder. The Company had remaining available capacity for share issuances of up to $50.0 million under the 2024 ATM Program as of March 31, 2025.

Warrants

During 2018, the Company issued warrants to purchase shares of convertible preferred stock in conjunction with the sale of certain convertible preferred shares and issuance of debt. The Company issued to the lender a warrant to purchase 613,333 shares of Series G convertible preferred stock, at an exercise price of $0.75 per share, subject to adjustment upon specified dilutive issuances. The warrant was immediately exercisable upon issuance and expires on February 23, 2028. Through the effective date of the Company’s initial public offering (IPO) in October 2020, the Series G warrants were remeasured to an estimate of fair value using a Black-Scholes pricing model. As a result of the Company’s IPO, the preferred stock warrants were automatically converted to warrants to purchase 103,326 shares of common stock with a weighted average exercise price of $4.46 and were also transferred to additional paid-in capital. All common stock warrants remain outstanding as of March 31, 2025.

On November 21, 2022, as consideration for the Perceptive Term Loan Facility (see Note 6 – Debt), the Company issued the Perceptive Warrant to purchase up to 5,000,000 shares of the Company's common stock, including the Initial Warrants. The per share exercise price

for the Initial Warrants is equal to $1.0648. The Initial Warrants are equity classified and were immediately exercisable upon issuance and expire on November 21, 2032. The Initial Warrants were valued at $2.9 million using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 81.3%, a dividend yield of 0% and a risk-free interest rate of 3.67%. All Initial Warrants remain outstanding as of March 31, 2025.

On May 10, 2023, as consideration for the First Amendment (see Note 6 – Debt), the Company agreed to issue to Perceptive a warrant to purchase up to 500,000 shares of the Company’s common stock (the First Amendment Warrants) at a per share exercise price equal to $1.6254, which is equal to the 10-day VWAP of the Company’s common stock ending on the business day immediately prior to the First Amendment Effective Date. The First Amendment Warrants are equity classified and immediately exercisable upon issuance and expire on May 10, 2033. The First Amendment Warrants were valued at $0.7 million using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 78.7%, a dividend yield of 0% and a risk-free interest rate of 3.49%. All First Amendment Warrants remain outstanding as of March 31, 2025.

On December 15, 2023 (the Tranche B Borrowing Date), the Company exercised its ability to draw the Tranche B loan (see Note 6 – Debt). In connection with the Tranche B draw, the Company remeasured the Tranche B Warrants through the Tranche B Borrowing Date and recorded the change in fair value through the statements of operations and, subsequently, reclassified the fair value to additional paid-in capital. The per share exercise price for the Tranche B Warrants is equal to $1.0648. The Tranche B Warrants are now equity classified and immediately exercisable upon issuance and expire on December 15, 2033. The Tranche B Warrants were valued at $1.3 million using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 76.2%, a dividend yield of 0% and a risk-free interest rate of 3.91%. All Tranche B Warrants remain outstanding as of March 31, 2025.

- Definition

The entire disclosure for equity.

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+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 13 – Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (CODM) in deciding how to allocate resources and assess performance. The Company's Chief Executive Officer and Chief Financial Officer, as a group, represents the entity's chief operating decision makers. The Company’s CODM views the Company’s operations and manages its business as a single operating segment focused on diagnostic testing in the clinical setting and providing services to biopharmaceutical companies (see Note 9 – Revenue and Accounts Receivable Credit Concentration). The CODM views the Company's operations as a single operating segment as each revenue stream utilizes the same equipment and resources. In addition, discrete financial information is not available for each revenue stream other than gross margin. The accounting policies of the segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.

Substantially all of the Company’s revenue and all long-lived assets were derived or are located in the United States for the three months ended March 31, 2025 and 2024. The measure of segment assets is reported on the balance sheet as total assets.

As a single operating segment, the CODM assesses how to allocate resources and measures the Company's performance based on net income or loss that is reported on the statement of operations as net loss. The CODM uses net income or loss to evaluate the return generated from segment assets in deciding whether to reinvest into the segment or into other parts of the entity, such as acquisitions. Net income or loss is used to monitor budget versus actual results, which are used in assessing performance of the segment and in establishing management's compensation.

The CODM regularly reviews the following significant expenses and other segment items. A summary of the significant expenses and other segment items reported in the Company’s statements of operations as of the dates indicated is as follows (in thousands):


	Three Months Ended March 31,
	2025			2024
Revenues	$	17,958		$	14,818
Less:
Direct costs and expenses (less employee related expenses and depreciation and amortization)		2,522			2,168
Employee related expenses (less share-based compensation expenses)		14,804			12,992
Contracted services expenses		2,322			1,587
Sales and marketing education and event expenses		1,869			2,149
Occupancy and equipment service expenses		1,004			1,153
Clinical trials and associated costs		502			196
Depreciation and amortization expense		1,440			1,420
Share-based compensation expenses		972			2,640
Interest expense		1,685			2,529
Change in fair value of warrant liability, net		378			—
Other segment items (1)		1,561			1,598
Net loss	$	(11,101	)	$	(13,614	)

(1)

Other segment items in segment net loss primarily include software and IT related expenses, administrative and professional development expenses, risk management and insurance expenses, other non-cash expenses, and allocated overhead expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 972	$ 2,640
Direct Costs and Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	43	16
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	70	25
Sales, Marketing, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 859	$ 2,599

Fair Value - Summary of Fair Value of Outstanding Borrowings (Details) - Fair Value, Recurring - Level 2 - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Carrying Value
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Borrowings	$ 36,711	$ 36,429
Fair Value
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Borrowings	$ 36,990	$ 37,484

Debt - Summary of Long-term Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized debt discount and debt issuance costs	$ (3,309)	$ (3,597)
Notes payable, total	36,711	36,429
Less: current maturities	18	21
Long-term notes payable	36,693	36,408
Perceptive Term Loan Facility
Debt Instrument [Line Items]
Notes/Loan payable	40,000	40,000
Other
Debt Instrument [Line Items]
Notes/Loan payable	$ 20	$ 26

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Summary of Long-term Notes Payable

Long-term notes payable were as follows (in thousands):


	As of
	March 31, 2025			December 31, 2024
Perceptive Term Loan Facility	$	40,000		$	40,000
Other		20			26
Unamortized debt discount and debt issuance costs		(3,309	)		(3,597	)
		36,711			36,429
Less: current maturities		18			21
Long-term notes payable	$	36,693		$	36,408

Scheduled Principal Repayments (Maturities) of Long-term Obligations

Scheduled principal repayments (maturities) of long-term obligations were as follows (in thousands):


	As of March 31, 2025
Remainder of 2025	$	14
2026		6
2027 and thereafter		40,000
Total	$	40,020

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Note 3 - Recently Issued Accounting Standards Standards Being Evaluated In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. This guidance became effective for the Company for the annual period beginning on January 1, 2025, and will become effective for interim periods beginning on January 1, 2026. The Company is currently evaluating this guidance and assessing the overall impact on its financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This ASU improves the transparency of a public business entity's expense disclosures by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This guidance will become effective for the Company for the annual period beginning on January 1, 2027, and interim periods beginning on January 1, 2028, with early adoption permitted. The Company is currently evaluating this guidance and assessing the overall impact on its financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Additional Information (Details) - USD ($)			3 Months Ended
Debt - Additional Information (Details) - USD ($)	Aug. 04, 2023	Nov. 16, 2022	Mar. 31, 2024	Mar. 31, 2025	Feb. 28, 2025	Sep. 30, 2024	Dec. 15, 2023	May 10, 2023	Nov. 21, 2022
Debt Instrument [Line Items]
Proceeds from the issuance of common stock			$ 625,000
Amount withdrawn				$ 40,020,000
First Amendment
Debt Instrument [Line Items]
Warrant issued to purchase shares								500,000
Warrant, exercise price								$ 1.6254
Initial warrants amount								$ 700,000
2018 Notes \| Series G Preferred Stock
Debt Instrument [Line Items]
Warrant issued to purchase shares			613,333
Warrant, exercise price			$ 0.75
Perceptive Term Loan Facility
Debt Instrument [Line Items]
Debt instrument maturity date		Nov. 21, 2027
Interest rate		3.00%
Applicable margin rate		9.00%
Effective interest rate				13.30%
Warrant, exercise price		$ 1.0648
Minimum cash balance at maturity date				$ 2,500,000
Initial warrants amount		$ 2,900,000							$ 2,900,000
Additional warrants amount		100,000
Debt instrument, discount		5,200,000
Perceptive Term Loan Facility \| Tranche A Loan
Debt Instrument [Line Items]
Net proceeds from debt, after deducting debt issuance costs and expenses		$ 27,900,000
Warrant, exercise price									$ 1.0648
Perceptive Term Loan Facility \| Tranche B Loan
Debt Instrument [Line Items]
Warrant, exercise price		$ 1.0648
Additional warratns exercisable		1,000,000
Amount withdrawn							$ 10,000,000
Perceptive Term Loan Facility \| Tranche C Loan
Debt Instrument [Line Items]
Warrant, exercise price		$ 0.793
Additional warratns exercisable		1,000,000
Amount withdrawn						$ 0
Perceptive Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Warrant issued to purchase shares		5,000,000							5,000,000
Perceptive Term Loan Facility \| Maximum \| Tranche A Loan
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount									$ 30,000,000
Perceptive Term Loan Facility \| Maximum \| Tranche B Loan
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 10,000,000
Perceptive Term Loan Facility \| Maximum \| Tranche C Loan
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 10,000,000
Second Amendment \| Tranche B Loan
Debt Instrument [Line Items]
Gross proceeds from sale of common shares	$ 27,500,000
Amount withdrawn							$ 10,000,000
Fifth Amendment \| Tranche C Loan
Debt Instrument [Line Items]
Warrant, exercise price					$ 0.793
Availability of debt					$ 10,000,000

Fair Value - Schedule of Reported Fair values of Contingent Consideration and Warrant Liabilities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Fair Value, Recurring \| Contingent Consideration \| Level 3
Fair Value Liabilities Measured On Recurring Basis [Line Items]
Warrant liabilities	$ 378

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary of Significant Expenses and Other Segment Items

A summary of the significant expenses and other segment items reported in the Company’s statements of operations as of the dates indicated is as follows (in thousands):


	Three Months Ended March 31,
	2025			2024
Revenues	$	17,958		$	14,818
Less:
Direct costs and expenses (less employee related expenses and depreciation and amortization)		2,522			2,168
Employee related expenses (less share-based compensation expenses)		14,804			12,992
Contracted services expenses		2,322			1,587
Sales and marketing education and event expenses		1,869			2,149
Occupancy and equipment service expenses		1,004			1,153
Clinical trials and associated costs		502			196
Depreciation and amortization expense		1,440			1,420
Share-based compensation expenses		972			2,640
Interest expense		1,685			2,529
Change in fair value of warrant liability, net		378			—
Other segment items (1)		1,561			1,598
Net loss	$	(11,101	)	$	(13,614	)

(1)

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	May 07, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001439725
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39659
Entity Registrant Name	BIODESIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3986492
Entity Address, Address Line One	919 West Dillon Rd
Entity Address, City or Town	Louisville
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80027
City Area Code	303
Local Phone Number	417-0500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BDSX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,563,031

Fair Value - Additional Information (Details) $ / shares in Units, $ in Thousands			1 Months Ended				3 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Jul. 31, 2023 USD ($) Installment	Oct. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Apr. 30, 2024 USD ($) Installment	Apr. 30, 2022 USD ($) Installment	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) Installment shares	Feb. 28, 2025 $ / shares	Nov. 21, 2022 shares	Jan. 31, 2016 USD ($) shares
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of warrant liability							$ 378
IPO
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant, exercise price \| $ / shares								$ 4.46
2018 Notes \| Series G Preferred Stock
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant issued to purchase shares \| shares								613,333
Warrant, exercise price \| $ / shares								$ 0.75
Contingent Consideration
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest expense due to passage of time and fixed payment schedule								$ 700
Contingent Consideration \| Third Amendment to APA Agreement
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Milestone payment				$ 8,400
Warrant Liabilities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant issued to purchase shares \| shares											5,000,000
Change in fair value of warrant liability							400	0
Warrant Liabilities \| Tranche C Loan
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant, exercise price \| $ / shares										$ 0.793
Contingent Value Rights \| Series F Preferred Stock
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of warrant liability							$ 0	$ 0
Contingent Value Rights \| Series F Preferred Stock \| Ficlatuzumab
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued \| shares												3,999
Contingent value rights												$ 500
Integrated Diagnostics, Inc
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exit fee payment	$ 6,100
Integrated Diagnostics, Inc \| Contingent Consideration
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business acquisition description							required additional consideration to be paid by the Company to such shareholders upon attainment of a three-consecutive month
Business acquisition contingent consideration gross margin target									$ 2,000
Business acquisition contingent consideration gross margin target period									7 years
Integrated Diagnostics, Inc \| Contingent Consideration \| Third Amendment to APA Agreement
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration number of installments \| Installment		3			1	5
Milestone payment		$ 3,000			$ 5,000	$ 2,000
Exit fee payment			$ 6,100
Integrated Diagnostics, Inc \| Common Stock \| Contingent Consideration
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business acquisition description							If Indi elected to not exercise its option, the Company had 12 months to repurchase the common stock in two equal and consecutive quarterly cash installments totaling $37.0 million.
Contingent consideration shares \| shares									2,520,108
Contingent consideration number of installments \| Installment									8
Contingent consideration arrangements, common shares, redemption amount							$ 4,600		$ 37,000
Repayments of debt							9,300
Business combination contingent consideration final payment							$ 37,000
Contingent consideration cash payment									$ 37,000
Investment, Type [Extensible Enumeration]									Repurchase [Member]

Organization and Description of Business

3 Months Ended

Mar. 31, 2025

Organization And Description Of Business [Abstract]

Organization and Description of Business

Note 1 – Organization and Description of Business

Biodesix, Inc. (the “Company”, “Biodesix”, “we” “us” and “our”), formerly Elston Technologies, Inc., was incorporated in Delaware in 2005. The Company’s headquarters are in Colorado and the Company performs its blood-based diagnostic tests in its laboratory facilities which are located in Louisville, Colorado and De Soto, Kansas. The Company conducts all of its operations within a single legal entity. Biodesix is a leading diagnostic solutions company with a focus in lung disease. The Company develops diagnostic tests using a multi-omic approach to harness the strengths of different technologies that are best suited to address important clinical questions. We derive our revenue from two sources: (i) Biodesix Diagnostic Tests (Diagnostic Tests), providing lung diagnostic testing services for healthcare providers associated with our five blood-based tests and (ii) Biodesix Development Services (Development Services) providing diagnostic testing services to biopharmaceutical, life sciences, and diagnostic companies.

Diagnostic Tests

The Company offers five blood-based lung diagnostic tests for use across the lung cancer continuum of care:

Diagnosis - Nodule Management

•

Nodify CDT® and Nodify XL2® tests, marketed as Nodify Lung® Nodule Risk Assessment, assess a suspicious lung nodule's risk of lung cancer to help identify the most appropriate treatment pathway. The Nodify CDT and XL2 tests have an established average turnaround time of one and five business days, respectively, from receipt of the blood sample, providing physicians with timely results to guide diagnostic planning. The Nodify CDT test is a blood-based test that detects the presence of seven autoantibodies associated with the presence of tumors. Elevated levels of the autoantibodies in patients with lung nodules indicate an increased risk of lung cancer to help identify patients that may benefit from timely intervention. The Nodify XL2 test is a blood-based proteomic test that evaluates the likelihood that a lung nodule is benign to help identify patients that may benefit from surveillance imaging. We believe we are the only company to offer two commercial blood-based tests to help physicians reclassify risk of malignancy in patients with suspicious lung nodules.

Lung Cancer Treatment & Monitoring

•

GeneStrat® ddPCR, GeneStrat NGS® and VeriStrat® tests, marketed as part of our IQLung™ testing strategy, are used following diagnosis of lung cancer to detect the presence of mutations in the tumor and the state of the patient’s immune system to help guide treatment decisions. The GeneStrat ddPCR tumor genomic profiling test and the VeriStrat immune profiling test have an established average turnaround time of two business days from receipt of the blood sample, and the GeneStrat NGS test has an established average turnaround time of three business days from receipt of the blood sample, providing physicians with timely results to facilitate treatment decisions. The GeneStrat ddPCR test evaluates the presence of actionable mutations in lung cancer. The test is covered independent of stage and can be used multiple times per patient to monitor changes in mutation status. The GeneStrat NGS test is a broad 52 gene panel, including guideline recommended mutations that help identify advanced stage patients eligible for targeted therapy or clinical trial enrollment. The VeriStrat test is a blood-based proteomic test that provides a personalized view of each patient’s immune response to their lung cancer.

Biodesix has built a structured product development framework and regulatory strategy that has led to regulatory approvals and clinical acumen for the Company's products. This encompasses controlled specimen repositories, patented proprietary technologies, capabilities for manufacturing specimen collection kits, and bioinformatics methods that we believe are important to the development of new targeted therapies, determining clinical trial eligibility, and guiding treatment selection. The Company’s testing services are made available through its clinical laboratories.

Debt - Scheduled Principal Repayments (Maturities) of Long-term Obligations (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Maturities of Long-Term Debt [Abstract]
Remainder of 2025	$ 14
2026	6
2027 and thereafter	40,000
Total	$ 40,020

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0
Cash paid for income taxes	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($)		3 Months Ended
	May 13, 2021	Mar. 31, 2025	Mar. 31, 2024
Loss Contingencies [Line Items]
Research and development		$ 2,870,000	$ 2,040,000
Revenue Share Agreement \| Oncimmune Limited
Loss Contingencies [Line Items]
Royalty expense		400,000	200,000
Bio-Rad License
Loss Contingencies [Line Items]
License fees		$ 0
License expiry date		2024-08
CellCarta License
Loss Contingencies [Line Items]
Term of royalty payments from first commercial sale	15 years
Year of ending royalty payments from first commercial sale	2034
Royalty expense		$ 100,000	100,000
AVEO Oncology
Loss Contingencies [Line Items]
Research and development		0	$ 0
Obligations related to agreement.		$ 0

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Share-based Compensation Expense

Share-based compensation expense reported in the Company’s condensed statements of operations was (in thousands):


	Three Months Ended March 31,
	2025		2024
Direct costs and expenses	$	43	$	16
Research and development		70		25
Sales, marketing, general and administrative		859		2,599
Total	$	972	$	2,640

Summary of Stock Option Activity

Stock option activity during the three months ended March 31, 2025, excluding the Bonus Option Program described below, was (in thousands, except weighted average exercise price and weighted average contractual life):


	Number of Options			Weighted Average Exercise Price		Weighted Average Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding - January 1, 2025		4,163		$	2.49		7.7	$	964
Granted		2,436			0.92		—		—
Forfeited/canceled		(74	)		1.48		—		—
Exercised		—			—		—		—
Outstanding ‑ March 31, 2025		6,525		$	1.91		8.4	$	31
Exercisable ‑ March 31, 2025		2,400		$	2.97		6.5	$	31

Summary of Restricted Stock Units Activity

Restricted stock unit activity during the three months ended March 31, 2025 was (in thousands, except weighted average grant date fair value per share):


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Outstanding ‑ January 1, 2025		3,771		$	1.84
Granted		790			0.92
Forfeited/canceled		—			—
Released		(486	)		2.01
Outstanding ‑ March 31, 2025		4,075		$	1.64

Bonus-To-Options Program

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity

As part of the Bonus Option Program, the Company recorded the following activity during the three months ended March 31, 2025 (in thousands, except weighted average exercise price and weighted average contractual life):


	Number of Options		Weighted Average Exercise Price		Weighted Average Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding ‑ January 1, 2025		1,364	$	2.04		8.0	$	35
Granted		712		0.92		—		—
Forfeited/canceled		—		—		—		—
Exercised		—		—		—		—
Outstanding ‑ March 31, 2025		2,076	$	1.66		8.5	$	—
Exercisable ‑ March 31, 2025		2,076	$	1.66		8.5	$	—

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value - Schedule of Changes in Warrant Liabilities and Contingent Consideration (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Contingent Consideration
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance		$ 21,857
Interest expense		747
Payments		(3,409)
Balance		$ 19,195
Warrant Liabilities
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance	$ 0
Changes in fair value, net	378
Balance	$ 378

Supplementary Balance Sheet Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property Plant And Equipment [Line Items]
Depreciation expense	$ 0.9	$ 0.9
Amortization expense of definite-lived intangible assets	$ 0.5	$ 0.5

Net Loss per Common Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss per Share Attributable to Stockholders

Basic and diluted loss per share as of the dates indicated were (in thousands, except per share amounts):


	Three Months Ended March 31,
	2025			2024
Numerator
Net loss attributable to common stockholders	$	(11,101	)	$	(13,614	)

Denominator
Weighted-average shares outstanding used in computing net loss per share, basic and diluted		146,547			97,166
Net loss per share, basic and diluted	$	(0.08	)	$	(0.14	)

Schedule of Common Stock Equivalents Excluded from Diluted Net Loss Attributable to Common Stockholders

The following outstanding common stock equivalents were excluded from diluted net loss attributable to common stockholders for the periods presented because inclusion would be anti-dilutive (in thousands):


	Three Months Ended March 31,
	2025		2024
Options to purchase common stock		8,601		5,035
Shares committed under ESPP		39		24
Warrants		5,603		5,603
Restricted stock units		4,075		3,606
Total		18,318		14,268

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 209	$ 481
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	146,443,460	145,491,569
Common stock, outstanding	146,443,460	145,491,569

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Outstanding - January 1, 2025	4,163
Stock Options, Granted	2,436
Stock Options, Forfeited/canceled	(74)
Stock Options, Outstanding - March 31, 2025	6,525	4,163
Stock Options Exercisable - March 31, 2025	2,400
Weighted Average Exercise Price, Outstanding - January 1, 2025	$ 2.49
Weighted Average Exercise Price, Granted	0.92
Weighted Average Exercise Price, Forfeited/canceled	1.48
Weighted Average Exercise Price, Outstanding - March 31, 2025	1.91	$ 2.49
Weighted Average Exercise Price, Exercisable - March 31, 2025	$ 2.97
Weighted Average Contractual Life (Years), Outstanding	8 years 4 months 24 days	7 years 8 months 12 days
Weighted Average Contractual Life (Years), Exercisable - March 31, 2025	6 years 6 months
Aggregate Intrinsic Value, Outstanding - January 1, 2025	$ 964
Aggregate Intrinsic Value, Outstanding - March 31, 2025	31	$ 964
Aggregate Intrinsic Value, Exercisable - March 31, 2025	$ 31
Bonus-To-Options Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Outstanding - January 1, 2025	1,364
Stock Options, Granted	712
Stock Options, Outstanding - March 31, 2025	2,076	1,364
Stock Options Exercisable - March 31, 2025	2,076
Weighted Average Exercise Price, Outstanding - January 1, 2025	$ 2.04
Weighted Average Exercise Price, Granted	0.92
Weighted Average Exercise Price, Outstanding - March 31, 2025	1.66	$ 2.04
Weighted Average Exercise Price, Exercisable - March 31, 2025	$ 1.66
Weighted Average Contractual Life (Years), Outstanding	8 years 6 months	8 years
Weighted Average Contractual Life (Years), Exercisable - March 31, 2025	8 years 6 months
Aggregate Intrinsic Value, Outstanding - January 1, 2025	$ 35
Aggregate Intrinsic Value, Outstanding - March 31, 2025		$ 35

Fair Value

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

Note 4 - Fair Value

Recurring Fair Value Measurements

Our borrowing instruments are recorded at their carrying values in the condensed balance sheets, which may differ from their respective fair values. The fair value of borrowings as of March 31, 2025 is primarily associated with the Perceptive Term Loan Facility entered into with Perceptive Credit Holdings IV, LP, in November 2022 and was determined using a discounted cash flow analysis, excluding the fair value of the Perceptive Warrant (as defined below) issued in conjunction with the transaction. The carrying value of outstanding borrowings approximates the fair value as of March 31, 2025 and December 31, 2024. The table below presents the carrying and fair values of outstanding borrowings, which are classified as Level 2, as of the dates indicated (in thousands):


	As of
	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Borrowings	$	36,711	$	36,990	$	36,429	$	37,484

The financial liabilities that are measured and recorded at estimated fair value on a recurring basis consist of the warrant liabilities granted as consideration for the Perceptive Term Loan Facility (see Note 6 - Debt), contingent value rights granted to certain holders of our previously converted Series F Preferred Stock, and, prior to 2025, contingent consideration associated with our previous acquisition of Indi, which were accounted for as liabilities and remeasured through our condensed statements of operations.

The table below presents the reported fair values of contingent consideration and warrant liabilities, which are classified as Level 3 in the fair value hierarchy, as of the dates indicated (in thousands):


	As of
Description	March 31, 2025		December 31, 2024
Warrant liabilities	$	378	$	—
Contingent value rights	$	—	$	—

The following table presents the changes in warrant liabilities for the dates indicated (in thousands):


Level 3 Rollforward	For the three months ended March 31, 2025
Balance - January 1, 2025	$	—
Changes in fair value, net		378
Balance - March 31, 2025	$	378

The following table presents the changes in contingent consideration for the dates indicated (in thousands):


Level 3 Rollforward	For the three months ended March 31, 2024
Beginning balances - January 1, 2024	$	21,857
Interest expense		747
Payments		(3,409	)
Ending balances - March 31, 2024	$	19,195

Warrant Liabilities

On November 21, 2022, as consideration for the Perceptive Term Loan Facility (see Note 6 - Debt), the Company issued Perceptive a warrant to purchase up to 5,000,000 shares of the Company's common stock (the Perceptive Warrant), including Initial Warrants (as defined in Note 8 - Equity below) and Tranche B and C Warrants. The Initial Warrants are equity classified (see Note 8 - Equity) while the Tranche B and C Warrants were initially classified as liabilities and recognized at fair value. On December 15, 2023 (the Tranche B Borrowing Date), the Company exercised its ability to draw the Tranche B loan (see Note 6 – Debt). In connection with the Tranche B draw, the Company remeasured the Tranche B Warrants through the Tranche B Borrowing Date and recorded the change in fair value through the statements of operations and, subsequently, reclassified the fair value to additional paid-in capital (see Note 8 – Equity).

The fair value of the Tranche C Warrants was determined using a Black-Scholes model and subject to certain unobservable inputs. The significant unobservable inputs used in the measurement of the fair value included the fair value of the Company's common stock, risk-free rate, the volatility of common stock, and the probability of the expected borrowing. The Tranche C loan had a prior commitment date through September 30, 2024 and, as of that date, the Company did not exercise its ability to draw the Tranche C loan. On February 28, 2025 (the Fifth Amendment Effective Date), the Company entered into the Fifth Amendment to the Credit Agreement and Guaranty (the Fifth Amendment) with Perceptive (see Note 6 – Debt), whereby subject to the terms and conditions of the Fifth Amendment, the Tranche C Loan Commitment Termination Date (as defined in the Credit Agreement) was extended, providing continued availability to the Tranche C Loan through December 31, 2025. In addition, on the Tranche C Loan Borrowing Date (as defined in the Credit Agreement), the Tranche C Warrants, as amended, will become vested and exercisable at an exercise price equal to $0.793, the Company's closing stock price on February 28, 2025.

During the three months ended March 31, 2025 and 2024, the Company recorded $0.4 million and zero as a change in fair value through the condensed statements of operations due to changes in unobservable inputs. This is a result of changes in the probability of our ability to draw on the Tranche C Loan.

Contingent Value Rights

In January 2016, the Company issued shares of Series F Preferred Stock (the Series F Offering) that were subsequently converted into common stock in connection with the Company's initial public offering in October 2020. In connection with the Series F Offering, investors who purchased more than their pro-rata amount in the financing received a calculated number of contingent value rights (CVRs). One CVR represents 0.00375% of the Company’s interest in the drug ficlatuzumab, which began a Phase 3 clinical trial in January 2024 (see Note 14 - Commitments and Contingencies below). In January 2016, the Company issued 3,999 CVRs, or 15% interest in the drug ficlatuzumab, originally valued at $0.5 million. The initial estimated value of the CVRs were recorded as a liability and as a reduction to the Series F proceeds. Subsequent to recoupment of our initial co-development costs, upon receipt of a milestone, royalty, or any other type of payment from the Company’s ownership rights in the drug, the Company is required to make a cash payment to the CVR holders equal to 15% of net proceeds, as defined. During the three months ended March 31, 2025 and 2024, the Company recorded no change in fair value due to the remote probability of receiving net proceeds in excess of our initial co-development costs.

Contingent Consideration

In connection with the acquisition of Indi in 2018, the Company recorded contingent consideration for amounts contingently payable to Indi's selling shareholders pursuant to the terms of the asset purchase agreement (the Indi APA). The contingent consideration arrangement required additional consideration to be paid by the Company to such shareholders upon attainment of a three-consecutive month gross margin target of $2.0 million within the seven-year period after the acquisition date, which was achieved during the three months ended June 30, 2021. Under the terms of the original agreement, when the gross margin target was achieved, the Company was required to issue 2,520,108 shares of common stock. For the six months following the achievement of the gross margin target, Indi had the option to require the Company to redeem these common shares for $37.0 million in cash over eight equal quarterly installments. If Indi elected to not exercise its option, the Company had 12 months to repurchase the common stock in two equal and consecutive quarterly cash installments totaling $37.0 million.

In August 2021, the Company entered into an amendment to the original agreement in which all parties agreed to forgo the issuance of common stock and agreed that the Company would, in lieu thereof, make six quarterly installments of approximately $4.6 million each beginning in January 2022 and a final payment of approximately $9.3 million in July 2023 for a total of $37.0 million (the Milestone Payments and each individually a Milestone Payment). The aggregate amount of payments owed by the Company under this amendment was the same as if Indi had exercised the put right or the Company had exercised the call right provided for in the original agreement.

On April 7, 2022, the Company entered into Amendment No. 3 to the Indi APA, in which the parties agreed to restructure the Milestone Payments. The Company made five quarterly installments of $2.0 million each beginning in April 2022, three quarterly installments of $3.0 million which began in July 2023, one installment of $5.0 million in April 2024, and one installment of $8.4 million in July 2024. In addition, the Company agreed to an exit fee of approximately $6.1 million to be paid in October 2024. Interest accrued on the difference between the payment schedule as agreed in the August 2021 amendment and the April 2022 amended payment schedule, at an aggregate per annum rate equal to 10%, with such interest payable quarterly on the following installment payment date. Our ability to make these payments was subject to ongoing compliance under the Perceptive Term Loan Facility. On September 30, 2024, the Company obtained consent from Perceptive and prepaid the October 1, 2024 exit fee of $6.1 million to Indi. The Company has no remaining obligations to Indi.

During the three months ended March 31, 2024, the Company $0.7 million in interest expense due to the passage of time and fixed payment schedule.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (h)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases - Additional Information (Details)		3 Months Ended
Leases - Additional Information (Details)	Mar. 11, 2022 USD ($) RenewalOption	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, expiration term		5 years
Operating lease expense		$ 600,000	$ 600,000
Operating leases, Weighted-average remaining lease term (in years)		9 years 9 months 18 days
Operating leases, Weighted-average discount rate			11.40%
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]		Other current assets		Other current assets
Centennial Valley Properties I, LLC Lease Agreement
Lessee, Lease, Description [Line Items]
Lease description		The initial term of the Lease is twelve years (the Initial Term) from the commencement date, which was April 1, 2023 (the Commencement Date). The Company has two renewal options to extend the term of the Lease for an additional seven- or ten-year terms for each renewal.
Lease term	12 years
Lease commencement date	Apr. 01, 2023
Lease agreement number of options to extend \| RenewalOption	2
Lease option to extend	true
Base rent per month from commencement date	$ 227,000
Rent after fixed escalation provisions	$ 326,000
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]		Other long-term assets
Centennial Valley Properties I, LLC Lease Agreement \| Letter of Credit \| Cash Collateralized
Lessee, Lease, Description [Line Items]
Long-term Line of Credit					$ 5,000,000
Other Long-term Assets
Lessee, Lease, Description [Line Items]
Refundable deposit		$ 5,000,000		$ 5,000,000
Other Long-term Assets \| Centennial Valley Properties I, LLC Lease Agreement
Lessee, Lease, Description [Line Items]
Refundable deposit		$ 5,000,000
KANSAS
Lessee, Lease, Description [Line Items]
Lease expiration date		2026-10

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock remained available for future issuance	2,618,225
Stock compensation expense	$ 972	$ 2,640
Number of shares reserved for issuance	48,500
Shares issued	464,881
Description of offering period under plan	ESPP provides for successive six-month offering periods beginning on September 1st and March 1st of each year.
Bonus And Stock Options To Purchase \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value granted	$ 0.68	$ 1.24
Options and Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining unrecognized share based compensation expense for options and restricted stock units	$ 6,400
Amortized to expense period	2 years 6 months
Bonus-To-Options Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense	$ 0	$ 200

Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 15 – Subsequent Events

On May 8, 2025, the Company exercised its ability to draw the Tranche C loan under the Perceptive Term Loan Facility for $10.0 million (the Tranche C Loan) pursuant to the Credit Agreement with the Lender. The Perceptive Term Loan Facility has a maturity date of November 21, 2027 and provides for an interest-only period during the term of the loan with principal due at the maturity date. The Perceptive Term Loan Facility will accrue interest at an annual rate equal to the greater of (a) forward-looking one-month term SOFR as posted by CME Group Inc. and (b) 3.0% per annum, plus an applicable margin of 9.0%.

As consideration for drawing the Tranche C Loan, the Company agreed to modify the previously agreed upon per share exercise price of $1.0648 for the Perceptive Warrant and per share exercise price of $1.6254 for the First Amendment Warrants, to purchase up to 5,500,000 shares of the Company's common stock, at a new per share exercise of $0.4191, which is equal to the 10-day VWAP of the Company’s common stock on May 9, 2025, the business day immediately preceding the Tranche C Loan borrowing date.

Condensed Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balances at Dec. 31, 2023	$ 4,580	$ 96	$ 424,050	$ (419,566)
Common Stock Balance, Shares at Dec. 31, 2023		96,236
Issuance of common stock, net	607	$ 1	606
Issuance of common stock, net, Shares		314
Issuance of common stock under employee stock purchase plan	282		282
Issuance of common stock under employee stock purchase plan, Shares		216
Exercise of stock options	3		3
Exercise of stock options, shares		6
Release of restricted stock units, shares		387
Share-based compensation	2,640		2,640
Net Income (Loss)	(13,614)			(13,614)
Balances at Mar. 31, 2024	(5,502)	$ 97	427,581	(433,180)
Common Stock Balance, Shares at Mar. 31, 2024		97,159
Balances at Dec. 31, 2023	4,580	$ 96	424,050	(419,566)
Common Stock Balance, Shares at Dec. 31, 2023		96,236
Balances at Dec. 31, 2024	20,876	$ 145	483,228	(462,497)
Common Stock Balance, Shares at Dec. 31, 2024		145,492
Issuance of common stock under employee stock purchase plan	313		313
Issuance of common stock under employee stock purchase plan, Shares		465
Release of restricted stock units		$ 1	(1)
Release of restricted stock units, shares		486
Share-based compensation	972		972
Net Income (Loss)	(11,101)			(11,101)
Balances at Mar. 31, 2025	$ 11,060	$ 146	$ 484,512	$ (473,598)
Common Stock Balance, Shares at Mar. 31, 2025		146,443

Supplementary Balance Sheet Information - Schedule of Amortization Related to Remaining Net Intangible Assets Schedule to Amortize (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2025	$ 1,514
2026	2,000
2027	1,043
2028	93
2029	85
2030 and thereafter	508
Intangible assets subject to amortization, Net Carrying Value	$ 5,243

Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value of Outstanding Borrowings

The table below presents the carrying and fair values of outstanding borrowings, which are classified as Level 2, as of the dates indicated (in thousands):


	As of
	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Borrowings	$	36,711	$	36,990	$	36,429	$	37,484

Schedule of Reported Fair values of Contingent Consideration and Warrant Liabilities


	As of
Description	March 31, 2025		December 31, 2024
Warrant liabilities	$	378	$	—
Contingent value rights	$	—	$	—

Schedule of Changes in Warrant Liabilities and Contingent Consideration

The following table presents the changes in warrant liabilities for the dates indicated (in thousands):


Level 3 Rollforward	For the three months ended March 31, 2025
Balance - January 1, 2025	$	—
Changes in fair value, net		378
Balance - March 31, 2025	$	378

The following table presents the changes in contingent consideration for the dates indicated (in thousands):


Level 3 Rollforward	For the three months ended March 31, 2024
Beginning balances - January 1, 2024	$	21,857
Interest expense		747
Payments		(3,409	)
Ending balances - March 31, 2024	$	19,195

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember, srt:ChiefFinancialOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	As a single operating segment, the CODM assesses how to allocate resources and measures the Company's performance based on net income or loss that is reported on the statement of operations as net loss. The CODM uses net income or loss to evaluate the return generated from segment assets in deciding whether to reinvest into the segment or into other parts of the entity, such as acquisitions. Net income or loss is used to monitor budget versus actual results, which are used in assessing performance of the segment and in establishing management's compensation.
Segment reporting, expense information used by CODM, description	The CODM regularly reviews the following significant expenses and other segment items.

Share-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding - January 1, 2024 \| shares	3,771
Number of Shares, Granted \| shares	790
Number of Shares, Released \| shares	(486)
Number of Shares, Outstanding - September 30, 2024 \| shares	4,075
Weighted Average Grant Date Fair Value Per Share, January 1, 2024 \| $ / shares	$ 1.84
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	0.92
Weighted Average Grant Date Fair Value Per Share, Released \| $ / shares	2.01
Weighted Average Grant Date Fair Value Per Share, September 30, 2024 \| $ / shares	$ 1.64

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies and Other Information

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Other Information

Note 2 – Summary of Significant Accounting Policies and Other Information

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information and reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) have been condensed or omitted. The condensed balance sheet as of March 31, 2025 was derived from the audited financial statements.

Certain information and footnote disclosures for prior period amounts have been included and reclassified to conform to the current period presentation pursuant to ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (ASC Topic 280). See Note 15 — Segment Reporting for additional information.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Concentrations of Credit Risk and Other Uncertainties

Substantially all of the Company’s cash and cash equivalents are deposited with one major financial institution in the United States. The Company continually monitors its positions with, and the credit quality of, the financial institution with which it holds cash. Periodically throughout the year, the Company has maintained balances in various operating and money market accounts in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.

Several of the components for certain of the Company's sample collection kits, test reagents, and test systems are obtained from single-source suppliers. If these single-source suppliers fail to satisfy the Company's requirements on a timely basis, the Company could suffer delays in being able to deliver its diagnostic solutions, a possible loss of revenue, or incur higher costs, any of which could adversely affect our results of operations.

In addition, there is currently significant uncertainty about the future relationship between the U.S. and various other countries with respect to trade policies, treaties, tariffs and taxes. Current or future tariffs imposed by the U.S. may negatively impact our business. The extent to which these threats will be enacted and the duration for which enacted tariffs will be in place remain uncertain and could negatively affect our results of operations. The Company is currently evaluating our vendor relationships and assessing the overall impact of these trade policies, however, we do not expect a material impact to the financial statements.

For a discussion of credit risk concentration of accounts receivable as of March 31, 2025 and December 31, 2024, see Note 9 – Revenue and Accounts Receivable Credit Concentration.

Restricted Cash

Restricted cash consists of deposits related to the Company’s corporate credit card. For both of the periods ended March 31, 2025 and December 31, 2024, the Company had $0.1 million restricted cash, respectively, which was included in ‘Other current assets’ in the accompanying condensed balance sheets.

Inventory

Inventory consists primarily of material supplies, which are consumed in the performance of assembly and testing services and charged to ‘Direct costs and expenses’. Inventory is stated at cost and reported within ‘Other current assets’ in the condensed balance sheets and was $1.1 million and $1.0 million as of March 31, 2025 and December 31, 2024, respectively. The Company recorded an insignificant reserve for excess inventory as of March 31, 2025 and December 31, 2024, respectively. During both the three months ended March 31, 2025 and 2024, the Company recorded an insignificant amount to the condensed statements of operations for excess and obsolete inventory.

Leases

The Company has a $5.0 million cash refundable deposit to secure the performance of the Company’s obligations associated with the operating lease agreement with Centennial Valley Properties I, LLC and subsequently assigned to CVP I Owner LLC (see Note 7 – Leases). As of March 31, 2025 and December 31, 2024, the $5.0 million refundable deposit is reported within 'Other long-term assets' in the condensed balance sheets.

The Company holds and acts as a lessee under various finance lease agreements for laboratory equipment in Colorado and Kansas. As of March 31, 2025 and December 31, 2024, the Company had $2.3 million and $2.2 million recorded as net finance lease ROU assets within 'Other long-term assets' in the balance sheets.

Additional information and disclosures required by this standard are contained in Note 7 — Leases.

Fair Value of Financial Instruments

U.S. GAAP for fair value establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). We utilize a combination of market and income approaches to value our financial instruments. Our financial assets and liabilities are measured using inputs from the three levels of the

fair value hierarchy. Fair value measurements are categorized within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value.

The three levels of the hierarchy and the related inputs are as follows:


Level		Inputs
1		Unadjusted quoted prices in active markets for identical assets and liabilities.
2		Unadjusted quoted prices in active markets for similar assets and liabilities;
		Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
		Inputs other than quoted prices that are observable for the asset or liability.
3		Unobservable inputs for the asset or liability.

The carrying amounts of certain financial instruments including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, other long-term assets, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities.

See Note 4 — Fair Value for further discussion related to estimated fair value measurements.

Retirement Plan

The Company has a defined contribution retirement plan in which all employees are eligible to participate. The plan is intended to qualify under Section 401(k) of the Internal Revenue Code. Employees may elect to have a percentage of their compensation contributed to the plan, subject to certain guidelines issued by the Internal Revenue Service. Beginning in 2025, the Company began making discretionary employer matching contributions. During the three months ended March 31, 2025, the Company's total contributions to the plan were $0.3 million.

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Summary of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments associated with our operating leases were as follows (in thousands):


	As of March 31, 2025
Remainder of 2025	$	2,857
2026		4,184
2027		4,071
2028		4,160
2029		4,251
2030 and thereafter		23,871
Total future minimum lease payments		43,394
Less amount representing interest		(17,820	)
Total lease liabilities	$	25,574

Supplementary Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


	As of
	March 31, 2025			December 31, 2024
Lab equipment	$	5,885		$	5,854
Leasehold improvements		28,208			28,192
Computer equipment		1,338			1,305
Furniture and fixtures		1,100			1,100
Software		324			325
Vehicles		97			97
Construction in process		83			89
		37,035			36,962
Less accumulated depreciation		(10,068	)		(9,134	)
Total property and equipment, net	$	26,966		$	27,828

Schedule of Intangible Assets, Excluding Goodwill

Intangible assets, excluding goodwill, consist of the following (in thousands):


	March 31, 2025							December 31, 2024
	Cost		Accumulated Amortization			Net Carrying Value		Cost		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization
Patents	$	1,923	$	(905	)	$	1,018	$	1,940	$	(877	)	$	1,063
Purchased technology		16,900		(12,675	)		4,225		16,900		(12,206	)		4,694
Intangible assets not subject to amortization
Trademarks		117		—			117		117		—			117
Total	$	18,940	$	(13,580	)	$	5,360	$	18,957	$	(13,083	)	$	5,874

Schedule of Future Estimated Amortization Expense of Intangible Assets

Future estimated amortization expense of intangible assets is (in thousands):


	As of March 31, 2025
Remainder of 2025		1,514
2026		2,000
2027		1,043
2028		93
2029		85
2030 and thereafter		508
Total	$	5,243

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	As of
	March 31, 2025		December 31, 2024
Compensation related accruals	$	4,368	$	6,770
Accrued clinical trial expenses		844		919
Other expenses		2,191		2,375
Total accrued liabilities	$	7,403	$	10,064

Supplementary Balance Sheet Information

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

Note 5 – Supplementary Balance Sheet Information

Property and equipment consist of the following (in thousands):


	As of
	March 31, 2025			December 31, 2024
Lab equipment	$	5,885		$	5,854
Leasehold improvements		28,208			28,192
Computer equipment		1,338			1,305
Furniture and fixtures		1,100			1,100
Software		324			325
Vehicles		97			97
Construction in process		83			89
		37,035			36,962
Less accumulated depreciation		(10,068	)		(9,134	)
Total property and equipment, net	$	26,966		$	27,828

Depreciation expense was $0.9 million for both the three months ended March 31, 2025 and 2024, respectively.

Intangible assets, excluding goodwill, consist of the following (in thousands):


	March 31, 2025							December 31, 2024
	Cost		Accumulated Amortization			Net Carrying Value		Cost		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization
Patents	$	1,923	$	(905	)	$	1,018	$	1,940	$	(877	)	$	1,063
Purchased technology		16,900		(12,675	)		4,225		16,900		(12,206	)		4,694
Intangible assets not subject to amortization
Trademarks		117		—			117		117		—			117
Total	$	18,940	$	(13,580	)	$	5,360	$	18,957	$	(13,083	)	$	5,874

Amortization expense related to definite-lived intangible assets was $0.5 million for both the three months ended March 31, 2025 and 2024, respectively.

Future estimated amortization expense of intangible assets is (in thousands):


	As of March 31, 2025
Remainder of 2025		1,514
2026		2,000
2027		1,043
2028		93
2029		85
2030 and thereafter		508
Total	$	5,243

Accrued liabilities consist of the following (in thousands):


	As of
	March 31, 2025		December 31, 2024
Compensation related accruals	$	4,368	$	6,770
Accrued clinical trial expenses		844		919
Other expenses		2,191		2,375
Total accrued liabilities	$	7,403	$	10,064

Supplementary Balance Sheet Information - Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Net Carrying Value	$ 5,243
Intangible assets, Cost	18,940	$ 18,957
Intangible assets, Accumulated Amortization	(13,580)	(13,083)
Intangible assets, Net Carrying Value	5,360	5,874
Trademarks
Finite Lived Intangible Assets [Line Items]
Intangible assets not subject to amortization, Cost	117	117
Intangible assets not subject to amortization, Net Carrying Value	117	117
Patents
Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost	1,923	1,940
Intangible assets subject to amortization, Accumulated Amortization	(905)	(877)
Intangible assets subject to amortization, Net Carrying Value	1,018	1,063
Purchased Technology
Finite Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost	16,900	16,900
Intangible assets subject to amortization, Accumulated Amortization	(12,675)	(12,206)
Intangible assets subject to amortization, Net Carrying Value	$ 4,225	$ 4,694

Revenue and Accounts Receivable Credit Concentration - Summary of Revenue and Accounts Receivable by Third-party Payors and Other Customers (Details) - Customer Concentration Risk - Minimum	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Revenue \| United Healthcare
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%	12.00%
Revenue \| Medicare
Concentration Risk [Line Items]
Concentration risk, percentage	36.00%	40.00%
Accounts Receivable \| Medicare
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%		21.00%
Accounts Receivable \| Daiichi Sankyo
Concentration Risk [Line Items]
Concentration risk, percentage			14.00%

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss	$ (11,101)	$ (13,614)
Adjustments to reconcile net loss to net cash, cash equivalents, and restricted cash used in operating activities
Depreciation and amortization	1,440	1,420
Accretion of lease right-of-use assets	(35)	(98)
Share-based compensation expense	972	2,640
Change in fair value of warrant liability, net	378
Provision for credit losses	101	129
Accrued interest, amortization of debt issuance costs and other	309	1,064
Inventory excess and obsolescence		8
Impairment loss on intangible assets	73	68
Changes in operating assets and liabilities:
Accounts receivable	904	(2,344)
Other current assets	215	(425)
Other long-term assets	15	(22)
Accounts payable and other accrued liabilities	(1,938)	(1,234)
Deferred revenue	83	(37)
Contingent consideration		(3,409)
Current and long-term operating lease liabilities	(18)	543
Net cash, cash equivalents, and restricted cash used in operating activities	(8,602)	(15,311)
Cash flows from investing activities
Purchase of property and equipment	(74)	(234)
Patent costs and intangible asset acquisition, net	(63)	(39)
Net cash, cash equivalents, and restricted cash used in investing activities	(137)	(273)
Cash flows from financing activities
Proceeds from the issuance of common stock		625
Proceeds from issuance of common stock under employee stock purchase plan	313	282
Proceeds from exercise of stock options		3
Repayment of term loan and notes payable	(7)	(13)
Payment of debt issuance costs	(11)	(18)
Equity financing costs		(18)
Other	(198)	(70)
Net cash, cash equivalents, and restricted cash provided by financing activities	97	791
Net decrease in cash, cash equivalents, and restricted cash	(8,642)	(14,793)
Cash, cash equivalents, and restricted cash ‑ beginning of period	26,332	26,371
Cash, cash equivalents, and restricted cash ‑ end of period	17,690	11,578
Supplemental cash flow information:
Debt issuance costs included in accounts payable and other accrued liabilities	8	13
Equity financing costs included in accounts payable and other accrued liabilities		305
Operating lease right-of-use asset obtained in exchange for lease liabilities	45	338
Finance lease right-of-use assets obtained in exchange for lease liabilities	172
Cash paid for interest	$ 1,379	1,475
Purchases of property & equipment included in accounts payable and accrued liabilities		$ 1,405

Net Loss per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Common Share

Note 11 – Net Loss per Common Share

Basic net loss per share excludes dilution and is computed by dividing net loss attributable to the common stockholders by the weighted-average shares outstanding during the period. Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings or losses of the Company.

Basic and diluted loss per share as of the dates indicated were (in thousands, except per share amounts):


	Three Months Ended March 31,
	2025			2024
Numerator
Net loss attributable to common stockholders	$	(11,101	)	$	(13,614	)

Denominator
Weighted-average shares outstanding used in computing net loss per share, basic and diluted		146,547			97,166
Net loss per share, basic and diluted	$	(0.08	)	$	(0.14	)


	Three Months Ended March 31,
	2025		2024
Options to purchase common stock		8,601		5,035
Shares committed under ESPP		39		24
Warrants		5,603		5,603
Restricted stock units		4,075		3,606
Total		18,318		14,268

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 17,603	$ 26,245
Accounts receivable, net of allowance for credit losses of $246 and $65	7,639	8,603
Other current assets	4,380	4,636
Total current assets	29,622	39,484
Non‑current assets
Property and equipment, net	26,966	27,828
Intangible assets, net	5,360	5,874
Operating lease right-of-use assets	1,962	1,767
Goodwill	15,031	15,031
Other long-term assets	7,300	7,260
Total non‑current assets	56,619	57,760
Total assets	86,241	97,244
Current liabilities
Accounts payable	2,925	2,194
Accrued liabilities	7,403	10,064
Deferred revenue	788	678
Current portion of operating lease liabilities	1,094	719
Current portion of notes payable	18	21
Other current liabilities	1,088	641
Total current liabilities	13,316	14,317
Non‑current liabilities
Long‑term notes payable, net of current portion	36,693	36,408
Long-term operating lease liabilities	24,480	24,828
Other long-term liabilities	692	815
Total non‑current liabilities	61,865	62,051
Total liabilities	75,181	76,368
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value, 5,000,000 authorized; 0 (2024 and 2023) issued and outstanding
Common stock, $0.001 par value, 200,000,000 authorized; 145,465,941 (2024) and 96,235,883 (2023) shares issued and outstanding	146	145
Additional paid‑in capital	484,512	483,228
Accumulated deficit	(473,598)	(462,497)
Total stockholders' equity	11,060	20,876
Total liabilities and stockholders' equity	$ 86,241	$ 97,244

Summary of Significant Accounting Policies and Other Information- Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 17,603		$ 26,245
Restricted cash	$ 100		$ 100
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current		Other Assets, Current
Amount of contribution to the retirement plan	$ 300
Excess and obsolete inventory		$ 8
Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Inventory	1,100		$ 1,000
Other Long-term Assets
Summary Of Significant Accounting Policies [Line Items]
Refundable deposit	5,000		5,000
Net finance lease ROU assets	$ 2,300		$ 2,200

Equity - Additional Information (Details)		1 Months Ended	3 Months Ended	12 Months Ended
Equity - Additional Information (Details)	Nov. 01, 2024 USD ($)	Nov. 30, 2021 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Mar. 31, 2025 USD ($) $ / shares	Dec. 15, 2023 USD ($)	May 10, 2023 USD ($) $ / shares shares	Nov. 21, 2022 USD ($) $ / shares shares	Nov. 16, 2022 USD ($) $ / shares shares
Class of Stock [Line Items]
Proceeds from the sale of common shares			$ 625,000
Aggregate offering price			$ 607,000
Preferred stock, par value \| $ / shares				$ 0.001	$ 0.001
Warrants, expires period			Feb. 23, 2028
Perceptive Term Loan Facility
Class of Stock [Line Items]
Initial warrants amount								$ 2,900,000	$ 2,900,000
Warrants, expires period								Nov. 21, 2032
Warrant, exercise price \| $ / shares									$ 1.0648
Series G Preferred Stock \| 2018 Notes
Class of Stock [Line Items]
Warrant issued to purchase shares \| shares			613,333
Warrant, exercise price \| $ / shares			$ 0.75
Maximum \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrant issued to purchase shares \| shares								5,000,000	5,000,000
Tranche B Loan \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrants, expires period									Dec. 15, 2033
Warrant, exercise price \| $ / shares									$ 1.0648
Tranche A Loan \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrant, exercise price \| $ / shares								$ 1.0648
IPO
Class of Stock [Line Items]
Warrant issued to purchase shares \| shares			103,326
Warrant, exercise price \| $ / shares			$ 4.46
Expected Term \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrants expected term								10 years
Volatility \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input								81.3
Dividend Yield \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input								0
Risk-Free Interest Rate \| Perceptive Term Loan Facility
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input								3.67
ATM Facility
Class of Stock [Line Items]
Aggregate offering price		$ 50,000,000		$ 0
ATM Facility \| Maximum
Class of Stock [Line Items]
Aggregate offering price	$ 50,000,000
ATM Facility \| Equity Financing Programs \| Maximum
Class of Stock [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity					$ 50,000,000
First Amendment
Class of Stock [Line Items]
Warrant issued to purchase shares \| shares							500,000
Initial warrants amount							$ 700,000
Warrants, expires period							May 10, 2033
Warrant, exercise price \| $ / shares							$ 1.6254
First Amendment \| Expected Term
Class of Stock [Line Items]
Warrants expected term							10 years
First Amendment \| Volatility
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input							78.7
First Amendment \| Dividend Yield
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input							0
First Amendment \| Risk-Free Interest Rate
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input							3.49
Tranche B Warrants
Class of Stock [Line Items]
Initial warrants amount						$ 1,300,000
Warrants, expires period						Dec. 15, 2033
Tranche B Warrants \| Expected Term
Class of Stock [Line Items]
Warrants expected term						10 years
Tranche B Warrants \| Volatility
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input						76.2
Tranche B Warrants \| Dividend Yield
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input						0
Tranche B Warrants \| Risk-Free Interest Rate
Class of Stock [Line Items]
Warrants and rights outstanding, measurement input						3.91

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,101)	$ (13,614)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenue and Accounts Receivable Credit Concentration - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation Of Revenue [Line Items]
Revenues	$ 17,958	$ 14,818
Diagnostic Tests
Disaggregation Of Revenue [Line Items]
Revenues	16,316	13,796
Development Services
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,642	$ 1,022

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Supplementary Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 37,035	$ 36,962
Less accumulated depreciation	(10,068)	(9,134)
Total property and equipment, net	26,966	27,828
Lab Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,885	5,854
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,208	28,192
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,338	1,305
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,100	1,100
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	324	325
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97	97
Construction in Process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 83	$ 89

Revenue and Accounts Receivable Credit Concentration (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenue

Revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Diagnostic Tests	$	16,316	$	13,796
Development Services		1,642		1,022
Total revenues	$	17,958	$	14,818

Summary of Revenue and Accounts Receivable by Third-party Payors and Other Customers

The Company’s customers in excess of 10% of total revenue and their related revenue as a percentage of total revenue were as follows:


	Three Months Ended March 31,
	2025			2024
United Healthcare		4	%		12	%

The Company’s third-party payors and other customers in excess of 10% of accounts receivable, and their related accounts receivable as a percentage of total accounts receivable were as follows:


	As of
	March 31, 2025			December 31, 2024
Medicare		24	%		21	%
Daiichi Sankyo		—	%		14	%

Share-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 10 – Share-Based Compensation

The Company’s share-based compensation awards are issued under the 2020 Equity Incentive Plan (2020 Plan), the predecessor 2016 Equity Incentive Plan (2016 Plan) and 2006 Equity Incentive Plan (2006 Plan). Any awards that expire or are forfeited under the 2016 Plan or 2006 Plan become available for issuance under the 2020 Plan. As of March 31, 2025, 2,618,225 shares of common stock remained available for future issuance under the 2020 Plan.

Share-Based Compensation Expense

Share-based compensation expense reported in the Company’s condensed statements of operations was (in thousands):


	Three Months Ended March 31,
	2025		2024
Direct costs and expenses	$	43	$	16
Research and development		70		25
Sales, marketing, general and administrative		859		2,599
Total	$	972	$	2,640

The unrecognized remaining share-based compensation expense for options and RSUs was approximately $6.4 million as of March 31, 2025 and is expected to be amortized to expense over the next 2.5 years.

Stock Options


	Number of Options			Weighted Average Exercise Price		Weighted Average Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding - January 1, 2025		4,163		$	2.49		7.7	$	964
Granted		2,436			0.92		—		—
Forfeited/canceled		(74	)		1.48		—		—
Exercised		—			—		—		—
Outstanding ‑ March 31, 2025		6,525		$	1.91		8.4	$	31
Exercisable ‑ March 31, 2025		2,400		$	2.97		6.5	$	31

Restricted Stock Unit Activity

Restricted stock unit activity during the three months ended March 31, 2025 was (in thousands, except weighted average grant date fair value per share):


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Outstanding ‑ January 1, 2025		3,771		$	1.84
Granted		790			0.92
Forfeited/canceled		—			—
Released		(486	)		2.01
Outstanding ‑ March 31, 2025		4,075		$	1.64

Bonus-to-Options Program

The Company also had a Bonus-to-Options Program (the Bonus Option Program) which allowed participants who so elected to convert a portion of their annual cash bonus into fully vested, non-qualified stock options to purchase shares of common stock. Participation was limited to the Chief Executive Officer, direct reports to the Chief Executive Officer and Vice Presidents of the Company. Beginning with fiscal year 2025, the Company terminated the Bonus Option Program to convert future annual cash bonuses to stock options. Stock options previously granted through the Bonus Option Program will remain vested and outstanding until they are exercised, forfeited, or expire. As part of the Bonus Option Program, the Company recorded the following activity during the three months ended March 31, 2025 (in thousands, except weighted average exercise price and weighted average contractual life):


	Number of Options		Weighted Average Exercise Price		Weighted Average Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding ‑ January 1, 2025		1,364	$	2.04		8.0	$	35
Granted		712		0.92		—		—
Forfeited/canceled		—		—		—		—
Exercised		—		—		—		—
Outstanding ‑ March 31, 2025		2,076	$	1.66		8.5	$	—
Exercisable ‑ March 31, 2025		2,076	$	1.66		8.5	$	—

The Company recorded zero and $0.2 million for the three months ended March 31, 2025 and 2024, respectively, related to the estimate of the Bonus Option Program. Options granted pertaining to the performance of the Bonus Option Program were typically approved and granted in first quarter of the year following completion of the fiscal year.

The weighted average fair value of the Bonus Options and stock options to purchase common stock granted during the three months ended March 31, 2025 and 2024 was $0.68 and $1.24, respectively.

Employee Stock Purchase Plan

The ESPP provides for successive six-month offering periods beginning on September 1st and March 1st of each year. During the three months ended March 31, 2025, 464,881 shares were issued under the ESPP, leaving 48,500 shares reserved for future issuance.

Revenue and Accounts Receivable Credit Concentration

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Accounts Receivable Credit Concentration

Note 9 – Revenue and Accounts Receivable Credit Concentration

We derive our revenue from two sources: (i) Diagnostic Tests, providing lung diagnostic testing services for healthcare providers associated with our five blood-based tests and (ii) Development Services, providing diagnostic testing services to biopharmaceutical, life sciences, and diagnostic companies.

Diagnostic Tests revenues consist of blood-based lung tests which are recognized in the amount expected to be received in exchange for diagnostic tests when the diagnostic tests are delivered. The Company conducts diagnostic tests and delivers the completed test results to the prescribing physician. The fees for diagnostic tests are billed either to a third party such as Medicare, medical facilities, commercial insurance payers, or to the patient. The Company determines the transaction price related to its diagnostic test contracts by considering the nature of the payer, test type, and historical price concessions granted to groups of customers. For diagnostic test revenue, the Company estimates the transaction price, which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience, using a portfolio approach. The Company recognizes revenues for diagnostic tests upon delivery of the tests to the physicians requesting the tests.

Development Services revenue is generated from the delivery of our on-market tests, pipeline tests, custom diagnostic testing, and other scientific services from contracts and business agreements with other diagnostics and life science tool partners for a purpose as defined by any individual customer, which is often with biopharmaceutical companies. The performance obligations and related revenue for these sales is defined by a written agreement between the Company and the customer. These services are generally completed upon the delivery of testing results, achievement of contractual milestone(s) as defined in the customer agreements, or over the term of the contract which is generally expected to be completed in one year or less. Revenue for these services is recognized upon delivery of the completed test results, upon completion of the contractual milestone(s), or over the term of contract.

Revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Diagnostic Tests	$	16,316	$	13,796
Development Services		1,642		1,022
Total revenues	$	17,958	$	14,818

Deferred Revenue

Deferred revenue consists of cash payments from customers received in advance of delivery. As test results are delivered, the Company recognizes the deferred revenue in ‘Revenues’ in the condensed statements of operations. The Company had $0.7 million in ‘Deferred revenue’ recorded in the condensed balance sheet as of December 31, 2024 and $0.4 million was added throughout 2025 to ‘Deferred revenue’ for up-front cash payments while $0.5 million was recognized in revenues during the three months ended March 31, 2025. The ‘Deferred revenue’ of $0.8 million recorded in the condensed balance sheet as of March 31, 2025 is expected to be recognized in

revenues over the next twelve months as test results are delivered and services are performed. As of March 31, 2025 and December 31, 2024, the Company had $0.2 million in non-current deferred revenue, respectively, recorded within ‘Other long-term liabilities’ in the condensed balance sheets which represent amounts to be recognized in excess of twelve months from the respective balance sheet date.

The Company’s customers in excess of 10% of total revenue and their related revenue as a percentage of total revenue were as follows:


	Three Months Ended March 31,
	2025			2024
United Healthcare		4	%		12	%

In addition to the above table, we collect reimbursement on behalf of customers covered by Medicare, which accounted for 36% and 40% of the Company’s total revenue for the three months ended March 31, 2025 and 2024, respectively.

The Company is subject to credit risk from its accounts receivable related to services provided to its customers. The Company’s third-party payors and other customers in excess of 10% of accounts receivable, and their related accounts receivable as a percentage of total accounts receivable were as follows:


	As of
	March 31, 2025			December 31, 2024
Medicare		24	%		21	%
Daiichi Sankyo		—	%		14	%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenues	$ 17,958	$ 14,818
Operating expenses:
Direct costs and expenses	3,703	3,175
Research and development	2,870	2,040
Sales, marketing, general and administrative	20,448	20,556
Impairment loss on intangible assets	73	68
Total operating expenses	27,094	25,839
Loss from operations	(9,136)	(11,021)
Other (expense) income:
Interest expense	(1,685)	(2,529)
Change in fair value of warrant liability, net	(378)
Other income (expense), net	98	(64)
Total other expense	(1,965)	(2,593)
Net loss	$ (11,101)	$ (13,614)
Net loss per share, basic	$ (0.08)	$ (0.14)
Net loss per share, diluted	$ (0.08)	$ (0.14)
Weighted-average shares outstanding, basic	146,547	97,166
Weighted-average shares outstanding, diluted	146,547	97,166

Leases - Summary of Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Operating leases, Remainder of 2024	$ 2,857
Operating leases, 2025	4,184
Operating leases, 2026	4,071
Operating leases, 2027	4,160
Operating leases, 2028	23,871
Operating leases, 2029 and thereafter	4,251
Operating leases, Total future minimum lease payments	43,394
Operating leases, Less amount representing interest	(17,820)
Operating lease liability	$ 25,574

Net Loss per Common Share - Schedule of Computation of Basic and Diluted Loss per Share Attributable to Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net loss attributable to common stockholders	$ (11,101)	$ (13,614)
Denominator
Weighted-average shares outstanding, basic	146,547	97,166
Weighted-average shares outstanding, diluted	146,547	97,166
Net loss per share, basic	$ (0.08)	$ (0.14)
Net loss per share, diluted	$ (0.08)	$ (0.14)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Reporting - Summary of Significant Expenses and Other Segment Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting [Abstract]
Revenues	$ 17,958	$ 14,818
Direct costs and expenses (less employee related expenses and depreciation and amortization)	2,522	2,168
Employee related expenses (less share-based compensation expenses)	14,804	12,992
Contracted services expenses	2,322	1,587
Sales and marketing education and event expenses	1,869	2,149
Occupancy and equipment service expenses	1,004	1,153
Clinical trials and associated costs	502	196
Depreciation and amortization expense	1,440	1,420
Share-based compensation expenses	972	2,640
Interest expense	1,685	2,529
Change in fair value of warrant liability, net	378
Other segment items	1,561	1,598
Net loss	$ (11,101)	$ (13,614)

Net Loss per Common Share - Schedule of Common Stock Equivalents Excluded from Diluted Net Loss Attributable to Common Stockholders (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	18,318	14,268
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	8,601	5,035
Shares Committed Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	39	24
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	5,603	5,603
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,075	3,606

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non-Rule 10b5-1 Rule Arr Modified Flag	false

Summary of Significant Accounting Policies and Other Information (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Concentrations of Credit Risk and Other Uncertainties

For a discussion of credit risk concentration of accounts receivable as of March 31, 2025 and December 31, 2024, see Note 9 – Revenue and Accounts Receivable Credit Concentration.

Restricted Cash

Inventory

Leases

Additional information and disclosures required by this standard are contained in Note 7 — Leases.

Fair Value of Financial Instruments

fair value hierarchy. Fair value measurements are categorized within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value.

The three levels of the hierarchy and the related inputs are as follows:


Level		Inputs
1		Unadjusted quoted prices in active markets for identical assets and liabilities.
2		Unadjusted quoted prices in active markets for similar assets and liabilities;
		Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
		Inputs other than quoted prices that are observable for the asset or liability.
3		Unobservable inputs for the asset or liability.

See Note 4 — Fair Value for further discussion related to estimated fair value measurements.

Retirement Plan

Recently Issued Accounting Standards

Standards Being Evaluated

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. This guidance became effective for the Company for the annual period beginning on January 1, 2025, and will become effective for interim periods beginning on January 1, 2026. The Company is currently evaluating this guidance and assessing the overall impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This ASU improves the transparency of a public business entity's expense disclosures by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This guidance will become effective for the Company for the annual period beginning on January 1, 2027, and interim periods beginning on January 1, 2028, with early adoption permitted. The Company is currently evaluating this guidance and assessing the overall impact on its financial statements.

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Note 6 – Debt

Our long-term debt primarily consists of notes payable associated with our Perceptive Term Loan Facility which is described in further detail below. Long-term notes payable were as follows (in thousands):


	As of
	March 31, 2025			December 31, 2024
Perceptive Term Loan Facility	$	40,000		$	40,000
Other		20			26
Unamortized debt discount and debt issuance costs		(3,309	)		(3,597	)
		36,711			36,429
Less: current maturities		18			21
Long-term notes payable	$	36,693		$	36,408

Perceptive Term Loan Facility

On November 16, 2022 (the Closing Date), the Company entered into a Credit Agreement and Guaranty (the Credit Agreement) with Perceptive Credit Holdings IV, LP as lender and administrative agent (the Lender). The Credit Agreement provides for a senior secured delayed draw term loan facility with Perceptive Advisors LLC (Perceptive) (the Perceptive Term Loan Facility). The Tranche A Loan, in an aggregate amount of up to $30.0 million (the Tranche A Loan), was funded under the Perceptive Term Loan Facility on November 21, 2022 (the Funding Date). The Company's net proceeds from the Tranche A Loan were approximately $27.9 million, after deducting debt issuance costs and expenses. In addition to the Tranche A Loan, the Perceptive Term Loan Facility included an additional Tranche B Loan, in an aggregate amount of up to $10.0 million, and an additional Tranche C Loan, in an aggregate amount of up to $10.0 million, which were accessible by the Company so long as the Company satisfied certain customary conditions precedent, including revenue milestones. On December 15, 2023, the Company exercised its ability to draw the Tranche B loan for $10.0 million. The Tranche C loan had a prior commitment date through September 30, 2024 and, as of that date, the Company did not exercise its ability to draw the Tranche C loan. On February 28, 2025, the Company entered into the Fifth Amendment to the Credit Agreement, whereby subject to the terms and conditions, the Tranche C Loan Commitment Termination Date was extended, providing continued availability to the Tranche C Loan through December 31, 2025 (see below). The Perceptive Term Loan Facility has a maturity date of November 21, 2027 (the Maturity Date) and provides for an interest-only period during the term of the loan with principal due at the Maturity Date.

Interest Rate

The Perceptive Term Loan Facility will accrue interest at an annual rate equal to the greater of (a) forward-looking one-month term SOFR as posted by CME Group Inc. and (b) 3.0% per annum, plus an applicable margin of 9.0%. As of March 31, 2025, the stated interest rate was approximately 13.3%.

Amortization and Prepayment

On the Maturity Date, the Company is required to pay the Lender the aggregate outstanding principal amount underlying the Perceptive Term Loan Facility and any accrued and unpaid interest thereon. Prior to the Maturity Date, there will be no scheduled principal payments under the Perceptive Term Loan Facility. The Perceptive Term Loan Facility may be prepaid at any time, subject to a prepayment premium equal to 2% to 10% of the aggregate outstanding principal amount being prepaid, depending on the date of prepayment.

Security Instruments and Warrants

Pursuant to a Security Agreement, dated as of the Funding Date (the Security Agreement), between the Company and the Lender, substantially all of the Company’s obligations under the Credit Agreement are secured by a first lien perfected security interest on all of the Company’s assets, subject to customary exceptions.

As consideration for the Credit Agreement, the Company has issued, on the Funding Date, the Perceptive Warrant of up to 5,000,000 shares of the Company's common stock, including the Initial Warrants which are equity classified at a per share exercise price equal to $1.0648 which is equal to the 10-day volume weighted average price (VWAP) of the Company’s common stock, on the business day immediately prior to the Closing Date of the Tranche A Loan. In connection with the Tranche B borrowing, additional warrants became exercisable into 1,000,000 shares of common stock with a per share exercise price equal to $1.0648, which is equal to the Initial Warrant exercise price and expire on December 15, 2033 (the Tranche B Warrants).

In addition to the Initial and Tranche B Warrants, additional warrants would become exercisable into 1,000,000 shares of common stock concurrently with the borrowing date of the Tranche C Loan (the Tranche C Warrants). The Company accounted for the Tranche C Warrants as liabilities as the Tranche C Warrants did not meet the criteria for equity treatment (see Note 4 – Fair Value). The Tranche C loan had a prior commitment date through September 30, 2024 and, as of that date, the Company did not exercise its ability to draw the Tranche C loan. On February 28, 2025, the Company entered into the Fifth Amendment to the Credit Agreement, whereby subject to the terms and conditions, the Tranche C Loan Commitment Termination Date (as defined in the Credit Agreement) was extended, providing continued availability to the Tranche C Loan through December 31, 2025. In addition, on the Tranche C Loan Borrowing Date (as defined in the Credit Agreement), the Tranche C Warrants, as amended, will become vested and exercisable at an exercise price equal to $0.793, the Company's closing stock price on February 28, 2025.

Representations, Warranties, Covenants, and Events of Default

The Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants, financial covenants, and conditions that are customarily required for similar financings. The affirmative covenants, among other things, require the Company to undertake various reporting and notice requirements, maintain insurance and maintain in full force and effect all Regulatory Approvals, Material Agreements, Material Intellectual Property (each as defined in the Credit Agreement) and other rights, interests or assets (whether tangible or intangible) reasonably necessary for the operations of the Company’s business. The negative covenants restrict or limit the ability of the Company to, among other things and subject to certain exceptions contained in the Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes, such as mergers or acquisitions, or changes to the Company’s business activities; make certain Investments or Restricted Payments (each as defined in the Credit Agreement); change its fiscal year; pay dividends; repay other certain indebtedness; engage in certain affiliate transactions; or enter into, amend or terminate any other agreements that has the impact of restricting the Company’s ability to make loan repayments under the Credit Agreement. In addition, the Company must (i) at all times prior to the Maturity Date maintain a minimum cash balance of $2.5 million; and (ii) as of the last day of each fiscal quarter commencing on the fiscal quarter ended March 31, 2023, meet certain minimum net revenue threshold amounts agreed to between the Company and Perceptive.

On May 10, 2023, the Company entered into the First Amendment with the Lender, whereby subject to the terms and conditions of the First Amendment, the Minimum Net Revenue Covenant (as defined in the Credit Agreement) was amended to reduce the relevant threshold of each fiscal quarter commencing on the fiscal quarter ended June 30, 2023 through and including the fiscal quarter ended March 31, 2024. As consideration for the First Amendment, the Company agreed to issue to Perceptive a warrant to purchase up to 500,000 shares of the Company’s common stock (the First Amendment Warrants) which are equity classified at a per share exercise price equal to $1.6254 (see Note 8 - Equity).

On August 4, 2023 (the Second Amendment Effective Date), the Company entered into the Second Amendment to the Credit Agreement and Guaranty (the Second Amendment) with Perceptive as lender and administrative agent and the Company, as borrower, whereby subject to the terms and conditions of the Second Amendment, the Minimum Net Revenue Covenant (as defined in the Credit Agreement) was amended to reduce the relevant threshold as of the last day of each fiscal quarter commencing on the fiscal quarter ended June 30, 2024 through and including the fiscal quarter ended December 31, 2025.

Under the terms of the Second Amendment, the conditions precedent for drawing on the Tranche B Loan were amended to (i) reduce the trailing twelve-month revenue milestone and (ii) add the receipt of aggregate cash proceeds of at least $27.5 million from an equity offering of the Company's common stock. During the three months ended December 31, 2023, the amended conditions precedent were met and on December 15, 2023, the Company exercised its ability to draw the Tranche B loan for $10.0 million.

On February 29, 2024 (the Third Amendment Effective Date), the Company entered into the Third Amendment to the Credit Agreement and Guaranty (the Third Amendment) with Perceptive as lender and administrative agent and the Company, as borrower, whereby subject to the terms and conditions of the Third Amendment, the Minimum Net Revenue Covenant (as defined in the Credit Agreement) was amended to reduce the relevant threshold as of the last day of each fiscal quarter commencing on the fiscal quarter ended March 31, 2024 through and including the fiscal quarter ended December 31, 2025.

On October 30, 2024 (the Fourth Amendment Effective Date), the Company entered into the Fourth Amendment to the Credit Agreement and Guaranty (the Fourth Amendment) with Perceptive, as lender and administrative agent, and the Company, as borrower, whereby subject to the terms and conditions of the Fourth Amendment, the Minimum Net Revenue Covenant (as defined in the Credit Agreement) was amended to reduce the relevant threshold as of the last day of each fiscal quarter commencing on the fiscal quarter ended June 30, 2025 through and including the fiscal quarter ended December 31, 2027.

On February 28, 2025 (the Fifth Amendment Effective Date), the Company entered into the Fifth Amendment to the Credit Agreement and Guaranty (the Fifth Amendment) with Perceptive, as lender and administrative agent, and the Company, as borrower, whereby subject to the terms and conditions of the Fifth Amendment, the Tranche C Loan revenue milestone was eliminated and the Commitment Termination Date (as defined in the Credit Agreement) was extended, providing continued availability to the Tranche C Loan in an

aggregate amount equal to $10.0 million through December 31, 2025. In addition, on the Tranche C Loan Borrowing Date (as defined in the Credit Agreement), the Tranche C Warrants, as amended, will become vested and exercisable at an exercise price equal to $0.793, the Company's closing stock price on February 28, 2025.

The Credit Agreement also contains certain customary Events of Default which include, among others, non-payment of principal, interest, or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts, certain regulatory-related events and events constituting a change of control. As of March 31, 2025, the Company was in compliance with all restrictive and financial covenants associated with its borrowings. The occurrence of an Event of Default could result in, among other things, the declaration that all outstanding principal and interest under the Perceptive Term Loan Facility are immediately due and payable in whole or in part.

On the Closing Date, the Initial Warrants and Additional Warrants were valued at $2.9 million and $0.1 million, respectively, using the Black-Scholes option-pricing model, estimated settlement probabilities and estimated exercise prices. As a result of the fees paid to Perceptive and the value of the Perceptive Warrant, the Company recognized a discount on the Perceptive Term Loan in the amount of $5.2 million. The First Amendment Warrants were valued at $0.7 million using the Black-Scholes option-pricing model which the recognized as a discount on the Perceptive Term Loan Facility. The Company recorded the debt discount as a reduction to the principal amount of the debt and is amortized as interest expense over the life of the debt.

Scheduled principal repayments (maturities) of long-term obligations were as follows (in thousands):


	As of March 31, 2025
Remainder of 2025	$	14
2026		6
2027 and thereafter		40,000
Total	$	40,020

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14 – Commitments and Contingencies

Co-Development Agreement

In April 2014 and amended in October 2016, the Company entered into a worldwide agreement with AVEO to develop and commercialize AVEO's hepatocyte growth factor inhibitory antibody ficlatuzumab with the Company's proprietary companion diagnostic test, BDX004, a version of the Company’s serum protein test that is commercially available to help physicians guide treatment decisions for patients with advanced non-small cell lung cancer (NSCLC). Under the terms of the agreement, AVEO conducted a proof of concept (POC) clinical study of ficlatuzumab for NSCLC in which BDX004 was used to select clinical trial subjects (the NSCLC POC Trial). Under the agreement, the Company and AVEO shared equally in the costs of the NSCLC POC Trial, and each were responsible for 50% of development and regulatory costs associated with all future clinical trials agreed upon by the Company and AVEO.

In September 2020, the Company exercised its opt-out right with AVEO for the payment of 50% of development and regulatory costs for ficlatuzumab effective December 2, 2020 (the AVEO Effective Date). Following the AVEO Effective Date, the Company is entitled to a 10% royalty of net sales of ficlatuzumab and 25% of license income generated from the licensing of ficlatuzumab from AVEO. In September 2021, AVEO announced that the FDA has granted Fast Track Designation (FTD) to ficlatuzumab for the treatment of patients with relapsed or recurrent head and neck squamous cell carcinoma. In November 2021 AVEO also announced plans to initiate a registrational Phase 3 clinical trial for ficlatuzumab which began in January 2024. There were no royalties received or expenses related to this agreement for the three months ended March 31, 2025 and 2024 and the Company has no obligations related to the AVEO agreement as of March 31, 2025.

License Agreements

In August 2019, the Company entered into a non-exclusive license agreement with Bio-Rad Laboratories, Inc. (Bio-Rad) (the Bio-Rad License). Under the terms of the Bio-Rad License, the Company received a non-exclusive license, without the right to grant sublicenses, to utilize certain of Bio-Rad’s intellectual property, machinery, materials, reagents, supplies and know-how necessary for the performance of Droplet Digital PCR™ (ddPCR) in cancer detection testing for third parties in the United States. There are no license fees related to this agreement. The Bio-Rad License was set to expire in August 2024. In May 2024, the Company amended the agreement to extend the Bio-Rad License to August 2026. In August 2019, the Company also agreed to purchase all of the necessary supplies and reagents for such testing exclusively from Bio-Rad, pursuant to a separately executed supply agreement (the Supply Agreement) with Bio-Rad. Either party may terminate for the other’s uncured material breach or bankruptcy events. Bio-Rad may terminate the Bio-Rad License if the Company does not purchase licensed products under the Supply Agreement for a consecutive twelve-month period or for any material breach by us of the Supply Agreement.

On May 13, 2021 (the CellCarta Effective Date), we reached agreement with CellCarta Biosciences Inc. (formerly “Caprion Biosciences, Inc.”) (the CellCarta License) on a new royalty bearing license agreement for the Nodify XL2 test. The parties agreed to terminate all prior agreements and replace with this new arrangement, which has a 1% fee on net sales made from the first commercial sale of the Nodify XL2 test to the CellCarta Effective Date as an upfront make-good payment covering past royalties due and a royalty rate of 0.675% on future Nodify XL2 test net sales worldwide for 15 years from the first commercial sale, ending in 2034. Royalty expense under the CellCarta License was $0.1 million for both the three months ended March 31, 2025 and 2024, respectively.

On October 31, 2019, we completed an acquisition of Freenome's United States operations (formerly "Oncimmune USA" or "Oncimmune") including its COLA/CLIA lab in De Soto, Kansas and its pulmonary nodule malignancy test, then marketed in the United States as the EarlyCDT Lung® test. We renamed and relaunched the test on February 28, 2020 as the Nodify CDT test. As part of the acquisition of the assets of Oncimmune, the Company entered into several agreements to govern the relationship between the parties. The Company agreed to a license agreement and royalty payment related to the Nodify CDT test of 8% of recognized revenue for non-screening tests up to an annual minimum volume and 5% thereafter. Royalty expenses were $0.4 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.

Litigation, Claims and Assessments

From time to time, we may become involved in legal proceedings or investigations which could have an adverse impact on our reputation, business and financial condition and divert the attention of our management from the operation of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, financial condition, or cash flows.

Revenue and Accounts Receivable Credit Concentration - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Disaggregation Of Revenue [Line Items]
Sources of revenue, description	We derive our revenue from two sources: (i) Diagnostic Tests, providing lung diagnostic testing services for healthcare providers associated with our five blood-based tests and (ii) Development Services, providing diagnostic testing services to biopharmaceutical, life sciences, and diagnostic companies.
Revenue recognized	$ 500
Deferred revenue	$ 788		$ 678
Revenue \| Minimum \| Customer Concentration Risk \| Medicare
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	36.00%	40.00%
Up Front Cash Payments
Disaggregation Of Revenue [Line Items]
Deferred revenue	$ 400
Other Long-term Liabilities
Disaggregation Of Revenue [Line Items]
Non-current deferred revenue	$ 200		$ 200