0001193125-26-066961 | 10-K | XBRL Viewer

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Stock-based compensation - Summary of Assumptions Used to Calculate the Grant Date Fair Value of TSR PSUs Granted (Detail) - TSR PSUs [Member]	12 Months Ended
	Dec. 31, 2025
First Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	75.00%
NASDAQ volatility	20.00%
Expected dividend yield	0.00%
Second Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	75.00%
NASDAQ volatility	20.00%
Expected dividend yield	0.00%
Third Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 7 days
Risk-free interest rate	3.63%
Expected volatility	75.00%
NASDAQ volatility	20.00%
Expected dividend yield	0.00%
Minimum [Member] \| First Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	1 year 7 days
Risk-free interest rate	3.63%
Minimum [Member] \| Second Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	2 years 7 days
Risk-free interest rate	3.63%
Maximum [Member] \| First Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 7 days
Risk-free interest rate	3.88%
Maximum [Member] \| Second Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 7 days
Risk-free interest rate	3.68%

Related Parties	12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]
Related Parties	16. RELATED PARTIES Strategic Investment The Company's Founder and Chief Executive Officer is a co-founder and serves as Executive Chairman of the board of Pathos AI, Inc. ("Pathos"). On August 19, 2021, the Company entered into a Master Agreement with Pathos, which was subsequently amended on February 12, 2024 (as amended, the "Amended and Restated Master Agreement"), for the purpose of furthering the commercialization efforts of drug development. In connection therewith, the Company received a warrant to purchase 23,456,790 shares, or approximately 15% of the then current outstanding equity in Pathos, for $0.0125 per share. The warrant will automatically exercise upon a change of control (as defined therein) or upon an IPO of Pathos’ securities. The Company also has an optional exercise election window during the last 10 days of the 20 year term of the warrant agreement. The Amended and Restated Master Agreement provides for an initial term of five years, measured from February 2024, with a subsequent five-year renewal provision unless the agreement is terminated. Either party may terminate the agreement after the initial five-year term by prior written notice to the other party. On April 17, 2025, the Company entered into an Order Form (the "Order Form") regarding both the development of a foundation large multimodal model in the field of oncology (the “Foundation Model”) and the licensing of certain de-identified multi-modal data to assist in the development of the Foundation Model, with Pathos under the Amended and Restated Master Agreement (the Amended and Restated Master Agreement and the Order Form collectively referred to herein as the “Pathos Master Agreement”). Pursuant to the Pathos Master Agreement, (i) Pathos will be responsible for Foundation Model development activities under the Statement of Work with AstraZeneca under the Master Services Agreement, dated November 17, 2021 between the Company and AstraZeneca, as amended form time to time (the Master Services Agreement and the Statement of Work are collectively referred to herein as the “MSA”), (ii) the Company will license Pathos a comprehensive de-identified multi-modal dataset for the sole purpose of assisting in the development and training of the Foundation Model under the MSA, (iii) Pathos will pay the Company data license fees of $200 million over a three-year period, including an upfront payment of $50 million paid as of April 2025, (iv) the Company will provide a secure cloud environment to host the Foundation Model, for which Pathos will pay the Company the first $60 million of cloud compute costs, (v) the Company will receive a license to use the Foundation Model upon its completion (with certain field restrictions and the right of sublicense to AstraZeneca), and (vi) in consideration of Pathos’ commitments under the Pathos Master Agreement, the Company will pay Pathos $35 million, of which $25 million has been paid to date. Pathos, in its sole discretion, may pay up to 50% of the data license fees owed to the Company in shares of Pathos’ Series D Preferred Stock. Consulting Arrangement and Equity Grant On February 16, 2026, the Company entered into an Independent Contractor Agreement (the “Huerga Contractor Agreement”) with Iker Huerga, Chief Executive Officer of Pathos, pursuant to which Mr. Huerga agreed to assist the Company in negotiating, managing, and expanding a new commercial agreement (the "Commercial Agreement"). Compensation under the Huerga Contractor Agreement consists solely of RSUs and PSUs. Mr. Huerga will earn 25,000 RSUS for services rendered in 2025 and expected to be rendered in 2026. Mr. Huerga has the potential to earn an additional 175,000 PSUs based on milestones that include certain minimum purchase commitments. The Company has entered into various agreements with our related parties, which primarily encompasses the development of the Foundation Model, access to the Company's Lens product, sequencing, clinical research organization and other data services. The Company has recognized $65.3 million, $4.5 million and $0.7 million of revenue from related parties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024 there was no amount due to related parties. As of December 31, 2025 and 2024 the amount due from related parties was $6.4 million and $4.3 million, respectively. As of December 31, 2025, related party asset and related party asset, less current portion were $8.8 million and $16.2 million, respectively. As of December 31, 2024, the related party asset and related party asset, less current portion were both $0. The related party asset represents future services to be provided by Pathos under the Pathos Master Agreement. As of December 31, 2025, deferred revenue and deferred revenue, less current portion includes $3.9 million and $0 million of related party deferred revenue, respectively. As of December 31, 2024, there was no related party deferred revenue.

Related Parties

12 Months Ended

Dec. 31, 2025

Related Parties

16.

RELATED PARTIES

Strategic Investment

The Company's Founder and Chief Executive Officer is a co-founder and serves as Executive Chairman of the board of Pathos AI, Inc. ("Pathos"). On August 19, 2021, the Company entered into a Master Agreement with Pathos, which was subsequently amended on February 12, 2024 (as amended, the "Amended and Restated Master Agreement"), for the purpose of furthering the commercialization efforts of drug development. In connection therewith, the Company received a warrant to purchase 23,456,790 shares, or approximately 15% of the then current outstanding equity in Pathos, for $0.0125 per share. The warrant will automatically exercise upon a change of control (as defined therein) or upon an IPO of Pathos’ securities. The Company also has an optional exercise election window during the last 10 days of the 20 year term of the warrant agreement. The Amended and Restated Master Agreement provides for an initial term of five years, measured from February 2024, with a subsequent five-year renewal provision unless the agreement is terminated. Either party may terminate the agreement after the initial five-year term by prior written notice to the other party.

On April 17, 2025, the Company entered into an Order Form (the "Order Form") regarding both the development of a foundation large multimodal model in the field of oncology (the “Foundation Model”) and the licensing of certain de-identified multi-modal data to assist in the development of the Foundation Model, with Pathos under the Amended and Restated Master Agreement (the Amended and Restated Master Agreement and the Order Form collectively referred to herein as the “Pathos Master Agreement”). Pursuant to the Pathos Master Agreement, (i) Pathos will be responsible for Foundation Model development activities under the Statement of Work with AstraZeneca under the Master Services Agreement, dated November 17, 2021 between the Company and AstraZeneca, as amended form time to time (the Master Services Agreement and the Statement of Work are collectively referred to herein as the “MSA”), (ii) the Company will license Pathos a comprehensive de-identified multi-modal dataset for the sole purpose of assisting in the development and training of the Foundation Model under the MSA, (iii) Pathos will pay the Company data license fees of $200 million over a three-year period, including an upfront payment of $50 million paid as of April 2025, (iv) the Company will provide a secure cloud environment to host the Foundation Model, for which Pathos will pay the Company the first $60 million of cloud compute costs, (v) the Company will receive a license to use the Foundation Model upon its completion (with certain field restrictions and the right of sublicense to AstraZeneca), and (vi) in consideration of Pathos’ commitments under the Pathos Master Agreement, the Company will pay Pathos $35 million, of which $25 million has been paid to date. Pathos, in its sole discretion, may pay up to 50% of the data license fees owed to the Company in shares of Pathos’ Series D Preferred Stock.

Consulting Arrangement and Equity Grant

On February 16, 2026, the Company entered into an Independent Contractor Agreement (the “Huerga Contractor Agreement”) with Iker Huerga, Chief Executive Officer of Pathos, pursuant to which Mr. Huerga agreed to assist the Company in negotiating, managing, and expanding a new commercial agreement (the "Commercial Agreement"). Compensation under the Huerga Contractor Agreement consists solely of RSUs and PSUs. Mr. Huerga will earn 25,000 RSUS for services rendered in 2025 and expected to be rendered in 2026. Mr. Huerga has the potential to earn an additional 175,000 PSUs based on milestones that include certain minimum purchase commitments.

The Company has entered into various agreements with our related parties, which primarily encompasses the development of the Foundation Model, access to the Company's Lens product, sequencing, clinical research organization and other data services. The Company has recognized $65.3 million, $4.5 million and $0.7 million of revenue from related parties for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025 and 2024 there was no amount due to related parties. As of December 31, 2025 and 2024 the amount due from related parties was $6.4 million and $4.3 million, respectively.

As of December 31, 2025, related party asset and related party asset, less current portion were $8.8 million and $16.2 million, respectively. As of December 31, 2024, the related party asset and related party asset, less current portion were both $0. The related party asset represents future services to be provided by Pathos under the Pathos Master Agreement.

As of December 31, 2025, deferred revenue and deferred revenue, less current portion includes $3.9 million and $0 million of related party deferred revenue, respectively. As of December 31, 2024, there was no related party deferred revenue.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
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
Eric D. Belcher [Member]
Trading Arrangements, by Individual
Name	Eric D. Belcher
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 10, 2025
Expiration Date	March 15, 2027
Aggregate Available	14,033

Leases - Schedule of Future Payments Under Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 13,328
2027	17,823
2028	16,570
2029	14,970
2030	12,504
Thereafter	34,890
Total minimum lease payments	110,085
Less: Amount representing interest	22,458
Present value of net minimum lease payments	87,627
Less: Current portion of lease liabilities	13,355	$ 6,459
Total long-term lease liabilities	$ 74,272	$ 26,199

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-42130
Entity Registrant Name	Tempus AI, Inc.
Entity Central Index Key	0001717115
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	47-4903308
Entity Address, Address Line One	600 West Chicago Avenue
Entity Address, Address Line Two	Suite 510
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	800
Local Phone Number	976-5448
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	TEM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 11.0
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's definitive proxy statement, or the 2026 Proxy Statement, relating to its annual meeting of stockholders to be held in 2026, or the 2026 Annual Meeting, to be filed with the Securities and Exchange Commission, or the SEC, within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates, are incorporated herein by reference where indicated. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement is not deemed to be filed a part hereof.
Auditor Location	Chicago, Illinois
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Opinion [Text Block]	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Tempus AI, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, of redeemable convertible preferred stock, common stock and stockholders' equity (deficit) and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		173,729,901
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,043,789

Description Of Business - Summary of Significant Segment Expenses Reconciled to Total Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Selling, General and Administrative Expense [Abstract]
Selling, general and administrative payroll	$ 276,208	$ 162,194	$ 135,466
Cloud and software	135,998	95,401	85,709
Other selling, general and administrative	319,532	497,756	75,585
Selling, general and administrative	$ 731,738	$ 755,351	$ 296,760

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Leases - Schedule of Lease Term and Discount Rate (Detail)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating leases, weighted-average remaining lease term (in years)	7 years	5 years 1 month 6 days
Operating leases, weighted-average discount rate	6.10%	6.80%

Stock-based compensation - Schedule of Restricted Stock Awards (Detail)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at December 31, 2024 \| $ / shares	$ 0
Weighted - Average Grant Date Fair Value, Granted \| $ / shares	45.58
Weighted - Average Grant Date Fair Value, Vested \| $ / shares	45.58
Outstanding at December 31, 2025 \| $ / shares	$ 45.58
Unvested Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at December 31, 2024 \| shares	0
Unvested Restricted Stock Awards, Granted \| shares	26,059
Unvested Restricted Stock Awards, Vested \| shares	(8,686)
Outstanding at December 31, 2025 \| shares	17,373

- 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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net loss to evaluate income generated from segment assets. Net loss is used to monitor budget versus actual results.

Debt - Additional Information (Detail)				1 Months Ended	12 Months Ended
Debt - Additional Information (Detail)	Jul. 03, 2025 USD ($) Days $ / shares	Jun. 30, 2025 $ / shares shares	Feb. 22, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 03, 2025 USD ($)	Apr. 25, 2023 USD ($)	Sep. 22, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from long term debt net of issuance costs and discount					$ 196,000,000	$ 0	$ 82,875,000
Payment of interest on debt					44,031,000	28,045,000	16,913,000
Net proceeds from private offering					725,700,000
Amortization of original issue discount					4,088,000	1,382,000	1,117,000
Capped calls initial strike price per share \| $ / shares		$ 84.19
Payments of capped call cost					41,800,000
Loss on debt extinguishment					(12,034,000)	0	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long term debt unamortized discount gross					1,600,000			$ 2,000,000
Long term debt unamortized debt issuance costs gross								1,000,000
Long term debt unamortized debt issuance costs net					$ 800,000
Third Amendment Agreement [Member] \| Additional Term Loan Facility [Member] \| Priority ABL Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value								100,000,000
Amendment to Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument maturity date			Mar. 22, 2026
Debt instrument extended maturity date			Dec. 31, 2030
Call Option [Member]
Debt Instrument [Line Items]
Initial cap price \| $ / shares		$ 111.195			$ 111.195
Maximum [Member] \| Amendment to Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument, percentage of repayment upon maturity			50.00%
Term Loan Agreement With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Debt instrument face value										$ 175,000,000
Long term debt unamortized discount gross										4,400,000
Long term debt unamortized debt issuance costs gross										$ 2,600,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Additional Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value								200,000,000
Long term debt unamortized discount gross								4,000,000
Legal fees paid								2,000,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value								100,000,000
Long term debt unamortized discount gross								2,000,000
Legal fees paid								900,000
Debt instrument revolving loans amount								97,100,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Third Amendment Agreement [Member] \| Additional Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value								200,000,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Third Amendment Agreement [Member] \| Additional Term Loan Facility [Member] \| Priority ABL Facility [Member]
Debt Instrument [Line Items]
Term loan facility amount received								194,000,000
Term Loan Amendment Agreement One With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Debt instrument face value									$ 85,000,000
Long term debt unamortized discount gross									$ 2,200,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Long term debt unamortized discount gross					$ 3,300,000	3,800,000		10,500,000
Long term debt unamortized debt issuance costs gross					1,100,000			2,600,000
Minimum liquidity required to be maintained value								$ 25,000,000
Long term debt unamortized debt issuance costs net					0	1,400,000
Payment of interest on debt					44,000,000
Repayment of term loan				$ 276,900,000
Loss on debt extinguishment					12,000,000
Prepayment premium					7,800,000
Unamortized original issue discount amount for first two tranches					$ 3,100,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument interest rate					0.50%
Revolving commitments percentage					50.00%
Revolving commitments					$ 50,000,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Twelve Months Ended Thirty First Of December Two Thousand And Twenty Five [Member]
Debt Instrument [Line Items]
Revenue					1,000,000,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Twelve Months Ended Thirty First Of December Two Thousand And Twenty Six [Member]
Debt Instrument [Line Items]
Revenue					$ 1,100,000,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage					7.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage					6.75%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage					3.75%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage					7.75%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| SOFR One [Member]
Debt Instrument [Line Items]
Debt instument paid in kind interest percentage					3.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| SOFR One [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instument paid in kind interest percentage					5.00%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Base Rate One [Member]
Debt Instrument [Line Items]
Debt instument paid in kind interest percentage					3.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Term Secured Overnight Financing Rate One [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage					5.00%
Amended And Restated Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Interest expenses					$ 14,400,000	15,100,000	$ 15,800,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument face value	$ 750,000,000
Long term debt unamortized discount gross	23,500,000				21,200,000
Long term debt unamortized debt issuance costs gross	$ 800,000					$ 700,000
Payment of interest on debt					0
Interest expenses					2,800,000
Debt instrument interest rate	0.75%
Debt instrument, date of first required payment	Jan. 15, 2026
Debt instrument maturity date	Jul. 15, 2030
Debt instrument, frequency of periodic payment	Interest on the Notes will accrue at a rate of 0.75% per year from July 3, 2025 and will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026.
Debt instrument convertible, principal amount	$ 1,000
Conversion ratio	11.8778
Conversion price \| $ / shares	$ 84.19
Redemption price, percentage	100.00%
Debt instrument, sinking fund	$ 0
Amortization of original issue discount					$ 2,300,000
Effective interest rate					0.80%
Convertible Senior Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Threshold principal outstanding amount for partial redemption	$ 100,000,000
Convertible Senior Notes [Member] \| Debt Conversion Condition One [Member]
Debt Instrument [Line Items]
Debt instrument convertible threshold period of consecutive trading days \| Days	30
Threshold trading days \| Days	20
Convertible Senior Notes [Member] \| Debt Conversion Condition One [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130.00%
Convertible Senior Notes [Member] \| Debt Conversion Condition Two [Member]
Debt Instrument [Line Items]
Debt instrument convertible threshold period of consecutive trading days \| Days	10
Threshold trading days \| Days	5
Debt instrument convertible, principal amount	$ 1,000
Convertible Senior Notes [Member] \| Debt Conversion Condition Two [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	98.00%
Second Amended Notes [Member]
Debt Instrument [Line Items]
Debt instrument face value			$ 238,800,000
Long term debt maturity date			Dec. 31, 2030
Principal amount to be payable after prepayment value			$ 150,000,000
Debt instrument interest rate			6.00%
Common Class A [Member]
Debt Instrument [Line Items]
Common Stock Shares Subject To Capped Call Transactions \| shares		8,908,350

Description of Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

DESCRIPTION OF BUSINESS

Company Information

Tempus AI, Inc., together with the subsidiaries through which it conducts business (the “Company” or "Tempus"), is a healthcare technology company focused on bringing artificial intelligence and machine learning to healthcare in order to improve the care of patients across multiple diseases. The Company combines the results of laboratory tests with other multimodal datasets to improve patient care by supporting all parties in the healthcare ecosystem, including physicians, researchers, payers, and pharmaceutical companies. The Company primarily derives revenue from selling comprehensive genetic testing to physicians and large academic research institutions, licensing data to third parties, matching patients to clinical trials, and related services.

The Company, based in Chicago, Illinois, was founded by Eric P. Lefkofsky, the Company’s CEO and Executive Chairman, and evolved from a business Mr. Lefkofsky founded called Bioin. Bioin originally was established as a limited liability company. Effective September 21, 2015, Bioin converted its legal form to a corporation organized and existing under the General Corporation Law of the State of Delaware. Bioin subsequently changed its legal name to Tempus Health, Inc. in September 2015, to Tempus Labs, Inc. in October 2016 and to Tempus AI, Inc. in December 2023. Effective August 7, 2025, the Company reincorporated, by conversion, from a Delaware corporation to a Nevada corporation.

Segment Information

The Company operates as one operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information for purposes of making operating decisions, assessing financial performance and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net loss to evaluate income generated from segment assets. Net loss is used to monitor budget versus actual results.

Outside of the expenses reported on the consolidated statements of operations and comprehensive loss, the CODM regularly reviews personnel costs and cloud costs within selling, general, and administrative expenses, which the Company has identified as significant segment expenses.

The following summarizes the significant segment expenses reconciled to total selling, general and administrative expenses shown on the consolidated statements of operations and comprehensive loss. Other selling, general, and administrative expenses include facilities, professional fees, marketing, travel and entertainment, depreciation and amortization, and stock-based compensation (see Note 11).


	Year Ended December 31,
	2025		2024		2023
Selling, general and administrative payroll	$	276,208	$	162,194	$	135,466
Cloud and software		135,998		95,401		85,709
Other selling, general and administrative		319,532		497,756		75,585
Selling, general and administrative	$	731,738	$	755,351	$	296,760

Income Taxes - Schedule of Provision For Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax expense (benefit)
Federal	$ 0	$ 0	$ 0
State	395	(33)	13
Foreign	490	188	152
Total	885	155	165
Deferred tax (benefit) expense
Federal	(39,033)	93	108
State	(13,536)	18	15
Total	(52,569)	111	123
Total tax (benefit) expense
Federal	(39,033)	93	108
State	(13,141)	(15)	28
Foreign	490	188	152
Total income tax (benefit) expense	$ (51,684)	$ 266	$ 288

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

BALANCE SHEET COMPONENTS

Property and Equipment, Net

The following summarizes property and equipment, net as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025			December 31, 2024
Equipment	$	143,651		$	110,011
Leasehold improvements		64,791			46,809
Furniture and fixtures		6,976			6,633
Building		1,234			—
Land		9,850			—
Total property and equipment, gross		226,502			163,453
Less: accumulated depreciation		(137,346	)		(105,397	)
Property and equipment, net	$	89,156		$	58,056

Depreciation expense on property and equipment is classified as follows in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue, diagnostics	$	15,148	$	13,966	$	12,961
Cost of revenue, data and applications		599		172		—
Selling, general and administrative costs		16,307		12,218		8,318
Total depreciation	$	32,054	$	26,356	$	21,279

Accrued Expenses

Accrued expenses as of December 31, 2025 and 2024, consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Accrued compensation and employee benefits	$	37,780	$	24,767
Accrued expenses		72,553		51,147
Accrued employer payroll tax related to stock-based compensation		339		24,439
Accrued cloud storage costs		41,870		21,394
Interest payable		2,828		8,660
Total accrued expenses	$	155,370	$	130,407

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (245,028)	$ (705,809)	$ (214,118)

- 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

Stock-based compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

11.

STOCK-BASED COMPENSATION

2015 Stock Plan

In 2015, the Company adopted the 2015 Plan, which has been amended and restated numerous times to increase the aggregate shares authorized to be issued to employees, consultants, and directors of the Company. As of December 31, 2023, there were 28,115,750 shares authorized under the 2015 Plan.

On January 18, 2023, the Company approved a two-year extension of the expiration date of RSUs for then-current employees whose RSUs would otherwise expire in 2023 or 2024. The Company accounted for the extension as a stock compensation modification, which resulted in an increase in unrecognized compensation cost of $35.3 million at the time the extension was approved and an additional $12.2 million as the extensions occurred. The RSUs approved for the two-year extension were fully vested as of the IPO date. As such, the Company recognized the full impact of the expiration extension in stock-based compensation in the three months ended June 30, 2024.

On July 18, 2023, the Company approved the removal of the market condition for 5,898,596 outstanding PSUs. The Company accounted for this as a stock compensation modification. Subsequent to the modification, these units are treated as RSUs as the terms are consistent with the Company's existing RSUs. The modification resulted in a decrease in total unrecognized compensation cost of $19.3 million.

After the IPO, no further grants will be made under the 2015 Stock Plan.

2024 Equity Incentive Plan

In February 2024, the Company’s board of directors adopted, and in April 2024, the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the IPO in June 2024. The 2024 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, RSUs, restricted stock unit awards (“RSAs”), performance-based awards (“PSUs”) and other awards. The maximum number of shares of Class A common stock that may be issued under the 2024 Plan is 7,430,000 shares of the Company’s Class A common stock and will automatically increase on January 1 of each year, beginning on January 1, 2025 and continuing through and including January 1, 2034 in an amount equal to either (i) a number of shares of the Company’s Class A common stock (the “Evergreen Increase”), such that the sum of (x) the remaining number of shares available under the 2024 Plan and (y) the Evergreen Increase is equal to 5% of the total number of shares of common stock (both Class A and Class B) outstanding on December 31 of the preceding calendar year, or (ii) a lesser number of shares determined by the

Company’s board of directors prior to the applicable January 1. The maximum number of shares that may be issued upon the exercise of ISOs under the 2024 Plan is 22,290,000 shares. As of December 31, 2025, there were 2,920,167 shares of the Company's Class A common stock that may be issued under the 2024 Plan.

Restricted Stock Units

The majority of RSUs vest over a period of three to five years, with a cliff vest after one year and ratable quarterly vesting thereafter. RSUs granted prior to the IPO were also subject to liquidity event vesting condition, as defined in the grant agreement, which was satisfied in connection with the IPO.

The table below summarizes restricted stock unit activity for the year ended December 31, 2025:


	Vested Restricted Stock Units			Weighted - Average Grant Date Fair Value		Unvested Restricted Stock Units			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2024		4,772,362		$	37.87		6,873,974		$	38.23
Granted		—		$	—		2,819,039		$	61.08
Vested		2,835,184		$	38.78		(2,835,184	)	$	38.78
Settled		(7,489,122	)	$	38.24		—		$	—
Forfeited		—		$	—		(572,225	)	$	41.77
Outstanding at December 31, 2025		118,424		$	36.46		6,285,604		$	47.91

Performance Stock Units

The Company granted 2,569,600 PSUs during the year ended December 31, 2025, with a weighted-average grant date fair value of $53.32.

50% of the PSUs are subject to a performance condition, which is based on the Company’s compound revenue growth ("CRG") during three overlapping performance periods (the "Performance Periods")—calendar year 2025 ("First Performance Period"), calendar years 2025 and 2026 ("Second Performance Period"), and calendar years 2025, 2026 and 2027 ("Third Performance Period" and, together with the First Performance Period and the Second Performance Period, the "Performance Periods") and subject to a service condition of a required period of continued employment from the vesting start date.

50% of the PSUs are subject to a market condition, which is based on a comparison of the Company’s total shareholder return ("TSR") to the return of the Nasdaq Composite Index during each Performance Period and subject to a service condition of a required period of continued employment from the vesting start date.

If either the performance condition or market condition is not achieved during one of the first two Performance Periods, but is achieved during the Third Performance Period, any PSUs with respect to such performance condition or market condition that had not previously been earned will vest on the final vesting date, subject to the employee's continued service through such date. As both the CRG and TSR PSUs have a performance or market condition that include graded vesting features, the Company recognizes stock-based compensation expense using the graded vesting method over the requisite service period for each separately vesting tranche of the award.

On February 20, 2026, the Company's board of directors certified the achievement of the performance condition related to the CRG PSUs and the market condition related to the TSR PSUs for the First Performance Period.

The fair value of the CRG PSUs is equal to the stock price on the date of grant. The requisite service period for the CRG PSUs is 18 months, 27 months, and 36 months for the First, Second, and Third Performance Period, respectively. The fair value of the TSR PSUs is established using a Monte Carlo simulation model for each tranche. The requisite service period for the TSR PSUs is 12 months, 24 months, and 36 months for the First, Second, and Third Performance Period, respectively. The following assumptions were used in the Monte Carlo simulation model in determining the fair value of TSR PSUs granted:


	First Performance Period	Second Performance Period	Third Performance Period
Expected term (in years)	1.02 or 3.02	2.02 or 3.02	3.02
Risk-free interest rate	3.63% - 3.88%	3.63% - 3.68%	3.63%
Expected volatility	75.00%	75.00%	75.00%
NASDAQ volatility	20.00%	20.00%	20.00%
Expected dividend yield	0.00%	0.00%	0.00%

Restricted Stock Award

Stock-based compensation on these awards is recognized on a straight-line basis over the requisite service periods of the awards.The table below summarizes restricted stock award activity for the year ended December 31, 2025:


	Unvested Restricted Stock Awards			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2024		—		$	—
Granted		26,059		$	45.58
Vested		(8,686	)	$	45.58
Outstanding at December 31, 2025		17,373			45.58

Stock-based compensation is classified as follows in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenues, diagnostics	$	6,224	$	13,625	$	—
Cost of revenues, data and applications		3,091		8,530		—
Technology research and development		19,062		58,473		—
Research and development		12,688		47,638		—
Selling, general and administrative		83,682		405,872		—
Total stock-based compensation	$	124,747	$	534,138	$	—

As of December 31, 2025, unrecognized stock-based compensation was $288.2 million and is expected to be recognized over a weighted average period of 2.4 years.

Joint Venture - Additional Information (Detail) $ in Thousands, ¥ in Billions					12 Months Ended
	Jul. 18, 2024 JPY (¥)	Jul. 18, 2024 USD ($)	May 18, 2024 JPY (¥)	May 18, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 18, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Net revenue					$ 1,271,789	$ 693,398	$ 531,822
Joint Venture Agreement [Member] \| SB Tempus Corp [Member]
Schedule of Equity Method Investments [Line Items]
Joint venture formation date			May 18, 2024	May 18, 2024
Common stock value	¥ 15.0							$ 95,200
Investment					86,600
Joint Venture Agreement [Member] \| SB Tempus Corp [Member] \| Investment in SB Tempus Pursuant to Joint Venture Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%							50.00%
Data License Agreement [Member] \| SB Tempus Corp [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from license fees			¥ 7.5	$ 47,900
Net revenue					25,000	16,600	0
Intellectual Property License Agreement [Member] \| SB Tempus Corp [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from license fees	¥ 7.5	$ 47,900
Income from license agreement recognized					$ 16,000	$ 8,000	$ 0
Payment in deferred other income amortized in to other income expense period	3 years	3 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Deferred Income Taxes

Deferred income taxes consist of the following as of December 31, 2025 and 2024 (in thousands):


	As of December 31,
	2025			2024
Deferred Income Tax Assets:
Net Operating Loss Carryforwards	$	402,347		$	308,669
IRC §163(j) Interest Expense Limitation Carryover		35,875			29,239
Lease Liability		22,629			7,997
Research and Development		210,273			118,649
Excess of Tax Basis over Book Basis Fixed Assets		—			4,696
Deferred Revenue		8,858			19,708
Revenue Reserve Liability		2,742			2,812
Stock Compensation		27,273			26,441
Other		17,304			1,077
	$	727,301		$	519,288
Less Valuation Allowance		(599,846	)		(503,071	)
	$	127,455		$	16,217
Deferred Income Tax Liabilities:
Excess of book basis over tax basis fixed assets		(720	)		—
Unrealized Gain/Loss on Marketable Equity Securities		(22,725	)		(3,878	)
Right of Use Asset		(16,655	)		(3,615	)
Warrant Contract Asset		—			(7,697	)
Intangible assets		(85,667	)		—
Other		(2,018	)		(1,261	)
	$	(127,785	)	$	(16,451	)
Net Deferred Income Tax Liability	$	(330	)	$	(234	)

Schedule of Income Tax Expense (Benefit)

The provision for income taxes consists of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Current tax expense (benefit)
Federal		—			—			—
State		395			(33	)		13
Foreign		490			188			152
Total	$	885		$	155		$	165
Deferred tax (benefit) expense
Federal		(39,033	)		93			108
State		(13,536	)		18			15
Foreign		—			—			—
Total		(52,569	)		111			123
Total tax (benefit) expense
Federal		(39,033	)		93			108
State		(13,141	)		(15	)		28
Foreign		490			188			152
Total income tax (benefit) expense	$	(51,684	)	$	266		$	288

Components of Income Before Income Taxes

The components of income before income taxes as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Domestic	$	(290,382	)	$	(701,648	)	$	(213,522	)
Foreign		(718	)		339			(243	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the difference between the federal statutory rate and the effective income tax rate as a percentage of income before taxes for the year ended December 31, 2025 was as follows:


	December 31, 2025
	Amount			Percent
Federal statutory	$	(61,131	)		21.00	%

Nontaxable or nondeductible items
Stock compensation		(67,177	)		23.08	%
Officer compensation		64,387			(22.12	%)
Other nontaxable or nondeductible items		2,514			(0.86	%)
Changes in valuation allowances		21,331			(7.33	%)
Other		978			(0.33	%)
State and local income taxes, net of federal income tax effect		(15,900	)		5.46	%
Foreign tax effects
Other foreign jurisdictions		638			(0.22	%)
Worldwide changes in unrecognized tax benefits		2,676			(0.92	%)
Effective tax rate	$	(51,684	)		17.76	%

The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, Maryland, and Pennsylvania.

A reconciliation of the difference between the federal statutory rate and the effective income tax rate as a percentage of income before taxes for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024	2023
Federal statutory tax rate	21.00%	21.00%
State statutory tax rate	4.35%	3.28%
Foreign	0.00%	(0.09%)
Stock compensation	5.60%	0.00%
Officer compensation	(1.46%)	0.00%
Other permanent differences	(0.17%)	0.47%
Other	(0.02%)	(0.06%)
Change in valuation allowance	(29.34%)	(24.74%)
Total	(0.04%)	(0.14%)

Schedule of Net Change In Valuation Allowance

Net change in valuation allowance was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Valuation Allowance, beginning of year	$	503,071	$	297,294	$	244,064
Changes		10,764		205,777		52,878
Purchase accounting adjustments		86,011		—		352
Valuation Allowance, end of year	$	599,846	$	503,071	$	297,294

Schedule of Cash Paid for Income Taxes, Net of Refunds Received, by Jurisdiction

For the year ended December 31, 2025, cash paid for income taxes, net of refunds received, by jurisdiction was as follows:


	December 31, 2025
U.S. federal	$	(91	)
U.S. state and local
Pennsylvania		77
Washington		118
Other		47
Non-U.S.
France		40
Spain		166
Canada		297
Total worldwide taxes paid	$	654

Summary of Reconciliation of The Company's Gross Change In Unrecognized Tax Benefits ("Utbs"), Including Accrued Interest And Penalties

A reconciliation of the Company's gross change in unrecognized tax benefits ("UTBs"), including accrued interest and penalties, for the years ended December 31, 2025, 2024 and 2023 was as follows:


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits—beginning of year	$	—	$	—	$	—
Gross additions—current year tax positions		—		—		—
Gross additions—prior year tax positions		2,676		—		—
Gross additions—acquired in business combinations		2,450
Gross reductions—prior year tax positions		—		—		—
Gross reductions—settlements with taxing authorities		—		—		—
Gross reductions—statute lapses		—		—		—
Unrecognized tax benefits—end of year	$	5,126	$	—	$	—
Unrecognized tax benefits—accrued interest and penalties		—		—		—
Gross unrecognized tax benefits	$	5,126	$	—	$	—

Stock-based compensation - Schedule of the activity related to the Company's RSUs (Detail) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Beginning balance \| shares	4,772,362
Granted \| shares	0
Unvested Restricted Stock Awards, Vested \| shares	2,835,184
Settled \| shares	(7,489,122)
Forfeited \| shares	0
Ending balance \| shares	118,424
Beginning balance \| $ / shares	$ 37.87
Granted \| $ / shares	0
Weighted - Average Grant Date Fair Value, Vested \| $ / shares	38.78
Settled \| $ / shares	38.24
Forfeited \| $ / shares	0
Ending balance \| $ / shares	$ 36.46
Outstanding at December 31, 2024 \| shares	6,873,974
Unvested Restricted Stock Awards, Granted \| shares	2,819,039
Vested \| shares	(2,835,184)
Settled \| shares	0
Forfeited \| shares	(572,225)
Outstanding at December 31, 2025 \| shares	6,285,604
Outstanding at December 31, 2024 \| $ / shares	$ 38.23
Granted \| $ / shares	61.08
Vested \| $ / shares	38.78
Settled \| $ / shares	0
Forfeited \| $ / shares	41.77
Outstanding at December 31, 2025 \| $ / shares	$ 47.91

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenue	$ 1,271,789	$ 693,398	$ 531,822
Related Party [Member]
Net revenue	$ 65,251	$ 4,502	$ 673
Revenue, Product and Service [Extensible Enumeration]	Data and applications [Member]	Data and applications [Member]	Data and applications [Member]

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 4
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

The following summarizes property and equipment, net as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025			December 31, 2024
Equipment	$	143,651		$	110,011
Leasehold improvements		64,791			46,809
Furniture and fixtures		6,976			6,633
Building		1,234			—
Land		9,850			—
Total property and equipment, gross		226,502			163,453
Less: accumulated depreciation		(137,346	)		(105,397	)
Property and equipment, net	$	89,156		$	58,056

Summary of Depreciation Expenses on Property and Equipment

Depreciation expense on property and equipment is classified as follows in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue, diagnostics	$	15,148	$	13,966	$	12,961
Cost of revenue, data and applications		599		172		—
Selling, general and administrative costs		16,307		12,218		8,318
Total depreciation	$	32,054	$	26,356	$	21,279

Summary of Accrued Expenses

Accrued expenses as of December 31, 2025 and 2024, consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Accrued compensation and employee benefits	$	37,780	$	24,767
Accrued expenses		72,553		51,147
Accrued employer payroll tax related to stock-based compensation		339		24,439
Accrued cloud storage costs		41,870		21,394
Interest payable		2,828		8,660
Total accrued expenses	$	155,370	$	130,407

Fair Value Measurements and Marketable Equity Securities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):


			Fair Value Measurement at Reporting Date Using
	December 31, 2025		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	150,211	$	150,211	$	—	$	—
Liabilities
Holdback liability		4,984		4,984		—		—


			Fair Value Measurement at Reporting Date Using
	December 31, 2024		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	107,309	$	107,309	$	—	$	—

Schedule of Portion of Unrealized Gains Relate to Marketable Equity Securities

The following summarizes the portion of unrealized gains recorded during the years ended December 31, 2025, 2024 and 2023 that relate to marketable equity securities held as of December 31, 2025, 2024 and 2023, respectively (in thousands).


	Year Ended December 31,
	2025			2024			2023
Net gain during the period on marketable equity securities	$	(16,471	)	$	(12,110	)	$	(9,807	)
Less: Net gain recognized during the period on marketable equity securities sold during the period	$	(3,264	)		(6,081	)		—
Unrealized gain recognized during the period on marketable equity securities still held at the reporting date	$	(13,207	)	$	(6,029	)	$	(9,807	)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax [Line Items]
Recognized income tax benefit on stock-based compensation	$ 83,100	$ 46,200,000
Current income tax benefit	(51,684,000)	266,000	$ 288,000
Tax credit carry forward	$ 11,600,000
Tax credit carryforwards expiration date	2039
Income tax examination	The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Due to its operating loss carryforwards, the U.S. federal statute of limitations remains open for tax year 2016 and onward and the Company continues to be subject to examination by the Internal Revenue Service for tax years 2016 and later. The resolutions of any examinations are not expected to be material to these financial statements.
Penalties or accrued interest	$ 0	$ 0
Effective income tax rate reconciliation percentage	17.76%	(0.04%)	(0.14%)
Unrecognized tax benefits	$ 5,126,000	$ 0
Internal Revenue Service [Member]
Income Tax [Line Items]
Tax year that remains open	2016
Federal [Member]
Income Tax [Line Items]
Net operating loss carryforwards	$ 332,800,000
State [Member]
Income Tax [Line Items]
Net operating loss carryforwards	$ 69,600,000
Maximum [Member]
Income Tax [Line Items]
Effective income tax rate reconciliation percentage	50.00%
Minimum [Member]
Income Tax [Line Items]
Effective income tax rate reconciliation percentage	50.00%

Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Equipment	$ 143,651	$ 110,011
Leasehold improvements	64,791	46,809
Furniture and fixtures	6,976	6,633
Building	1,234	0
Land	9,850	0
Total property and equipment, gross	226,502	163,453
Less: accumulated depreciation	(137,346)	(105,397)
Property and equipment, net	$ 89,156	$ 58,056

Income Taxes - Schedule of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Deferred Tax Assets [Abstract]
Net Operating Loss Carryforwards	$ 402,347	$ 308,669
IRC §163(j) Interest Expense Limitation Carryover	35,875	29,239
Lease Liability	22,629	7,997
Research and Development	210,273	118,649
Excess of Tax Basis over Book Basis Fixed Assets		4,696
Deferred Revenue	8,858	19,708
Revenue Reserve Liability	2,742	2,812
Stock Compensation	27,273	26,441
Other	17,304	1,077
Deferred Income Tax Assets, Gross	727,301	519,288
Less Valuation Allowance	(599,846)	(503,071)	$ (297,294)	$ (244,064)
Deferred Income Tax Assets, Net	127,455	16,217
Components of Deferred Tax Liabilities [Abstract]
Excess of book basis over tax basis fixed assets	(720)
Unrealized Gain/Loss on Marketable Equity Securities	(22,725)	(3,878)
Right of Use Asset	(16,655)	(3,615)
Warrant Contract Asset		(7,697)
Intangible assets	(85,667)
Other	(2,018)	(1,261)
Deferred Income Tax Liabilities	(127,785)	(16,451)
Net Deferred Income Tax Liability	$ (330)	$ (234)

Consolidated Statements of Redeemable Convertible Preferred Stock, Common Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	IPO [Member]	At The Market Offering [Member]	Excercise Of Warrants [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] IPO [Member]	Additional Paid-in Capital [Member] At The Market Offering [Member]	Additional Paid-in Capital [Member] Excercise Of Warrants [Member]	Additional Paid-in Capital [Member] License Agreement [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Redeemable Convertible Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-3 Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-5 Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-4 Preferred Stock [Member]	Class A Voting Stock [Member]	Class A Voting Stock [Member] Common Stock [Member]	Class A Voting Stock [Member] Common Stock [Member] IPO [Member]	Class A Voting Stock [Member] Common Stock [Member] At The Market Offering [Member]	Class A Voting Stock [Member] Common Stock [Member] Excercise Of Warrants [Member]	Class A Voting Stock [Member] Common Stock [Member] License Agreement [Member]	Class B Voting Stock [Member] Common Stock [Member]	Voting Common Stock [Member] Common Stock [Member]	Non-voting Common Stock [Member] Common Stock [Member]
Beginning Balance, Shares at Dec. 31, 2022														62,692,927
Beginning Balance at Dec. 31, 2022														$ 1,026,143
Beginning Balance, Shares at Dec. 31, 2022																			58,367,961							4,932,415
Beginning Balance at Dec. 31, 2022	$ (1,129,027)					$ 9,251					$ (1,138,302)	$ 18							$ 6							$ 0
Issuance of Series Preferred Stock															$ 2,738		$ 40,662
Issuance of Series Preferred Stock, Shares															47,781		785,245
Foreign currency translation adjustment	(13)											(13)
Repurchase of Common Stock	(3,602)				$ (3,602)
Repurchase of Common Stock, Shares					(145,466)
Common stock issued in connection with business combination	9,209					9,209																				$ 0
Common stock issued in connection with business combination, Shares																										273,387
Issuance of common stock				$ 4,223					$ 4,223
Accretion of convertible preferred stock to redemption value	(4,338)					(4,338)								4,338
Dividends														31,662
Dividends	(44,497)
Dividends	(44,497)										(44,497)
Non-voting common stock issued in connection with contingent consideration	9,209
Net Income (Loss)	(214,118)										(214,118)
Ending Balance at Dec. 31, 2023	(1,382,163)				$ (3,602)	18,345					(1,396,917)	5							$ 6							$ 0
Ending Balance, Shares at Dec. 31, 2023																			58,367,961							5,205,802
Ending Balance at Dec. 31, 2023														$ 1,105,543
Ending Balance, Shares at Dec. 31, 2023														63,525,953
Ending Balance, Shares at Dec. 31, 2023					(145,466)
Issuance of Series Preferred Stock															$ 3,809	$ 199,750	$ 611
Issuance of Series Preferred Stock, Shares															66,465	3,489,981	10,666
Foreign currency translation adjustment	89											89
Common stock issued in connection with business combination	344					344																				$ 0
Common stock issued in connection with business combination, Shares																										9,141
Issuance of common stock upon settlement of restricted stock units, net	(70,000)					(70,001)													$ 1
Issuance of common stock upon settlement of restricted stock units, net (Shares)																			10,228,430
Issuance of common stock		$ 369,604		$ (173)			$ 369,603		$ (173)											$ 1		$ 0
Issuance of common stock (Shares)																				11,100,000		109,459
Issuance of common stock in connection with contingent consideration	847					847													$ 0
Issuance of common stock in connection with contingent consideration, Shares																		19,620	19,620
Stock option exercise	0					0													$ 0
Stock options exercise, shares																			205,847
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)														(67,093,065)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering														$ (1,343,382)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	1,348,809					1,357,562					(8,761)								$ 7					$ 1
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)																			71,976,178					5,043,789
Conversion of non-voting common stock to Class A common stock	0					(1)													$ 1							$ 0
Conversion of non-voting common stock to Class A common stock (Shares)																			5,069,477							(5,214,943)
Accretion of convertible preferred stock to redemption value	0
Stock-based compensation expense	534,138					534,138
Dividends														33,669
Dividends	(39,347)
Dividends	(39,347)										(39,347)
Non-voting common stock issued in connection with contingent consideration	344
Net Income (Loss)	(705,809)										(705,809)
Ending Balance at Dec. 31, 2024	$ 56,339				$ (3,602)	2,210,664					(2,150,834)	94							$ 16					$ 1	$ 16
Ending Balance, Shares at Dec. 31, 2024																			157,076,972					5,043,789
Ending Balance at Dec. 31, 2024														$ 0
Ending Balance, Shares at Dec. 31, 2024													0	0
Ending Balance, Shares at Dec. 31, 2024	145,466				(145,466)
Foreign currency translation adjustment	$ 808											808
Repurchase of Common Stock	(3,040)				$ (3,040)
Repurchase of Common Stock, Shares					(37,763)														(37,763)
Common stock issued in connection with business combination	403,154					403,154													$ 0
Common stock issued in connection with business combination, Shares																			6,298,601
Issuance of common stock upon settlement of restricted stock units, net						(1)													$ 1
Issuance of common stock upon settlement of restricted stock units, net (Shares)																			7,497,808
Issuance of common stock	1,443		$ 194,678					$ 194,678		$ 1,443
Issuance of common stock (Shares)																					2,381,895		17,915
Purchase of capped call	(41,775)					(41,775)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)																		71,976,178
Accretion of convertible preferred stock to redemption value	0
Stock-based compensation expense	124,747					124,747
Dividends	0
Non-voting common stock issued in connection with contingent consideration	0
Net Income (Loss)	(245,028)										(245,028)
Ending Balance at Dec. 31, 2025	$ 491,326				$ (6,642)	$ 2,892,910					$ (2,395,862)	$ 902							$ 17					$ 1
Ending Balance, Shares at Dec. 31, 2025																			173,235,428					5,043,789
Ending Balance, Shares at Dec. 31, 2025													0
Ending Balance, Shares at Dec. 31, 2025	183,229				(183,229)

Goodwill and Intangibles - Summary of Estimated Future Amortization Expense Related to Intangible Assets (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 75,126
2027	70,460
2028	64,117
2029	62,475
2030	41,306
Thereafter	41,750
Total	$ 355,234

Joint Venture

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

JOINT VENTURE

SB Tempus

On May 18, 2024, the Company entered into a Joint Venture Agreement (the "Joint Venture Agreement") with SoftBank Group Corporation ("SoftBank") to form SB Tempus Corp. (the "Joint Venture" or "SB Tempus"). The Joint Venture closed on July 18, 2024, at which time the Company and SoftBank each contributed ¥15 billion ($95.2 million). Each party received 50% of SB Tempus's outstanding capital stock and board seats. SB Tempus will engage in certain business activities in Japan similar to those conducted by the Company in the United States, including performing clinical sequencing, organizing patient data, and building a real world data business in Japan.

SB Tempus is considered a VIE as the Company does not have sufficient equity at risk and is entitled to receive residual returns of SB Tempus through its equity stake. Decisions that significantly impact the economic performance of SB Tempus require the consent of both the Company and SoftBank. Therefore, the Company concluded that neither party is deemed to have predominant control over SB Tempus, and the Company is not considered to be the primary beneficiary.

The Company's maximum exposure to loss from SB Tempus is equal to the carrying value of the Company's investment. As of December 31, 2025, the carrying value of the investment in SB Tempus was $86.6 million. The Company's share of losses from SB Tempus are recorded in Losses from equity method investments.

In connection with entering into the Joint Venture Agreement, the Company entered into a Data License Agreement (the "Data License Agreement"), under which the Company granted SB Tempus a limited, non-exclusive, transferable license with a limited right to sublicense certain de-identified data for certain specified uses solely in Japan. Under the Data License Agreement, SB Tempus paid the Company ¥7.5 billion ($47.9 million) in exchange for the license to an initial records batch, which is recorded in deferred revenue and will be recognized into Data and applications revenue over the term of the license subscription which ends on March 31, 2026. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $25.0 million, $16.6 million and $0, respectively, in Data and applications revenue related to the Data License Agreement.

In addition, on July 18, 2024, the Company and SB Tempus entered into an Intellectual Property Agreement (the "IP License Agreement") under which SB Tempus paid the Company an additional ¥7.5 billion ($47.9 million) in exchange for a non-exclusive license to certain of the Company's technologies for certain specified uses solely in Japan. The payment is recorded in deferred other income and will be amortized into Other income, net over three years, based on the estimated time for SB Tempus' systems and technologies to diverge from the Company's. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $16.0 million, $8.0 million and $0, respectively, related to the IP License Agreement.

Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net revenue

Total net revenue

$ 1,271,789

$ 693,398

$ 531,822

Cost and operating expenses

Technology research and development

146,107

167,519

95,155

Research and development

172,924

149,325

90,343

Selling, general and administrative

731,738

755,351

296,760

Total cost and operating expenses

1,524,661

1,384,480

727,905

Loss from operations

(252,872)

(691,082)

(196,083)

Interest income

12,628

11,084

7,601

Interest expense

(70,267)

(53,653)

(46,869)

Loss on debt extinguishment

(12,034)

Other income, net

31,447

32,336

21,822

Loss before benefit from (provision for) income taxes

(291,098)

(701,315)

(213,529)

benefit from (Provision for) income taxes

51,684

(266)

(288)

losses from equity method investments

(5,614)

(4,228)

(301)

Net Loss

(245,028)

(705,809)

(214,118)

Accretion of convertible preferred stock to redemption value

(4,338)

Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares

(39,347)

(44,497)

Cumulative undeclared dividends on Series C preferred shares

(1,174)

(3,011)

Net loss attributable to common shareholders, basic

(245,028)

(746,330)

(265,964)

Net loss attributable to common shareholders, diluted

$ (245,028)

$ (746,330)

$ (265,964)

Net loss per share attributable to common shareholders, basic

$ (1.41)

$ (6.23)

$ (4.2)

Net loss per share attributable to common shareholders, diluted

$ (1.41)

$ (6.23)

$ (4.2)

Weighted-average shares outstanding used to compute net loss per share, basic

174,264

119,849

63,306

Weighted-average shares outstanding used to compute net loss per share, diluted

174,264

119,849

63,306

Comprehensive Loss, net of tax

Net (loss) income

$ (245,028)

$ (705,809)

$ (214,118)

Foreign currency translation adjustment

808

(13)

Comprehensive loss

(244,220)

(705,720)

(214,131)

Diagnostics [Member]

Net revenue

Total net revenue

955,381

451,749

363,022

Cost and operating expenses

Cost of revenues

386,102

243,467

189,165

Data and applications [Member]

Net revenue

Total net revenue

^[1]

316,408

241,649

168,800

Cost and operating expenses

Cost of revenues

$ 87,790

$ 68,818

$ 56,482

[1]	Includes related party revenue of $65,251, $4,502 and $673 for the years ended December 31, 2025, 2024 and 2023, respectively.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Total Lease Costs

The components of total lease costs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Operating lease cost	$	11,554		$	6,047		$	6,760
Variable lease cost		8,054			6,067			4,641
Short-term lease costs		1,148			688			441
Sublease income		(630	)		(90	)		(52	)
Finance lease cost
Amortization of right-of-use assets		—			—			283
Interest on lease liabilities		—			—			5
Total lease costs	$	20,126		$	12,712		$	12,078

Schedule of Lease Term and Discount Rate

Lease term and discount rate as of December 31, 2025 and 2024 are as follows:


	December 31, 2025			December 31, 2024
Weighted-average remaining lease term (in years)
Operating leases		7.0			5.1
Weighted-average discount rate
Operating leases		6.1	%		6.8	%

Schedule of Future Payments Under Operating Leases

As of December 31, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
2026		13,328
2027		17,823
2028		16,570
2029		14,970
2030		12,504
Thereafter		34,890
Total minimum lease payments		110,085
Less: Amount representing interest		22,458
Present value of net minimum lease payments		87,627
Less: Current portion of lease liabilities		13,355
Total long-term lease liabilities	$	74,272

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Tempus AI, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the assets, liabilities, revenue and expenses of all wholly owned subsidiaries. Investments in unconsolidated entities in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method of accounting. Investments in unconsolidated entities in which the Company is not able to exercise significant influence are accounted for under the cost method of accounting. The Company believes that its existing cash and cash equivalents and marketable equity securities at December 31, 2025 will be sufficient to allow the Company to fund its current operating plan through at least a period of one year from the date of issuance. As the Company continues to incur losses, its transition to profitability is dependent upon a level of revenues adequate to support the Company’s cost structure. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development activities and growth related expenditures. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The most significant estimates are related to revenue, accounts receivable, stock-based compensation, operating lease liabilities, and the useful lives of property, equipment and intangible assets, and the cash flows used in determining the fair value of acquired intangible assets. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash The Company considers all highly-liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Restricted cash primarily represents amounts that the Company is unable to access for operational purposes pursuant to letters of credit with a financial institution in connection with certain of the Company's operating leases. The Company had $4.7 million and $0.9 million of restricted cash as of December 31, 2025 and 2024, respectively. Accounts Receivable and Allowances Accounts receivable primarily represents the net cash due from the Company’s customers, including payors, pharmaceutical companies, genetic counselors, and research institutions. Payments of accounts receivable are allocated to the specific invoices identified on the remittance advice. Accounts receivables are reported at their gross outstanding balance reduced by an allowance for doubtful accounts and contractual allowance. The allowance for doubtful accounts is based on the age of an invoice, historical payment trends, as well as forward looking data and current economic trends. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk are primarily cash, cash equivalents, restricted cash and accounts receivable. The Company maintains cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash. The Company has credit risk regarding trade accounts receivable as the Company generally does not require collateral, and a limited number of customers have accounted for a large part of the Company’s revenue and accounts receivable to date. Allowances are maintained for potential credit losses. There were no customers that represented a significant portion of the Company's revenues for the years ended December 31, 2025, 2024 and 2023, respectively. No single customer represents a material portion of the Company's accounts receivable as of December 31, 2025 and 2024. Inventories Inventories, consisting of supplies and consumables used in the lab, are accounted for using the first-in, first-out method of accounting and are valued at the lower of cost or net realizable value. The Company periodically reviews inventory for excess or obsolescence and writes-down obsolete or otherwise un-usable inventory to its estimated net realizable value. Amounts written-down due to obsolete inventory are charged to cost of revenues. As of December 31, 2025, the Company had approximately $49.9 million of inventory and $1.7 million of inventory in process in the labs. As of December 31, 2024, the Company had approximately $36.9 million of inventory and $1.5 million of inventory in process in the labs. The Company relies on a sole supplier for certain laboratory materials, equipment and services. Purchases from this supplier accounted for approximately 33%, 39% and 33% of total vendor payments for the years ended December 31, 2025, 2024 and 2023, respectively. Amounts due to this vendor approximated $15.9 million and $18.2 million at December 31, 2025 and 2024, respectively. Prepaid expenses and Other Current Assets Prepaid assets are recorded when paid and consistent primarily of prepayments for insurance, medical, software subscriptions, and cloud storage service. Prepaid expenses are amortized into expense over the related service period. Other current assets included in this line are primarily related to capitalized implementation costs, the short-term portion of the Company’s contract asset related to Personalis and other receivables. Marketable Equity Securities The Company holds marketable equity securities, all of which are publicly traded shares of common stock, which have quoted prices in active markets and are classified as short-term. The Company’s investment in marketable equity securities does not give the Company the ability to control or exercise significant influence over the investee. See Note 15, "Fair Value Measurements and Marketable Equity Securities" for further information. Changes in fair value are recorded in earnings within Other income, net on the consolidated statements of operations and comprehensive loss. Long-Lived Assets Property and Equipment and Intangibles Property and equipment are stated at cost and assets under finance leases are stated at the lesser of the present value of minimum lease payments or their fair market value. Depreciation is recognized using the straight-line method over the estimated useful lives of the related assets. Generally, the useful lives are three years for equipment, seven years for furniture and fixtures and 30-40 years for buildings. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the lease or the estimated useful life of the asset. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method, which approximates the pattern of usage, over their economic life, generally five to seven years. Assets to be disposed of, if any, are separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 4, “Balance Sheet Components” for additional information about these assets. Impairment of Long-Lived Assets The Company evaluates long-lived assets, including property and equipment, and intangible assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset group. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of a long-lived asset exceeds its fair value. Any loss would be recognized in loss from operations in the period in which the determination is made. The Company recognized an impairment charge related to long-lived assets during the year ended December 31, 2023. See Note 5, “Goodwill and Intangibles” for additional information. There were no impairment charges recognized related to long-lived assets during the years ended December 31, 2025 and 2024. Goodwill Goodwill consists of the excess purchase price over the fair value of net assets acquired in business combinations. The Company conducts a test for the impairment of goodwill on at least an annual basis as of October 1st or sooner if indicators of impairment arise. The Company first assesses qualitative factors to determine whether it is more likely than not that goodwill is impaired. As part of the qualitative assessment, the Company evaluates factors including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance of its single reporting unit. If the Company concludes that it is more-likely-than-not that its single reporting unit is impaired or if the Company elects not to perform the optional qualitative assessment, a quantitative assessment is performed. For the quantitative assessment, the fair value of the Company’s reporting unit is compared with the carrying amount of net assets, including goodwill, related to the reporting unit. The Company recognizes an impairment charge for the amount, if any, by which the carrying amount of a reporting unit exceeds the fair value of the reporting unit. The Company recorded no impairment loss during the years ended December 31, 2025, 2024 and 2023. Equity Method Investments The Company uses the equity method to account for investments in which it has the ability to exercise significant influence over the investee's operating and financial policies. The Company follows the guidance in ASC 323, Investments—Equity Method and Joint Ventures, which prescribes the use of the equity method for investments in joint ventures where the Company has significant influence. The Company records the initial investment at cost and is subsequently adjusted by the Company's share, based on percentage ownership, of the investee's net income or loss after the date of investment. For the Company's foreign-based equity method investment, the proportionate share of the investee's income is translated into USD at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period. The unrealized gains and losses associated with the foreign currency translation of the investment are deferred in accumulated other comprehensive income on the Company's consolidated balance sheets. Variable Interest Entities A variable interest entity (“VIE”) is an entity that (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, (ii) has equity investors who lack the characteristics of a controlling financial interest, or (iii) the entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights). Under ASC 810, Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both: • the power to direct the activities that most significantly impact the economic performance of the VIE; and • the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. If the Company is not the primary beneficiary in a VIE, it accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, the Company assesses whether any changes in its interest or relationship with the entity affects its determination of whether the entity is a VIE and, if so, whether it is the primary beneficiary. Term Loan The Company’s outstanding term loan (see Note 12) is accounted for in accordance with ASC 470. The original issue discount and deferred financing fees are amortized into Interest expense within the consolidated statements of operations using the straight-line method over the term of the underlying debt, and unamortized amounts are presented net of the principal balance within Long-term debt in the consolidated balance sheets. Revolving Credit Facility The Company’s outstanding priority revolving loan commitments (see Note 12) is accounted for in accordance with ASC 470. The original issue discount and deferred financing fees are amortized into Interest expense within the consolidated statements of operations using the straight-line method over the term of the underlying revolving loan commitment, and the outstanding balance is presented within Revolving credit facility in the consolidated balance sheets. Convertible Senior Notes The Company's outstanding convertible senior notes (see Note 12) is accounted for in accordance with ASC 470. The Company determined the embedded conversion options, redemption features, and contingent interest and payments are not required to be separately accounted for as derivatives under ASC 815 because they were either determined to be clearly and closely related to the host instrument or the Company has concluded that no value would be associated with the related feature based on the circumstances associated with the Note's issuance. The initial purchasers' discount and deferred financing fees are amortized into Interest expense within the consolidated statements of operations using the straight-line method over the term of the underlying debt, and unamortized amounts are presented net of the principal balance within Convertible senior notes in the consolidated balance sheets. In connection with the Notes, the Company entered into the Capped Call, or the Capped Call, with one of the initial purchasers and certain other financial institutions. The Capped Call is expected generally to reduce the potential dilution to our Class A common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on a cap price initially equal to $111.1950 per share, which is subject to certain adjustments under the terms of the Capped Call. The equity-classified Capped Call is not remeasured each reporting period and are recorded as a reduction to additional paid-in-capital within shareholders’ equity when purchased. Convertible Note The Company’s outstanding promissory note (see Note 12) is accounted for in accordance with ASC 470. The Company determined the embedded conversion options, redemption features, and acceleration of repayment upon default are not required to be separately accounted for as derivatives under ASC 815 because they were either determined to be clearly and closely related to the host instrument or the Company has concluded that no value would be associated with the related feature based on the circumstances associated with the note's issuance. Business Combinations In accordance with ASC Topic 805, Business Combinations, we use the acquisition method of accounting to allocate the purchase price of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price over the estimated fair value of assets and liabilities is recorded as goodwill. Assigning fair market values to the assets acquired and liabilities assumed at the date of an acquisition often requires the application of judgment regarding estimates and assumptions. These estimates include, but are not limited to, a market participant’s expectation of future cash flows from acquired customer relationships, acquired trade names, and acquired developed technology. All acquisition costs are expensed as incurred. Leases The Company determines whether an arrangement is or contains a lease at inception, and all significant lease arrangements are recognized at lease commencement. The majority of the Company’s leases are operating leases and are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, less current portion on the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating ROU assets and operating lease liabilities are recognized at commencement based on the present value of fixed payments not yet paid over the remaining lease term discounted using the Company’s incremental borrowing rate. ROU assets also include any lease payments made at or before the lease commencement date, less lease incentives received and deferred rent. As the Company’s leases do not provide an implicit rate, the incremental borrowing rate used is estimated based on what the Company would have to pay on a collateralized basis over a similar term as the lease. The Company has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s facility leases. Variable lease payments are presented as rent expense in the period in which they are incurred and consist primarily of our proportionate share of operating expenses, utilities, property taxes, insurance, common area maintenance and other facility-related expenses. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with terms of twelve months or less, and lease expense is recognized on a straight-line basis over the term of the short-term lease. The Company records rent expense in its consolidated statements of operations and comprehensive loss on a straight-line basis over the term of the lease and records variable lease payments as incurred. The Company’s lease terms may include options to extend or terminate the lease, which the Company includes in calculating the operating lease liabilities if it is reasonably certain that the Company will exercise the option. As of December 31, 2025, the Company’s lease liabilities did not include any options to extend or terminate any of its leases. Revenue Recognition The Company derives revenue from selling lab services (“Diagnostics”) to physicians, genetic counselors, academic research institutions, and other parties. The Company also derives revenue from the commercialization of data generated in the lab (“Data and applications”) through the licensing of de-identified datasets to third parties and by providing clinical trial support, such as matching patients to clinical trials enrolled in its clinical trial network, and related services. The majority of the Company’s revenue is generated in North America. The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) ASC 606 Revenue from Contracts with Customers (“ASC 606”). The Company commences revenue recognition when control of these products is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for such products. This principle is achieved by applying the five-step approach: (i) the Company accounts for a contract when it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance and (v) collectability of consideration is probable. Revenues and any contract assets are not recognized until such time that the required conditions are met. Disaggregation of Revenue The Company provides disaggregation of revenue based on Diagnostics and Data and applications on the consolidated statements of operations and comprehensive loss, as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Diagnostics The Company generally recognizes revenue for its Diagnostics product offering when it has met its performance obligation relating to an order. The Company has determined its sole performance obligation to be the delivery of the testing results to the ordering party. The Company receives payments from Medicare, Medicaid, and commercial insurance for clinical orders and directly from research institutions, pharmaceutical companies or other third parties for direct bill orders. For clinical orders from Medicare, Medicaid, and commercial insurance, the Company determines transaction price by reducing the standard charge by the estimated effects of any variable consideration, such as contractual allowance and implicit price concessions. The Company estimates the variable consideration using the expected value method which is based on historical collections in relation to established rates, as well as known current or anticipated reimbursement trends not reflected in the historical data. The Company uses significant judgment when assessing whether estimates of variable consideration are constrained and these estimates are calculated based upon both insurance payor-specific and aggregated factors that include historical billing and adjustment data. Estimates are inclusive of the consideration to which the Company will be entitled at an amount for which it is probable that a reversal of cumulative consideration will not occur.The Company monitors the estimated amount to be collected at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. During the year ended December 31, 2023, the Company recognized $12.2 million from cash collections in excess of revenue recognized in prior years, primarily as a result of achieving a higher success rate on appeals than estimated. During the years ended December 31, 2025 and 2024, the amount recognized from cash collections in excess of revenue recognized in prior years was not material. Payment is typically due after the claim has been processed by the payer, generally 30-120 days from date of service. While management believes that the estimates are accurate, actual results could differ and the potential impact on the financial statements could be significant. The Company recognized revenue for clinical orders of $884.5 million, $409.4 million and $328.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. For direct bill orders from research institutions, pharmaceutical companies, or other third parties, the Company determines the transaction prices based on established contractual rates with the customer, net of any applicable discounts. Payment is typically due between 30 and 60 days following the date of invoice. The Company recognized Diagnostics revenue for direct bill orders of $70.9 million, $42.3 million and $34.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Data and applications Data and applications revenue primarily represents data licensing and clinical trial services that the Company provides to pharmaceutical and biotechnology companies. The Company’s arrangements with these customers often have terms that span multiple years. However, these contracts generally also include customer opt-in or early termination clauses after twelve months without contractual penalty. The customer’s option to renew is generally not viewed as a material right, and as a result, the Company’s contract period for these agreements is generally considered less than one year. The Company determines the transaction price based on established contractual rates with the customer, net of any applicable discounts. The Company recognizes revenue for its Data and applications product offering when it has met its performance obligation under the terms of the agreement with the customer. The Company’s product offerings are as follows: Insights The Company’s Insights product consists primarily of licensing and analysis of de-identified records. Each Insights contract is unique and may include multiple promises, including the delivery of licensed de-identified records, including refreshes, analytical services or access to the Company’s enhanced Lens application. The Company evaluates each contract to determine which performance obligations are capable of being distinct and separately identifiable from other promises in the contract and, therefore, represent distinct performance obligations. The actual timing of data deliveries can be based on a variety of factors, including, but not limited to, the customer’s requirement and/or the Company’s technological, operational, and human capital capacity; in addition, management assesses relevant contractual terms in contracts with customers and applies significant judgment in identifying and accounting for all terms and conditions in certain contracts. The transaction price is allocated to the distinct performance obligations and revenue is recognized once the performance obligation has been fulfilled. The standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics. The Company has determined that the delivery of de-identified records and, when applicable, analytical services, and access to its enhanced Lens application are separate and distinct performance obligations. The primary Insights contract types are as follows: • Data licensing on a one-time or limited duration basis – Customer licenses a specific dataset of records, and the Company accounts for individual licensed data records as a right to use license. Revenue is typically recognized upon delivery of the data to the customer, as the Company’s obligations for an individual record is complete once the data has been delivered, and the customer is able to benefit from the provision of data as it is received. • Multi-year data subscriptions – Customer licenses an interchangeable maximum number of de-identified records, and the Company accounts for the service as a right to access license and one performance obligation. Revenue is recognized as access to the dataset is provided, ratably over-time, with the measure of progress time-based. • Analytical services and other services – Services typically involve data analysis and research performed on behalf of the customer by the Company. The resulting delivery of data, or a report addressing a series of questions and analytical results, is considered a single performance obligation. Revenue is generally recognized upon the delivery of these services, as defined by the contract. • Enhanced Lens application subscription services – Customer licenses access to the Company’s enhanced Lens application under a software-as-a-service model. Customers do not have the right to take possession of the Lens platform application, and the online software product is fully functional once a customer has access. Lens subscription revenues are recognized ratably over the contract terms beginning on the date the Company’s service is made available to the customer. For the periods presented, revenue from Lens subscription services are not material. • Cloud hosting services – The Company provides cloud hosting services to customers via a third party cloud infrastructure provider. Revenue is recognized as the related compute and storage costs are incurred by the customer. The Company recognized revenue from Insights products of $257.7 million, $186.8 million and $117.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Trials The Company’s Trials product includes TIME clinical trial matching services and other clinical trial services. TIME consists primarily of matching patients to clinical trial sponsors of a potential match. To the extent the contract requires, the Company may also assist in opening the clinical trial site and enrolling the patient in the clinical trial. The Company has determined that, depending on the type of agreement, the performance obligation of these contracts is the delivery of a notification or the enrollment of a patient in a clinical trial. As such, revenue is recognized upon one of the following: delivery of a notification to the physician alerting them to a clinical trial match, or once a patient is enrolled in a trial. Concurrently, the customer, which is the clinical trial sponsor, also receives notification from the Company to establish the performance obligations delivered or fulfilled for the billing period. In addition to TIME, the Company provides other clinical trial services conducting or supporting studies. Tempus Compass LLC, a subsidiary of the Company, is a contract research organization, or CRO, which manages and executes early and late-stage clinical trials, primarily in oncology. Contracts for clinical trial services can take the form of fee-for-service or fixed-price contracts. Fee-for-service contracts are typically priced based on time and materials, and revenue is recognized based on hours and materials used as the services are provided. Fixed-price contracts generally represent a single performance obligation and are recognized over-time using a cost-based input method. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Contract costs principally include direct labor and reimbursable out-of-pocket costs. The Company recognized revenue from Trials products of $38.5 million, $42.4 million and $45.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Next The Company's Next product is an AI platform that leverages machine learning to apply an "intelligent layer" onto routinely generated data to proactively identify and minimize care gaps for oncology and cardiology patients. The Company evaluates each contract to determine which performance obligations are capable of being distinct and separately identifiable from other promises in the contract and, therefore, represent distinct performance obligations. Fixed-price subscriptions generally represent a single performance obligation and are recognized over-time. Revenue can also be recognized upon delivery of reports or certain milestones as defined by the contract. The Company recognized revenue from Next of $20.1 million, $12.3 million and $5.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. For Insights, Trials and Next arrangements, pricing is fixed and the Company may be compensated through a combination of an upfront payment and performance-based, non-refundable payments due upon completion of the stated performance obligation(s). Payment is generally due 60 to 90 days after the date of service. The Company has no significant obligations for refunds, warranties, or similar obligations for Data and applications product offerings. The Company has elected the practical expedient, which allows the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue is not considered a remaining performance obligation. Multi-year Contract Performance Obligations The Company has limited multi-year contracts that do not contain early termination or customer opt-in clauses. These contracts contained defined, noncancelable performance obligations that will be fulfilled in future years. The Company’s remaining performance obligations related to multi-year contracts was $348.1 million as of December 31, 2025, of which the Company expects to recognize approximately 52% as revenue over the next year, and the remaining 37% and 11% of its remaining performance obligations as revenue in years two and three, respectively. Contract Assets Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. The Company recognizes contract assets when the Company has an unconditional right to payment, and when revenues earned on a contract exceeds the billings. Contract assets are presented under accounts receivable, net. Accounts receivable as of December 31, 2025 and 2024 included contract assets of $8.1 million and $4.1 million, respectively. During the fourth quarter of 2021, and in conjunction with the signing of a November 2021 Master Services Agreement (“the MSA”) with customer AstraZeneca AB (“AstraZeneca”), the Company recognized a contract asset for consideration payable concurrent with the issuance of the common stock warrant in accordance with ASC 606. The contract asset was initially measured equal to the initial fair value of the warrant liability based on the authoritative guidance under FASB ASC 718 Compensation—Stock Compensation. As revenue is recognized over the period of the contractual commitment of the MSA, the associated contract asset amortization is recorded as reduction of revenue. At each reporting period, the short-term portion of the warrant asset is adjusted based on the financial commitment. The warrant was terminated for no consideration on December 31, 2024. In accordance with ASC 606, the Company recognized $16.3 million in Data and applications revenue to reverse historical warrant contract asset amortization in the year ended December 31, 2024, of which $11.5 million was recorded as contra revenue in prior periods. Additionally, the Company recognized expense of $37.8 million in Other income, net to reverse the warrant contract asset balance as of December 31, 2024. In November 2023, the Company entered into a Commercialization and Reference Laboratory Agreement with Personalis, Inc. (“Personalis”), which was subsequently amended in August 2024 and July 2025. The Company agreed to pay up to $12.0 million to Personalis over three years as certain milestones are met, all of which has been paid as of December 31, 2025. These payments are treated as contract assets and amortized into revenue over the life of the contract. Contract asset balances are offset by deferred revenue generated from receipt of warrants for Personalis common stock (see Note 15). As of December 31, 2025 and 2024 , there was $4.7 million and $3.0 million, respectively, of net contract assets related to this agreement recorded in Prepaid expenses and other current assets, respectively. Deferred Revenue Deferred revenue consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Company’s revenue recognition criteria are met. The deferred revenue balance is influenced primarily by upfront contractual payments from the Company’s Data and applications product offerings and timing of delivery of the Company’s de-identified licensed data and clinical test results. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue, current and any remaining portion is recorded as deferred revenue, non-current. The Company recognized $74.0 million, $69.5 million and $43.5 million during the years ended December 31, 2025, 2024 and 2023, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Cost of Revenue, Diagnostics Cost of revenue for Diagnostics consists of personnel lab expenses, including salaries, bonuses, employee benefits, amortization of intangible assets, cost of laboratory supplies and consumables, depreciation of laboratory equipment, shipping costs, third-party laboratory costs, and certain allocated overhead expenses. Costs associated with performing the Company’s tests are recorded as the tests are processed regardless of whether revenue was recognized with respect to that test. Cost of Revenue, Data and applications Cost of revenue for Data and applications includes data acquisition and royalty fees, and personnel costs related to our delivery of our data services and platform, and certain allocated overhead expenses. Costs associated with performing data services are recorded as incurred. Technology Research and Development Technology research and development expense primarily includes personnel costs incurred related to the research and development of the Company’s technology platform and applications and the research and development of new products which the Company hopes to bring to the market. Technology research and development costs are expensed as incurred. Research and Development Research and development expenses include costs incurred to develop new assays and algorithms, and include salaries and benefits, amortization of intangible assets, inventory costs, overhead costs, validation costs, contract services and other related costs. Research and development costs are expensed as incurred. 401(k) Plan The Company has a 401(k) tax deferred savings plan under which eligible employees may elect to have a portion of their salary deferred and contributed to the plan. Employer matching contributions are determined by the Company and are discretionary. During the years ended December 31, 2025, 2024 and 2023, the Company did not match any employee contributions. Income Taxes Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes. Deferred taxes are recognized based on differences between the basis of assets and liabilities for financial reporting and income tax purposes and are measured using enacted rates. The differences relate primarily to timing of deductibility of certain expenses and the estimated future effects of net operating loss carryforwards. Deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Companies are required to assess whether a valuation allowance should be recorded against their deferred tax assets (“DTAs”) based on the consideration of all available evidence, using a “more likely than not” realization standard. The four sources of taxable income that must be considered in determining whether DTAs will be realized are, (1) future reversals of existing taxable temporary differences (i.e., offset of gross deferred tax assets against gross deferred tax liabilities); (2) taxable income in prior carryback years, if carryback is permitted under the tax law; (3) tax planning strategies and (4) future taxable income exclusive of reversing temporary differences and carry forwards. In assessing whether a valuation allowance is required, significant weight is given to evidence that can be objectively verified. The Company has evaluated its DTAs in each reporting period, including an assessment of its cumulative income or loss, to determine if a valuation allowance was required. After a review of the four sources of taxable income described above, the Company established a valuation allowance against the Company’s net deferred tax assets due to uncertainty surrounding the Company’s ability to generate future taxable income to realize these assets. As of December 31, 2025, the Company had tax effected federal and state net operating loss (“NOL”) carryforward of approximately $332.8 million and $69.6 million, respectively, which may be available to offset future taxable income. The NOLs will begin to expire in 2037. As of December 31, 2025, the Company had federal and state credit carry forwards of $11.6 million, which may be able to offset future tax expense. The credits will begin to expire in 2039. A full valuation allowance has been recorded against the NOL and credit carry forwards. The Company evaluates tax positions under an approach for recognition and measurement of uncertain tax positions. The Company recognizes tax liabilities when the Company believes that certain positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the largest amount of benefit that is more likely than not of being realized upon settlement. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrue liabilities for potential tax assessments are included in income tax expense. The Company has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability in the financial statements. The Company is subject to routine audits by taxing jurisdictions. As of December 31, 2025, the Company was not under audit in any jurisdiction. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of its redeemable convertible preferred stock to be participating securities. Prior to the IPO, under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the holders of its redeemable convertible preferred stock did not have a contractual obligation to share in the Company’s losses. Upon IPO, the Company’s redeemable convertible preferred stock converted to either Class A or Class B common stock and therefore will be included in allocation of net loss attributable to common stockholders as they will share in the Company’s losses. Net income is attributed to common stockholders and participating securities based on their participation rights. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. Stock-Based Compensation The Company recognizes stock-based compensation for equity awards with only a service condition on the grant-date fair value on a straight-line basis over the remaining requisite service period for the award, which is generally the vesting period. The company recognizes stock-based compensation for equity awards with a market or performance condition using an accelerated attribution model over the requisite service period for each separately vesting portion of the award. For those awards with a market condition, the company utilizes a Monte Carlo simulation model to estimate the fair value of the restricted stock units. The Monte Carlo simulation model requires the input of estimates and assumptions, including, but not limited to, the expected stock price volatility, the life of the award and the risk-free interest rate. The probability of actual shares expected to be earned is considered in the grant date fair value. As a result, the expense is not adjusted to reflect the actual shares earned. For those awards with a performance condition, the Company recognizes stock-based compensation if it is probable that the performance condition will be satisfied and will reflect the number of awards that ultimately vest. At each reporting period, the Company reassesses the probability of achievement of the performance condition and any change in expense resulting from an adjustment to estimates is treated as a cumulative catch-up in the period of the adjustment. The Company recognizes forfeitures as they occur. See Note 11 for further information on stock-based compensation. Fair Value Measurements Fair value is defined under GAAP as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs in valuation methodologies used to measure fair value: Level 1—Measurements that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Measurements that include other inputs that are directly or indirectly observable in the marketplace. Level 3—Measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair value measurements are discussed further in Note 15. It is the Company’s policy, in general, to measure nonfinancial assets and liabilities at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment) which, if material, are disclosed in the accompanying notes to these consolidated financial statements. Classification of Convertible Preferred Stock The Company’s Series A, B, B-1, B-2, C, D, E, F, G, G-2, G-3, G-4, and G-5 convertible preferred stock were classified outside of stockholders’ equity (deficit) because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, is not solely within the control of the Company. Foreign Currency Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars (USD) using period-end exchange rates while revenues and expenses are translated at the average exchange rate for the period presented. Gains or losses from balance sheet translation are the only component of accumulated other comprehensive loss in the consolidated balance sheet. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” ASU 2023-09 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income tax disclosures. The Company adopted the year-end disclosure requirements as of December 31, 2025 on a prospective basis. The adoption of the standard did not have a material impact on the Company's financial statements and resulted only in expanded income tax disclosure requirements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income statement expenses. This ASU is effective for fiscal years beginning after December 15, 2026 as well as interim periods beginning after December 15, 2027 and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the related disclosures. In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions.This ASU is effective for fiscal periods beginning after the year ended December 15, 2025, and for interim periods within those fiscal periods and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this standard on the consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets". ASU 2025-05 provides a practical expedient that in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU is effective for fiscal periods beginning after the year ended December 15, 2025, and for interim periods within those fiscal periods, with early adoption permitted and should be applied prospectively. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU-2025-06 revises the recognition guidance for internal-use software by eliminating the previous model based on software development stages and introducing a principles-based approach. Under the new guidance, capitalization begins when management has authorized and committed to funding the project, and it is probable that the software will be completed and used for its intended purpose. This ASU is effective for interim periods and fiscal years beginning after December 15, 2027. This ASU permits an entity to apply the new guidance using either a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The Company is currently evaluating the impact of the guidance on the related disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which amends the existing guidance to (a) reduce the cost and complexity of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives, (b) better portray the economics of those contracts in the financial statements, and (c) reduce diversity in practice resulting from the broad application of the current guidance and changing business environment. The amendments also are expected to reduce diversity in practice by clarifying the applicability of Topic 606, Revenue from Contracts with Customers, to share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of the guidance on the related disclosures.

Goodwill and Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. As disclosed in Note 2, goodwill is tested for impairment at least annually as of October 1st. The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):


Balance as of December 31, 2023		73,354
Foreign exchange rate adjustment		(11	)
Balance as of December 31, 2024	$	73,343
Goodwill related to business combinations	$	396,731
Foreign exchange rate adjustment		137
Balance as of December 31, 2025	$	470,211

There was no goodwill impairment for the years ended December 31, 2025, 2024 and 2023.

Intangible assets are initially recorded at their acquisition cost, or fair value if acquired as part of a business combination and amortized over their estimated useful lives. Intangible assets consist of a website domain, customer relationships, trade names, capitalized software and developed technology acquired as part of a business combination, and licensed data acquired by entering into research collaboration agreements. In each license arrangement, the other party provides the Company with specified data, which is used for research and development purposes and may also be licensed to third parties. The asset represents the Company’s right to use these datasets. The Company also recognizes a liability for the associated minimum payments that are presented within Accrued data licensing fees on the consolidated balance sheets.

In January 2023, the Company amended a data licensing agreement, which reduced the future data license payments the Company owes in exchange for waiving exclusivity rights on the licensed data. The Company remeasured the related licensed data intangible asset to fair value, which resulted in an impairment of $7.4 million recorded in Research and development during the year ended December 31, 2023. A $7.9 million gain resulting from the related reduction of future data license payments was also recorded in Research and development during the year ended December 31, 2023. There were no impairment charges recognized related to intangible assets during the years ended December 31, 2025 and 2024, respectively.

The following table summarizes intangible assets as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025						December 31, 2024
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Customer relationships	$	254,550	$	48,722	$	205,828	$	20,550	$	15,606	$	4,944
Licensed data		28,601		22,954		5,647		20,010		17,828		2,182
Website domain		19		—		19		19		—		19
Trade names		41,000		8,892		32,108		8,000		3,429		4,571
Capitalized software		6,216		165		6,051		—		—		—
Developed technology - biotech		114,000		20,900		93,100		—		—		—
Developed technology - software		18,000		5,500		12,500		—		—		—
	$	462,386	$	107,133	$	355,253	$	48,579	$	36,863	$	11,716

Amortization of intangible assets is recognized using the straight-line method over their estimated useful lives, which range from three to seven years. Amortization expense was $70.3 million, $10.9 million and $11.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded in cost of revenues, research and development, or selling, general and administrative expense, depending on use of the asset. The weighted average life of the Company’s intangibles is approximately six years.

As of December 31, 2025, the estimated future amortization expense related to intangible assets is as follows (in thousands):


2026		75,126
2027		70,460
2028		64,117
2029		62,475
2030		41,306
Thereafter		41,750
Total	$	355,234

Description of Business (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Segment Expenses Reconciled to Total Selling, General and Administrative Expenses


	Year Ended December 31,
	2025		2024		2023
Selling, general and administrative payroll	$	276,208	$	162,194	$	135,466
Cloud and software		135,998		95,401		85,709
Other selling, general and administrative		319,532		497,756		75,585
Selling, general and administrative	$	731,738	$	755,351	$	296,760

Income Taxes - Summary of Reconciliation of The Company's Gross Change In Unrecognized Tax Benefits ("Utbs"), Including Accrued Interest And Penalties (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits-beginning of year	$ 0
Gross additions-current year tax positions	0
Gross additions-prior year tax positions	2,676
Gross additions-acquired in business combinations	2,450
Gross reductions-prior year tax positions	0
Gross reductions-settlements with taxing authorities	0
Gross reductions-statute lapses	0
Unrecognized tax benefits-end of year	5,126
Unrecognized tax benefits-accrued interest and penalties	0
Gross Unrecognized Tax Benefits, Total	$ 5,126

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

13.

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of Common Stock each period. The Company’s Class A common stock and Class B common stock share equally in distributed and undistributed earnings; therefore, no allocation to participating securities or dilutive securities is performed. Diluted net loss per share is calculated by giving effect to all potential dilutive Common Stock equivalents, which includes stock options, RSUs, RSAs, PSUs, and preferred stock. Because the Company incurred net losses each period, the basic and diluted calculations are the same. The Company used the if-converted method to calculate diluted EPS. As the Company had net losses in the years ended December 31, 2025, 2024 and 2023, respectively, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(245,028	)	$	(705,809	)	$	(214,118	)
Accretion of convertible preferred stock to redemption value		—			—			(4,338	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			(39,347	)		(44,497	)
Cumulative undeclared dividends on Series C preferred shares		—			(1,174	)		(3,011	)
Net loss attributable to common stockholders	$	(245,028	)	$	(746,330	)	$	(265,964	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		174,264			119,849			63,306
Net loss per share attributable to common stockholders, basic and diluted	$	(1.41	)	$	(6.23	)	$	(4.20	)

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. As disclosed in Note 9, the Company issued a warrant for $100 million in shares of the Company’s Class A common stock. As per the terms of the warrant, potentially dilutive shares are based on the latest equity financing price. The warrant was terminated for no consideration on December 31, 2024.


	As of December 31,
	2025		2024		2023
Stock options outstanding		—		—		210,000
Convertible preferred stock		—		—		63,525,953
AstraZeneca warrant		—		—		1,744,991
Mpirik holdback liability		—		—		8,724
Deep 6 holdback liability		13,614		—		—
SEngine holdback liability		—		—		41,436
Allen & Company warrant		—		—		150,000
Paige holdback liability		70,792		—		—
Unvested RSUs		6,285,604		6,873,974		—
Unvested RSAs		17,373		—		—
Unvested PSUs		2,569,600		—		—
Shares issuable upon conversion of Notes(1)		8,908,350		—		—
Total potentially dilutive shares		17,865,333		6,873,974		65,681,104

(1) As disclosed in Note 12, the Company entered into the Capped Call in connection with the pricing of the Notes. The Capped Call is generally expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the Notes. As such, the impact of the Capped Calls was excluded from the calculation as the effect of the Capped Calls if issued upon conversion of the Notes, would have been anti-dilutive.

As disclosed in Note 11, the RSUs issued prior to the IPO include a liquidity event performance condition prior to vesting. As the liquidity event performance condition was satisfied upon completion of the IPO, as of December 31, 2025 and 2024 , these shares are included in potentially dilutive shares.

As disclosed in Note 12, the Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date. As such, these are treated as contingently issuable shares and will be excluded from potential dilutive impact.

As disclosed in Note 10, the Company’s Series G-3 Preferred, Series G-4 Preferred and Series G-5 Preferred contain embedded conversion features resulted in the issuance of additional shares of Class A common stock upon completion of the IPO. The number of shares issued related to these features was dependent upon the IPO price. As such, prior to the IPO, these are treated as contingently issuable shares. Subsequent to the completion of the IPO in June 2024, the additional shares of Class A common stock are included in the weighted-average common shares outstanding.

Goodwill and Intangibles - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite And Indefinitely Lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Impairment of intangible assets, finite-lived	0	0
Operating Cost and Expenses [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 70,300,000	$ 10,900,000	11,900,000
Maximum [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years
Minimum [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Weighted Average [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years
Licensed Data [Member] \| Research And Development Process [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Impairment of intangible assets, finite-lived			$ 7,400,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Research and Development Expense
Gain loss due to saving in future payments due on intangible assets			$ 7,900,000

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Jun. 30, 2025 $ / shares	Dec. 31, 2025 USD ($) Customer ReportingUnit $ / shares	Dec. 31, 2024 USD ($) Customer	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) $ / shares
Accounting Policies [Line Items]
Restricted cash		$ 4,664,000	$ 881,000
Allowance for doubtful accounts		$ 2,755,000	$ 1,141,000
Number of customers \| Customer		0	0
Inventory		$ 49,900,000	$ 36,900,000
Inventory in process		$ 1,700,000	$ 1,500,000
Percentage of vendor payments		33.00%	39.00%	33.00%
Due to vendor		$ 15,900,000	$ 18,200,000
Prepaid expenses and other current assets		40,498,000	26,135,000
Marketable equity securities		150,211,000	107,309,000
Impairment charges related to long-lived assets		$ 0	0
Number of reporting units \| ReportingUnit		1
Goodwill impairment loss		$ 0	0	$ 0
Lessee, Operating Lease, Existence of Option to Extend [true false]		false
Lessee, Operating Lease, Existence of Option to Terminate [true false]		false
Net revenue		$ 1,271,789,000	693,398,000	531,822,000
Data and services revenue to reverse historical warrant contract asset amortization			16,300,000
Data and services revenue to reverse historical warrant contract asset amortization, contra revenue in prior periods			11,500,000
Warrant contract asset expense			37,800,000
Contract with customer liability amount of revenue recognized that was included in the opening balance		74,000,000	69,500,000	43,500,000
Liability for uncertain positions in Income Taxes		0	0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering		0	12,347,000	0
Accounts Receivable [Member]
Accounting Policies [Line Items]
Contract with customer receivable after allowance for credit loss current		$ 8,100,000	4,100,000
Equipment [Member]
Accounting Policies [Line Items]
Property and equipment, useful life		3 years
Furniture and Fixtures [Member]
Accounting Policies [Line Items]
Property and equipment, useful life		7 years
Minimum [Member]
Accounting Policies [Line Items]
Intangibles, amortization period		5 years
Minimum [Member] \| Building [Member]
Accounting Policies [Line Items]
Property and equipment, useful life		30 years
Maximum [Member]
Accounting Policies [Line Items]
Intangibles, amortization period		7 years
Maximum [Member] \| Building [Member]
Accounting Policies [Line Items]
Property and equipment, useful life		40 years
Call Option [Member]
Accounting Policies [Line Items]
Initial cap price \| $ / shares	$ 111.195	$ 111.195
Genomics Product [Member]
Accounting Policies [Line Items]
Amount recognized from cash collections in excess of prior year revenues				12,200,000
Insights Product [Member]
Accounting Policies [Line Items]
Net revenue		$ 257,700,000	186,800,000	117,600,000
Trials Product [Member]
Accounting Policies [Line Items]
Net revenue		38,500,000	42,400,000	45,600,000
AI Applications [Member]
Accounting Policies [Line Items]
Net revenue		20,100,000	12,300,000	5,100,000
Third-Party Payor [Member] \| Clinical Order [Member]
Accounting Policies [Line Items]
Net revenue		884,500,000	409,400,000	328,400,000
Self-Pay [Member] \| Genomics Product [Member]
Accounting Policies [Line Items]
Net revenue		70,900,000	42,300,000	$ 34,600,000
Long-Term Contract with Customer [Member]
Accounting Policies [Line Items]
Revenue, remaining performance obligation		$ 348,100,000
One Year [Member] \| Long-Term Contract with Customer [Member]
Accounting Policies [Line Items]
Revenue, remaining performance obligation, percentage		52.00%
Two Year [Member] \| Long-Term Contract with Customer [Member]
Accounting Policies [Line Items]
Revenue, remaining performance obligation, percentage		37.00%
Three Year [Member] \| Long-Term Contract with Customer [Member]
Accounting Policies [Line Items]
Revenue, remaining performance obligation, percentage		11.00%
Commercialization And Reference Laboratory Agreement Member With Personalis Inc [Member]
Accounting Policies [Line Items]
Aggregate milestone amount payable		$ 12,000,000
Term of agreement		3 years
Contract with customer assets net current		$ 4,700,000	$ 3,000,000
Common Class A [Member] \| Master Services Agreement With Astra Zeneca As Amended [Member]
Accounting Policies [Line Items]
Class of warrants value of shares covered by warrants or rights					$ 100,000,000
Class of warrants or rights exercise price \| $ / shares					$ 37
Federal [Member]
Accounting Policies [Line Items]
Net operating loss carryforwards		332,800,000
State [Member]
Accounting Policies [Line Items]
Net operating loss carryforwards		$ 69,600,000

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Interest Expense and the Effective Interest Rate

Interest expense and the effective interest rate for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Interest expense
Term Loans	$	40,858		$	36,631		$	28,895
Revolving Credit Facility		7,321			—

Effective interest rate
Term Loans		12.6	%		13.6	%		13.2	%
Revolving Credit Facility		8.0	%		—			—

- 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

Goodwill and Intangibles - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 73,343	$ 73,354
Goodwill related to business combinations	396,731
Foreign exchange rate adjustment	137	(11)
Ending Balance	$ 470,211	$ 73,343

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

14.

INCOME TAXES

Deferred income taxes consist of the following as of December 31, 2025 and 2024 (in thousands):


	As of December 31,
	2025			2024
Deferred Income Tax Assets:
Net Operating Loss Carryforwards	$	402,347		$	308,669
IRC §163(j) Interest Expense Limitation Carryover		35,875			29,239
Lease Liability		22,629			7,997
Research and Development		210,273			118,649
Excess of Tax Basis over Book Basis Fixed Assets		—			4,696
Deferred Revenue		8,858			19,708
Revenue Reserve Liability		2,742			2,812
Stock Compensation		27,273			26,441
Other		17,304			1,077
	$	727,301		$	519,288
Less Valuation Allowance		(599,846	)		(503,071	)
	$	127,455		$	16,217
Deferred Income Tax Liabilities:
Excess of book basis over tax basis fixed assets		(720	)		—
Unrealized Gain/Loss on Marketable Equity Securities		(22,725	)		(3,878	)
Right of Use Asset		(16,655	)		(3,615	)
Warrant Contract Asset		—			(7,697	)
Intangible assets		(85,667	)		—
Other		(2,018	)		(1,261	)
	$	(127,785	)	$	(16,451	)
Net Deferred Income Tax Liability	$	(330	)	$	(234	)

The provision for income taxes consists of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Current tax expense (benefit)
Federal		—			—			—
State		395			(33	)		13
Foreign		490			188			152
Total	$	885		$	155		$	165
Deferred tax (benefit) expense
Federal		(39,033	)		93			108
State		(13,536	)		18			15
Foreign		—			—			—
Total		(52,569	)		111			123
Total tax (benefit) expense
Federal		(39,033	)		93			108
State		(13,141	)		(15	)		28
Foreign		490			188			152
Total income tax (benefit) expense	$	(51,684	)	$	266		$	288

The components of income before income taxes as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Domestic	$	(290,382	)	$	(701,648	)	$	(213,522	)
Foreign		(718	)		339			(243	)

A reconciliation of the difference between the federal statutory rate and the effective income tax rate as a percentage of income before taxes for the year ended December 31, 2025 was as follows:


	December 31, 2025
	Amount			Percent
Federal statutory	$	(61,131	)		21.00	%

Nontaxable or nondeductible items
Stock compensation		(67,177	)		23.08	%
Officer compensation		64,387			(22.12	%)
Other nontaxable or nondeductible items		2,514			(0.86	%)
Changes in valuation allowances		21,331			(7.33	%)
Other		978			(0.33	%)
State and local income taxes, net of federal income tax effect		(15,900	)		5.46	%
Foreign tax effects
Other foreign jurisdictions		638			(0.22	%)
Worldwide changes in unrecognized tax benefits		2,676			(0.92	%)
Effective tax rate	$	(51,684	)		17.76	%

The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, Maryland, and Pennsylvania.

A reconciliation of the difference between the federal statutory rate and the effective income tax rate as a percentage of income before taxes for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024	2023
Federal statutory tax rate	21.00%	21.00%
State statutory tax rate	4.35%	3.28%
Foreign	0.00%	(0.09%)
Stock compensation	5.60%	0.00%
Officer compensation	(1.46%)	0.00%
Other permanent differences	(0.17%)	0.47%
Other	(0.02%)	(0.06%)
Change in valuation allowance	(29.34%)	(24.74%)
Total	(0.04%)	(0.14%)

Net change in valuation allowance was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Valuation Allowance, beginning of year	$	503,071	$	297,294	$	244,064
Changes		10,764		205,777		52,878
Purchase accounting adjustments		86,011		—		352
Valuation Allowance, end of year	$	599,846	$	503,071	$	297,294

For the years ended December 31, 2025 and 2024, the Company recognized income tax benefit on stock-based compensation of $83.1 million and $46.2 million, respectively (tax-effected).

For the year ended December 31, 2025, cash paid for income taxes, net of refunds received, by jurisdiction was as follows:


	December 31, 2025
U.S. federal	$	(91	)
U.S. state and local
Pennsylvania		77
Washington		118
Other		47
Non-U.S.
France		40
Spain		166
Canada		297
Total worldwide taxes paid	$	654

The Company’s income tax expense as recorded in the financial statements differs from the benefit computed by applying statutory tax rates to net loss before income taxes due to permanent differences related to the deductibility of certain expenses and the valuation allowance. Due to the acquisition of Ambry during the year ended December 31, 2025, the existing valuation allowance decreased for the establishment of the deferred tax liabilities. Current income tax expense for the years ended December 31, 2025, 2024 and 2023, related to state and foreign expense was not material.

As of December 31, 2025 the Company had federal net operating loss (“NOL”) carry forwards of $332.8 million (tax effected) and state NOL carry forwards of approximately $69.6 million (tax effected), which may be available to offset future taxable income. The federal NOLs will begin to expire in 2037 and the state NOLs will begin to expire in 2028.

As of December 31, 2025, the Company had federal and state credit carry forwards of $11.6 million, which may be able to offset future tax expense. The credits will begin to expire in 2039. A full valuation allowance has been recorded against the NOL and credit carry forwards.

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Due to its operating loss carryforwards, the U.S. federal statute of limitations remains open for tax year 2016 and onward and the Company continues to be subject to examination by the Internal Revenue Service for tax years 2016 and later. The resolutions of any examinations are not expected to be material to these financial statements. As of December 31, 2025 and 2024, there are no penalties or accrued interest recorded in the consolidated financial statements. The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon its evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized.

A reconciliation of the Company's gross change in unrecognized tax benefits ("UTBs"), including accrued interest and penalties, for the years ended December 31, 2025, 2024 and 2023 was as follows:


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits—beginning of year	$	—	$	—	$	—
Gross additions—current year tax positions		—		—		—
Gross additions—prior year tax positions		2,676		—		—
Gross additions—acquired in business combinations		2,450
Gross reductions—prior year tax positions		—		—		—
Gross reductions—settlements with taxing authorities		—		—		—
Gross reductions—statute lapses		—		—		—
Unrecognized tax benefits—end of year	$	5,126	$	—	$	—
Unrecognized tax benefits—accrued interest and penalties		—		—		—
Gross unrecognized tax benefits	$	5,126	$	—	$	—

Of the $5.1 million unrecognized tax benefits as of December 31, 2025, all are recorded as a net offset to deferred income taxes in our consolidated financial statements. If recognized, none of the unrecognized tax benefits as of December 31, 2025 would impact our effective tax rate.

The Company recognizes interest and, if applicable, penalties for any uncertain tax positions. Interest and penalties are recorded as a component of income tax expense. In the years ended December 31, 2025, 2024 and 2023, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits.

The Company does not provide for U.S. income taxes on unremitted earnings of foreign subsidiaries. Unremitted earnings of foreign subsidiaries were immaterial on December 31, 2025 and 2024.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law in the U.S. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the impact of the Act on deferred tax assets and liabilities, including adjustments to valuation allowances, and has reflected these effects in the consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements and Marketable Equity Securities - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Aug. 22, 2025	Mar. 11, 2025	Aug. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure				$ 4,984,000
Aggregate proceeds from sale of marketable equity securities				8,316,000	$ 23,098,000	$ 0
Purchase of additional shares of common stock value				3,040,000		3,602,000
Marketable equity securities outstanding				$ 150,211,000	$ 107,309,000
Deep 6 Acquisition [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of held back shares in connection with business acquisition		13,614
Paige AI Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of held back shares in connection with business acquisition	70,792
Investment In Recursion Pharmaceuticals Class A Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in equity securities at fair value sold number of shares				737,466	1,725,902
Weighted average price per share of investment sold				$ 11.28	$ 13.38
Aggregate proceeds from sale of marketable equity securities				$ 8,300,000	$ 23,100,000
Share issued for accounts receivables				32,000,000	22,000,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure				4,984,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure				0
Company recognized gain due change fair value of warrant asset					18,300,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure				0
Gain or loss due to change in fair value for assets and liabilities measured at fair value using significant unobservable inputs (Level 3)				0
Company recognized gain (loss) due change fair value of warrant liability					$ 42,400,000	8,000,000
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant issued				$ 100,000,000
Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class Of Warrant Share Issued				9,218,800			9,218,800
Common stock purchase price			$ 18,400,000
Purchase of additional shares of common stock			3,500,000	320,267
Purchase of additional shares of common stock value			$ 17,700,000	$ 2,700,000
Stock repurchased weighted average price per share				$ 8.55
Outstanding common stock percentage			20.00%
Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.5
Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.5
Maximum [Member] \| Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class Of Warrant Excisable At Cash				4,609,400
Maximum [Member] \| Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class Of Warrant Excisable At Cash					4,609,400
Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration cash payment				$ 1,000,000
Contingent upon revenue target						1,500,000
Contingent consideration classified as equity, fair value disclosure				$ 800,000
Contingent Consideration [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company recognized gain (loss) due change fair value of warrant liability						$ 400,000
Contingent Consideration [Member] \| Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration arrangement of non voting common stock				35,000
Contingent Consideration [Member] \| Common Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration arrangement of non voting common stock				35,000

Balance Sheet Components - Summary of Depreciation Expenses on Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant and Equipment Income Statement Disclosures [Abstract]
Cost of revenue, diagnostics	$ 15,148	$ 13,966	$ 12,961
Cost of revenue, data and applications	599	172	0
Selling, general and administrative costs	16,307	12,218	8,318
Total depreciation	$ 32,054	$ 26,356	$ 21,279

Income Taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds Received, by Jurisdiction (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal	$ (91)
Total worldwide taxes paid	654	$ 206	$ 161
Pennsylvania
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state and local	77
Washington
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state and local	118
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. state and local	47
France
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S.	40
Spain
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S.	166
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S.	$ 297

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Tempus AI, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the assets, liabilities, revenue and expenses of all wholly owned subsidiaries. Investments in unconsolidated entities in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method of accounting. Investments in unconsolidated entities in which the Company is not able to exercise significant influence are accounted for under the cost method of accounting. The Company believes that its existing cash and cash equivalents and marketable equity securities at December 31, 2025 will be sufficient to allow the Company to fund its current operating plan through at least a period of one year from the date of issuance. As the Company continues to incur losses, its transition to profitability is dependent upon a level of revenues adequate to support the Company’s cost structure. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development activities and growth related expenditures.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The most significant estimates are related to revenue, accounts receivable, stock-based compensation, operating lease liabilities, and the useful lives of property, equipment and intangible assets, and the cash flows used in determining the fair value of acquired intangible assets. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly-liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Restricted cash primarily represents amounts that the Company is unable to access for operational purposes pursuant to letters of credit with a financial institution in connection with certain of the Company's operating leases. The Company had $4.7 million and $0.9 million of restricted cash as of December 31, 2025 and 2024, respectively.
Accounts Receivable and Allowances	Accounts Receivable and Allowances Accounts receivable primarily represents the net cash due from the Company’s customers, including payors, pharmaceutical companies, genetic counselors, and research institutions. Payments of accounts receivable are allocated to the specific invoices identified on the remittance advice. Accounts receivables are reported at their gross outstanding balance reduced by an allowance for doubtful accounts and contractual allowance. The allowance for doubtful accounts is based on the age of an invoice, historical payment trends, as well as forward looking data and current economic trends.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk are primarily cash, cash equivalents, restricted cash and accounts receivable. The Company maintains cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash. The Company has credit risk regarding trade accounts receivable as the Company generally does not require collateral, and a limited number of customers have accounted for a large part of the Company’s revenue and accounts receivable to date. Allowances are maintained for potential credit losses. There were no customers that represented a significant portion of the Company's revenues for the years ended December 31, 2025, 2024 and 2023, respectively. No single customer represents a material portion of the Company's accounts receivable as of December 31, 2025 and 2024.
Inventories	Inventories Inventories, consisting of supplies and consumables used in the lab, are accounted for using the first-in, first-out method of accounting and are valued at the lower of cost or net realizable value. The Company periodically reviews inventory for excess or obsolescence and writes-down obsolete or otherwise un-usable inventory to its estimated net realizable value. Amounts written-down due to obsolete inventory are charged to cost of revenues. As of December 31, 2025, the Company had approximately $49.9 million of inventory and $1.7 million of inventory in process in the labs. As of December 31, 2024, the Company had approximately $36.9 million of inventory and $1.5 million of inventory in process in the labs. The Company relies on a sole supplier for certain laboratory materials, equipment and services. Purchases from this supplier accounted for approximately 33%, 39% and 33% of total vendor payments for the years ended December 31, 2025, 2024 and 2023, respectively. Amounts due to this vendor approximated $15.9 million and $18.2 million at December 31, 2025 and 2024, respectively.
Prepaid expenses and Other Current Assets	Prepaid expenses and Other Current Assets Prepaid assets are recorded when paid and consistent primarily of prepayments for insurance, medical, software subscriptions, and cloud storage service. Prepaid expenses are amortized into expense over the related service period. Other current assets included in this line are primarily related to capitalized implementation costs, the short-term portion of the Company’s contract asset related to Personalis and other receivables.
Marketable Equity Securities	Marketable Equity Securities The Company holds marketable equity securities, all of which are publicly traded shares of common stock, which have quoted prices in active markets and are classified as short-term. The Company’s investment in marketable equity securities does not give the Company the ability to control or exercise significant influence over the investee. See Note 15, "Fair Value Measurements and Marketable Equity Securities" for further information. Changes in fair value are recorded in earnings within Other income, net on the consolidated statements of operations and comprehensive loss.
Long-Lived Assets	Long-Lived Assets Property and Equipment and Intangibles Property and equipment are stated at cost and assets under finance leases are stated at the lesser of the present value of minimum lease payments or their fair market value. Depreciation is recognized using the straight-line method over the estimated useful lives of the related assets. Generally, the useful lives are three years for equipment, seven years for furniture and fixtures and 30-40 years for buildings. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the lease or the estimated useful life of the asset. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method, which approximates the pattern of usage, over their economic life, generally five to seven years. Assets to be disposed of, if any, are separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 4, “Balance Sheet Components” for additional information about these assets. Impairment of Long-Lived Assets The Company evaluates long-lived assets, including property and equipment, and intangible assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset group. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of a long-lived asset exceeds its fair value. Any loss would be recognized in loss from operations in the period in which the determination is made. The Company recognized an impairment charge related to long-lived assets during the year ended December 31, 2023. See Note 5, “Goodwill and Intangibles” for additional information. There were no impairment charges recognized related to long-lived assets during the years ended December 31, 2025 and 2024.
Goodwill	Goodwill Goodwill consists of the excess purchase price over the fair value of net assets acquired in business combinations. The Company conducts a test for the impairment of goodwill on at least an annual basis as of October 1st or sooner if indicators of impairment arise. The Company first assesses qualitative factors to determine whether it is more likely than not that goodwill is impaired. As part of the qualitative assessment, the Company evaluates factors including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance of its single reporting unit. If the Company concludes that it is more-likely-than-not that its single reporting unit is impaired or if the Company elects not to perform the optional qualitative assessment, a quantitative assessment is performed. For the quantitative assessment, the fair value of the Company’s reporting unit is compared with the carrying amount of net assets, including goodwill, related to the reporting unit. The Company recognizes an impairment charge for the amount, if any, by which the carrying amount of a reporting unit exceeds the fair value of the reporting unit. The Company recorded no impairment loss during the years ended December 31, 2025, 2024 and 2023.
Equity Method Investments	Equity Method Investments The Company uses the equity method to account for investments in which it has the ability to exercise significant influence over the investee's operating and financial policies. The Company follows the guidance in ASC 323, Investments—Equity Method and Joint Ventures, which prescribes the use of the equity method for investments in joint ventures where the Company has significant influence. The Company records the initial investment at cost and is subsequently adjusted by the Company's share, based on percentage ownership, of the investee's net income or loss after the date of investment. For the Company's foreign-based equity method investment, the proportionate share of the investee's income is translated into USD at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period. The unrealized gains and losses associated with the foreign currency translation of the investment are deferred in accumulated other comprehensive income on the Company's consolidated balance sheets.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, (ii) has equity investors who lack the characteristics of a controlling financial interest, or (iii) the entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights). Under ASC 810, Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both: • the power to direct the activities that most significantly impact the economic performance of the VIE; and • the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. If the Company is not the primary beneficiary in a VIE, it accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, the Company assesses whether any changes in its interest or relationship with the entity affects its determination of whether the entity is a VIE and, if so, whether it is the primary beneficiary.
Term Loan	Term Loan The Company’s outstanding term loan (see Note 12) is accounted for in accordance with ASC 470. The original issue discount and deferred financing fees are amortized into Interest expense within the consolidated statements of operations using the straight-line method over the term of the underlying debt, and unamortized amounts are presented net of the principal balance within Long-term debt in the consolidated balance sheets.
Revolving Credit Facility	Revolving Credit Facility The Company’s outstanding priority revolving loan commitments (see Note 12) is accounted for in accordance with ASC 470. The original issue discount and deferred financing fees are amortized into Interest expense within the consolidated statements of operations using the straight-line method over the term of the underlying revolving loan commitment, and the outstanding balance is presented within Revolving credit facility in the consolidated balance sheets.
Convertible Senior Notes	Convertible Senior Notes The Company's outstanding convertible senior notes (see Note 12) is accounted for in accordance with ASC 470. The Company determined the embedded conversion options, redemption features, and contingent interest and payments are not required to be separately accounted for as derivatives under ASC 815 because they were either determined to be clearly and closely related to the host instrument or the Company has concluded that no value would be associated with the related feature based on the circumstances associated with the Note's issuance. The initial purchasers' discount and deferred financing fees are amortized into Interest expense within the consolidated statements of operations using the straight-line method over the term of the underlying debt, and unamortized amounts are presented net of the principal balance within Convertible senior notes in the consolidated balance sheets. In connection with the Notes, the Company entered into the Capped Call, or the Capped Call, with one of the initial purchasers and certain other financial institutions. The Capped Call is expected generally to reduce the potential dilution to our Class A common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on a cap price initially equal to $111.1950 per share, which is subject to certain adjustments under the terms of the Capped Call. The equity-classified Capped Call is not remeasured each reporting period and are recorded as a reduction to additional paid-in-capital within shareholders’ equity when purchased.
Convertible Note	Convertible Note The Company’s outstanding promissory note (see Note 12) is accounted for in accordance with ASC 470. The Company determined the embedded conversion options, redemption features, and acceleration of repayment upon default are not required to be separately accounted for as derivatives under ASC 815 because they were either determined to be clearly and closely related to the host instrument or the Company has concluded that no value would be associated with the related feature based on the circumstances associated with the note's issuance.
Business Combinations	Business Combinations In accordance with ASC Topic 805, Business Combinations, we use the acquisition method of accounting to allocate the purchase price of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price over the estimated fair value of assets and liabilities is recorded as goodwill. Assigning fair market values to the assets acquired and liabilities assumed at the date of an acquisition often requires the application of judgment regarding estimates and assumptions. These estimates include, but are not limited to, a market participant’s expectation of future cash flows from acquired customer relationships, acquired trade names, and acquired developed technology. All acquisition costs are expensed as incurred.
Leases	Leases The Company determines whether an arrangement is or contains a lease at inception, and all significant lease arrangements are recognized at lease commencement. The majority of the Company’s leases are operating leases and are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, less current portion on the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating ROU assets and operating lease liabilities are recognized at commencement based on the present value of fixed payments not yet paid over the remaining lease term discounted using the Company’s incremental borrowing rate. ROU assets also include any lease payments made at or before the lease commencement date, less lease incentives received and deferred rent. As the Company’s leases do not provide an implicit rate, the incremental borrowing rate used is estimated based on what the Company would have to pay on a collateralized basis over a similar term as the lease. The Company has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s facility leases. Variable lease payments are presented as rent expense in the period in which they are incurred and consist primarily of our proportionate share of operating expenses, utilities, property taxes, insurance, common area maintenance and other facility-related expenses. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with terms of twelve months or less, and lease expense is recognized on a straight-line basis over the term of the short-term lease. The Company records rent expense in its consolidated statements of operations and comprehensive loss on a straight-line basis over the term of the lease and records variable lease payments as incurred. The Company’s lease terms may include options to extend or terminate the lease, which the Company includes in calculating the operating lease liabilities if it is reasonably certain that the Company will exercise the option. As of December 31, 2025, the Company’s lease liabilities did not include any options to extend or terminate any of its leases.
Revenue Recognition	Revenue Recognition The Company derives revenue from selling lab services (“Diagnostics”) to physicians, genetic counselors, academic research institutions, and other parties. The Company also derives revenue from the commercialization of data generated in the lab (“Data and applications”) through the licensing of de-identified datasets to third parties and by providing clinical trial support, such as matching patients to clinical trials enrolled in its clinical trial network, and related services. The majority of the Company’s revenue is generated in North America. The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) ASC 606 Revenue from Contracts with Customers (“ASC 606”). The Company commences revenue recognition when control of these products is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for such products. This principle is achieved by applying the five-step approach: (i) the Company accounts for a contract when it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance and (v) collectability of consideration is probable. Revenues and any contract assets are not recognized until such time that the required conditions are met. Disaggregation of Revenue The Company provides disaggregation of revenue based on Diagnostics and Data and applications on the consolidated statements of operations and comprehensive loss, as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Diagnostics The Company generally recognizes revenue for its Diagnostics product offering when it has met its performance obligation relating to an order. The Company has determined its sole performance obligation to be the delivery of the testing results to the ordering party. The Company receives payments from Medicare, Medicaid, and commercial insurance for clinical orders and directly from research institutions, pharmaceutical companies or other third parties for direct bill orders. For clinical orders from Medicare, Medicaid, and commercial insurance, the Company determines transaction price by reducing the standard charge by the estimated effects of any variable consideration, such as contractual allowance and implicit price concessions. The Company estimates the variable consideration using the expected value method which is based on historical collections in relation to established rates, as well as known current or anticipated reimbursement trends not reflected in the historical data. The Company uses significant judgment when assessing whether estimates of variable consideration are constrained and these estimates are calculated based upon both insurance payor-specific and aggregated factors that include historical billing and adjustment data. Estimates are inclusive of the consideration to which the Company will be entitled at an amount for which it is probable that a reversal of cumulative consideration will not occur.The Company monitors the estimated amount to be collected at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. During the year ended December 31, 2023, the Company recognized $12.2 million from cash collections in excess of revenue recognized in prior years, primarily as a result of achieving a higher success rate on appeals than estimated. During the years ended December 31, 2025 and 2024, the amount recognized from cash collections in excess of revenue recognized in prior years was not material. Payment is typically due after the claim has been processed by the payer, generally 30-120 days from date of service. While management believes that the estimates are accurate, actual results could differ and the potential impact on the financial statements could be significant. The Company recognized revenue for clinical orders of $884.5 million, $409.4 million and $328.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. For direct bill orders from research institutions, pharmaceutical companies, or other third parties, the Company determines the transaction prices based on established contractual rates with the customer, net of any applicable discounts. Payment is typically due between 30 and 60 days following the date of invoice. The Company recognized Diagnostics revenue for direct bill orders of $70.9 million, $42.3 million and $34.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Data and applications Data and applications revenue primarily represents data licensing and clinical trial services that the Company provides to pharmaceutical and biotechnology companies. The Company’s arrangements with these customers often have terms that span multiple years. However, these contracts generally also include customer opt-in or early termination clauses after twelve months without contractual penalty. The customer’s option to renew is generally not viewed as a material right, and as a result, the Company’s contract period for these agreements is generally considered less than one year. The Company determines the transaction price based on established contractual rates with the customer, net of any applicable discounts. The Company recognizes revenue for its Data and applications product offering when it has met its performance obligation under the terms of the agreement with the customer. The Company’s product offerings are as follows: Insights The Company’s Insights product consists primarily of licensing and analysis of de-identified records. Each Insights contract is unique and may include multiple promises, including the delivery of licensed de-identified records, including refreshes, analytical services or access to the Company’s enhanced Lens application. The Company evaluates each contract to determine which performance obligations are capable of being distinct and separately identifiable from other promises in the contract and, therefore, represent distinct performance obligations. The actual timing of data deliveries can be based on a variety of factors, including, but not limited to, the customer’s requirement and/or the Company’s technological, operational, and human capital capacity; in addition, management assesses relevant contractual terms in contracts with customers and applies significant judgment in identifying and accounting for all terms and conditions in certain contracts. The transaction price is allocated to the distinct performance obligations and revenue is recognized once the performance obligation has been fulfilled. The standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics. The Company has determined that the delivery of de-identified records and, when applicable, analytical services, and access to its enhanced Lens application are separate and distinct performance obligations. The primary Insights contract types are as follows: • Data licensing on a one-time or limited duration basis – Customer licenses a specific dataset of records, and the Company accounts for individual licensed data records as a right to use license. Revenue is typically recognized upon delivery of the data to the customer, as the Company’s obligations for an individual record is complete once the data has been delivered, and the customer is able to benefit from the provision of data as it is received. • Multi-year data subscriptions – Customer licenses an interchangeable maximum number of de-identified records, and the Company accounts for the service as a right to access license and one performance obligation. Revenue is recognized as access to the dataset is provided, ratably over-time, with the measure of progress time-based. • Analytical services and other services – Services typically involve data analysis and research performed on behalf of the customer by the Company. The resulting delivery of data, or a report addressing a series of questions and analytical results, is considered a single performance obligation. Revenue is generally recognized upon the delivery of these services, as defined by the contract. • Enhanced Lens application subscription services – Customer licenses access to the Company’s enhanced Lens application under a software-as-a-service model. Customers do not have the right to take possession of the Lens platform application, and the online software product is fully functional once a customer has access. Lens subscription revenues are recognized ratably over the contract terms beginning on the date the Company’s service is made available to the customer. For the periods presented, revenue from Lens subscription services are not material. • Cloud hosting services – The Company provides cloud hosting services to customers via a third party cloud infrastructure provider. Revenue is recognized as the related compute and storage costs are incurred by the customer. The Company recognized revenue from Insights products of $257.7 million, $186.8 million and $117.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Trials The Company’s Trials product includes TIME clinical trial matching services and other clinical trial services. TIME consists primarily of matching patients to clinical trial sponsors of a potential match. To the extent the contract requires, the Company may also assist in opening the clinical trial site and enrolling the patient in the clinical trial. The Company has determined that, depending on the type of agreement, the performance obligation of these contracts is the delivery of a notification or the enrollment of a patient in a clinical trial. As such, revenue is recognized upon one of the following: delivery of a notification to the physician alerting them to a clinical trial match, or once a patient is enrolled in a trial. Concurrently, the customer, which is the clinical trial sponsor, also receives notification from the Company to establish the performance obligations delivered or fulfilled for the billing period. In addition to TIME, the Company provides other clinical trial services conducting or supporting studies. Tempus Compass LLC, a subsidiary of the Company, is a contract research organization, or CRO, which manages and executes early and late-stage clinical trials, primarily in oncology. Contracts for clinical trial services can take the form of fee-for-service or fixed-price contracts. Fee-for-service contracts are typically priced based on time and materials, and revenue is recognized based on hours and materials used as the services are provided. Fixed-price contracts generally represent a single performance obligation and are recognized over-time using a cost-based input method. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Contract costs principally include direct labor and reimbursable out-of-pocket costs. The Company recognized revenue from Trials products of $38.5 million, $42.4 million and $45.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Next The Company's Next product is an AI platform that leverages machine learning to apply an "intelligent layer" onto routinely generated data to proactively identify and minimize care gaps for oncology and cardiology patients. The Company evaluates each contract to determine which performance obligations are capable of being distinct and separately identifiable from other promises in the contract and, therefore, represent distinct performance obligations. Fixed-price subscriptions generally represent a single performance obligation and are recognized over-time. Revenue can also be recognized upon delivery of reports or certain milestones as defined by the contract. The Company recognized revenue from Next of $20.1 million, $12.3 million and $5.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. For Insights, Trials and Next arrangements, pricing is fixed and the Company may be compensated through a combination of an upfront payment and performance-based, non-refundable payments due upon completion of the stated performance obligation(s). Payment is generally due 60 to 90 days after the date of service. The Company has no significant obligations for refunds, warranties, or similar obligations for Data and applications product offerings. The Company has elected the practical expedient, which allows the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue is not considered a remaining performance obligation. Multi-year Contract Performance Obligations The Company has limited multi-year contracts that do not contain early termination or customer opt-in clauses. These contracts contained defined, noncancelable performance obligations that will be fulfilled in future years. The Company’s remaining performance obligations related to multi-year contracts was $348.1 million as of December 31, 2025, of which the Company expects to recognize approximately 52% as revenue over the next year, and the remaining 37% and 11% of its remaining performance obligations as revenue in years two and three, respectively. Contract Assets Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. The Company recognizes contract assets when the Company has an unconditional right to payment, and when revenues earned on a contract exceeds the billings. Contract assets are presented under accounts receivable, net. Accounts receivable as of December 31, 2025 and 2024 included contract assets of $8.1 million and $4.1 million, respectively. During the fourth quarter of 2021, and in conjunction with the signing of a November 2021 Master Services Agreement (“the MSA”) with customer AstraZeneca AB (“AstraZeneca”), the Company recognized a contract asset for consideration payable concurrent with the issuance of the common stock warrant in accordance with ASC 606. The contract asset was initially measured equal to the initial fair value of the warrant liability based on the authoritative guidance under FASB ASC 718 Compensation—Stock Compensation. As revenue is recognized over the period of the contractual commitment of the MSA, the associated contract asset amortization is recorded as reduction of revenue. At each reporting period, the short-term portion of the warrant asset is adjusted based on the financial commitment. The warrant was terminated for no consideration on December 31, 2024. In accordance with ASC 606, the Company recognized $16.3 million in Data and applications revenue to reverse historical warrant contract asset amortization in the year ended December 31, 2024, of which $11.5 million was recorded as contra revenue in prior periods. Additionally, the Company recognized expense of $37.8 million in Other income, net to reverse the warrant contract asset balance as of December 31, 2024. In November 2023, the Company entered into a Commercialization and Reference Laboratory Agreement with Personalis, Inc. (“Personalis”), which was subsequently amended in August 2024 and July 2025. The Company agreed to pay up to $12.0 million to Personalis over three years as certain milestones are met, all of which has been paid as of December 31, 2025. These payments are treated as contract assets and amortized into revenue over the life of the contract. Contract asset balances are offset by deferred revenue generated from receipt of warrants for Personalis common stock (see Note 15). As of December 31, 2025 and 2024 , there was $4.7 million and $3.0 million, respectively, of net contract assets related to this agreement recorded in Prepaid expenses and other current assets, respectively.
Deferred Revenue	Deferred Revenue Deferred revenue consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Company’s revenue recognition criteria are met. The deferred revenue balance is influenced primarily by upfront contractual payments from the Company’s Data and applications product offerings and timing of delivery of the Company’s de-identified licensed data and clinical test results. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue, current and any remaining portion is recorded as deferred revenue, non-current. The Company recognized $74.0 million, $69.5 million and $43.5 million during the years ended December 31, 2025, 2024 and 2023, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Cost of Revenue, Diagnostics Cost of revenue for Diagnostics consists of personnel lab expenses, including salaries, bonuses, employee benefits, amortization of intangible assets, cost of laboratory supplies and consumables, depreciation of laboratory equipment, shipping costs, third-party laboratory costs, and certain allocated overhead expenses. Costs associated with performing the Company’s tests are recorded as the tests are processed regardless of whether revenue was recognized with respect to that test. Cost of Revenue, Data and applications Cost of revenue for Data and applications includes data acquisition and royalty fees, and personnel costs related to our delivery of our data services and platform, and certain allocated overhead expenses. Costs associated with performing data services are recorded as incurred.
Research and Development	Research and Development Research and development expenses include costs incurred to develop new assays and algorithms, and include salaries and benefits, amortization of intangible assets, inventory costs, overhead costs, validation costs, contract services and other related costs. Research and development costs are expensed as incurred.
Technology Research and Development / Research and Development	Technology Research and Development Technology research and development expense primarily includes personnel costs incurred related to the research and development of the Company’s technology platform and applications and the research and development of new products which the Company hopes to bring to the market. Technology research and development costs are expensed as incurred
401(k) Plan	401(k) Plan The Company has a 401(k) tax deferred savings plan under which eligible employees may elect to have a portion of their salary deferred and contributed to the plan. Employer matching contributions are determined by the Company and are discretionary. During the years ended December 31, 2025, 2024 and 2023, the Company did not match any employee contributions.
Income Taxes	Income Taxes Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes. Deferred taxes are recognized based on differences between the basis of assets and liabilities for financial reporting and income tax purposes and are measured using enacted rates. The differences relate primarily to timing of deductibility of certain expenses and the estimated future effects of net operating loss carryforwards. Deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Companies are required to assess whether a valuation allowance should be recorded against their deferred tax assets (“DTAs”) based on the consideration of all available evidence, using a “more likely than not” realization standard. The four sources of taxable income that must be considered in determining whether DTAs will be realized are, (1) future reversals of existing taxable temporary differences (i.e., offset of gross deferred tax assets against gross deferred tax liabilities); (2) taxable income in prior carryback years, if carryback is permitted under the tax law; (3) tax planning strategies and (4) future taxable income exclusive of reversing temporary differences and carry forwards. In assessing whether a valuation allowance is required, significant weight is given to evidence that can be objectively verified. The Company has evaluated its DTAs in each reporting period, including an assessment of its cumulative income or loss, to determine if a valuation allowance was required. After a review of the four sources of taxable income described above, the Company established a valuation allowance against the Company’s net deferred tax assets due to uncertainty surrounding the Company’s ability to generate future taxable income to realize these assets. As of December 31, 2025, the Company had tax effected federal and state net operating loss (“NOL”) carryforward of approximately $332.8 million and $69.6 million, respectively, which may be available to offset future taxable income. The NOLs will begin to expire in 2037. As of December 31, 2025, the Company had federal and state credit carry forwards of $11.6 million, which may be able to offset future tax expense. The credits will begin to expire in 2039. A full valuation allowance has been recorded against the NOL and credit carry forwards. The Company evaluates tax positions under an approach for recognition and measurement of uncertain tax positions. The Company recognizes tax liabilities when the Company believes that certain positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the largest amount of benefit that is more likely than not of being realized upon settlement. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrue liabilities for potential tax assessments are included in income tax expense. The Company has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability in the financial statements. The Company is subject to routine audits by taxing jurisdictions. As of December 31, 2025, the Company was not under audit in any jurisdiction.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of its redeemable convertible preferred stock to be participating securities. Prior to the IPO, under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the holders of its redeemable convertible preferred stock did not have a contractual obligation to share in the Company’s losses. Upon IPO, the Company’s redeemable convertible preferred stock converted to either Class A or Class B common stock and therefore will be included in allocation of net loss attributable to common stockholders as they will share in the Company’s losses. Net income is attributed to common stockholders and participating securities based on their participation rights. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation for equity awards with only a service condition on the grant-date fair value on a straight-line basis over the remaining requisite service period for the award, which is generally the vesting period. The company recognizes stock-based compensation for equity awards with a market or performance condition using an accelerated attribution model over the requisite service period for each separately vesting portion of the award. For those awards with a market condition, the company utilizes a Monte Carlo simulation model to estimate the fair value of the restricted stock units. The Monte Carlo simulation model requires the input of estimates and assumptions, including, but not limited to, the expected stock price volatility, the life of the award and the risk-free interest rate. The probability of actual shares expected to be earned is considered in the grant date fair value. As a result, the expense is not adjusted to reflect the actual shares earned. For those awards with a performance condition, the Company recognizes stock-based compensation if it is probable that the performance condition will be satisfied and will reflect the number of awards that ultimately vest. At each reporting period, the Company reassesses the probability of achievement of the performance condition and any change in expense resulting from an adjustment to estimates is treated as a cumulative catch-up in the period of the adjustment. The Company recognizes forfeitures as they occur. See Note 11 for further information on stock-based compensation.
Fair Value Measurements	Fair Value Measurements Fair value is defined under GAAP as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs in valuation methodologies used to measure fair value: Level 1—Measurements that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Measurements that include other inputs that are directly or indirectly observable in the marketplace. Level 3—Measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair value measurements are discussed further in Note 15. It is the Company’s policy, in general, to measure nonfinancial assets and liabilities at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment) which, if material, are disclosed in the accompanying notes to these consolidated financial statements.
Classification of Convertible Preferred Stock	Classification of Convertible Preferred Stock The Company’s Series A, B, B-1, B-2, C, D, E, F, G, G-2, G-3, G-4, and G-5 convertible preferred stock were classified outside of stockholders’ equity (deficit) because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, is not solely within the control of the Company.
Foreign Currency	Foreign Currency Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars (USD) using period-end exchange rates while revenues and expenses are translated at the average exchange rate for the period presented. Gains or losses from balance sheet translation are the only component of accumulated other comprehensive loss in the consolidated balance sheet.
Recently Adopted Accounting Standards / Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” ASU 2023-09 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income tax disclosures. The Company adopted the year-end disclosure requirements as of December 31, 2025 on a prospective basis. The adoption of the standard did not have a material impact on the Company's financial statements and resulted only in expanded income tax disclosure requirements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income statement expenses. This ASU is effective for fiscal years beginning after December 15, 2026 as well as interim periods beginning after December 15, 2027 and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the related disclosures. In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions.This ASU is effective for fiscal periods beginning after the year ended December 15, 2025, and for interim periods within those fiscal periods and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this standard on the consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets". ASU 2025-05 provides a practical expedient that in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU is effective for fiscal periods beginning after the year ended December 15, 2025, and for interim periods within those fiscal periods, with early adoption permitted and should be applied prospectively. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU-2025-06 revises the recognition guidance for internal-use software by eliminating the previous model based on software development stages and introducing a principles-based approach. Under the new guidance, capitalization begins when management has authorized and committed to funding the project, and it is probable that the software will be completed and used for its intended purpose. This ASU is effective for interim periods and fiscal years beginning after December 15, 2027. This ASU permits an entity to apply the new guidance using either a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The Company is currently evaluating the impact of the guidance on the related disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which amends the existing guidance to (a) reduce the cost and complexity of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives, (b) better portray the economics of those contracts in the financial statements, and (c) reduce diversity in practice resulting from the broad application of the current guidance and changing business environment. The amendments also are expected to reduce diversity in practice by clarifying the applicability of Topic 606, Revenue from Contracts with Customers, to share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of the guidance on the related disclosures.

Stock-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 18, 2023	Jul. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award unrecognized compensation equity instruments other than options			$ 288,200
Share based compensation by share based award unrecognized compensation remaining weighted average period for recognition			2 years 4 months 24 days
Stock-based compensation, expense			$ 124,747	$ 534,138	$ 0
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award equity instruments other than options granted during the period			2,819,039
Weighted-average grant date fair value			$ 61.08
Outstanding stock awards			6,285,604	6,873,974
Performance-Based Restricted Stock Units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award vesting percentage			50.00%
Performance Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average grant date fair value			$ 53.32
Share based compensation by share based award vesting period			3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights			50% of the PSUs are subject to a performance condition, which is based on the Company’s compound revenue growth ("CRG") during three overlapping performance periods (the "Performance Periods")—calendar year 2025 ("First Performance Period"), calendar years 2025 and 2026 ("Second Performance Period"), and calendar years 2025, 2026 and 2027 ("Third Performance Period" and, together with the First Performance Period and the Second Performance Period, the "Performance Periods") and subject to a service condition of a required period of continued employment from the vesting start date.
Share based compensation by share based award vesting percentage			50.00%
Compound Revenue Growth Performance-Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service periods of awards			18 months
Compound Revenue Growth Performance-Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service periods of awards			27 months
Compound Revenue Growth Performance-Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service periods of awards			36 months
Total Shareholder Return Performance-Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service periods of awards			12 months
Total Shareholder Return Performance-Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service periods of awards			24 months
Total Shareholder Return Performance-Based Restricted Stock Units [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service periods of awards			36 months
2015 Stock Option Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares authorized for issue					28,115,750
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award incremental compensation costs	$ 19,300		$ 35,300
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award vesting period			5 years
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award vesting period			3 years
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Additional as Extensions Occurred [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award incremental compensation costs			$ 12,200
2015 Stock Option Plan [Member] \| Performance-based Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Outstanding stock awards	5,898,596
2024 Equity Incentive Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares issued			2,920,167
2024 Equity Incentive Plan [Member] \| Incentive Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares available for issue			22,290,000
2024 Equity Incentive Plan [Member] \| Performance Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award equity instruments other than options granted during the period			2,569,600
2024 Equity Incentive Plan [Member] \| Common Class A [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares available for issue			7,430,000
Share based compensation by share based payment award expiration date		Jan. 01, 2034
2024 Equity Incentive Plan [Member] \| Class A And Class B Common Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of additional shares available for issue as a percentage of outstanding common stock			5.00%

Related Parties - Additional Information (Detail) - USD ($)

8 Months Ended

12 Months Ended

Feb. 16, 2026

Apr. 17, 2025

Aug. 19, 2021

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Related party asset

$ 1,167,175,000

$ 667,603,000

Deferred revenue

^[1]

92,673,000

75,981,000

Deferred revenue, less current portion

20,379,000

$ 20,379,000

6,710,000

RSUS

Unvested Restricted Stock Awards, Granted

2,819,039

Vested

2,835,184

Pathos Master Agreement [Member]

Cloud computing costs

$ 60,000,000

Huerga Contractor Agreement | Subsequent Event | RSUS

Unvested Restricted Stock Awards, Granted

25,000

Additional shares authorized

175,000

Related Party [Member]

Deferred revenue

3,938,000

$ 3,938,000

Deferred revenue, less current portion

Pathos [Member]

6,400,000

4,300,000

Revenue from the arrangement

65,300,000

4,500,000

$ 700,000

Related party asset

8,800,000

16,200,000

Due from related parties

6,400,000

4,300,000

Due to related parties

$ 0

Pathos [Member] | Pathos Master Agreement [Member]

Data license fees to be received from counterparty

200,000,000

Payments to be made in consideration of commitments

35,000,000

Payments in consideration of commitments

$ 25,000,000

Pathos [Member] | Pathos Master Agreement [Member] | Upfront Payment [Member]

Data license fees to be received from counterparty

$ 50,000,000

Pathos [Member] | Maximum [Member] | Pathos Master Agreement [Member]

Percentage of data license fees owed

50.00%

Warrant [Member] | Pathos [Member]

Received warrant to purchase share

23,456,790

Percentage of current outstanding equity

15.00%

Common stock par or stated value per share

$ 0.0125

Warrant optional exercise election window term

10 days of the 20 year term

[1]	Includes related party deferred revenue of $3,938 and $0 as of December 31, 2025 and 2024, respectively.

Goodwill and Intangibles (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):


Balance as of December 31, 2023		73,354
Foreign exchange rate adjustment		(11	)
Balance as of December 31, 2024	$	73,343
Goodwill related to business combinations	$	396,731
Foreign exchange rate adjustment		137
Balance as of December 31, 2025	$	470,211

Summary of Intangible Assets

The following table summarizes intangible assets as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025						December 31, 2024
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Customer relationships	$	254,550	$	48,722	$	205,828	$	20,550	$	15,606	$	4,944
Licensed data		28,601		22,954		5,647		20,010		17,828		2,182
Website domain		19		—		19		19		—		19
Trade names		41,000		8,892		32,108		8,000		3,429		4,571
Capitalized software		6,216		165		6,051		—		—		—
Developed technology - biotech		114,000		20,900		93,100		—		—		—
Developed technology - software		18,000		5,500		12,500		—		—		—
	$	462,386	$	107,133	$	355,253	$	48,579	$	36,863	$	11,716

Summary of Estimated Future Amortization Expense Related to Intangible Assets

As of December 31, 2025, the estimated future amortization expense related to intangible assets is as follows (in thousands):


2026		75,126
2027		70,460
2028		64,117
2029		62,475
2030		41,306
Thereafter		41,750
Total	$	355,234

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements and Marketable Equity Securities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Marketable Equity Securities

15.

FAIR VALUE MEASUREMENTS AND MARKETABLE EQUITY SECURITIES

Fair Value Measurements

The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable, minimum royalties, accounts payable, and accrued expenses approximate fair value due to the short maturity of these instruments. The carrying amounts of the minimum royalties approximate fair value because the interest rates used fluctuate with market interest rates or the fixed rates are based on current rates offered to the Company for debt with similar terms and maturities.

The valuation methodologies used for the Company’s assets and liabilities measured at fair value and their classification in the valuation hierarchy are summarized below:

Marketable equity securities—The Company holds marketable equity securities, all of which are publicly traded shares of common stock, which have quoted prices in active markets and are classified as short-term. The securities are measured at fair value each reporting period. The Company classifies the marketable equity securities as Level 1 as they are valued using quoted market prices at each reporting period.

Contingent consideration—The Company was subject to a contingent consideration arrangement to make a cash payment in an aggregate value of $1.0 million, contingent upon Mpirik reaching a revenue target of $1.5 million for the twelve-month period ended December 31, 2023. See Note 3, Business Combinations, for further discussion of that acquisition.

The Company is also subject to a contingent consideration arrangement of 35,000 additional shares of non-voting common stock in connection with the SEngine acquisition, the amount of which is determined based on the per share price of

the Company’s non-voting common stock in a liquidity event completed prior to December 31, 2027. The contingent consideration has an acquisition fair value date of $0.8 million. See Note 3, Business Combinations for further discussion of that acquisition.

Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition date fair value included as part of the consideration transferred in the related business combination and subsequent changes in fair value recorded in earnings within operating expense on the consolidated statements of operations and comprehensive loss. The Company used a risk-neutral simulation model and option pricing framework to value the contingent consideration. Prior to the IPO, the Company classified the contingent consideration liabilities as Level 3 due to the lack of relevant observable market data over fair value inputs such as probability-weighting of payment outcomes. Subsequent to the IPO completed in June 2024, the Company classified the contingent consideration arrangement of up to 35,000 additional shares of non-voting common stock as Level 1 as the shares are valued using a quoted market price.

Holdback liability—The Company held back 13,614 shares in connection with the Deep 6 acquisition and 70,792 shares in connection with the Paige acquisition. See Note 3, Business Combinations for further discussion of those acquisitions. For all holdback liabilities, the number of shares are fixed at the acquisition price as of the date of the acquisition.

Holdback liabilities are measured at fair value each reporting period, with the acquisition date fair value included as part of the consideration transferred in the related business combination and subsequent changes in fair value recorded in earnings within operating expense on the consolidated statements of operations and comprehensive loss. The Company classified the holdback liability as Level 1 as the shares are valued using a quoted market price.

Warrant asset—The Company received warrants from Personalis, which were exercised in August 2024. The warrant assets are measured at fair value each reporting period using a Black-Scholes option pricing model, which takes into consideration the price and volatility of Personalis Class A common stock. Changes in fair value are recorded in Other income, net. For the year ended December 31, 2024, the Company recognized a gain of $18.3 million in Other income, net due to the change in fair value of the warrant asset. The Company classified the warrant asset as Level 2 as they are valued using observable market prices of Personalis Class A common stock.

Warrant liability—As discussed in Note 9, the Company issued a $100 million warrant to AstraZeneca. The warrant liability is measured at fair value each reporting period, using a Black-Scholes option pricing model. The Company classified the warrant liability as Level 3 due to the lack of relevant observable market data over fair value inputs such as the expected term. The warrant was terminated for no consideration on December 31, 2024.

The Credit Facilities, the Second Amended Note, and the Notes were not recorded at fair value. The fair values of the Credit Facilities, the Second Amended Note, and the Notes approximated their carrying values as of December 31, 2025 and 2024 . Estimates of the fair values of the Credit Facilities, the Second Amended Note, and the Notes are classified as Level 3 due to the lack of relevant observable market data over fair value inputs.

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):


			Fair Value Measurement at Reporting Date Using
	December 31, 2025		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	150,211	$	150,211	$	—	$	—
Liabilities
Holdback liability		4,984		4,984		—		—


			Fair Value Measurement at Reporting Date Using
	December 31, 2024		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	107,309	$	107,309	$	—	$	—

For the year ended December 31, 2025, the Company did not recognize any gain or loss due to a change in fair value for assets and liabilities measured at fair value using significant unobservable inputs (Level 3). For the year ended December 31, 2024, the Company recognized a loss of $42.4 million in Other income, net due to the change in fair value of the warrant liability determined by Level 3 valuation techniques. For the year ended December 31, 2023, the Company recognized a gain of $0.4 million in Selling, general and administrative expense due to the change in fair value of contingent consideration and gains of $8.0 million due to changes in fair value of the warrant liability determined by Level 3 valuation techniques.

Marketable Equity Securities

The Company holds marketable equity securities, which are all publicly traded shares of Recursion Pharmaceuticals, Inc. ("Recursion") Class A common stock and Personalis common stock.

The Company received $32.0 million and $22.0 million in Recursion shares of Class A common stock as payment of accounts receivable during the years ended December 31, 2025 and 2024. During the year ended December 31, 2025, the Company sold 737,466 shares of Recursion Class A common stock at a weighted average price of $11.28 per share for aggregate proceeds of $8.3 million. During the year ended December 31, 2024, the Company sold 1,725,902 shares of Recursion Class A common stock at a weighted average price of $13.38 for aggregate proceeds of $23.1 million.

As consideration for the Company's obligations to Personalis under the Commercialization and Reference Laboratory Agreement entered into with Personalis in November 2023, Personalis issued warrants to the Company to purchase up to an aggregate of 9,218,800 shares of Personalis' common stock, up to 4,609,400 of which were exercisable for cash at any time prior to December 31, 2024 at an exercise price of $1.50 per share, and up to 4,609,400 of which were exercisable for cash at any time prior to December 31, 2025 at an exercise price of $2.50 per share. In August 2024, the Company exercised the warrants in full at their respective exercise prices for an aggregate of 9,218,800 shares of Personalis common stock at an aggregate purchase price of $18.4 million. Concurrently, the Company entered into an Investment Agreement with Personalis, pursuant to which the Company purchased an additional 3,500,000 shares of Personalis common stock for $17.7 million. Additionally, during the year ended December 31, 2025, the Company purchased 320,267 shares of Personalis common stock at a weighted average price of $8.55 per share for an aggregate cost of $2.7 million. The Company owns less than 20% of Personalis' outstanding common stock and has no significant influence or control over Personalis.

Changes in fair value of marketable equity securities are recorded in earnings within Other income, net on the consolidated statement of operations and comprehensive loss. The following summarizes the portion of unrealized gains recorded during the years ended December 31, 2025, 2024 and 2023 that relate to marketable equity securities held as of December 31, 2025, 2024 and 2023, respectively (in thousands).


	Year Ended December 31,
	2025			2024			2023
Net gain during the period on marketable equity securities	$	(16,471	)	$	(12,110	)	$	(9,807	)
Less: Net gain recognized during the period on marketable equity securities sold during the period	$	(3,264	)		(6,081	)		—
Unrealized gain recognized during the period on marketable equity securities still held at the reporting date	$	(13,207	)	$	(6,029	)	$	(9,807	)

- 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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+ Details

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

10.

REDEEMABLE CONVERTIBLE PREFERRED STOCK

In January 2023, the Company issued 47,781 shares of Series G-3 convertible preferred stock as payment of paid-in-kind dividends.

In October 2023, the Company issued 785,245 shares of Series G-4 convertible preferred stock (“Series G-4 Preferred”) for aggregate proceeds of $45.0 million. Each share had a par value of $0.0001. Under the terms of Series G-4 Preferred, holders receive an amount equal to 5% of the per share original issue price for each share of Series G-4 Preferred (the “G-4 Special Payment”), in the event that following an IPO, the average of the last trading price on each trading day during the ten day trading period beginning on the first day of trading of the Company’s Class A common stock is less than 110% of the price per share of Class A common stock sold in the IPO. Following the Company’s IPO, the average ten day trading price was less than 110% of the price per share of Class A common stock sold in the IPO. As such, holders of Series G-4 Preferred were owed an aggregate payment of $2.3 million, which was made in July 2024.

In January 2024, the Company issued 66,465 shares of Series G-3 convertible preferred stock and 10,666 shares of Series G-4 convertible preferred stock as payment of paid-in-kind dividends.

In April 2024, the Company issued 3,489,981 shares of Series G-5 convertible preferred stock (“Series G-5 Preferred”) for aggregate proceeds of $200.0 million. Each share has a par value of $0.0001. The Company will use the proceeds for working capital and general corporate purposes.

In connection with the IPO, all of the Company’s then-outstanding shares of redeemable convertible preferred stock and accrued but unpaid dividends were automatically converted into 71,976,178 shares of Class A voting common stock and 5,043,789 shares of Class B voting common stock.

Fair Value Measurements and Marketable Equity Securities - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	$ 150,211	$ 107,309
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	4,984
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	150,211	107,309
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	4,984
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	0	0
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	0
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	0	$ 0
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	$ 0

Fair Value Measurements and Marketable Equity Securities - Schedule of Portion of Unrealized Gains Relate to Marketable Equity Securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Net gain during the period on marketable equity securities	$ (16,471)	$ (12,110)	$ (9,807)
Less: Net gain recognized during the period on marketable equity securities sold during the period	(3,264)	(6,081)
Unrealized gain recognized during the period on marketable equity securities still held at the reporting date	$ (13,207)	$ (6,029)	$ (9,807)

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

12.

DEBT

Convertible Senior Notes

On July 3, 2025, the Company completed a private offering (the "Offering") of $750.0 million aggregate principal amount of 0.75% Convertible Senior Notes due 2030 (the "Notes"). The Company's net proceeds from the Offering were $725.7 million, after deducting the initial purchasers' discount and commissions and offering expenses payable by the Company.

The Notes are general unsecured obligations of the Company and will mature on July 15, 2030. Interest on the Notes will accrue at a rate of 0.75% per year from July 3, 2025 and will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The Notes are convertible at the option of the noteholders prior to April 15, 2030, only upon satisfaction of one or more of the following conditions:

(1)

During any calendar quarter, commencing after the fiscal quarter ending on September 30, 2025, if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day;

(2)

During the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's Class A common stock and the conversion rate for the Notes on each such trading day;

(3)

If the Company calls the Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or

(4)

Upon the occurrence of specified corporate events.

On or after April 15, 2030, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at their option at any time, regardless of the foregoing conditions. Upon conversion, the Company will pay or deliver cash, shares of the Company's Class A common stock or a combination of cash and shares of the Company's Class A common stock, at the Company’s election.

The conversion rate for the Notes is 11.8778 shares of the Company's Class A common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $84.19 per share of the Company's Class A common stock. The conversion rate is subject to adjustment under certain circumstances.

On or after July 20, 2028, the Company may redeem for cash all or any portion of the Notes if the last reported sale price of the Company's Class A common stock has been at least 130% of the conversion price for the Notes for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, to, but excluding, the redemption date. If the Company redeems less than all the outstanding Notes, at least $100.0 million aggregate principal amount of Notes must be outstanding and not subject to redemption. No sinking fund is provided for the Notes.

If the Company undergoes a fundamental change (as defined in the indenture governing the Notes), then, subject to certain conditions and exceptions, noteholders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date.

The initial purchasers' discount of $23.5 million and deferred financing fees of $0.8 million on the Notes are amortized over the term of the underlying debt and unamortized amounts have been offset against the Notes, net in the consolidated balance sheets. As of December 31, 2025, the unamortized initial purchasers' discount and deferred financing fees on the Notes was $21.2 million and $0.7 million, respectively. Amortization of the initial purchasers' discount and deferred financing fees are reflected in interest expense on the consolidated statements of operations. Amortization of the initial purchasers' discount totaled $2.3 million for the year ended December 31, 2025.

During the year ended December 31, 2025, the Company made no interest payments on the Notes. The Company recognized interest expense of $2.8 million related to the Notes, during the year ended December 31, 2025, which represented an effective interest rate of 0.8%. Accrued interest on the Notes is recorded within Accrued expenses on the consolidated balance sheet.

Capped Call Transactions

In connection with the pricing of the Notes on June 30, 2025, and the exercise in full by the initial purchasers of their option to purchase additional Notes on July 1, 2025, the Company entered into capped call transactions (the "Capped Call"), effective as of July 3, 2025, with one of the initial purchasers and certain other financial institutions. The Capped Call is expected generally to reduce the potential dilution to the Company's Class A common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on a cap price initially equal to $111.1950 per share, which is subject to certain adjustments under the terms of the Capped Call. The Capped Calls have an initial strike price of approximately $84.19 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls cover, subject to anti-dilution adjustments, approximately 8,908,350 shares of the Company's Class A common stock.

The Capped Call qualifies for a scope exception from derivative accounting for instruments that are both indexed to the issuer's own stock and classified in stockholders' equity. The $41.8 million incurred to purchase the Capped Call was recorded as a reduction to additional paid-in capital in the consolidated balance sheets, and will not be remeasured as long as they continue to meet the conditions for equity classification.

Credit Facilities

On September 22, 2022, the Company entered into a Credit Agreement (the “Original Credit Agreement”) with Ares Capital Corporation (“Ares”) for a senior secured loan (the “Term Loan Facility”) that matures in September 2027, in an original principal amount of $175.0 million, less original issue discount of $4.4 million and deferred financing fees of $2.6 million. The Original Credit Agreement was amended on April 25, 2023 and October 11, 2023, to, among other things, increase the original principal amount of the Term Loan Facility by $85.0 million in the aggregate, less original issue discount of $2.2 million in the aggregate.

On February 3, 2025, the Company entered into a Third Amendment Agreement (the "Third Amendment Agreement") which, among other things, provided for an additional $200.0 million tranche of senior secured term loans (the “Additional Term Loan Facility”, and together with the Term Loan Facility, the “Term Loans”) and $100.0 million in priority revolving loan commitments (the “Revolving Credit Facility”, and loans thereunder, the “Revolving Loans”). The Company received $194.0 million under the Additional Term Loan Facility, which is the aggregate principal amount of $200.0 million, less original issue discount of $4.0 million and $2.0 million in legal fees paid to third parties, and $97.1 million in revolving loans under the Revolving Credit Facility, which is the aggregate amount of $100.0 million, less original issue discount of $2.0 million and $0.9 million in legal fees paid to third parties, the proceeds of which were used to fund the cash consideration for the Ambry Acquisition and to pay related fees. The Third Amendment Agreement was accounted for as a debt modification. The Additional Term Loan Facility and the Revolving Credit Facility mature on February 3, 2030.

On June 30, 2025, in conjunction with the Offering, the Company entered into a Fourth Amendment to the Credit Agreement (the “Fourth Amendment Agreement”). The Fourth Amendment Agreement amended the terms of the Credit Agreement to (i) permit the Offering and the related derivative transactions and (ii) provide that the Offering satisfies the junior capital raise requirement set forth in the Credit Agreement. Except as noted above, the material terms of the Credit Agreement were not amended. The Fourth Amendment Agreement was accounted for as a debt modification.

The Term Loans and Revolving Credit Facility (together with the Term Loan Facilities, the “Credit Facilities”) are subject to quarterly interest payments for Base Rate loans and at the end of the applicable interest rate period for Term Secured Overnight Financing Rate (“SOFR”) loans.

The Term Loans are subject to quarterly interest payments, which bears interest based on Term SOFR. Additionally, the Company may make either a paid-in-kind ("PIK") election or a Cash election. Pursuant to the Original Credit Agreement, as amended by the Fourth Amendment Agreement (the “Credit Agreement”), through December 31, 2025, interest on the Term Loans accrues at a per annum rate as follows: (i) for any interest period for which the Company elects to pay interest in cash, the cash interest rate for Term SOFR borrowings will be Term SOFR plus 7.25%, respectively, and (ii) for any interest period for which the Company elects to pay interest in kind, the cash interest rate for Term SOFR borrowings will be Term SOFR plus 5%, respectively, and the PIK interest rate will be 3.25%.

From and after January 1, 2026, interest on the Term Loans accrues at a per annum rate as follows: (i) for any interest period for which the Company elects to pay interest in cash, the cash interest rate for Term SOFR borrowings will be Term SOFR plus a margin ranging from 6.75% to 7.75%, respectively, and (ii) for any interest period for which the Company elects to pay interest in kind, the cash interest rate for Term SOFR borrowings will be Term SOFR plus a margin of 5%, respectively, and the PIK interest rate will be 3.25%. The applicable margin for any interest period for which the Company elects to pay interest in cash will be based on a consolidated first lien leverage ratio.

Interest on the Revolving Loans accrues interest at a per annum rate equal to Term SOFR plus 3.75% At all times prior to the termination of the Revolving Credit Facility, to the extent that, on any date, the outstanding aggregate principal amount of Revolving Credit Facility is less than the greater of (x) 50.0% of the revolving commitments and (y) $50.0 million, the amount of interest payable on the Revolving Loans shall be equal to the amount of interest that would be payable had the outstanding principal amount of Revolving Loans equaled the greater of (x) 50.0% of the revolving commitments and (y) $50.0 million (the “Minimum Revolving Interest Amount”). A commitment fee will accrue on the unused amount of the Revolving Credit Facility at a per annum rate of 0.50%; provided, however, that no such fee shall accrue to the extent the Company is being charged the Minimum Revolving Interest Amount.

In addition, the Credit Agreement contains customary representations and warranties, financial and other covenants, and events of default, including but not limited to, limitations on earnout, milestone, or deferred purchase obligations, dividends on preferred stock and stock repurchases, cash investments, and acquisitions. The Company is required to maintain a minimum liquidity of at least $25 million and maintain specified amounts of consolidated revenues for the trailing twelve month period ending on the last day of each fiscal quarter. Minimum consolidated revenues shall equal either $1.0 billion for the immediately trailing twelve month period or $1.0 billion on a pro forma basis and for the fiscal quarters ending March 31, 2025 through December 31, 2025, and shall equal $1.1 billion for the fiscal quarters ending March 31, 2026 through December 31, 2026. The Credit Agreement also contains a maximum first lien leverage from and after the fiscal quarter ending March 31, 2027. The Company was in compliance with all covenants in the Credit Agreement as of December 31, 2025.

The Company’s obligations under the Credit Agreement are guaranteed by certain of its subsidiaries and secured by substantially all of the Company’s and such subsidiaries’ assets.

The original issue discount of $10.5 million and deferred financing fees of $2.6 million on the Term Loans are amortized over the term of the underlying debt and unamortized amounts have been offset against long-term debt in the consolidated balance sheets. As of December 31, 2025 and 2024, the unamortized original issue discount was $3.3 million and $3.8 million, respectively, and the unamortized deferred financing fees were $0 and $1.4 million, respectively. The original issue discount of $2.0 million and deferred financing fees of $1.0 million on the Revolving Credit Facility are amortized over the term of the underlying debt and unamortized amounts are recorded in Investments and other assets in the consolidated balance sheets. As of December 31, 2025, the unamortized original issue discount and deferred financing fees on the Revolving Credit Facility was $1.6 million and $0.8 million, respectively.

In July 2025, the Company repaid in full the principal amount of the Term Loan Facility for $276.9 million, leaving only the Additional Term Loan Facility and Revolving Credit Facility as outstanding as of December 31, 2025. The Company recorded a loss on debt extinguishment of $12.0 million in the consolidated statements of operations and comprehensive loss, representing a prepayment premium of $7.8 million, unamortized original issue discount of $3.1 million, and unamortized deferred financing fees of $1.1 million.

During the year ended December 31, 2025, the Company made $44.0 million in interest payments.

Interest expense and the effective interest rate for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Interest expense
Term Loans	$	40,858		$	36,631		$	28,895
Revolving Credit Facility		7,321			—

Effective interest rate
Term Loans		12.6	%		13.6	%		13.2	%
Revolving Credit Facility		8.0	%		—			—

Convertible Promissory Note

On February 22, 2025, the Company amended its convertible promissory note (the "Second Amended Note") with Google LLC ("Google"), originally entered into on June 22, 2020 (the "Initial Note"), and subsequently amended on November 19, 2020 (the "Amended Note"). The amendment extended the maturity date of the Second Amended Note from

March 22, 2026 to December 31, 2030. In addition, the amendment provides the Company the option upon maturity to repay up to 50% of the outstanding principal and accrued interest balance (the "Outstanding Amount") in shares of the Company's Class A common stock equal to the quotient obtained by dividing (1) the Outstanding Amount on the maturity date, by (2) the average of the last trading price on each trading day during the twenty day period ending immediately prior to the maturity date.

The amendment was accounted for as a modification. The principal balance of the Second Amended Note was reset to $238.8 million, which is the total of the then-outstanding principal and accrued interest. Consistent with the terms of the Amended Note, the Second Amended Note bears interest at a rate of 6.0% per annum, compounded annually. The principal amount is automatically reduced each year based on a formula taking into account the aggregate value of the Google Cloud Platform services used by the Company. The Company accounts for the principal reductions as an offset to its cloud and compute spend within selling, general and administrative in its consolidated statements of operations and comprehensive loss. The Outstanding Amount under the Second Amended Note is due and payable on the earlier of (1) December 31, 2030, which is the maturity date of the Amended Note, (2) upon the occurrence and during the continuance of an event of default, and (3) upon the occurrence of an acceleration event, which includes any termination by the Company of its Google Cloud Platform agreement. The Company generally may not prepay the Outstanding Amount, except that the Company may, at its option, prepay the Outstanding Amount in an amount such that the principal amount remaining outstanding after such repayment is $150.0 million.

The Company recognized interest expense of $14.4 million, $15.1 million and $15.8 million during the years ended December 31, 2025, 2024 and 2023, respectively. Accrued interest on the Second Amended Note is recorded as Interest Payable within Other long-term liabilities on the consolidated balance sheet.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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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 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating activities

Net (loss) income

$ (245,028)

$ (705,809)

$ (214,118)

Adjustments to reconcile net loss to net cash used in operating activities

Change in fair value of warrant liability

42,400

(8,000)

Gain on warrant termination

(39,100)

Reversal of warrant contract asset amortization

(16,301)

Stock-based compensation

124,747

534,138

Gain on warrant exercise

(173)

Gain on marketable equity securities

(16,471)

(12,110)

(9,807)

Loss on disposal of property and equipment

415

Loss on debt extinguishment

12,034

Deferred income taxes

(52,665)

Losses from equity method investments

5,614

4,228

301

Amortization of original issue discount

4,088

1,382

1,117

Amortization of deferred financing fees

484

510

Change in fair value of contingent consideration

(400)

Change in fair value of holdback liability

(1,337)

Amortization of warrant contract asset

4,843

5,221

Depreciation and amortization

102,324

37,245

33,049

Provision for bad debt expense

2,558

680

1,646

Provision for obsolete inventory

1,335

Amortization of finance right-of-use lease assets

283

Change in fair value of warrant asset

(18,302)

(4,100)

Non-cash operating lease costs

11,554

6,047

6,760

Minimum accretion expense

268

197

Impairment of intangible assets

7,359

PIK interest added to principal

10,537

8,811

3,587

Change in assets and liabilities

Accounts receivable

^[1]

(90,402)

(61,037)

(7,347)

Inventory

(3,369)

(9,541)

(6,563)

Prepaid expenses and other current assets

(1,699)

(13,683)

(6,474)

Investments and other assets

(17,301)

(751)

(4,209)

Accounts payable

(7,241)

(23,852)

(23,363)

Related party asset

(25,000)

Deferred revenue

^[2]

(6,960)

(20,942)

(26,412)

Deferred other income

(15,955)

39,887

Accrued data licensing fees

2,966

(5,000)

(9,121)

Accrued expenses & other

(12,844)

50,540

38,577

Interest payable

14,206

15,129

15,836

Operating lease liabilities

(14,948)

(8,553)

(8,761)

Net cash used in operating activities

(218,090)

(189,045)

(214,339)

Investing activities

Purchases of property and equipment

(21,049)

(22,121)

(34,608)

Proceeds from sale of marketable equity securities

8,316

23,098

Purchases of marketable equity securities

(2,740)

(36,183)

Business combinations, net of cash acquired

(376,666)

(5,705)

Investment in joint venture

(95,186)

Capitalized software costs

(6,216)

Net cash used in investing activities

(398,355)

(130,392)

(40,313)

Financing activities

Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions

381,951

Tax withholding related to net share settlement of restricted stock units

(69,918)

Issuance of Series G-4 Preferred Stock, net of offering costs

44,885

Issuance of Series G-5 Preferred Stock

199,750

Principal payments on finance lease liabilities

(288)

Purchase of treasury stock

(3,040)

(3,602)

Payment of deferred offering costs

(806)

(8,766)

(698)

Dividends paid

(5,625)

Proceeds from revolving credit facility, net of original issue discount

98,000

Proceeds from long-term debt, net of original issue discount

196,000

82,875

Proceeds from convertible senior notes, net of initial purchasers' discount

726,497

Payment of deferred financing fees

(1,519)

Payment of indemnity holdback related to acquisition

(813)

G-4 Special Payment

(2,250)

Principal payments on long-term debt

(276,892)

Prepayment premium on long-term debt

(7,841)

Purchases of capped call

(41,775)

Proceeds from issuance of common stock in connection with at-the-market offering, net of commissions

195,499

Net cash provided by financing activities

884,123

494,329

117,547

Effect of foreign exchange rates on cash

(62)

336

(19)

Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash

267,616

175,228

(137,124)

Cash, cash equivalents and restricted cash, beginning of period

341,835

166,607

303,731

Cash, cash equivalents and restricted cash, end of period

609,451

341,835

166,607

Cash, Cash Equivalents and Restricted Cash are Comprised of:

Cash and cash equivalents

604,787

340,954

165,767

Restricted cash and cash equivalents

4,664

881

840

Total cash, cash equivalents and restricted cash

609,451

341,835

166,607

Supplemental disclosure of cash flow information

Cash paid during the year for interest

44,031

28,045

16,913

Cash paid for income taxes

654

206

161

Marketable equity securities received on accounts receivable

32,000

22,000

Supplemental disclosure of noncash investing and financing activities

Dividends Payable

5,487

12,535

Purchases of property and equipment, accrued but not paid

5,535

4,292

6,137

Redemption of convertible promissory note

32,008

24,932

27,970

Non-voting common stock issued in connection with business combinations

344

9,209

Accretion of convertible preferred stock to redemption value

4,338

Deferred offering costs, accrued but not yet paid

3,504

Deferred financing fees, accrued but not yet paid

226

Reclassification of deferred offering costs to additional paid-in capital upon at-the-market offering

821

Operating lease liabilities arising from obtaining right-of-use assets

22,670

1,997

1,097

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

1,348,809

Reclassification of deferred offering costs to additional paid-in capital upon initial public offering

12,347

Class A Common Stock issued in connection with business combinations

403,154

Class A Common Stock issued in connection with license agreement

1,443

Issuance of warrant

4,223

Issuance of common stock in connection with contingent consideration

847

Convertible promissory note principal reset due to amendment

72,488

Series G-3 Redeemable Convertible Preferred Stock [Member]

Supplemental disclosure of noncash investing and financing activities

Issuance of Series

3,809

2,738

Series G-4 Redeemable Convertible Preferred Stock [Member]

Supplemental disclosure of noncash investing and financing activities

Issuance of Series

$ 0

$ 611

$ 0

[1]	Includes increase in related party accounts receivable of $2,141 and $4,203 as of December 31, 2025 and 2024, respectively. Includes decrease in related party accounts receivable of $318 as of December 31, 2023.
[2]	Includes increase in related party deferred revenue of $3,938, $0 and $0 as of December 31, 2025, 2024 and 2023, respectively.

Debt - Summary of Interest Expense and Effective Interest Rate (Detail)) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Term Loans
Interest expense
Interest expenses	$ 40,858	$ 36,631	$ 28,895
Effective interest rate
Effective interest rate	12.60%	13.60%	13.20%
Revolving Credit Facility [Member]
Interest expense
Interest expenses	$ 7,321	$ 0
Effective interest rate
Effective interest rate	8.00%	0.00%	0.00%

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Accounts receivable, net of allowances

$ 2,755

$ 1,141

Related party accounts receivable

^[1]

311,170

154,819

Related party deferred revenue

^[2]

$ 92,673

$ 75,981

Treasury stock common shares

183,229

145,466

Related Party [Member]

Related party accounts receivable

$ 6,428

$ 4,287

Related party deferred revenue

$ 3,938

$ 0

Redeemable Convertible Preferred Stock [Member]

Temporary equity par or stated value per share

$ 0.0001

Temporary equity shares authorized

20,000,000

Temporary equity shares issued

Temporary equity shares outstanding

Common Class A [Member]

Common stock par or stated value per share

$ 0.0001

Common stock shares authorized

1,000,000,000

Common stock shares issued

173,235,428

157,076,972

Common stock shares outstanding

173,235,428

157,076,972

Common Class B [Member]

Common stock par or stated value per share

$ 0.0001

Common stock shares authorized

5,500,000

Common stock shares issued

5,043,789

Common stock shares outstanding

5,043,789

Nonvoting Common Stock [Member]

Common stock par or stated value per share

$ 0.0001

Common stock shares authorized

Common stock shares issued

Common stock shares outstanding

[1]	Includes related party accounts receivable of $6,428 and $4,287 as of December 31, 2025 and 2024, respectively.
[2]	Includes related party deferred revenue of $3,938 and $0 as of December 31, 2025 and 2024, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Purchase Obligations

The Company has entered into non-cancelable arrangements with third parties, primarily related to data licenses and cloud computing services. Where applicable, the Company calculates its obligation based on termination fees that can be paid to exit the contract. The data license agreements include committed payments for access to the data and additional payments contingent on the commercialization of such data. For the years ended December 31, 2025, 2024 and 2023, the Company recognized data licensing and cloud computing expenses of $50.3 million, $40.6 million and $33.7 million, respectively, related to non-cancelable arrangements.

As of December 31, 2025, future payments under these contractual obligations were as follows (in thousands):


2026		48,661
2027		77,524
2028		29,517
2029		24,225
2030 and thereafter		2,667
Total purchase obligations		182,594
Less: Current portion of purchase obligations		48,661
Total long-term purchase obligations	$	133,933

Legal Matters

From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. There were no material such matters as of and for the years ended December 31, 2025, 2024 and 2023.

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Combinations

BUSINESS COMBINATIONS

Paige.AI, Inc.

On August 22, 2025, (the "Paige Closing Date"), the Company completed its acquisition (the "Paige Acquisition") of Paige.AI, Inc. ("Paige"), a Delaware corporation, pursuant to an Agreement and Plan of Merger. Paige is an AI company specializing in digital pathology. The Paige Acquisition is expected to allow the Company to grow its dataset and establish a strong footprint in digital pathology with an industry leading technology portfolio.

The Company acquired all of the issued and outstanding shares of Paige. The acquisition resulted in goodwill of $141.1 million. No goodwill is expected to be deductible for tax purposes. The aggregate acquisition date fair value of consideration for the Paige Acquisition totaled $101.5 million. Consideration consisted of $3.0 million of cash and the issuance of an aggregate of 1,256,977 shares of the Company's Class A common stock (the "Paige Stock Consideration"), which was valued at $80.52 per share, the closing price of the Company's Class A common stock on the Paige Closing Date.

A portion of the Paige Stock Consideration was paid to employees as consideration for transaction bonuses. Paige will pay approximately $3.2 million to fulfill employee tax obligations related to the issuance, of which $3.0 million has been paid as of December 31, 2025. The equivalent was withheld from those employees in the Company's Class A common stock and included in treasury stock. In accordance with the terms of the agreement, $6.9 million in equity consideration was held back and is payable within five business days of August 22, 2026. The net working capital adjustment resulted in a decrease to the acquisition price of $1.2 million which was recorded to goodwill. The $6.9 million holdback liability is recognized within Other long-term liabilities. The holdback liability is remeasured at fair value in each period following the closing with changes in fair value recorded within Selling, general and administrative expense.

The Company incurred $0.9 million of transaction costs related to the Paige Acquisition during the year ended December 31, 2025, respectively, all of which was recorded within Selling, general and administrative expense in the consolidated statement of operations.

The following table summarizes the allocation of the aggregate purchase price of the Paige Acquisition (in thousands):


Assets
Cash	$	2,851
Accounts receivable		761
Prepaid expenses and other current assets		5,011
Total current assets	$	8,623
Property and equipment, net		1,116
Operating lease right-of-use assets		7,968
Investments and other assets		240
Restricted cash		2,870
Total assets acquired	$	20,817

Liabilities
Accounts payable	$	538
Accrued expenses		3,849
Operating lease liabilities		1,887
Deferred revenue		238
Total current liabilities	$	6,513
Deferred revenue, less current portion		908
Operating lease liabilities, less current portion		13,058
Other long-term liabilities		39,951
Total liabilities assumed	$	60,430

Net assets acquired and liabilities assumed	$	(39,613	)
Goodwill	$	141,130

Cash consideration	$	2,983
Stock consideration		98,534
Total acquisition price	$	101,517

The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce of the acquired company and expected growth in the Company's dataset. The Company also assumed $39.5 million of remaining purchase commitments under Paige's Microsoft Azure cloud services agreement in excess of forecasted usage, which is recorded in Other long-term liabilities.

The following unaudited pro forma information shows the results of the Company's operations as though the acquisition had occurred as of the beginning of the comparable period, January 1, 2024 (in thousands):


	Year Ended December 31,
	2025			2024
Revenues	$	1,272,648		$	698,213
Net loss		(262,288	)		(747,605	)

The pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of Paige to reflect acquisition-related transaction costs and the additional depreciation that would have been charged assuming the fair value adjustments to property and equipment, net had been applied from January 1, 2024. The unaudited pro forma financial information for the years ended December 31, 2025 and 2024 combines the Company's financial results and the historical results of Paige for the years ended December 31, 2025 and 2024.The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the period presented, or the results that may occur in the future.

For the year ended December 31, 2025, Paige contributed $4.6 million of net revenue within Data and applications revenue and $2.2 million of net loss to the consolidated Tempus results.

Pursuant to ASC 805, Business Combinations, the Company accounted for the Paige Acquisition as a business combination under the acquisition method of accounting. The valuation of assets acquired and liabilities assumed has not been finalized as of December 31, 2025. While all amounts remain subject to adjustments, the areas subject to the most significant potential adjustments are the assumed remaining purchase commitments. As a result, the Company recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the Paige Closing Date.

Deep 6

On March 11, 2025, the Company acquired all of the issued and outstanding interests of Deep 6 AI, Inc. ("Deep 6"), a Delaware corporation (the "Deep 6 Acquisition"), that enables healthcare organizations to de-risk clinical trials, accelerate recruitment, and generate real-world evidence with speed and precision. Deep 6's AI-powered software matches patients to clinical trials by mining real-time structured and unstructured electronic medical record data across a broad ecosystem.

The acquisition resulted in goodwill of $21.0 million. The aggregate acquisition date fair value of consideration for the Deep 6 Acquisition totaled $17.4 million. Consideration consisted of $4.3 million of cash and $13.1 million of the Company's Class A common stock. In accordance with the terms of the agreement, $0.8 million in equity consideration was held back and is payable within five business days of March 11, 2026. The net working capital adjustment resulted in a decrease to the acquisition price of $0.2 million which was recorded to goodwill. The $0.8 million holdback liability is recognized within Other long-term liabilities. The holdback liability is remeasured at fair value in each period following the closing within selling, general and administrative expense.

Ambry Genetics Corporation

On February 3, 2025 (the "Closing Date"), the Company completed its acquisition (the "Ambry Acquisition") of Ambry Genetics Corporation, a Delaware corporation ("Ambry"), pursuant to a Securities Purchase Agreement (the "Purchase Agreement") entered into on November 4, 2024 with Realm, IDX, Inc., a Delaware corporation (the "Seller") and the Seller's ultimate parent, Konica Minolta, Inc., a Japanese corporation, as guarantor.

The Company acquired all of the issued and outstanding shares of capital stock of Ambry. Consideration for the acquisition consisted of $375.0 million in cash, subject to adjustment for cash, unpaid indebtedness, unpaid transaction expenses and net working capital of Ambry, plus the issuance of an aggregate of 4,843,136 shares of the Company's Class A common stock (the "Stock Consideration"). Stock Consideration was valued at $61.54 per share, which was the closing price of the Company's Class A common stock on the Closing Date. Pursuant to the terms of the Purchase Agreement, 2,152,505 shares issued as Stock Consideration are subject to a lock-up for a period of one year following the Closing Date. The Company was an Ambry customer prior to the acquisition and, pursuant to that preexisting relationship, owed $3.8 million to Ambry as of the Closing Date. This balance was effectively settled upon the Ambry Acquisition and was treated as a reduction to consideration transferred. The net working capital adjustment was finalized in September 2025, resulting in a decrease to the acquisition price of $3.0 million which was recorded to goodwill.

Ambry is a leader in hereditary cancer screening. The Ambry Acquisition provides the Company with expanded testing capabilities for inherited cancer risk. In addition, the Ambry Acquisition complements the Company's strategy of using data to advance clinical and scientific innovation. Ambry's extensive product offerings will allow the Company to expand into new disease categories, including pediatrics, rare disease, immunology, women's reproductive health, and cardiology.

The Company incurred $7.4 million of transaction costs related to the Ambry Acquisition, of which $4.7 million were recorded within Selling, general and administrative expense in the consolidated statement of operations during the year ended December 31, 2025.

The following table summarizes the allocation of the aggregate purchase price of the Ambry Acquisition (in thousands):


Assets
Cash	$	20,555
Accounts receivable		62,853
Inventory		11,188
Prepaid expenses and other current assets		10,153
Total current assets	$	104,749
Property and equipment, net		38,560
Operating lease right-of-use assets		26,198
Investments and other assets		268
Customer relationships		234,000
Trade names		33,000
Developed technology - software		18,000
Developed technology - biotech		114,000
Total assets acquired	$	568,775

Liabilities
Accounts payable	$	199
Accrued expenses		28,870
Operating lease liabilities		3,008
Deferred revenue		1,347
Total current liabilities	$	33,424
Deferred revenue, less current portion		1,099
Operating lease liabilities, less current portion		23,259
Deferred tax liabilities		52,917
Other long-term liabilities		368
Total liabilities assumed	$	111,067

Net assets acquired and liabilities assumed	$	457,708
Goodwill	$	234,635

Cash consideration	$	394,296
Stock consideration		298,047
Total acquisition price	$	692,343

The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce of the acquired company and expected growth from the horizontal integration of Ambry's genomics testing. $0.6 million of goodwill is expected to be deductible for tax purposes. The identifiable intangible assets acquired consisted of customer relationships, developed technology - biotech, developed technology - software, and trade names.

The fair value of customer relationships was estimated using the multi period excess earnings method, which isolates the net earnings attributable to the asset being measured. Significant assumptions used in the valuation of customer relationships included forecasted revenue and expenses, customer attrition, contributory asset charges and discount rate.

The fair values of developed technology - biotech, developed technology - software, and trade names were estimated using the relief from royalty method, which considers the market-based royalty a company would pay to enjoy the benefits of the trade name or technology in lieu of actual ownership of the trade name or technology. Significant assumptions used in the valuation of these assets included forecasted revenue, royalty rate, and discount rate. In addition, the valuation of developed technology assets included assumed obsolescence rates.

As described, the valuation of identifiable intangible assets acquired required various estimates and assumptions. The Company's management believes the fair values recognized for the assets acquired and liabilities assumed are based on reasonable estimates and assumptions.

Estimated useful lives of the identifiable intangible assets acquired are as follows:


		Useful Life
Customer relationships		7 years
Trade names		7 years
Developed technology - software		3 years
Developed technology - biotech		5 years


	Year Ended December 31,
	2025			2024
Revenues	$	1,304,712		$	986,031
Net loss		(290,113	)		(663,437	)

The pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of Ambry to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property and equipment, net and intangible assets had been applied from January 1, 2024. The unaudited pro forma financial information for the year ended December 31, 2024 combines the Company's financial results and the historical results of Ambry for the years ended December 31, 2025 and 2024. Included in the adjustment is a $52.7 million tax benefit for the year ended December 31, 2025 from the release of a portion of the valuation allowance attributable to estimated deferred tax liabilities as of the opening balance sheet. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the period presented, or the results that may occur in the future.

For the year ended December 31, 2025, Ambry contributed $362.7 million in net revenue within Diagnostics revenue and $1.8 million of net income to the consolidated Tempus results.

Pursuant to ASC 805, Business Combinations, the Company accounted for the Ambry Acquisition as a business combination under the acquisition method of accounting. During the year ended December 31, 2025, the Company recorded a measurement period adjustment to increase Deferred tax liabilities on the opening balance sheet by $6.4 million.

SEngine

On October 3, 2023, the Company acquired all of the issued and outstanding interests of SEngine Precision Medicine LLC (“SEngine”), a Delaware limited liability company. The acquisition gives the Company access to SEngine’s meaningful organoid repository, advanced bioinformatics capabilities, and PARIS test platform.

The acquisition resulted in goodwill of $9.6 million. The aggregate acquisition date fair value of consideration for the SEngine acquisition totaled $9.9 million. Consideration consisted of $2.8 million of cash and $6.3 million of non-voting common stock. The transaction also includes contingent consideration of up to 35,000 additional shares of non-voting common stock if a liquidity event is completed prior to December 31, 2027. The contingent consideration liability is remeasured at fair value in each period following the closing within selling, general and administrative expense. In accordance with the terms of the agreement, $1.4 million in equity was held back and is payable on October 3, 2024, which is net of a net working capital adjustment less than $0.1 million. The Company issued 429 shares of non-voting common stock to the selling corporation in February 2024 related to the net working capital adjustment. In December 2024, the Company issued 19,620 shares of Class A common stock as payment of the contingent consideration. As of December 2024, no other amounts are due under the contingent consideration or holdback agreements.

Mpirik

On March 8, 2023, the Company acquired all of the issued and outstanding interests of Mpirik, Inc. (“Mpirik”), a cardiology-focused healthcare technology company specializing in data-driven patient screening, automated care coordination, and clinical research. Mpirik’s platform adds to the Company’s existing portfolio to address the way heart disease is detected, diagnosed, and treated, further expanding Tempus’s cardiology business. The acquisition resulted in goodwill of $10.6 million. The aggregate acquisition date fair value of consideration for the Mpirik acquisition totaled $9.7 million. Consideration was made up of $4.6 million of non-voting common stock, $4.7 million of cash, and contingent consideration payable in cash with an acquisition date fair value of $0.4 million. In accordance with the terms of the agreement, $0.8 million in cash consideration and $0.3 million in equity consideration was held back and paid on March 11, 2024. In accordance with the equity consideration held back, the Company issued 8,724 shares of non-voting common stock to Mpirik shareholders in March 2024.

In accordance with the terms of the agreement, the securityholders of the acquired business were entitled to receive contingent consideration from the Company payable in an aggregate value of $1.0 million in cash, contingent upon the acquired business reaching a revenue target of $1.5 million for the twelve-month period ended December 31, 2023. The contingent consideration had an acquisition fair value date of $0.4 million. The contingent consideration was remeasured at fair value in each period following the closing within selling, general and administrative expense. Mpirik did not achieve the revenue target for the twelve-month period ended December 31, 2023. As such, the contingent consideration liability was written down to $0.

- Definition

The entire disclosure for business combination.

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+ Details

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current Assets

Cash and cash equivalents

$ 604,787

$ 340,954

Accounts receivable, net of allowances of $2,755 and $1,141 at December 31, 2025 and 2024, respectively

^[1]

311,170

154,819

Inventory

51,724

38,386

Related party asset

8,785

Prepaid expenses and other current assets

40,498

26,135

Marketable equity securities

150,211

107,309

Total current assets

1,167,175

667,603

Property and equipment, net

89,156

58,056

Goodwill

470,211

73,343

Intangible assets, net

355,253

11,716

Investments and other assets

21,111

8,305

Investment in joint venture

86,557

91,450

16,215

Operating lease right-of-use assets

64,496

14,762

Restricted cash

4,664

881

Total Assets

2,274,838

926,116

Current Liabilities

Accounts payable

81,994

53,804

Accrued expenses

155,370

130,407

Deferred revenue

^[2]

92,673

75,981

Deferred other income

15,955

Other current liabilities

8,680

6,964

Operating lease liabilities

13,355

6,459

Accrued data licensing fees

4,361

1,500

Total current liabilities

372,388

291,070

Operating lease liabilities, less current portion

74,272

26,199

Convertible promissory note

208,672

168,192

Other long-term liabilities

56,600

15,980

Revolving credit facility

100,000

Interest payable

12,393

70,450

Long-term debt, net

202,753

267,244

Convertible senior notes, net

728,078

Deferred other income, less current portion

7,977

23,932

Deferred revenue, less current portion

20,379

6,710

Total Liabilities

1,783,512

869,777

Commitments and contingencies

Convertible redeemable preferred stock, $0.0001 par value, 20,000,000 shares authorized at December 31, 2025 and 2024, respectively, no shares issued and outstanding at December 31, 2025 and 2024

Stockholders' equity

Treasury Stock, 183,229 and 145,466 shares at December 31, 2025 and 2024, respectively, at cost

(6,642)

(3,602)

Additional Paid-In Capital

2,892,910

2,210,664

Accumulated Other Comprehensive Income

902

Accumulated deficit

(2,395,862)

(2,150,834)

Total Stockholders' equity

491,326

56,339

Total Liabilities, Convertible redeemable preferred stock, and Stockholders' equity

2,274,838

926,116

Common Class A [Member]

Stockholders' equity

Common stock value issued

Common Class B [Member]

Stockholders' equity

Common stock value issued

Nonvoting Common Stock [Member]

Stockholders' equity

Common stock value issued

$ 0

[1]	Includes related party accounts receivable of $6,428 and $4,287 as of December 31, 2025 and 2024, respectively.
[2]	Includes related party deferred revenue of $3,938 and $0 as of December 31, 2025 and 2024, respectively.

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded From the Computation of Earnings Per Share (Detail) - shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

17,865,333

6,873,974

65,681,104

Stock options outstanding [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

210,000

Convertible preferred stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

63,525,953

AstraZeneca warrant [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

1,744,991

Mpirik holdback liability [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

8,724

Deep 6 holdback liability [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

13,614

SEngine holdback liability [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

41,436

Allen & Company warrant [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

150,000

Paige holdback liability [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

70,792

Unvested RSUs [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

6,285,604

6,873,974

Unvested RSAs [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

17,373

Unvested PSUs [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

2,569,600

Shares issuable upon conversion of Notes [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

^[1]

8,908,350

[1]

As disclosed in Note 12, the Company entered into the Capped Call in connection with the pricing of the Notes. The Capped Call is generally expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the Notes. As such, the impact of the Capped Calls was excluded from the calculation as the effect of the Capped Calls if issued upon conversion of the Notes, would have been anti-dilutive.

Balance Sheet Components - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and employee benefits	$ 37,780	$ 24,767
Accrued expenses	72,553	51,147
Accrued employer payroll tax related to stock-based compensation	339	24,439
Accrued cloud storage costs	41,870	21,394
Interest payable	2,828	8,660
Total accrued expenses	$ 155,370	$ 130,407

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Data licensing and cloud computing expenses	$ 50.3	$ 40.6	$ 33.7

Income Taxes - Schedule of Net Change In Valuation Allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Abstract]
Valuation Allowance, beginning of year	$ 503,071	$ 297,294	$ 244,064
Charges	10,764	205,777	52,878
Purchase accounting adjustments	86,011	0	352
Valuation Allowance, end of year	$ 599,846	$ 503,071	$ 297,294

Business Combinations - Schedule of Pro Forma Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Paige.AI, Inc. [Member]
Business Combination [Line Items]
Revenues	$ 1,272,648	$ 698,213
Net loss	(262,288)	(747,605)
Ambry [Member]
Business Combination [Line Items]
Revenues	1,304,712	986,031
Net loss	$ (290,113)	$ (663,437)

- 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk Management and Strategy Our business depends on our continued ability to collect and safeguard vast amounts of personal and sensitive business information, including, among other types of data, protected health information (PHI), employee information, credit card information, insurance information, proprietary and confidential information about our business, financial information, trade secrets, intellectual property, and the sensitive and confidential information from the third parties with whom we work. We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, and hardware and software, to safeguard and prevent unauthorized access to this critical data (collectively Information Systems and Data). Our Chief Technology Officer, or CTO, and our Chief Information Security Officer, or CISO, together with our Enterprise Risk Management Committee help identify, assess, and manage the Company’s cybersecurity threats and risks. Working with a cross-functional team, these individuals and our Enterprise Risk Management Committee identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example, manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environment, evaluating our and our industry’s risk profile, evaluating threats reported to us, conducting internal and/or external audits, conducting vulnerability assessments to identify vulnerabilities, using external intelligence feeds, and third-party-conducted red/blue team testing and tabletop incident response exercises. Our Information Security program has seven broad components: Controls & Compliance; Security Operations / Incident Response; Cloud Security; Identity and Access Management; Application Security; Enterprise Security; and Data Security and Governance. Within each program component, and depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and policies to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: maintaining a vulnerability management policy and disaster recovery/business continuity plans, risk assessments, encryption of data, network security controls, data segregation, access controls, physical security, asset management, tracking and disposal, a vendor risk management program, a dedicated cybersecurity staff/officer, active monitoring, detection, prevention, mitigation, and remediation strategies to ensure we are adequately safeguarding and protecting our critical information, routinely conducting audits, vulnerability scans, penetration tests, social engineering simulations, security awareness training, and threat intelligence assessments to ensure that our systems, policies, and procedures are operating as intended. We also engage with a range of external experts to help us evaluate and attest to our risk management systems, including maintaining a certification pursuant to ISO 27001 and conducting periodic third-party audits to maintain our certification. In addition, we maintain a detailed Incident Response Plan to assist in responding to potential cybersecurity threats. Our Incident Response Plan addresses critical aspects of incident management, including detection, impact analysis, containment, mitigation, remediation, recovery, and long-term strategies to prevent future incidents. Our Information Security and Privacy Teams conduct tabletop exercises twice per year to ensure preparedness for information security, including cybersecurity incidents. In addition, we promote a company culture of awareness and discipline in cybersecurity matters through annual employee training and education, including periodic phishing and social engineering simulations. We also maintain cybersecurity insurance coverage. Our Privacy program is designed to support and enhance our Cybersecurity program. We perform an annual HIPAA Security Risk Assessment, among other things, to help identify remediation priorities and to ensure we have implemented best practices in storing and safeguarding PHI. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program; (2) the information security department works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; (3) our Enterprise Risk Management Committee evaluates material risks from cybersecurity threats against our overall business objectives and reports to the board of directors, which evaluates our overall enterprise risk. We frequently collaborate with other third-party service providers to conduct regular audits, threat assessments, and consultation on cybersecurity strategy, enhancements, and best practices. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example, professional services firms, including legal counsel, cybersecurity software providers, and penetration testing firms. We use third-party service providers to perform a variety of functions throughout our business, such as application providers and cloud infrastructure providers. We have a vendor management program to manage cybersecurity risks associated with our use of these providers. The program includes security questionnaires, review of the vendor's written security program, review of security assessments, and security assessment calls with the vendor's security personnel. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider. For more information regarding the risks we face from cybersecurity threats, please see “Item 1A. Risk Factors” included elsewhere in this Annual Report on Form 10-K, including “Cyber-based attacks, security breaches, loss of data and other disruptions in relation to our information systems and computer networks could compromise sensitive information related to our business, prevent us from accessing it and expose us to substantial liability, which could adversely affect our business and reputation.” Governance Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Board of Directors’ Audit Committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes as well as our Information Security program are implemented and maintained by certain Company management, including our CTO and our CISO, who have 25 years of experience in cybersecurity and IT Operations respectively. Our CTO and CISO collaborate with a cross-functional team of seasoned professionals responsible for maintaining, improving, and promoting our Information Security program. In addition to the oversight by our Technology and Security leaders, representatives from our Information Technology, Legal, Privacy, Finance, Regulatory, Quality, and Compliance teams are integral to the successful implementation of our overall Information Security program. The CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The CISO and CTO are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our Incident Response Plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. This team works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s Incident Response Plan includes reporting to the Audit Committee of the board of directors for certain cybersecurity incidents. Our CISO reports to the full Board of Directors quarterly, or more frequently as needed. These reports generally address each of the six components of our Information Security program, including the Company’s progress on initiatives we have prioritized for the quarter. Our Audit Committee has general oversight responsibility for our data security practices, and we believe the Committee has the requisite skills and visibility into the risk profile of our Company to fulfill this responsibility effectively. Our CTO, CISO, or other members of our Enterprise Risk Management Committee report to the Audit Committee quarterly or on an as-needed basis. Senior members of our management are responsible for assisting our CTO and CISO in managing cybersecurity risk. We maintain a cross-functional Enterprise Risk Management Committee, which meets monthly to identify, assess, mitigate, and remediate risks impacting the Company, including cybersecurity risks. Members of this committee include our CISO, CTO, Chief Financial Officer, Chief Privacy Officer, General Counsel, Chief Commercial Officer, Chief Scientific Officer, Chief Medical Officer, Chief Legal Officer, and the heads of our Regulatory and Quality teams. The Enterprise Risk Management Committee informs members of the Audit Committee regarding the overall enterprise risks identified by management, progress on remediation efforts identified in the prior quarter, and risk mitigation priorities for the forthcoming quarter.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program; (2) the information security department works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; (3) our Enterprise Risk Management Committee evaluates material risks from cybersecurity threats against our overall business objectives and reports to the board of directors, which evaluates our overall enterprise risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Board of Directors’ Audit Committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes as well as our Information Security program are implemented and maintained by certain Company management, including our CTO and our CISO, who have 25 years of experience in cybersecurity and IT Operations respectively. Our CTO and CISO collaborate with a cross-functional team of seasoned professionals responsible for maintaining, improving, and promoting our Information Security program. In addition to the oversight by our Technology and Security leaders, representatives from our Information Technology, Legal, Privacy, Finance, Regulatory, Quality, and Compliance teams are integral to the successful implementation of our overall Information Security program. The CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The CISO and CTO are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our Incident Response Plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. This team works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s Incident Response Plan includes reporting to the Audit Committee of the board of directors for certain cybersecurity incidents. Our CISO reports to the full Board of Directors quarterly, or more frequently as needed. These reports generally address each of the six components of our Information Security program, including the Company’s progress on initiatives we have prioritized for the quarter. Our Audit Committee has general oversight responsibility for our data security practices, and we believe the Committee has the requisite skills and visibility into the risk profile of our Company to fulfill this responsibility effectively. Our CTO, CISO, or other members of our Enterprise Risk Management Committee report to the Audit Committee quarterly or on an as-needed basis. Senior members of our management are responsible for assisting our CTO and CISO in managing cybersecurity risk. We maintain a cross-functional Enterprise Risk Management Committee, which meets monthly to identify, assess, mitigate, and remediate risks impacting the Company, including cybersecurity risks. Members of this committee include our CISO, CTO, Chief Financial Officer, Chief Privacy Officer, General Counsel, Chief Commercial Officer, Chief Scientific Officer, Chief Medical Officer, Chief Legal Officer, and the heads of our Regulatory and Quality teams. The Enterprise Risk Management Committee informs members of the Audit Committee regarding the overall enterprise risks identified by management, progress on remediation efforts identified in the prior quarter, and risk mitigation priorities for the forthcoming quarter.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Board of Directors’ Audit Committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes as well as our Information Security program are implemented and maintained by certain Company management, including our CTO and our CISO, who have 25 years of experience in cybersecurity and IT Operations respectively. Our CTO and CISO collaborate with a cross-functional team of seasoned professionals responsible for maintaining, improving, and promoting our Information Security program. In addition to the oversight by our Technology and Security leaders, representatives from our Information Technology, Legal, Privacy, Finance, Regulatory, Quality, and Compliance teams are integral to the successful implementation of our overall Information Security program. The CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The CISO and CTO are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The CISO and CTO are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our Incident Response Plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. This team works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s Incident Response Plan includes reporting to the Audit Committee of the board of directors for certain cybersecurity incidents. Our CISO reports to the full Board of Directors quarterly, or more frequently as needed. These reports generally address each of the six components of our Information Security program, including the Company’s progress on initiatives we have prioritized for the quarter. Our Audit Committee has general oversight responsibility for our data security practices, and we believe the Committee has the requisite skills and visibility into the risk profile of our Company to fulfill this responsibility effectively. Our CTO, CISO, or other members of our Enterprise Risk Management Committee report to the Audit Committee quarterly or on an as-needed basis.
Cybersecurity Risk Role of Management [Text Block]	Senior members of our management are responsible for assisting our CTO and CISO in managing cybersecurity risk. We maintain a cross-functional Enterprise Risk Management Committee, which meets monthly to identify, assess, mitigate, and remediate risks impacting the Company, including cybersecurity risks. Members of this committee include our CISO, CTO, Chief Financial Officer, Chief Privacy Officer, General Counsel, Chief Commercial Officer, Chief Scientific Officer, Chief Medical Officer, Chief Legal Officer, and the heads of our Regulatory and Quality teams. The Enterprise Risk Management Committee informs members of the Audit Committee regarding the overall enterprise risks identified by management, progress on remediation efforts identified in the prior quarter, and risk mitigation priorities for the forthcoming quarter.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO reports to the full Board of Directors quarterly, or more frequently as needed. These reports generally address each of the six components of our Information Security program, including the Company’s progress on initiatives we have prioritized for the quarter.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Audit Committee has general oversight responsibility for our data security practices, and we believe the Committee has the requisite skills and visibility into the risk profile of our Company to fulfill this responsibility effectively.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We maintain a cross-functional Enterprise Risk Management Committee, which meets monthly to identify, assess, mitigate, and remediate risks impacting the Company, including cybersecurity risks. Members of this committee include our CISO, CTO, Chief Financial Officer, Chief Privacy Officer, General Counsel, Chief Commercial Officer, Chief Scientific Officer, Chief Medical Officer, Chief Legal Officer, and the heads of our Regulatory and Quality teams.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal statutory	$ (61,131)
Stock compensation	(67,177)
Officer compensation	64,387
Other nontaxable or nondeductible items	2,514
Changes in valuation allowances	21,331
Other	978
State and local income taxes, net of federal income tax effect	(15,900)
Other foreign jurisdictions	638
Worldwide changes in unrecognized tax benefits	2,676
Total income tax (benefit) expense	$ (51,684)	$ 266	$ 288
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State Statutory Tax Rate	5.46%	4.35%	3.28%
Foreign		0.00%	(0.09%)
Stock Compensation	23.08%	5.60%	0.00%
Officer Compensation	(22.12%)	(1.46%)	0.00%
Other nontaxable or nondeductible items	(0.86%)
Other Permanent Differences		(0.17%)	0.47%
Permanent Differences	(0.22%)
Worldwide changes in unrecognized tax benefits	(0.92%)
Other	(0.33%)	(0.02%)	(0.06%)
Change in Valuation Allowance	(7.33%)	(29.34%)	(24.74%)
Other foreign jurisdictions	(0.22%)
Total	17.76%	(0.04%)	(0.14%)

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Common Stock

Prior to the IPO, the Company had authorized two classes of common stock, voting and non-voting. In March 2021, the Company amended its certificate of incorporation to bifurcate the voting common stock into two classes, Class A common stock and Class B common stock. As of December 31, 2023, the Company had authorized 200,228,024 shares of Class A common stock, 5,374,899 shares of Class B common stock, and 66,946,627 shares of non-voting common stock. In April 2024, the Company increased the number of authorized shares of Class A common stock to 204,590,500 in conjunction with the Series G-5 Preferred stock financing (see Note 10, Redeemable Convertible Preferred Stock). In connection with the IPO, a further amendment to the Company's certificate of incorporation became effective, which authorized 1,000,000,000 shares of Class A common stock, 5,500,000 shares of Class B common stock, and 20,000,000 shares of preferred stock. In connection with the Company's reincorporation from Delaware to Nevada, the Company adopted amended and restated articles of incorporation under Nevada law (the "Articles of Incorporation"), pursuant to which the Company's authorized capital stock remained unchanged.

Class A common stock and Class B common stock are collectively referred to as “Common Stock” throughout the notes to these consolidated financial statements unless otherwise noted.

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to thirty votes per share. Prior to the IPO, the Company also had shares of non-voting common stock authorized and outstanding, which were not entitled to any voting rights. Following the IPO, no shares of non-voting common stock are authorized or outstanding.

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock.

Under the Articles of Incorporation, any holder’s shares of Class B common stock will convert automatically into Class A common stock, on a one-to-one basis, upon certain circumstances, including: (1) the sale or transfer of such shares of Class B common stock, other than to a “controlled entity,” which is any person or entity which, directly or indirectly, is controlled by, or is under common control with, the holder of such shares of Class B common stock; (2) the trading day that is no less than 90 days and no more than 150 days following June 17, 2024; (3) the date on which Mr. Lefkofsky is no longer providing services to the Company as an executive officer or member of the board of directors; and (4) the trading day that is no less than 90 days and no more than 150 days following the date that Mr. Lefkofsky and his controlled entities hold, in the aggregate, fewer than 10,000,000 shares of the Company’s capital stock (as adjusted for stock splits, stock dividends, combinations, subdivisions and recapitalizations).

Once transferred and converted into Class A common stock, the Class B common stock may not be reissued.

The Company issues stock-based awards to its employees in the form of stock options, restricted stock units, performance stock units and restricted stock, all of which have the potential to increase the outstanding shares of common stock in the future (see Note 11, Stock-Based Compensation).

Upon any liquidation, dissolution, or winding-up, the holders of Class A common stock and Class B common stock will be entitled to share equally, identically, and ratably in all assets remaining after the payment of any liabilities, liquidation preferences, and accrued or declared but unpaid dividends, if any, with respect to any outstanding preferred stock, unless a different treatment is approved by the affirmative vote of the holders of a majority of the outstanding shares of such affected class, voting separately as a class.

Common Stock Warrant

In connection with the MSA with AstraZeneca, the Company granted AstraZeneca warrants to purchase $100 million in shares of the Company’s Class A common stock at an exercise price equal to the IPO price of $37.00 per share. The number of shares of Class A common stock issuable upon exercise of the warrant is 2,702,703, based on the IPO price of $37.00 per share.

The warrant was automatically cancelled and terminated for no consideration as AstraZeneca declined to extend its financial commitment before December 31, 2024. See Note 15 for further information.

On December 8, 2023, the Company issued Allen & Company LLC ("Allen") a warrant to purchase 150,000 shares of the Company’s Class A common stock at a price per share of $10.00. The warrant was issued as compensation for Allen’s assistance with the issuance of the Company’s Series G-4 preferred stock, and as such has been treated as an issuance cost and presented net of proceeds from Series G-4 preferred stock in Convertible redeemable preferred stock on the Company’s consolidated balance sheet. In connection with the IPO, the Company issued 109,459 shares of Class A common stock upon the net exercise of the warrant.

Treasury Stock

As discussed in Note 3, Paige will pay approximately $3.2 million to fulfill employee tax obligations related to the issuance, of which $3.0 million has been paid as of December 31, 2025. The equivalent was withheld from those employees in the Company's Class A common stock. These shares were accounted for as treasury stock. The Company records treasury stock at cost.

At the Market Sales Agreement

On August 8, 2025, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Morgan Stanley & Co., LLC, Cantor Fitzgerald & Co., TD Securities (USA), LLC and Allen & Company LLC, as sales agents (collectively, the “Sales Agents”), pursuant to which the Company may offer and sell from time to time, at its option, shares of Class A common stock through the Sales Agents (the "ATM"). The issuance and sale, if any, of shares of Class A Common Stock under the Sales Agreement will be made pursuant to an automatically effective registration statement on Form S-3 and the related prospectus included therein (the “ATM Prospectus”), which was filed with the SEC on August 8, 2025. In accordance with the terms of the Sales Agreement, under the ATM Prospectus, the Company may offer and sell shares of Class A common stock having an aggregate offering price of up to $500.0 million from time to time through the Sales Agents.

For the year ended December 31, 2025, the Company sold 2,381,895 shares under the ATM at a weighted average price of $83.97 per share for total proceeds of $195.5 million, net of $4.5 million in commissions. In connection with the entry of the Sales Agreement and filing of the ATM Prospectus, the Company incurred $0.9 million of deferred offering costs, of which $0.8 million was reclassified as a reduction of paid-in-capital upon completion of the sales that occurred in 2025. The remaining deferred offering costs, which were incurred in anticipation of future ATM sales, are recorded in Prepaid and other assets on the consolidated balance sheet. As of December 31, 2025, approximately $300.0 million remained available for sale pursuant to the Sales Agreement and ATM Prospectus.

- Definition

The entire disclosure for equity.

+ References

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Business Combinations - Additional Information (Detail) - USD ($)						1 Months Ended	9 Months Ended	12 Months Ended
	Aug. 22, 2025	Mar. 11, 2025	Feb. 03, 2025	Oct. 03, 2023	Mar. 08, 2023	Feb. 29, 2024	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024
Business Combination [Line Items]
Goodwill								$ 470,211,000	$ 73,343,000	$ 73,354,000
Net revenue								1,271,789,000	693,398,000	531,822,000
Net (loss) income								(245,028,000)	(705,809,000)	(214,118,000)
Increase in deferred tax liabilities								6,400,000
Tax benefit from release of a portion of valuation allowance attributable to estimated deferred tax liabilities								(51,684,000)	266,000	288,000
Payment to acquire business net of cash acquired								376,666,000	0	5,705,000
Diagnostics [Member]
Business Combination [Line Items]
Net revenue								955,381,000	$ 451,749,000	$ 363,022,000
Common Class A [Member]
Business Combination [Line Items]
Issuance of common stock in connection with contingent consideration, Shares									19,620
Paige.AI, Inc. [Member]
Business Combination [Line Items]
Goodwill	$ 141,130,000
Business combination aggregate consideration transferred	101,517,000
Payments to acquire businesses, gross	2,983,000
Business combination consideration transferred equity interests issued and issuable	98,534,000
Employees as consideration for transaction bonuses	3,200,000							3,000,000
Business combination consideration in the form of shares held back	6,900,000
Acquisition-related costs								900,000
Assumed remaining purchase commitments	39,500,000
Net revenue								4,600,000
Net (loss) income								2,200,000
Decrease to the acquisition price	1,200,000
Paige.AI, Inc. [Member] \| Other Long-term Liabilities [Member]
Business Combination [Line Items]
Business combination consideration in the form of shares held back	$ 6,900,000
Paige.AI, Inc. [Member] \| Common Class A [Member]
Business Combination [Line Items]
Business acquisition equity interests issued or issuable number of shares issued	1,256,977
Class A common stock, closing price	$ 80.52
Deep 6 [Member]
Business Combination [Line Items]
Goodwill		$ 21,000,000
Business combination aggregate consideration transferred		17,400,000
Payments to acquire businesses, gross		4,300,000
Business combination consideration in the form of shares held back		800,000
Decrease to the acquisition price		200,000
Deep 6 [Member] \| Other Long-term Liabilities [Member]
Business Combination [Line Items]
Business combination consideration in the form of shares held back		800,000
Deep 6 [Member] \| Common Class A [Member]
Business Combination [Line Items]
Business combination consideration transferred equity interests issued and issuable		$ 13,100,000
Ambry [Member]
Business Combination [Line Items]
Goodwill			$ 234,635,000
Business combination aggregate consideration transferred			692,343,000
Payments to acquire businesses, gross			394,296,000
Business combination consideration transferred equity interests issued and issuable			298,047,000
Acquisition-related costs								4,700,000
Net (loss) income								1,800,000
Base cash consideration			375,000,000
Amount owed to acquiree under preexisting relationship			3,800,000
Decrease to the acquisition price							$ 3,000,000
Transaction costs								7,400,000
Goodwill, expected to be deductible for tax purposes			$ 600,000
Tax benefit from release of a portion of valuation allowance attributable to estimated deferred tax liabilities								(52,700,000)
Ambry [Member] \| Diagnostics [Member]
Business Combination [Line Items]
Net revenue								$ 362,700,000
Ambry [Member] \| Securities Purchase Agreement [Member]
Business Combination [Line Items]
Business acquisition equity interests issued or issuable number of shares issued			4,843,136
Ambry [Member] \| Common Class A [Member] \| Securities Purchase Agreement [Member]
Business Combination [Line Items]
Class A common stock, closing price			$ 61.54
Stock issued during period number of shares subject to lock in period			2,152,505
Sengine [Member]
Business Combination [Line Items]
Goodwill				$ 9,600,000
Business combination aggregate consideration transferred				9,900,000					$ 0
Payments to acquire businesses, gross				2,800,000
Business combination consideration in the form of shares held back				1,400,000
Sengine [Member] \| Maximum [Member]
Business Combination [Line Items]
Net working capital adjustment				100,000
Sengine [Member] \| Nonvoting Common Stock [Member]
Business Combination [Line Items]
Business combination consideration transferred equity interests issued and issuable				$ 6,300,000
Business acquisition equity interests issued or issuable number of shares issued				35,000
Stock issued during the period shares towards working capital adjustment						429
Mpirik [Member]
Business Combination [Line Items]
Goodwill					$ 10,600,000
Business combination aggregate consideration transferred					9,700,000
Business combination consideration transferred equity interests issued and issuable					4,600,000
Business combination consideration in the form of shares held back					300,000
Business combination aggregate cash consideration payable including the amount witheld					4,700,000
Business combination contingent consideration payable in cash at fair value					400,000
Business combination cash consideration held back					800,000
Business combination contingent consideration liability based on revenue milestone					1,000,000
Estimated minimum revenue to be attained by the acquiree					1,500,000
Business combination contingent consideration acquisition date fair value					$ 400,000						$ 0
Mpirik [Member] \| Nonvoting Common Stock [Member]
Business Combination [Line Items]
Stock issued during the period shares in respect of consideration held back					8,724

Business Combinations - Schedule of Estimated Useful Lives of Identifiable Intangible Assets Acquired (Detail) - Ambry [Member]	Feb. 03, 2025
Customer Relationships [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	7 years
Trade Names [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	7 years
Developed Technology - Software [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	3 years
Developed Biotechnology [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	5 years

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2025
Second Amended Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Terms of conversion		Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date.
Maximum percentage of notes convertible to shares upon maturity at Company's option		50.00%
Class A Voting Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of warrants or rights issued during the period value	$ 100

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[1]

$ 90,402

$ 61,037

$ 7,347

^[2]

(6,960)

(20,942)

(26,412)

Related Party [Member]

2,141

4,203

(318)

$ 3,938

$ 0

[1]	Includes increase in related party accounts receivable of $2,141 and $4,203 as of December 31, 2025 and 2024, respectively. Includes decrease in related party accounts receivable of $318 as of December 31, 2023.
[2]	Includes increase in related party deferred revenue of $3,938, $0 and $0 as of December 31, 2025, 2024 and 2023, respectively.

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Line Items]

Schedule of Estimated Useful Lives of Identifiable Intangible Assets Acquired

Estimated useful lives of the identifiable intangible assets acquired are as follows:


		Useful Life
Customer relationships		7 years
Trade names		7 years
Developed technology - software		3 years
Developed technology - biotech		5 years

Paige.AI, Inc. [Member]

Business Combination [Line Items]

Summarizes the Allocation of Aggregate Purchase Price

The following table summarizes the allocation of the aggregate purchase price of the Paige Acquisition (in thousands):


Assets
Cash	$	2,851
Accounts receivable		761
Prepaid expenses and other current assets		5,011
Total current assets	$	8,623
Property and equipment, net		1,116
Operating lease right-of-use assets		7,968
Investments and other assets		240
Restricted cash		2,870
Total assets acquired	$	20,817

Liabilities
Accounts payable	$	538
Accrued expenses		3,849
Operating lease liabilities		1,887
Deferred revenue		238
Total current liabilities	$	6,513
Deferred revenue, less current portion		908
Operating lease liabilities, less current portion		13,058
Other long-term liabilities		39,951
Total liabilities assumed	$	60,430

Net assets acquired and liabilities assumed	$	(39,613	)
Goodwill	$	141,130

Cash consideration	$	2,983
Stock consideration		98,534
Total acquisition price	$	101,517

Schedule of Pro Forma Information


	Year Ended December 31,
	2025			2024
Revenues	$	1,272,648		$	698,213
Net loss		(262,288	)		(747,605	)

Ambry [Member]

Business Combination [Line Items]

Summarizes the Allocation of Aggregate Purchase Price

The following table summarizes the allocation of the aggregate purchase price of the Ambry Acquisition (in thousands):


Assets
Cash	$	20,555
Accounts receivable		62,853
Inventory		11,188
Prepaid expenses and other current assets		10,153
Total current assets	$	104,749
Property and equipment, net		38,560
Operating lease right-of-use assets		26,198
Investments and other assets		268
Customer relationships		234,000
Trade names		33,000
Developed technology - software		18,000
Developed technology - biotech		114,000
Total assets acquired	$	568,775

Liabilities
Accounts payable	$	199
Accrued expenses		28,870
Operating lease liabilities		3,008
Deferred revenue		1,347
Total current liabilities	$	33,424
Deferred revenue, less current portion		1,099
Operating lease liabilities, less current portion		23,259
Deferred tax liabilities		52,917
Other long-term liabilities		368
Total liabilities assumed	$	111,067

Net assets acquired and liabilities assumed	$	457,708
Goodwill	$	234,635

Cash consideration	$	394,296
Stock consideration		298,047
Total acquisition price	$	692,343

Schedule of Pro Forma Information


	Year Ended December 31,
	2025			2024
Revenues	$	1,304,712		$	986,031
Net loss		(290,113	)		(663,437	)

- 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

Stockholders' Equity - Additional Information (Detail)				12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Aug. 22, 2025 USD ($)	Aug. 08, 2025 USD ($)	Dec. 08, 2023 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 shares	Apr. 30, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock shares authorized				20,000,000
Allen and Company LLC [Member] \| Warrants Convertible Into Class A Common Stock [Member]
Class of Stock [Line Items]
Class of warrants or rights number of securities covered by warrants or rights			150,000
Class of warrants or rights exercise price \| $ / shares			$ 10
Sales Agreement [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues				2,381,895
Weighted average price per share \| $ / shares				$ 83.97
Aggregate offering price \| $				$ 195,500,000
Stock issuance costs \| $				4,500,000
Deferred offering costs \| $		$ 900,000
Shares remained available for sale \| $				300,000,000
Sales Agreement [Member] \| Reduction of Paid-in-capital [Member]
Class of Stock [Line Items]
Deferred offering costs \| $		800,000
Paige.AI, Inc. [Member]
Class of Stock [Line Items]
Employees as consideration for transaction bonuses \| $	$ 3,200,000			$ 3,000,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized				1,000,000,000	1,000,000,000	204,590,500	200,228,024
Common Class A [Member] \| Exercise of Warrants [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues			109,459
Common Class A [Member] \| Master Services Agreement With Astra Zeneca As Amended [Member]
Class of Stock [Line Items]
Class of warrants value of shares covered by warrants or rights \| $								$ 100,000,000
Class of warrants or rights number of securities covered by warrants or rights								2,702,703
Class of warrants or rights exercise price \| $ / shares								$ 37
Common Class A [Member] \| Maximum [Member] \| Sales Agreement [Member]
Class of Stock [Line Items]
Aggregate offering price \| $		$ 500,000,000
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized				5,500,000	5,500,000		5,374,899
Stockholders equity stock split				1
Share holding below which trigger is caused for conversion of stock from one class to another				10,000,000
Common Class B [Member] \| Maximum [Member]
Class of Stock [Line Items]
Number of days for determining conversion of stock from class to another				150 days
Number of days for determining ownership of the founder below which conversion of stock from one class to another is triggered				150 days
Common Class B [Member] \| Minimum [Member]
Class of Stock [Line Items]
Number of days for determining conversion of stock from class to another				90 days
Number of days for determining ownership of the founder below which conversion of stock from one class to another is triggered				90 days
Non-voting Common Stock [Member]
Class of Stock [Line Items]
Common stock shares authorized				0	0		66,946,627

Leases - Schedule of Components of Total Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 11,554	$ 6,047	$ 6,760
Variable lease cost	8,054	6,067	4,641
Short-term lease costs	1,148	688	441
Sublease income	(630)	(90)	(52)
Finance lease cost, Amortization of right-of-use assets	0	0	283
Finance lease cost, Interest on lease liabilities	0	0	5
Total lease costs	$ 20,126	$ 12,712	$ 12,078

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

LEASES

The Company has entered into various non-cancelable operating lease agreements, primarily for the rent of office and lab space, with expirations at various dates through 2036. Lease cost is recognized on a straight-line basis over the lease term. Variable lease costs, which include items such as real estate taxes, common area maintenance, utilities, and storage are not included in the calculation of the right-of-use assets and are recognized as incurred.

The components of total lease costs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Operating lease cost	$	11,554		$	6,047		$	6,760
Variable lease cost		8,054			6,067			4,641
Short-term lease costs		1,148			688			441
Sublease income		(630	)		(90	)		(52	)
Finance lease cost
Amortization of right-of-use assets		—			—			283
Interest on lease liabilities		—			—			5
Total lease costs	$	20,126		$	12,712		$	12,078

Lease term and discount rate as of December 31, 2025 and 2024 are as follows:


	December 31, 2025			December 31, 2024
Weighted-average remaining lease term (in years)
Operating leases		7.0			5.1
Weighted-average discount rate
Operating leases		6.1	%		6.8	%

As of December 31, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
2026		13,328
2027		17,823
2028		16,570
2029		14,970
2030		12,504
Thereafter		34,890
Total minimum lease payments		110,085
Less: Amount representing interest		22,458
Present value of net minimum lease payments		87,627
Less: Current portion of lease liabilities		13,355
Total long-term lease liabilities	$	74,272

Commitments and Contingencies - Schedule of Long-term Purchase Commitment (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2026	$ 48,661
2027	77,524
2028	29,517
2029	24,225
2030 and thereafter	2,667
Total purchase obligations	182,594
Less: Current portion of purchase obligations	48,661
Total long-term purchase obligations	$ 133,933

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Calculation for Basic and Diluted Net Loss Per Share

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(245,028	)	$	(705,809	)	$	(214,118	)
Accretion of convertible preferred stock to redemption value		—			—			(4,338	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			(39,347	)		(44,497	)
Cumulative undeclared dividends on Series C preferred shares		—			(1,174	)		(3,011	)
Net loss attributable to common stockholders	$	(245,028	)	$	(746,330	)	$	(265,964	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		174,264			119,849			63,306
Net loss per share attributable to common stockholders, basic and diluted	$	(1.41	)	$	(6.23	)	$	(4.20	)

Schedule of Antidilutive Securities Excluded From the Computation of Earnings Per Share


	As of December 31,
	2025		2024		2023
Stock options outstanding		—		—		210,000
Convertible preferred stock		—		—		63,525,953
AstraZeneca warrant		—		—		1,744,991
Mpirik holdback liability		—		—		8,724
Deep 6 holdback liability		13,614		—		—
SEngine holdback liability		—		—		41,436
Allen & Company warrant		—		—		150,000
Paige holdback liability		70,792		—		—
Unvested RSUs		6,285,604		6,873,974		—
Unvested RSAs		17,373		—		—
Unvested PSUs		2,569,600		—		—
Shares issuable upon conversion of Notes(1)		8,908,350		—		—
Total potentially dilutive shares		17,865,333		6,873,974		65,681,104

Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2024
Temporary Equity [Line Items]
Proceeds from redeemable convertible preferred stock					$ 0	$ 199,750	$ 0
Series G-3 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares payment of dividend in kind		66,465		47,781
Series G-4 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares payment of dividend in kind		10,666
Temporary equity stock issued during the period shares new issues			785,245
Proceeds from redeemable convertible preferred stock			$ 45,000
Temporary equity par or stated value per share			$ 0.0001
Temporary equity special payment as a percentage of original issue price			5.00%
Aggregate trading period for determining special price payable to the holders of temporary equity			10 days
Common stock average price as percentage of issue price maximum			110.00%
Series G-4 Redeemable Convertible Preferred Stock [Member] \| Accrued Liabilities [Member]
Temporary Equity [Line Items]
Special price paid in cash								$ 2,300
Series G-5 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares new issues	3,489,981
Proceeds from redeemable convertible preferred stock	$ 200,000
Temporary equity par or stated value per share	$ 0.0001
Common Class A [Member]
Temporary Equity [Line Items]
Common stock shares outstanding					173,235,428	157,076,972
Temporary equity converted into permanent equity shares					71,976,178
Common Class B [Member]
Temporary Equity [Line Items]
Common stock shares outstanding					5,043,789	5,043,789

Stock-based compensation - Schedule of Stock-based Compensation Expense Recorded in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	$ 124,747	$ 534,138	$ 0
Cost Of Revenues, Diagnostics [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	6,224	13,625	0
Cost Of Revenues, Data And Applications [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	3,091	8,530	0
Technology Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	19,062	58,473	0
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	12,688	47,638	0
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	$ 83,682	$ 405,872	$ 0

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of the activity related to the Company's RSUs

The table below summarizes restricted stock unit activity for the year ended December 31, 2025:


	Vested Restricted Stock Units			Weighted - Average Grant Date Fair Value		Unvested Restricted Stock Units			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2024		4,772,362		$	37.87		6,873,974		$	38.23
Granted		—		$	—		2,819,039		$	61.08
Vested		2,835,184		$	38.78		(2,835,184	)	$	38.78
Settled		(7,489,122	)	$	38.24		—		$	—
Forfeited		—		$	—		(572,225	)	$	41.77
Outstanding at December 31, 2025		118,424		$	36.46		6,285,604		$	47.91

Summary of Assumptions Used to Calculate the Grant Date Fair Value of TSR PSUs Granted

The following assumptions were used in the Monte Carlo simulation model in determining the fair value of TSR PSUs granted:


	First Performance Period	Second Performance Period	Third Performance Period
Expected term (in years)	1.02 or 3.02	2.02 or 3.02	3.02
Risk-free interest rate	3.63% - 3.88%	3.63% - 3.68%	3.63%
Expected volatility	75.00%	75.00%	75.00%
NASDAQ volatility	20.00%	20.00%	20.00%
Expected dividend yield	0.00%	0.00%	0.00%

Schedule of Restricted Stock Awards


	Unvested Restricted Stock Awards			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2024		—		$	—
Granted		26,059		$	45.58
Vested		(8,686	)	$	45.58
Outstanding at December 31, 2025		17,373			45.58

Schedule of Stock-based Compensation Expense Recorded in Consolidated Statements of Operations

Stock-based compensation is classified as follows in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenues, diagnostics	$	6,224	$	13,625	$	—
Cost of revenues, data and applications		3,091		8,530		—
Technology research and development		19,062		58,473		—
Research and development		12,688		47,638		—
Selling, general and administrative		83,682		405,872		—
Total stock-based compensation	$	124,747	$	534,138	$	—

Net Loss Per Share Attributable to Common Stockholders - Schedule of Calculation for Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (245,028)	$ (705,809)	$ (214,118)
Accretion of convertible preferred stock to redemption value	0	0	(4,338)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares	0	(39,347)	(44,497)
Cumulative undeclared dividends on Series C preferred shares	0	(1,174)	(3,011)
Net loss attributable to common stockholders, Basic	(245,028)	(746,330)	(265,964)
Net loss attributable to common stockholders, Diluted	$ (245,028)	$ (746,330)	$ (265,964)
Denominator:
Weighted-average common shares outstanding, basic	174,264	119,849	63,306	63,306
Weighted-average common shares outstanding, diluted	174,264	119,849	63,306
Net loss per share attributable to common stockholders, basic	$ (1.41)	$ (6.23)	$ (4.2)
Net loss per share attributable to common stockholders, diluted	$ (1.41)	$ (6.23)	$ (4.2)

Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (290,382)	$ (701,648)	$ (213,522)
Foreign	$ (718)	$ 339	$ (243)

Goodwill and Intangibles - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	$ 462,386	$ 48,579
Accumulated Amortization	107,133	36,863
Net	355,234
Net	355,253	11,716
Website domain [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Accumulated Amortization	0	0
Indefinite lived intangible sssets	19	19
Customer Relationships [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	254,550	20,550
Accumulated Amortization	48,722	15,606
Net	205,828	4,944
Licensed data [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	28,601	20,010
Accumulated Amortization	22,954	17,828
Net	5,647	2,182
Trade Names [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	41,000	8,000
Accumulated Amortization	8,892	3,429
Net	32,108	4,571
Capitalized Software [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	6,216	0
Accumulated Amortization	165	0
Net	6,051	0
Developed Technology - Biotech [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	114,000	0
Accumulated Amortization	20,900	0
Net	93,100	0
Developed Technology - Software [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	18,000	0
Accumulated Amortization	5,500	0
Net	$ 12,500	$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Long-term Purchase Commitment

As of December 31, 2025, future payments under these contractual obligations were as follows (in thousands):


2026		48,661
2027		77,524
2028		29,517
2029		24,225
2030 and thereafter		2,667
Total purchase obligations		182,594
Less: Current portion of purchase obligations		48,661
Total long-term purchase obligations	$	133,933

Business Combinations - Summarizes the Allocation of Aggregate Purchase Price (Detail) - USD ($) $ in Thousands	Aug. 22, 2025	Feb. 03, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liabilities
Goodwill			$ 470,211	$ 73,343	$ 73,354
Paige.AI, Inc. [Member]
Assets
Cash	$ 2,851
Accounts receivable	761
Prepaid expenses and other current assets	5,011
Total current assets	8,623
Property and equipment, net	1,116
Operating lease right-of-use assets	7,968
Investments and other assets	240
Restricted cash	2,870
Total assets acquired	20,817
Liabilities
Accounts payable	538
Accrued expenses	3,849
Operating lease liabilities	1,887
Deferred revenue	238
Total current liabilities	6,513
Deferred revenue, less current portion	908
Operating lease liabilities, less current portion	13,058
Other long-term liabilities	39,951
Total liabilities assumed	60,430
Net assets acquired and liabilities assumed	(39,613)
Goodwill	141,130
Cash consideration	2,983
Stock consideration	98,534
Total acquisition price	$ 101,517
Ambry [Member]
Assets
Cash		$ 20,555
Accounts receivable		62,853
Inventory		11,188
Prepaid expenses and other current assets		10,153
Total current assets		104,749
Property and equipment, net		38,560
Operating lease right-of-use assets		26,198
Investments and other assets		268
Total assets acquired		568,775
Liabilities
Accounts payable		199
Accrued expenses		28,870
Operating lease liabilities		3,008
Deferred revenue		1,347
Total current liabilities		33,424
Deferred revenue, less current portion		1,099
Operating lease liabilities, less current portion		23,259
Deferred tax liabilities		52,917
Other long-term liabilities		368
Total liabilities assumed		111,067
Net assets acquired and liabilities assumed		457,708
Goodwill		234,635
Cash consideration		394,296
Stock consideration		298,047
Total acquisition price		692,343
Customer relationships [Member] \| Ambry [Member]
Assets
Net intangible assets		234,000
Trade names [Member] \| Ambry [Member]
Assets
Net intangible assets		33,000
Developed Technology - Software [Member] \| Ambry [Member]
Assets
Net intangible assets		18,000
Developed Technology - Biotech [Member] \| Ambry [Member]
Assets
Net intangible assets		$ 114,000

Stock-based compensation - Schedule of the activity related to the Company's RSUs (Detail) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Beginning balance \| shares	4,772,362
Granted \| shares	0
Unvested Restricted Stock Awards, Vested \| shares	2,835,184
Settled \| shares	(7,489,122)
Forfeited \| shares	0
Ending balance \| shares	118,424
Beginning balance \| $ / shares	$ 37.87
Granted \| $ / shares	0
Weighted - Average Grant Date Fair Value, Vested \| $ / shares	38.78
Settled \| $ / shares	38.24
Forfeited \| $ / shares	0
Ending balance \| $ / shares	$ 36.46
Outstanding at December 31, 2024 \| shares	6,873,974
Unvested Restricted Stock Awards, Granted \| shares	2,819,039
Vested \| shares	(2,835,184)
Settled \| shares	0
Forfeited \| shares	(572,225)
Outstanding at December 31, 2025 \| shares	6,285,604
Outstanding at December 31, 2024 \| $ / shares	$ 38.23
Granted \| $ / shares	61.08
Vested \| $ / shares	38.78
Settled \| $ / shares	0
Forfeited \| $ / shares	41.77
Outstanding at December 31, 2025 \| $ / shares	$ 47.91