0001384101-26-000031 | 10-Q | XBRL Viewer

Organization, Description of Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Description of Business and Summary of Significant Accounting Policies

Veracyte, Inc., or Veracyte, or the Company, is a global diagnostics company that provides clinicians with tests for patients with, or potentially facing, a cancer diagnosis. Veracyte's tests are used by clinicians for diagnostic, prognostic, predictive and treatment decisions, as well as the detection of disease recurrence.

The Company’s headquarters are in South San Francisco, California, and it has operations in San Diego, California, Austin, Texas, and Haifa, Israel.

The Company currently offers tests in prostate cancer (Decipher Prostate); thyroid cancer (Afirma); breast cancer (Prosigna); and bladder cancer (Decipher Bladder).

The Company serves global markets with two complementary models. In the United States, it offers laboratory developed tests, or LDTs, through its centralized, CLIA certified laboratories in South San Francisco and San Diego, California, supported by its cytopathology expertise in Austin, Texas. Additionally, primarily outside of the United States, the Company provides its Prosigna test to patients through distribution to laboratories and hospitals that can perform the tests locally as an in vitro diagnostic, or IVD, test.

Basis of Presentation

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of March 31, 2026, the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of comprehensive income for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of stockholders' equity for the three months ended March 31, 2026 and 2025, and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of its financial position, operating results, stockholders' equity and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2025 has been derived from audited financial statements. The results for the three months ended March 31, 2026 are not indicative of the results expected for the full year or any other period. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company operates in one segment.

Effective August 1, 2025, the Company ceased to have a controlling financial interest in its wholly-owned French subsidiary, Veracyte SAS. Accordingly, the Company derecognized the related assets and liabilities from its condensed consolidated financial statements. Prior to deconsolidation, the operating results and cash flows of Veracyte SAS were included in the Company’s condensed consolidated financial statements.

The accompanying interim period condensed consolidated financial statements and related financial information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Reclassification

Certain prior period balances have been reclassified to conform to current period presentation of the Company’s condensed consolidated financial statements and accompanying notes. Such reclassifications have no effect on previously reported results of operations, accumulated deficit, subtotals of operating, investing or financing cash flows or consolidated balance sheet totals; however, for the three months ended March 31, 2025, the Company reclassified $0.9 million of amortization of discount on short-term investments from the changes in other assets caption in the condensed consolidated statements of cash flow to a separate caption, amortization of discount on short-term investments, within the operating activities section.

Use of Estimates

The preparation of unaudited interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates include: revenue recognition; the useful lives of property, plant and equipment; the recoverability of long-lived assets; the incremental borrowing rates for leases; the estimation of the fair value of intangible assets and contingent consideration; stock-based compensation; income tax uncertainties, including a valuation allowance for deferred tax assets; credit related losses on investments; and allowance for credit losses and contingencies. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates and assumptions.

Concentrations of Credit Risk and Other Risks and Uncertainties

The majority of the Company’s cash and cash equivalents are deposited with three major financial institutions in the United States. Deposits in these institutions may exceed the amount of insurance provided on such deposits. The Company has not realized any losses on its deposits of cash and cash equivalents other than exchange rate losses related to foreign currency denominated accounts.

Several of the components of the Company’s sample collection kits and CLIA test reagents, IVD products and associated systems, as well as the systems service and service kits, are obtained from single-source suppliers. If these single-source suppliers fail to satisfy the Company’s requirements on a timely basis, or are unable to provide the Company with reagents that perform to specifications, the Company could suffer delays in being able to deliver its diagnostic solutions, suffer a possible loss of revenue, or incur higher costs, any of which could adversely affect its operating results.

Through March 31, 2026, the Company has derived most of its revenue from the sale of Decipher Prostate and Afirma testing. To date, Decipher Prostate and Afirma testing have been delivered primarily to physicians in the United States.

The Company is also subject to credit risk from its accounts receivable related to its sales. Credit risk for accounts receivable from testing revenue is incorporated in testing revenue accrual rates as the Company assesses historical collection rates and current developments to determine accrual rates and amounts the Company will ultimately collect. The Company generally does not perform evaluations of customers’ financial condition for testing revenue and generally does not require collateral. The Company assesses credit risk and the amount of accounts receivable the Company will ultimately collect for product, biopharmaceutical and other revenue based on collection history, current developments and credit worthiness of the customer. The estimate of credit losses is not material as of March 31, 2026.

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


	Three Months Ended March 31,
		2026		2025
Medicare		34	%	33	%
UnitedHealthcare		13	%	13	%
		47	%	46	%

In the above table, Medicare Advantage plans are included with their associated private payer amounts and Medicare amounts do not include Medicare Advantage.

The Company's significant third-party payers in excess of 10% of total accounts receivable and their related accounts receivable balance as a percentage of total accounts receivable were as follows:


	March 31, 2026		December 31, 2025
Medicare	23	%	20	%
UnitedHealthcare	16	%	14	%

Cash and Cash Equivalents

The Company considers demand deposits in a bank, money market funds and highly liquid investments with maturities at the time of purchase of three months or less to be cash equivalents.

Short-Term Investments

The Company's short-term investments consist of United States treasury securities and certificates of deposit with maturities at the time of purchase that were between three months and one year. The Company classifies these investments as held-to-maturity debt securities, which are reported at amortized cost. Discounts or premiums from the purchase of the securities are recognized as a component of interest income in other income, net in the consolidated statements of operations. Investments are initially recorded net of an allowance for expected credit losses, if any, which are remeasured each period and any impairments are recognized as an expense. Unrealized gains and losses are not recognized in income. As of both March 31, 2026 and December 31, 2025, no allowances for expected credit losses had been recorded and there have been no impairment or credit losses on the Company's short-term investments.

Restricted Cash

The Company had deposits of $1.7 million and $1.6 million included in long-term assets as of March 31, 2026 and December 31, 2025, respectively, restricted from withdrawal and held by banks in the form of collateral for irrevocable standby letters of credit held as security for the Company's leases.

Revenue Recognition

The Company recognizes revenue in accordance with the provisions of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers, or ASC 606. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. Performance obligations are considered satisfied once the Company has completed a service or transferred control of a product to the customer.

In arrangements involving more than one service or good, each required service or good is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the service or good either on its own or together with other resources that are readily available and (ii) the service or good is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects the Company's best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis or using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control is transferred which may be at a point in time or over time.

Testing Revenue

The Company recognizes testing revenue from the sale of tests performed for customers, including patients and institutions, at the time test results are reported to physicians. Most tests requested by customers are sold without a written agreement; however, the Company determines that an implied contract exists with its customers for whom a physician will

order the test. The Company identifies each sale of its test to a customer as a single performance obligation. A stated contract price does not exist and the transaction price for each implied contract with a customer represents variable consideration. The Company uses the expected value method of estimating variable consideration. The Company estimates the variable consideration under the portfolio approach and considers the historical reimbursement data from third-party commercial and governmental payers and patients, as well as known or anticipated reimbursement trends not reflected in the historical data. The Company monitors the estimated amount to be collected in the portfolio at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. Both the estimate and any subsequent revision contain uncertainty and require the use of significant judgment in the estimation of the variable consideration and application of the constraint for such variable consideration. The Company analyzes its actual cash collections over the expected reimbursement period and compares it with the estimated variable consideration for each payer group and any difference is recognized as an adjustment to estimated revenue after the expected reimbursement period, subject to assessment of the risk of future revenue reversal. For the three months ended March 31, 2026 and 2025, the Company recorded $4.2 million and $0.4 million, respectively, resulting from cash collections exceeding the estimated variable consideration related to tests reported in previous years, including revenue received from successful appeals of reimbursement denials, net of recoupments.

Product Revenue

The Company's product revenue primarily consists of the Prosigna IVD breast cancer assay, as well as to a much lesser extent, related diagnostic kits and services. Product revenue from diagnostic kits is generally recognized upon shipment from the contract manufacturer. Shipping and handling costs incurred for product shipments are included in product revenue. Revenue is presented net of the taxes that are collected from customers and remitted to governmental authorities.

Biopharmaceutical and Other Revenue

Accounts receivable from biopharmaceutical and other revenue was $1.1 million at March 31, 2026 and $3.6 million at December 31, 2025. Deferred revenue related to these agreements was $0.7 million at March 31, 2026 and $1.2 million at December 31, 2025. Following the restructuring proceedings affecting Veracyte SAS, as of August 2025 Veracyte SAS no longer provides biopharmaceutical services, contract manufacturing or contract development services. Revenue included in biopharmaceutical and other revenue for the three months ended March 31, 2026 and 2025 was as follows (in thousands of dollars):


	Three Months Ended March 31,
		2026		2025
Biopharmaceutical revenue		$	301	$	2,297
Contract manufacturing and testing		—		1,287
Total		$	301	$	3,584

Cost of Testing Revenue

The components of the Company's cost of testing revenue are laboratory expenses, sample collection expenses, compensation expense, license fees and royalties, depreciation, other expenses such as equipment and laboratory supplies, and allocations of facility and information technology expenses. Costs associated with performing tests are expensed as the test is processed regardless of whether and when revenue is recognized with respect to that test.

Cost of Product Revenue

Cost of product revenue consists primarily of costs of diagnostic kit components and reagents, labor, delivery costs and royalties for licensed technologies included in the Company's products. Subsequent to the restructuring proceedings affecting Veracyte SAS in August 2025, the costs of diagnostic kit components and reagents and labor costs are paid to a third-party contract manufacturer. The cost of the finished product is recognized in the period the related revenue is recognized.

Cost of Biopharmaceutical and Other Revenue

Cost of biopharmaceutical and other revenue consists of costs of performing activities under arrangements that require the Company to license or provide access to its assets or laboratory testing services, as well as costs incurred in providing

contracted research and development and manufacturing activities. These costs are mainly composed of compensation, manufacturing and laboratory supplies, and pass-through costs. Following the restructuring proceedings affecting Veracyte SAS, as of August 2025 Veracyte SAS no longer provides biopharmaceutical services, contract manufacturing or contract development services.

Recent Accounting Pronouncements

In November 2024, the FASB issued Accounting Standards Update, or ASU, 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

Condensed Consolidated Statements of Cash Flows (Unaudited) (Cash Reconciliation) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	$ 263,136	$ 362,578
Restricted cash	1,657	1,648
Total cash, cash equivalents and restricted cash	$ 264,793	$ 364,226

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company had reserved shares of common stock for issuance as follows:


	March 31, 2026	December 31, 2025
Stock options and restricted stock units issued and outstanding	5,620,597	4,806,993
Stock options and restricted stock units available for grant under stock option plans	9,704,039	10,937,821
Common stock available for the Employee Stock Purchase Plan	798,732	895,255
Total	16,123,368	16,640,069

- Definition

The entire disclosure for equity.

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+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

The Company had reserved shares of common stock for issuance as follows:


	March 31, 2026	December 31, 2025
Stock options and restricted stock units issued and outstanding	5,620,597	4,806,993
Stock options and restricted stock units available for grant under stock option plans	9,704,039	10,937,821
Common stock available for the Employee Stock Purchase Plan	798,732	895,255
Total	16,123,368	16,640,069

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Organization, Description of Business and Summary of Significant Accounting Policies - Schedule of Biopharmaceutical and Other Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 139,071	$ 114,473
Biopharmaceutical and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	301	3,584
Biopharmaceutical revenue
Disaggregation of Revenue [Line Items]
Total revenue	301	2,297
Contract manufacturing and testing
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 1,287

- 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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- 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.

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+ Details

Stockholders' Equity (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Total number of shares reserved for issuance (in shares)	16,123,368	16,640,069
Shares of common stock subject to outstanding options
Class of Stock [Line Items]
Stock options and restricted stock units issued and outstanding (in shares)	5,620,597	4,806,993
Shares available for issuance (in shares)	9,704,039	10,937,821
Common stock available for the Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares available for issuance (in shares)	798,732	895,255

- 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

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued compensation expenses	$ 18,935	$ 27,459
Accrued other	24,194	21,342
Total accrued liabilities	$ 43,129	$ 48,801

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 04, 2025 patent	May 01, 2025 patent	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term			11 years
Deposits \| $			$ 1.7	$ 1.6
Discount rate			11.40%
Number of patents allegedly infringed \| patent	2	3

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 1,239		$ 1,589
Current portion of acquisition-related contingent consideration	982		1,332
NanoString
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,200		$ 1,600
Contingent consideration expense (reversal of expense)	(400)	$ 0
Current portion of acquisition-related contingent consideration	$ 1,000

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 29,659
Short-term investments		$ 50,311
Restricted cash	1,657	1,648
Total assets	207,240	131,559
Liabilities
Acquisition-related contingent consideration	1,239	1,589
Treasury bills
Assets
Short-term investments	100,924
Certificates of deposit
Assets
Short-term investments	75,000
Money market funds
Assets
Cash and cash equivalents		29,300
Treasury bills
Assets
Cash and cash equivalents		50,300
Level I
Assets
Cash and cash equivalents	29,659
Short-term investments		50,311
Restricted cash	1,657	1,648
Total assets	132,240	131,559
Liabilities
Acquisition-related contingent consideration	0	0
Level I \| Treasury bills
Assets
Short-term investments	100,924
Level I \| Certificates of deposit
Assets
Short-term investments	0
Level I \| Money market funds
Assets
Cash and cash equivalents		29,300
Level I \| Treasury bills
Assets
Cash and cash equivalents		50,300
Level II
Assets
Cash and cash equivalents	0
Short-term investments		0
Restricted cash	0	0
Total assets	75,000	0
Liabilities
Acquisition-related contingent consideration	0	0
Level II \| Treasury bills
Assets
Short-term investments	0
Level II \| Certificates of deposit
Assets
Short-term investments	75,000
Level II \| Money market funds
Assets
Cash and cash equivalents		0
Level II \| Treasury bills
Assets
Cash and cash equivalents		0
Level III
Assets
Cash and cash equivalents	0
Short-term investments		0
Restricted cash	0	0
Total assets	0	0
Liabilities
Acquisition-related contingent consideration	1,239	1,589
Level III \| Treasury bills
Assets
Short-term investments	0
Level III \| Certificates of deposit
Assets
Short-term investments	$ 0
Level III \| Money market funds
Assets
Cash and cash equivalents		0
Level III \| Treasury bills
Assets
Cash and cash equivalents		$ 0

Net Income Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Common Share

Basic earnings per share, or EPS, is computed based on the weighted average number of common shares outstanding during the period. Diluted EPS is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. In loss periods, basic and diluted loss per share are identical since the effect of potentially dilutive common shares is antidilutive and therefore excluded. Potentially dilutive common shares from equity awards are determined using the average share price for each period under the treasury stock method. In addition, proceeds from exercises of equity awards and the average amount of unrecognized compensation expense for equity awards are assumed to be used to repurchase shares. The following table sets forth the computation of basic and diluted EPS (in thousands, except per-share amounts):


	Three Months Ended March 31,
		2026		2025
Numerator for basic and diluted EPS — net income (A)		$	28,707	$	7,047
Denominator for basic EPS — weighted average shares (B)		79,537		78,028
Effect of potentially dilutive common stock from:
Shares of common stock subject to outstanding options		490		671
Restricted stock units		1,243		1,320
Employee stock purchase plan		44		37
Dilutive potential common shares		1,777		2,028
Denominator for diluted EPS — adjusted weighted average shares and assumed conversions (C)		81,314		80,056
Basic EPS (A / B)		$	0.36	$	0.09
Diluted EPS (A / C)		$	0.35	$	0.09
Common stock equivalent shares excluded from the dilutive calculation due to antidilutive effect:
Shares of common stock subject to outstanding options		162		305
Restricted stock units		73		27

Anti-dilutive potential common shares		235		332

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Goodwill	$ 767,154		$ 767,154
Intangible asset amortization - operating expenses	$ 3,300	$ 3,200

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 2,952
2027	6,999
2028	7,173
2029	6,858
2030	7,055
Thereafter	40,405
Total future minimum lease payments	71,442
Less: amount representing interest	32,109
Present value of future lease payments	39,333
Less: short-term lease liabilities	4,347	$ 4,051
Long-term lease liabilities	$ 34,986	$ 35,603

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	4.20%	5.10%
Income tax expense (benefit)	$ 1,267	$ 381

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Organization, Description of Business and Summary of Significant Accounting Policies - Schedule of Third-party Payers And Other Customers (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue \| Customers Representing >10% Of Total Revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	47.00%	46.00%
Revenue \| Medicare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	34.00%	33.00%
Revenue \| UnitedHealthcare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	13.00%	13.00%
Accounts Receivable \| Medicare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	23.00%		20.00%
Accounts Receivable \| UnitedHealthcare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	16.00%		14.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancelable operating leases as of March 31, 2026 are as follows (in thousands of dollars):


Year Ending December 31,	Amounts
Remainder of 2026	$	2,952
2027	6,999
2028	7,173
2029	6,858
2030	7,055
Thereafter	40,405
Total future minimum lease payments	71,442
Less: amount representing interest	32,109
Present value of future lease payments	39,333
Less: short-term lease liabilities	4,347
Long-term lease liabilities	$	34,986

Schedule of Operating Lease Expense and Measurement Of Lease Liabilities

The following table summarizes operating lease expense and cash paid for amounts included in the measurement of lease liabilities (in thousands of dollars):


	Three Months Ended March 31,
		2026		2025
Operating lease expense		$	1,771	$	2,254
Cash paid for amounts included in the measurement of lease liabilities		$	1,362	$	1,922

Fair Value Measurements - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 175,924	$ 50,311
Gross Unrealized Holding Gains	57
Gross Unrealized Holding Losses	(125)
Fair Value	175,856
Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	100,924	50,311
Gross Unrealized Holding Gains	57	69
Gross Unrealized Holding Losses	0	0
Fair Value	100,981	$ 50,380
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	75,000
Gross Unrealized Holding Gains	0
Gross Unrealized Holding Losses	(125)
Fair Value	$ 74,875

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate applied to the Company’s year to date income and is adjusted for discrete items recorded in the period. For the three months ended March 31, 2026 and 2025, the Company’s effective tax rate was 4.2% and 5.1%, respectively. For the three months ended March 31, 2026 and 2025, the primary difference between the effective tax rate and the federal statutory rate is driven by unfavorable permanent differences, offset by the full valuation allowance the Company has established on its federal, state and foreign net operating losses and credits. The Company recorded income tax expense of $1.3 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively. The provision for income taxes recorded in the three months ended March 31, 2026 and 2025 consists primarily of federal, state and foreign income taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Components of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Interest income	$ 3,478	$ 2,762
Settlement of escrow claims	4,179	0
Interest expense	0	0
Gain (loss) on currency revaluation	23	1,546
Other	(352)	216
Total	$ 7,328	$ 4,524

Segment

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment

The chief operating decision maker for the Company is the Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing financial performance. The Company has a single reporting unit associated with the development and commercialization of diagnostic tests and biopharmaceutical services. The accounting policies of the Company's single segment are the same as those described in the summary of significant accounting policies in Note 1, Organization, Description of Business and Summary of Significant Accounting Policies. The chief operating decision maker assesses performance of the Company's single segment and decides how to allocate resources based on consolidated net income. Under the current organizational structure, this measure is not discretely available or required individually for any of the Company’s business activities and is only available at the consolidated level. The monitoring of budgeted versus actual results are used in assessing performance of the Company's single segment, allocating resources and in establishing management’s compensation. The Company's chief operating decision maker intends for all revenue generating activities to rely on cross-functional activities across the consolidated entity in order to operate. No individual besides the chief operating decision maker has been tasked with reviewing discrete operating results of the business activities, nor is there any intent to bifurcate the overall business review process to produce discrete operating results specific to any of the Company's business activities. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. Consolidated revenue does not include any inter-segment sales or transfers.

Information about reported segment revenue, measures of segment profit or loss, significant segment expenses and reconciliation to income from operations was as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Revenue:
Testing revenue		$	135,091	$	107,309
Product revenue		3,679		3,580
Biopharmaceutical and other revenue		301		3,584
Total revenue		139,071		114,473
Cost of revenue:
Cost of testing revenue:
Laboratory supplies and reagents expense		12,314		13,067
Sample collection expense		3,288		2,825
Compensation expense		9,804		5,611
Other cost of testing revenue (1)		4,937		3,385
Allocation of facilities and IT expenses		2,963		3,372
Total cost of testing revenue		33,306		28,260
Cost of product revenue:
Product costs		1,401		109
License fees and royalties		313		324
Other cost of product revenue (2)		174		792
Allocation of facilities and IT expenses		3		197
Total cost of product revenue		1,891		1,422
Cost of biopharmaceutical and other revenue:
Compensation expense		—		1,240
Other cost of biopharmaceutical and other revenue (3)		8		1,044
Allocation of facilities and IT expenses		—		414
Total cost of biopharmaceutical and other revenue		8		2,698
Intangible asset amortization - cost of revenue		2,707		2,585
Gross profit		101,159		79,508
Operating expenses:
Research and development:
Compensation expense		15,547		9,748
Direct research and development expense		4,198		4,141
Other research and development expenses (4)		5,460		1,815
Allocation of facilities and IT expenses		1,893		2,016
Total research and development		27,098		17,720
Selling and marketing:
Compensation expense		19,972		17,635
Direct marketing expense		1,455		710
Other selling and marketing expenses (5)		4,561		3,853
Allocation of facilities and IT expenses		1,168		2,256
Total selling and marketing		27,156		24,454
General and administrative:
Compensation expense		16,236		20,173
Other general and administrative expenses (6)		13,471		21,890
Allocation of facilities and IT expenses		(6,027)		(8,255)
Total general and administrative		23,680		33,808

Intangible asset amortization - operating expenses		579		622
Other income, net		(7,328)		(4,524)
Income tax provision		1,267		381
Net income		$	28,707	$	7,047

________________

(1)Other cost of testing revenue includes cytopathology services, depreciation and amortization and other expenses.

(2)Other cost of product revenue includes contract manufacturing fees, license fees and royalties, depreciation and amortization and other expenses.

(3)Other cost of biopharmaceutical and other revenue includes professional fees, information technology expense, depreciation and amortization and other expenses.

(4)Other research and development expenses include depreciation and amortization and other expenses.

(5)Other selling and marketing expenses include travel, entertainment, conference and other expenses.

(6)Other general and administrative expenses include professional fees, information technology expense, occupancy costs, depreciation and amortization, contingent consideration and other expenses.

- Definition

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

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-36156
Entity Registrant Name	VERACYTE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5455398
Entity Address, Address Line One	6000 Shoreline Court
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	(650)
Local Phone Number	243-6300
Title of 12(b) Security	Common Stock, par value, $0.001 per share
Trading Symbol	VCYT
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		79,792,647
Entity Central Index Key	0001384101
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026

Organization, Description of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Reclassification

Use of Estimates

Concentrations of Credit Risk and Other Risks and Uncertainties

Cash and Cash Equivalents

The Company considers demand deposits in a bank, money market funds and highly liquid investments with maturities at the time of purchase of three months or less to be cash equivalents.

Short-Term Investments

Revenue Recognition and Cost of Revenue

Revenue Recognition

Testing Revenue

Product Revenue

Biopharmaceutical and Other Revenue


	Three Months Ended March 31,
		2026		2025
Biopharmaceutical revenue		$	301	$	2,297
Contract manufacturing and testing		—		1,287
Total		$	301	$	3,584

Cost of Testing Revenue

Cost of Product Revenue

Cost of Biopharmaceutical and Other Revenue

Recent Accounting Pronouncements

Fair Value Measurements

The Company records certain of its financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value and clarifies the definition of fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

•Level I: Inputs which include quoted prices in active markets for identical assets and liabilities;

•Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

As of March 31, 2026 and December 31, 2025, the Company had the following financial instruments measured at fair value (in thousands of dollars):


March 31, 2026	Level I		Level II		Level III		Total		Balance Sheet Line	Recorded Method
Assets
Money market funds	$	29,659	$	—	$	—	$	29,659	Cash and cash equivalents	Fair value
Treasury bills	100,924		—		—		100,924		Short-term investments	Amortized cost
Certificates of deposit	—		75,000		—		75,000		Short-term investments	Amortized cost
Deposits for the leases	1,657		—		—		1,657		Restricted cash	Fair value
Total assets	$	132,240	$	75,000	$	—	$	207,240
Liabilities
Acquisition-related contingent consideration	$	—	$	—	$	1,239	$	1,239	Acquisition-related contingent consideration	Fair value

December 31, 2025	Level I		Level II		Level III		Total		Balance Sheet Line	Recorded Method
Assets
Money market funds	$	29,300	$	—	$	—	$	29,300	Cash and cash equivalents	Fair value
Treasury bills	50,300		—		—		50,300		Cash and cash equivalents	Fair value
Treasury bills	50,311		—		—		50,311		Short-term investments	Amortized cost
Deposits for the leases	1,648		—		—		1,648		Restricted cash	Fair value
Total assets	$	131,559	$	—	$	—	$	131,559
Liabilities
Acquisition-related contingent consideration	$	—	$	—	$	1,589	$	1,589	Acquisition-related contingent consideration	Fair value

Schedule of Fair Value Measurement Inputs and Valuation Techniques

As of March 31, 2026 and December 31, 2025, the Company calculated the estimated fair value of the milestones using the following significant unobservable inputs:


	Value or Range (Weighted-Average)
Unobservable input	March 31, 2026	December 31, 2025
Discount rate	5.3%	4.8%
Probability of achievement	4% - 30% (25%)	4% - 40% (34%)

Schedule of Short-Term Investments

As of March 31, 2026 and December 31, 2025, the Company had the following short-term investments (in thousands of dollars):


	March 31, 2026
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Treasury bills	$	100,924	$	57	$	—	$	100,981
Certificates of deposit	75,000		—		(125)		74,875
Total short-term investments	$	175,924	$	57	$	(125)	$	175,856


	December 31, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Treasury bills	$	50,311	$	69	$	—	$	50,380

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Commitments and Contingencies - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,771	$ 2,254
Cash paid for amounts included in the measurement of lease liabilities	$ 1,362	$ 1,922

Segment (Details) $ in Thousands	3 Months Ended
Segment (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment	1
Revenue:
Total revenue	$ 139,071	$ 114,473
Cost of revenue:
Intangible asset amortization - cost of revenue	2,707	2,585
Gross profit	101,159	79,508
Operating expenses:
Total research and development	27,098	17,720
Total selling and marketing	27,156	24,454
Total general and administrative	23,680	33,808
Other income, net	(7,328)	(4,524)
Income tax provision	1,267	381
Net income	28,707	7,047
Testing revenue
Revenue:
Total revenue	135,091	107,309
Cost of revenue:
Cost of revenue	33,306	28,260
Product revenue
Revenue:
Total revenue	3,679	3,580
Cost of revenue:
Cost of revenue	1,891	1,422
Biopharmaceutical and other revenue
Revenue:
Total revenue	301	3,584
Cost of revenue:
Cost of revenue	8	2,698
Intangible asset amortization - operating expenses
Operating expenses:
Intangible asset amortization - operating expenses	579	622
Reportable Segment
Revenue:
Total revenue	139,071	114,473
Cost of revenue:
Intangible asset amortization - cost of revenue	2,707	2,585
Gross profit	101,159	79,508
Operating expenses:
Total research and development	27,098	17,720
Total selling and marketing	27,156	24,454
Total general and administrative	23,680	33,808
Other income, net	(7,328)	(4,524)
Income tax provision	1,267	381
Net income	28,707	7,047
Reportable Segment \| Research and development:
Operating expenses:
Compensation expense	15,547	9,748
Direct expense	4,198	4,141
Other research and development expenses	5,460	1,815
Allocation of facilities and IT expenses	1,893	2,016
Reportable Segment \| Selling and marketing:
Operating expenses:
Compensation expense	19,972	17,635
Direct expense	1,455	710
Other selling and marketing expenses	4,561	3,853
Allocation of facilities and IT expenses	1,168	2,256
Reportable Segment \| General and administrative:
Operating expenses:
Compensation expense	16,236	20,173
Other general and administrative expenses	13,471	21,890
Allocation of facilities and IT expenses	(6,027)	(8,255)
Reportable Segment \| Testing revenue
Revenue:
Total revenue	135,091	107,309
Cost of revenue:
Laboratory supplies and reagents expense	12,314	13,067
Sample collection expense	3,288	2,825
Compensation expense	9,804	5,611
Other cost	4,937	3,385
Allocation of facilities and IT expenses	2,963	3,372
Cost of revenue	33,306	28,260
Reportable Segment \| Product revenue
Revenue:
Total revenue	3,679	3,580
Cost of revenue:
Product costs	1,401	109
License fees and royalties	313	324
Other cost	174	792
Allocation of facilities and IT expenses	3	197
Cost of revenue	1,891	1,422
Reportable Segment \| Biopharmaceutical and other revenue
Revenue:
Total revenue	301	3,584
Cost of revenue:
Compensation expense	0	1,240
Other cost	8	1,044
Allocation of facilities and IT expenses	0	414
Cost of revenue	8	2,698
Reportable Segment \| Intangible asset amortization - operating expenses
Operating expenses:
Intangible asset amortization - operating expenses	$ 579	$ 622

Organization , Description of Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Third-party Payers as a Percentage of Total

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


	Three Months Ended March 31,
		2026		2025
Medicare		34	%	33	%
UnitedHealthcare		13	%	13	%
		47	%	46	%

The Company's significant third-party payers in excess of 10% of total accounts receivable and their related accounts receivable balance as a percentage of total accounts receivable were as follows:


	March 31, 2026		December 31, 2025
Medicare	23	%	20	%
UnitedHealthcare	16	%	14	%

Schedule of Revenue

Revenue included in biopharmaceutical and other revenue for the three months ended March 31, 2026 and 2025 was as follows (in thousands of dollars):


	Three Months Ended March 31,
		2026		2025
Biopharmaceutical revenue		$	301	$	2,297
Contract manufacturing and testing		—		1,287
Total		$	301	$	3,584

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Numerator for basic EPS — net income	$ 28,707	$ 7,047
Numerator for diluted EPS — net income	$ 28,707	$ 7,047
Denominator for basic EPS — weighted average shares (in shares)	79,536,601	78,028,254
Effect of potentially dilutive common stock from:
Dilutive potential common shares (in shares)	1,777,000	2,028,000
Denominator for diluted EPS — adjusted weighted average shares and assumed conversions (in shares)	81,313,588	80,056,024
Basic EPS (in USD per share)	$ 0.36	$ 0.09
Diluted EPS (in USD per share)	$ 0.35	$ 0.09
Common stock equivalent shares excluded from the dilutive calculation due to antidilutive effect:
Anti-dilutive potential common shares (in shares)	235,000	332,000
Shares of common stock subject to outstanding options
Common stock equivalent shares excluded from the dilutive calculation due to antidilutive effect:
Anti-dilutive potential common shares (in shares)	162,000	305,000
Restricted stock units
Common stock equivalent shares excluded from the dilutive calculation due to antidilutive effect:
Anti-dilutive potential common shares (in shares)	73,000	27,000
Shares of common stock subject to outstanding options
Effect of potentially dilutive common stock from:
Dilutive potential common shares (in shares)	490,000	671,000
Restricted stock units
Effect of potentially dilutive common stock from:
Dilutive potential common shares (in shares)	1,243,000	1,320,000
Employee stock purchase plan
Effect of potentially dilutive common stock from:
Dilutive potential common shares (in shares)	44,000	37,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

•Level I: Inputs which include quoted prices in active markets for identical assets and liabilities;

•Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of certain financial instruments of the Company, including cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The fair value of the Company’s financial assets include treasury bills, money market funds and deposits for leases of the Company's facilities. As of March 31, 2026 and December 31, 2025, the Company had the following financial instruments measured at fair value (in thousands of dollars):


March 31, 2026	Level I		Level II		Level III		Total		Balance Sheet Line	Recorded Method
Assets
Money market funds	$	29,659	$	—	$	—	$	29,659	Cash and cash equivalents	Fair value
Treasury bills	100,924		—		—		100,924		Short-term investments	Amortized cost
Certificates of deposit	—		75,000		—		75,000		Short-term investments	Amortized cost
Deposits for the leases	1,657		—		—		1,657		Restricted cash	Fair value
Total assets	$	132,240	$	75,000	$	—	$	207,240
Liabilities
Acquisition-related contingent consideration	$	—	$	—	$	1,239	$	1,239	Acquisition-related contingent consideration	Fair value

December 31, 2025	Level I		Level II		Level III		Total		Balance Sheet Line	Recorded Method
Assets
Money market funds	$	29,300	$	—	$	—	$	29,300	Cash and cash equivalents	Fair value
Treasury bills	50,300		—		—		50,300		Cash and cash equivalents	Fair value
Treasury bills	50,311		—		—		50,311		Short-term investments	Amortized cost
Deposits for the leases	1,648		—		—		1,648		Restricted cash	Fair value
Total assets	$	131,559	$	—	$	—	$	131,559
Liabilities
Acquisition-related contingent consideration	$	—	$	—	$	1,589	$	1,589	Acquisition-related contingent consideration	Fair value

There were no transfers between Levels 1, 2 or 3 for the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, the contingent consideration related to the acquisition of the exclusive global diagnostic license to the nCounter Analysis System was remeasured to $1.2 million and $1.6 million, respectively. For the three months ended March 31, 2026 and 2025, reversal of expense of $0.4 million and zero, respectively, was recorded. As of March 31, 2026, the achievement of one of the milestones is forecasted to occur within the next 12 months. As a result, $1.0 million of the contingent consideration is included in short term liabilities at March 31, 2026.

The fair value of contingent consideration includes inputs that are not observable in the market. The estimation of the fair value of the contingent consideration is based on the present value of the expected payments calculated by assessing the likelihood of when the related milestones would be achieved and estimating the Company's borrowing rate. These estimates form the basis for making judgments about the carrying value of the contingent consideration that are not readily apparent from other sources. Changes to the forecasts for the achievement of the milestones and the borrowing rate can significantly affect the estimated fair value of the contingent consideration. As of March 31, 2026 and December 31, 2025, the Company calculated the estimated fair value of the milestones using the following significant unobservable inputs:


	Value or Range (Weighted-Average)
Unobservable input	March 31, 2026	December 31, 2025
Discount rate	5.3%	4.8%
Probability of achievement	4% - 30% (25%)	4% - 40% (34%)

Short-Term Investments Held-to-Maturity

The Company's short-term investments consist of United States treasury securities and certificates of deposit with maturities, at the time of purchase, that were between three months and one year. Based upon the Company's intent and ability to hold its short-term investments to maturity, the Company classified these investments as held-to-maturity and recorded them at amortized cost. As of March 31, 2026 and December 31, 2025, the Company had the following short-term investments (in thousands of dollars):


	March 31, 2026
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Treasury bills	$	100,924	$	57	$	—	$	100,981
Certificates of deposit	75,000		—		(125)		74,875
Total short-term investments	$	175,924	$	57	$	(125)	$	175,856


	December 31, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Treasury bills	$	50,311	$	69	$	—	$	50,380

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 263,136	$ 362,578
Short-term investments	175,924	50,311
Accounts receivable	50,112	44,660
Supplies	21,416	20,546
Prepaid expenses and other current assets	11,587	10,281
Total current assets	522,175	488,376
Property, plant and equipment, net	22,652	22,192
Right-of-use assets, operating leases	35,865	36,599
Intangible assets, net	85,863	89,148
Goodwill	767,154	767,154
Restricted cash	1,657	1,648
Other assets	1,034	902
Total assets	1,436,400	1,406,019
Current liabilities:
Accounts payable	6,908	4,593
Accrued liabilities	43,129	48,801
Current portion of deferred revenue	749	1,160
Current portion of acquisition-related contingent consideration	982	1,332
Current portion of operating lease liabilities	4,347	4,051
Total current liabilities	56,115	59,937
Deferred tax liabilities	636	646
Acquisition-related contingent consideration, net of current portion	257	257
Operating lease liabilities, net of current portion	34,986	35,603
Total liabilities	91,994	96,443
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 125,000,000 shares authorized, 79,791,856 and 79,359,005 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	80	79
Additional paid-in capital	1,701,470	1,695,339
Accumulated deficit	(348,923)	(377,630)
Accumulated other comprehensive loss	(8,221)	(8,212)
Total stockholders’ equity	1,344,406	1,309,576
Total liabilities and stockholders’ equity	$ 1,436,400	$ 1,406,019

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 139,071	$ 114,473
Cost of revenue:
Intangible asset amortization - cost of revenue	2,707	2,585
Total cost of revenue	37,912	34,965
Gross profit	101,159	79,508
Operating expenses:
Research and development	27,098	17,720
Selling and marketing	27,156	24,454
General and administrative	23,680	33,808
Total operating expenses	78,513	76,604
Income from operations	22,646	2,904
Other income, net	7,328	4,524
Income before income taxes	29,974	7,428
Income tax provision	1,267	381
Net income	$ 28,707	$ 7,047
Earnings per share:
Basic (in USD per share)	$ 0.36	$ 0.09
Diluted (in USD per share)	$ 0.35	$ 0.09
Shares used to compute earnings per common share:
Basic (in shares)	79,536,601	78,028,254
Diluted (in shares)	81,313,588	80,056,024
Testing revenue
Revenue:
Total revenue	$ 135,091	$ 107,309
Cost of revenue:
Cost of revenue	33,306	28,260
Product revenue
Revenue:
Total revenue	3,679	3,580
Cost of revenue:
Cost of revenue	1,891	1,422
Biopharmaceutical and other revenue
Revenue:
Total revenue	301	3,584
Cost of revenue:
Cost of revenue	8	2,698
Intangible asset amortization - operating expenses
Operating expenses:
Intangible asset amortization - operating expenses	$ 579	$ 622

Components of Other Income

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Components of Other Income

Other income, net consists of the following (in thousands of dollars):


	Three Months Ended March 31,
		2026		2025
Interest income		$	3,478	$	2,762
Settlement of escrow claims		4,179		—
Interest expense		—		—
Gain (loss) on currency revaluation		23		1,546
Other		(352)		216
Total		$	7,328	$	4,524

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company leases office and laboratory facilities in the U.S., including in South San Francisco and San Diego, California and Austin, Texas, and, prior to August 2025, in Marseille, France. Effective August 2025, in connection with the restructuring proceeding in Veracyte SAS, the Company is no longer a party to the lease in Marseille, France. The lease terms of the Company’s leases as of March 31, 2026 extend to March 2040 and contain extension of lease terms and expansion options. The leases have a weighted average remaining lease term of 11.0 years as of March 31, 2026. The Company had deposits of $1.7 million and $1.6 million included in long-term assets as of March 31, 2026 and December 31, 2025,

respectively, restricted from withdrawal and held by banks in the form of collateral for irrevocable standby letters of credit held as security for the leases.

The Company determined its operating lease liabilities using payments through their current expiration dates and a weighted average discount rate of 11.4% based on the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment. Operating lease liabilities along with the associated right-of-use assets are disclosed in the accompanying condensed consolidated balance sheets. After the adoption of ASC 842, Leases, or ASC 842, the Company classified its deferred rent for tenant improvements with its operating lease right-of-use assets on the consolidated balance sheets.

Future minimum lease payments under non-cancelable operating leases as of March 31, 2026 are as follows (in thousands of dollars):


Year Ending December 31,	Amounts
Remainder of 2026	$	2,952
2027	6,999
2028	7,173
2029	6,858
2030	7,055
Thereafter	40,405
Total future minimum lease payments	71,442
Less: amount representing interest	32,109
Present value of future lease payments	39,333
Less: short-term lease liabilities	4,347
Long-term lease liabilities	$	34,986

The Company recognizes operating lease expense on a straight-line basis over the non-cancelable lease period. The following table summarizes operating lease expense and cash paid for amounts included in the measurement of lease liabilities (in thousands of dollars):


	Three Months Ended March 31,
		2026		2025
Operating lease expense		$	1,771	$	2,254
Cash paid for amounts included in the measurement of lease liabilities		$	1,362	$	1,922

Contingencies

From time to time, the Company may be involved in various legal proceedings and claims arising in the ordinary course of business. Although the outcomes of such matters cannot be predicted with certainty, the Company believes there is no litigation pending that could have, either individually or in the aggregate, a material adverse impact on the Company's consolidated financial statements.

On May 1, 2025, the Company filed a complaint in federal court in the Eastern District of Texas alleging that Sonic Healthcare USA, Inc., the healthcare company that is believed to offer ThyroSeq v3, is infringing three of the Company’s patents related to molecular testing of thyroid nodules. The complaint seeks treble damages, attorneys’ fees and costs as well as injunctive relief. On June 4, 2025, the Company filed an amended complaint asserting two additional patents. On July 21, 2025, Sonic Healthcare USA, Inc. filed an answer and a motion to dismiss. The court denied Sonic Healthcare USA, Inc.’s motion to dismiss on January 20, 2026. The jury trial is currently scheduled for the first quarter of next year.

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands of dollars):


	March 31, 2026						December 31, 2025						Weighted Average Remaining Amortization Period (Years)
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Percepta product technology	$	16,000	$	(11,733)	$	4,267	$	16,000	$	(11,467)	$	4,533	4
Prosigna product technology	4,120		(1,740)		2,380		4,120		(1,671)		2,449		8.7
Decipher product technology	97,300		(45,930)		51,370		97,300		(43,558)		53,742		6.3
Decipher trade names	4,000		(4,000)		—		4,000		(3,843)		157
C2i developed technology	25,300		(3,654)		21,646		25,300		(3,233)		22,067		12.8
Total finite-lived intangibles	146,720		(67,057)		79,663		146,720		(63,772)		82,948		8.0
In-process research and development	6,200		—		6,200		6,200		—		6,200
Total intangible assets	$	152,920	$	(67,057)	$	85,863	$	152,920	$	(63,772)	$	89,148

Schedule of Future Aggregate Amortization Expense

The estimated future aggregate amortization expense as of March 31, 2026 is as follows (in thousands of dollars):


Year Ending December 31,	Amounts
2026 remainder of year	$	9,386
2027	12,515
2028	12,515
2029	12,515
2030	11,715
Thereafter	21,017
Total	$	79,663

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands of dollars):


	March 31, 2026		December 31, 2025
Accrued compensation expenses	$	18,935	$	27,459
Accrued other	24,194		21,342
Total accrued liabilities	$	43,129	$	48,801

Fair Value Measurements - Schedule of Fair Value Measurement Input (Details)	Mar. 31, 2026	Dec. 31, 2025
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.053	0.048
Probability of achievement \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.04	0.04
Probability of achievement \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.30	0.40
Probability of achievement \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.25	0.34

Balance Sheet Components - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
2026 remainder of year	$ 9,386
2027	12,515
2028	12,515
2029	12,515
2030	11,715
Thereafter	21,017
Net Carrying Amount	$ 79,663	$ 82,948

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Goodwill

Goodwill was $767.2 million as of both March 31, 2026 and December 31, 2025. The Company has not recorded any impairment related to goodwill.

Intangible Assets, Net

Intangible assets include finite-lived product technology, customer relationships, licenses and trade names and indefinite-lived in-process research and development. Intangible assets consisted of the following (in thousands of dollars):


	March 31, 2026						December 31, 2025						Weighted Average Remaining Amortization Period (Years)
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Percepta product technology	$	16,000	$	(11,733)	$	4,267	$	16,000	$	(11,467)	$	4,533	4
Prosigna product technology	4,120		(1,740)		2,380		4,120		(1,671)		2,449		8.7
Decipher product technology	97,300		(45,930)		51,370		97,300		(43,558)		53,742		6.3
Decipher trade names	4,000		(4,000)		—		4,000		(3,843)		157
C2i developed technology	25,300		(3,654)		21,646		25,300		(3,233)		22,067		12.8
Total finite-lived intangibles	146,720		(67,057)		79,663		146,720		(63,772)		82,948		8.0
In-process research and development	6,200		—		6,200		6,200		—		6,200
Total intangible assets	$	152,920	$	(67,057)	$	85,863	$	152,920	$	(63,772)	$	89,148

Acquisition-related intangibles are generally finite-lived and are carried at cost less accumulated amortization. Amortization of the finite-lived intangible assets is recognized on a straight-line basis over their estimated lives, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.

Amortization expense of $3.3 million and $3.2 million was recognized for the three months ended March 31, 2026 and 2025, respectively.

The estimated future aggregate amortization expense as of March 31, 2026 is as follows (in thousands of dollars):


Year Ending December 31,	Amounts
2026 remainder of year	$	9,386
2027	12,515
2028	12,515
2029	12,515
2030	11,715
Thereafter	21,017
Total	$	79,663

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands of dollars):


	March 31, 2026		December 31, 2025
Accrued compensation expenses	$	18,935	$	27,459
Accrued other	24,194		21,342
Total accrued liabilities	$	43,129	$	48,801

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income	$ 28,707	$ 7,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,430	5,362
Loss on disposal of property, plant and equipment	366	0
Stock-based compensation	12,761	10,958
Deferred income taxes	(10)	15
Noncash lease expense	732	904
Revaluation of acquisition-related contingent consideration	(350)	(1,954)
Effect of foreign currency on operations	(80)	(1,585)
Amortization of discount on short-term investments	(614)	(882)
Changes in operating assets and liabilities:
Accounts receivable	(5,567)	(7,053)
Supplies	(870)	(2,298)
Prepaid expenses and other current assets	(1,306)	(2,928)
Other assets	(132)	122
Operating lease liabilities	(319)	(577)
Accounts payable	2,587	7,120
Accrued liabilities and deferred revenue	(6,120)	(8,889)
Net cash provided by operating activities	35,215	5,362
Investing activities
Purchase of short-term investments	(124,999)	(49,999)
Purchases of property, plant and equipment	(2,962)	(1,819)
Net cash used in investing activities	(127,961)	(51,818)
Financing activities
Payment of taxes on vested restricted stock units	(9,364)	(9,451)
Proceeds from the exercise of common stock options and employee stock purchases	2,735	2,967
Net cash used in financing activities	(6,629)	(6,484)
Decrease in cash, cash equivalents and restricted cash	(99,375)	(52,940)
Effect of foreign currency on cash, cash equivalents and restricted cash	(58)	74
Net decrease in cash, cash equivalents and restricted cash	(99,433)	(52,866)
Cash, cash equivalents and restricted cash at beginning of period	364,226	240,631
Cash, cash equivalents and restricted cash at end of period	264,793	187,765
Supplementary cash flow information:
Purchases of property, plant and equipment included in accounts payable and accrued liability	2,317	977
Cash paid for tax	$ 164	$ 121

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at beginning of period (in shares) at Dec. 31, 2024		77,773,000
Balance at beginning of period at Dec. 31, 2024	$ 1,175,966	$ 78	$ 1,655,961	$ (443,983)	$ (36,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of stock options and vesting of restricted stock units (in shares)		449,000
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	1,320	$ 0	1,320
Issuance of common stock under employee stock purchase plan (ESPP) (in shares)		84,000
Issuance of common stock under employee stock purchase plan (ESPP)	1,647		1,647
Tax portion of vested restricted stock units	(9,451)		(9,451)
Stock-based compensation expense (employee)	10,753		10,753
Stock-based compensation expense (ESPP)	205		205
Net income	7,047			7,047
Currency translation adjustments	7,449				7,449
Balance at end of period (in shares) at Mar. 31, 2025		78,306,000
Balance at end of period at Mar. 31, 2025	$ 1,194,936	$ 78	1,660,435	(436,936)	(28,641)
Balance at beginning of period (in shares) at Dec. 31, 2025	79,359,005	79,359,000
Balance at beginning of period at Dec. 31, 2025	$ 1,309,576	$ 79	1,695,339	(377,630)	(8,212)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of stock options and vesting of restricted stock units (in shares)		336,000
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	796	$ 1	795
Issuance of common stock under employee stock purchase plan (ESPP) (in shares)		97,000
Issuance of common stock under employee stock purchase plan (ESPP)	1,939		1,939
Tax portion of vested restricted stock units	(9,364)		(9,364)
Stock-based compensation expense (employee)	12,384		12,384
Stock-based compensation expense (ESPP)	377		377
Net income	28,707			28,707
Currency translation adjustments	$ (9)				(9)
Balance at end of period (in shares) at Mar. 31, 2026	79,791,856	79,792,000
Balance at end of period at Mar. 31, 2026	$ 1,344,406	$ 80	$ 1,701,470	$ (348,923)	$ (8,221)

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	79,791,856	79,359,005
Common stock, shares outstanding (in shares)	79,791,856	79,359,005

Organization, Description of Business and Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Class of Stock [Line Items]
Number of operating segments \| segment	1
Intangible asset amortization - operating expenses	$ 3,300,000	$ 3,200,000
Short-term investments, allowance for expected credit losses	0		$ 0
Deposits	1,700,000		1,600,000
Total revenue	139,071,000	114,473,000
Accounts receivable	50,112,000		44,660,000
Other Testing Revenue
Class of Stock [Line Items]
Total revenue	4,200,000	400,000
Biopharmaceutical and other revenue
Class of Stock [Line Items]
Total revenue	301,000	3,584,000
Accounts receivable	1,100,000		3,600,000
Deferred revenue	$ 700,000		$ 1,200,000
Amortization Of Intangible Assets
Class of Stock [Line Items]
Intangible asset amortization - operating expenses		$ 900,000

Components of Other Income (Tables)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Schedule of Other Income, net

Other income, net consists of the following (in thousands of dollars):


	Three Months Ended March 31,
		2026		2025
Interest income		$	3,478	$	2,762
Settlement of escrow claims		4,179		—
Interest expense		—		—
Gain (loss) on currency revaluation		23		1,546
Other		(352)		216
Total		$	7,328	$	4,524

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Segment (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Information about reported segment revenue, measures of segment profit or loss, significant segment expenses and reconciliation to income from operations was as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Revenue:
Testing revenue		$	135,091	$	107,309
Product revenue		3,679		3,580
Biopharmaceutical and other revenue		301		3,584
Total revenue		139,071		114,473
Cost of revenue:
Cost of testing revenue:
Laboratory supplies and reagents expense		12,314		13,067
Sample collection expense		3,288		2,825
Compensation expense		9,804		5,611
Other cost of testing revenue (1)		4,937		3,385
Allocation of facilities and IT expenses		2,963		3,372
Total cost of testing revenue		33,306		28,260
Cost of product revenue:
Product costs		1,401		109
License fees and royalties		313		324
Other cost of product revenue (2)		174		792
Allocation of facilities and IT expenses		3		197
Total cost of product revenue		1,891		1,422
Cost of biopharmaceutical and other revenue:
Compensation expense		—		1,240
Other cost of biopharmaceutical and other revenue (3)		8		1,044
Allocation of facilities and IT expenses		—		414
Total cost of biopharmaceutical and other revenue		8		2,698
Intangible asset amortization - cost of revenue		2,707		2,585
Gross profit		101,159		79,508
Operating expenses:
Research and development:
Compensation expense		15,547		9,748
Direct research and development expense		4,198		4,141
Other research and development expenses (4)		5,460		1,815
Allocation of facilities and IT expenses		1,893		2,016
Total research and development		27,098		17,720
Selling and marketing:
Compensation expense		19,972		17,635
Direct marketing expense		1,455		710
Other selling and marketing expenses (5)		4,561		3,853
Allocation of facilities and IT expenses		1,168		2,256
Total selling and marketing		27,156		24,454
General and administrative:
Compensation expense		16,236		20,173
Other general and administrative expenses (6)		13,471		21,890
Allocation of facilities and IT expenses		(6,027)		(8,255)
Total general and administrative		23,680		33,808

Intangible asset amortization - operating expenses		579		622
Other income, net		(7,328)		(4,524)
Income tax provision		1,267		381
Net income		$	28,707	$	7,047

________________

(1)Other cost of testing revenue includes cytopathology services, depreciation and amortization and other expenses.

(2)Other cost of product revenue includes contract manufacturing fees, license fees and royalties, depreciation and amortization and other expenses.

(3)Other cost of biopharmaceutical and other revenue includes professional fees, information technology expense, depreciation and amortization and other expenses.

(4)Other research and development expenses include depreciation and amortization and other expenses.

(5)Other selling and marketing expenses include travel, entertainment, conference and other expenses.

(6)Other general and administrative expenses include professional fees, information technology expense, occupancy costs, depreciation and amortization, contingent consideration and other expenses.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 28,707	$ 7,047
Other comprehensive income (loss):
Change in currency translation adjustments	(9)	7,449
Net comprehensive income	$ 28,698	$ 14,496

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- 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

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 146,720	$ 146,720
Accumulated Amortization	(67,057)	(63,772)
Net Carrying Amount	$ 79,663	82,948
Weighted Average Remaining Amortization Period (Years)	8 years
Intangible Assets, Net (Including Goodwill) [Abstract]
Total intangible assets	$ 152,920	152,920
Accumulated Amortization	(67,057)	(63,772)
Intangible assets, net	85,863	89,148
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,200	6,200
Percepta product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,000	16,000
Accumulated Amortization	(11,733)	(11,467)
Net Carrying Amount	$ 4,267	4,533
Weighted Average Remaining Amortization Period (Years)	4 years
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (11,733)	(11,467)
Prosigna product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,120	4,120
Accumulated Amortization	(1,740)	(1,671)
Net Carrying Amount	$ 2,380	2,449
Weighted Average Remaining Amortization Period (Years)	8 years 8 months 12 days
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (1,740)	(1,671)
Decipher product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	97,300	97,300
Accumulated Amortization	(45,930)	(43,558)
Net Carrying Amount	$ 51,370	53,742
Weighted Average Remaining Amortization Period (Years)	6 years 3 months 18 days
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (45,930)	(43,558)
Decipher trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,000	4,000
Accumulated Amortization	(4,000)	(3,843)
Net Carrying Amount	$ 0	157
Weighted Average Remaining Amortization Period (Years)
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (4,000)	(3,843)
C2i developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,300	25,300
Accumulated Amortization	(3,654)	(3,233)
Net Carrying Amount	$ 21,646	22,067
Weighted Average Remaining Amortization Period (Years)	12 years 9 months 18 days
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (3,654)	$ (3,233)

Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Earnings Per Share

The following table sets forth the computation of basic and diluted EPS (in thousands, except per-share amounts):


	Three Months Ended March 31,
		2026		2025
Numerator for basic and diluted EPS — net income (A)		$	28,707	$	7,047
Denominator for basic EPS — weighted average shares (B)		79,537		78,028
Effect of potentially dilutive common stock from:
Shares of common stock subject to outstanding options		490		671
Restricted stock units		1,243		1,320
Employee stock purchase plan		44		37
Dilutive potential common shares		1,777		2,028
Denominator for diluted EPS — adjusted weighted average shares and assumed conversions (C)		81,314		80,056
Basic EPS (A / B)		$	0.36	$	0.09
Diluted EPS (A / C)		$	0.35	$	0.09
Common stock equivalent shares excluded from the dilutive calculation due to antidilutive effect:
Shares of common stock subject to outstanding options		162		305
Restricted stock units		73		27

Anti-dilutive potential common shares		235		332