10x Genomics次季收入跌13% 剔除一次性授權後實質增3% 虧損擴大至1790萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 10-Q
_____________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________
Commission File Number: 001-39035

10x Genomics, Inc.
(Exact name of registrant as specified in its charter)

Delaware45-5614458
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

6230 Stoneridge Mall Road
Pleasanton, California
94588

(Address of principal executive offices)
(Zip Code)

(925) 401-7300
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
_____________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading
SymbolName of each exchange
on which registered
Class A common stock, par value $0.00001 per shareTXGThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐

Non-accelerated filer☐Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  ☒
As of July 31, 2026, the registrant had 120,212,296 shares of Class A common stock, $0.00001 par value per share, outstanding and 10,078,872 shares of Class B common stock, $0.00001 par value per share, outstanding.

Table of Contents

Table of Contents

Page

PART I.
FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)
2

Condensed Consolidated Balance Sheets
2

Condensed Consolidated Statements of Operations
3

Condensed Consolidated Statements of Comprehensive Income (Loss)
4

Condensed Consolidated Statements of Stockholders’ Equity 
5

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
19

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
24

Item 4.
Controls and Procedures
24

PART II.
OTHER INFORMATION
26

Item 1.
Legal Proceedings
26

Item 1A.
Risk Factors
26

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
26

Item 5.
Other Information
26

Item 6.
Exhibits
27

Signatures
28

Table of Contents

10x Genomics, Inc.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to those sections’ “safe harbor.” All statements, other than historical facts, may be forward-looking statements. Forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or variations of these terms or similar terminology generally can identify forward-looking statements, but the absence of these words is not determinative. These forward-looking statements include statements regarding 10x Genomics, Inc.’s expectations regarding our plans, objectives, goals, beliefs, business strategies, acquisitions of Scale Biosciences, Inc. and Proteintech Genomics, Inc., results of operations, financial position, sufficiency of our capital resources, business outlook, future events, business conditions, key business metrics and key factors affecting our performance, revenues, gross margin, expenses, organization, business and other trends, expected future investments including anticipated capital expenditures, anticipated size of market opportunities and our ability to capture them, expected uses, plans and expectations regarding entering the clinical and diagnostic markets, the timing and outcome of regulatory filings and approvals, performance and benefits of our products and services, business trends and other information. These statements are based on management’s expectations, forecasts, beliefs, opinions, assumptions and information available at the time of filing and should not be relied upon as 10x Genomics, Inc.’s views as of any subsequent date. Actual outcomes and results could differ materially from these statements due to several factors. 10x Genomics, Inc. disclaims any obligation to update any published forward-looking statements except as required by law.
The material risks, uncertainties and other factors that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ from those indicated by the forward-looking statements made include those described in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Our periodic filings are accessible on the U.S. Securities and Exchange Commission's (“SEC”) website at www.sec.gov. Although we believe the expectations reflected in the forward-looking statements are reasonable, new risks and uncertainties may emerge, and it is not possible for us to predict their impact on the forward-looking statements contained in this Quarterly Report. Moreover, the information the forward-looking statements are based upon may be limited or incomplete, and may not be based upon all potentially relevant information. We cannot guarantee future events, circumstances, results, performance or achievements. In light of the foregoing, investors are urged not to place undue reliance on any forward-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of the Company.
Unless otherwise stated or the context otherwise indicates, references to “we,” “us,” “our,” “the Company,” “10x” and similar references refer to 10x Genomics, Inc. and its subsidiaries. 
Channels for Disclosure of Information
Investors and others should note that we may announce material information to the public through filings with the SEC, our website (https://www.10xGenomics.com), press releases, public conference calls, public webcasts and our social media accounts (https://www.linkedin.com/company/10xgenomics, https://X.com/10xGenomics, https://www.facebook.com/10xGenomics, https://bsky.app/profile/10xgenomics.bsky.social and https://www.youtube.com/@10xGenomics_). We use these channels to communicate with our customers and the public about the Company, our products, our services, our financial results, business developments and other matters. We encourage our investors, the media and others to review the information disclosed through such channels as such information could be deemed to be material information. The information on such channels, including on our website and our social media accounts, is not incorporated by reference in this Quarterly Report and shall not be deemed to be incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing. Please note that this list of disclosure channels may be updated from time to time.
1

Table of Contents

10x Genomics, Inc.
PART I—FINANCIAL INFORMATION

Item 1.    Financial Statements.

10x Genomics, Inc.
Condensed Consolidated Balance Sheets
 (In thousands)

June 30,
2026December 31,
2025
(Unaudited)(Note 1)
Assets
Current assets:
Cash and cash equivalents$502,512 $473,966 
Marketable securities49,521 49,443 
Accounts receivable, net47,545 47,013 
Other receivables3,084 35,480 
Inventory52,616 56,341 
Prepaid expenses and other current assets19,393 22,208 
Total current assets674,671 684,451 
Property and equipment, net215,324 226,711 
Operating lease right-of-use assets56,685 60,450 
Goodwill6,918 4,511 
Intangible assets, net61,160 62,329 
Other noncurrent assets15,308 2,913 
Total assets$1,030,066 $1,041,365 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$20,694 $12,733 
Accrued compensation and related benefits24,744 42,500 
Accrued expenses and other current liabilities30,377 39,971 
Deferred revenue23,610 23,902 
Operating lease liabilities12,015 10,985 
Contingent consideration, current7,069 23,363 
Total current liabilities118,509 153,454 
Contingent consideration, noncurrent2,991 1,237 
Operating lease liabilities, noncurrent66,781 73,376 
Deferred revenue, noncurrent9,683 10,501 
Other noncurrent liabilities6,556 6,471 
Total liabilities204,520 245,039 
Commitments and contingencies (Note 5)

Stockholders’ equity:
Preferred stock— — 
Common stock2 2 
Additional paid-in capital2,367,459 2,306,690 
Accumulated deficit(1,541,992)(1,510,591)
Accumulated other comprehensive income77 225 
Total stockholders’ equity825,546 796,326 
Total liabilities and stockholders’ equity$1,030,066 $1,041,365 

     The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Products and services revenue$149,094 $145,157 $298,990 $282,980 
License and royalty revenue1,942 27,751 2,889 44,811 
Revenue151,036 172,908 301,879 327,791 
Cost of products and services revenue38,539 47,824 83,204 97,262 
Gross profit112,497 125,084 218,675 230,529 
Operating expenses:
Research and development56,791 61,224 113,638 125,469 
Selling, general and administrative78,661 74,434 145,038 164,162 
Gain on settlement(3,400)(40,700)(3,400)(49,900)
Total operating expenses132,052 94,958 255,276 239,731 
Income (loss) from operations(19,555)30,126 (36,601)(9,202)
Other income (expense):
Interest income4,797 4,271 9,811 7,957 
Interest expense— (3)— (3)
Other income (expense), net(3,887)2,603 (4,702)4,739 
Total other income910 6,871 5,109 12,693 
Income (loss) before provision for income taxes(18,645)36,997 (31,492)3,491 
Provision for (benefit from) income taxes(714)2,459 (91)3,311 
Net income (loss)$(17,931)$34,538 $(31,401)$180 

Net income (loss) per share, basic$(0.14)$0.28 $(0.24)$0.00 
Net income (loss) per share, diluted$(0.14)$0.28 $(0.24)$0.00 

Weighted-average shares used to compute net income (loss) per share, basic129,984,169 123,755,409 129,050,312 123,183,924 
Weighted-average shares used to compute net income (loss) per share, diluted129,984,169 124,509,720 129,050,312 124,258,150 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(In thousands)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net income (loss)$(17,931)$34,538 $(31,401)$180 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available-for-sale marketable securities(15)3 (37)(17)

Foreign currency translation adjustment(22)584 (111)730 
Other comprehensive income (loss), net of tax(37)587 (148)713 
Comprehensive income (loss)$(17,968)$35,125 $(31,549)$893 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share data)

Common StockAdditional 
Paid-in
CapitalAccumulated
DeficitAccumulated
Other Comprehensive
Income (Loss)Total
Stockholders’
Equity
SharesAmount
Balance as of December 31, 2025127,691,329 $2 $2,306,690 $(1,510,591)$225 $796,326 
Issuance of Class A common stock related to equity awards900,221 — 273 — — 273 
Issuance of Class A common stock for settlement of contingent consideration396,584 — 8,699 — — 8,699 
Stock-based compensation— — 22,607 — — 22,607 
Net loss— — — (13,470)— (13,470)
Other comprehensive loss— — — — (111)(111)
Balance as of March 31, 2026128,988,134 2 2,338,269 (1,524,061)114 814,324 
Issuance of Class A common stock related to equity awards1,294,182 — 3,016 — — 3,016 
Stock-based compensation— — 26,174 — — 26,174 
Net loss— — — (17,931)— (17,931)
Other comprehensive loss— — — — (37)(37)
Balance as of June 30, 2026130,282,316 $2 $2,367,459 $(1,541,992)$77 $825,546 

Common StockAdditional 
Paid-in
CapitalAccumulated
DeficitAccumulated
Other Comprehensive
Income (Loss)Total
Stockholders’
Equity
SharesAmount
Balance as of December 31, 2024122,291,837 $2 $2,177,672 $(1,467,047)$(493)$710,134 
Issuance of Class A common stock related to equity awards841,913 — 422 — — 422 
Stock-based compensation— — 30,571 — — 30,571 
Net loss— — — (34,358)— (34,358)
Other comprehensive income— — — — 126 126 
Balance as of March 31, 2025123,133,750 2 2,208,665 (1,501,405)(367)706,895 
Issuance of Class A common stock related to equity awards1,308,382 — 3,522 — — 3,522 
Stock-based compensation— — 27,737 — — 27,737 
Net income— — — 34,538 — 34,538 
Other comprehensive income— — — — 587 587 
Balance as of June 30, 2025124,442,132 $2 $2,239,924 $(1,466,867)$220 $773,279 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

Six Months Ended June 30,
20262025
Operating activities:
Net income (loss)$(31,401)$180 
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense48,258 58,635 
Depreciation and amortization19,621 15,837 
Non-cash lease expense3,969 3,628 
Fair value adjustments on contingent consideration3,466 — 
Asset and lease impairment charges— 114 
Deferred income taxes(1,434)— 
Other(616)(926)
Changes in operating assets and liabilities:
Accounts receivable(534)37,917 
Other receivables32,147 (68,484)
Inventory5,703 15,084 
Prepaid expenses and other current assets3,151 (741)
Other noncurrent assets(11,923)2,439 
Accounts payable8,072 3,488 
Accrued compensation and other related benefits(17,833)(7,817)
Deferred revenue(1,509)(458)
Accrued contingent consideration and assumed liabilities(613)— 
Accrued expenses and other current liabilities(9,694)(2,891)
Operating lease liability(5,826)(4,986)
Other noncurrent liabilities90 1,040 
Net cash provided by operating activities43,094 52,059 
Investing activities:
Business combination(6,101)— 
Purchases of property and equipment(3,185)(3,471)
Purchases of marketable securities(49,260)(49,361)

Proceeds from maturities of marketable securities50,000 50,000 
Purchase of equity interest rights(500)— 
Net cash used in investing activities(9,046)(2,832)
Financing activities:
Issuance of common stock from exercise of stock options3,289 3,944 
Payment of contingent consideration(8,690)— 
Net cash provided by (used in) financing activities(5,401)3,944 
Effect of exchange rates changes on cash and cash equivalents(101)474 
Net increase in cash and cash equivalents28,546 53,645 
Cash and cash equivalents at beginning of period473,966 344,067 
Cash and cash equivalents at end of period$502,512 $397,712 

Supplemental disclosures of cash flow information:

Net cash paid for income taxes$949 $1,318 
Noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities$79 $301 
Issuance of Class A common stock for settlement of contingent consideration$8,703 $— 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $8,307 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

o

1.    Description of Business and Basis of Presentation
Organization and Description of Business
10x Genomics, Inc. (the “Company”) is a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. The Company’s integrated research solutions include the Company’s single cell instruments, which include the Company’s Chromium instruments, and the Company's Spatial instruments, which include the Company’s Visium CytAssist and Xenium Analyzer instruments, and the Company’s consumables which include proprietary microfluidic chips, slides, reagents and other consumables for the Company’s Chromium, Visium and Xenium solutions. The Company bundles its software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. Customers purchase instruments and consumables from the Company for use in their experiments. The Company was incorporated in the state of Delaware in July 2012 and began commercial and manufacturing operations and selling its instruments and consumables in 2015. The Company is headquartered in Pleasanton, California and has wholly-owned subsidiaries in Asia, Europe, Oceania and North America.
Basis of Presentation
The accompanying condensed consolidated financial statements, which include the Company’s accounts and the accounts of its wholly-owned subsidiaries, are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements of the Company at that date. Certain information and footnote disclosures typically included in the Company’s audited consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. All intercompany transactions and balances have been eliminated. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 12, 2026 (“Annual Report”).

2.    Summary of Significant Accounting Policies
There were no material changes in the Company’s significant accounting policies during the six months ended June 30, 2026 except for the addition of the policy below for business combinations. See Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report for information regarding the Company’s significant accounting policies.
Business Combinations
Under the acquisition method of accounting, the Company allocates the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require the Company to make estimates and assumptions, especially with respect to intangible assets. The Company records the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs that the Company incurs to complete the business combination, such as legal and other professional fees, are expensed as they are incurred.
If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period (not to exceed a year from the date of acquisition), the Company reports provisional amounts in its financial statements. During the measurement period, the Company adjusts the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The Company records these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in the consolidated statements of operations.
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

Segment Information
The Company operates as a single operating and reportable segment. The Company’s single reportable segment consists of its integrated research solutions, including instruments, consumables and related software for single cell and spatial analysis. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance. The CODM evaluates the Company’s performance and allocates resources based on consolidated operating results, including loss from operations. The significant segment expenses regularly provided to and reviewed by the CODM are consistent with the expense categories presented in the consolidated statements of operations.
Revenue Recognition
Products and Services Revenue
The Company generates revenue from sales of products, which consist of instruments and consumables, and services. Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. Instrument service agreements, which relate to extended warranties, are typically entered into for a one-year term, following the expiration of the standard one-year warranty period. Revenue for extended warranties is recognized ratably over the term of the extended warranty period as a stand ready performance obligation. Revenue is recorded net of discounts, distributor commissions and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 days. Cash received from customers in advance of product shipments or the provision of services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component.
The Company regularly enters into contracts that include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.
License and Royalty Revenue
The Company has agreements with third parties that include up-front fees and royalties. Revenue related to the delivery of intellectual property is recognized when the license is delivered to the third parties. Royalty revenue is recognized when the underlying sales occur. If the reporting of the actual sales from the Company’s licensees occurs after the Company’s reporting date, the Company estimates the royalty revenue receivable at the reporting date and adjusts for any changes in estimates in the following period.
Recently Issued Accounting Pronouncement and Disclosure Rules
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025 issued ASU 2025-01, Clarifying the Effective Date ("ASU 2025-01") to provide clarification as to the effective date. ASU 2024-03 requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions currently presented on the income statement; rather it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03, as amended by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on the Company's financial condition and results of operations.

3. Acquisition
On June 8, 2026, the Company entered into a stock purchase agreement (“SPA”) to acquire 100% of the outstanding shares of common stock of Proteintech Genomics, Inc. (“PTG”), a division of Proteintech Group, Inc. (“Proteintech”), for $6.1 million in cash. PTG specializes in developing high-plex proteomic solutions for single cell and spatial applications on 10x platforms. The acquisition is expected to expand the Company’s proteomics capabilities. 
Concurrently with the SPA, the Company and Proteintech entered into a supply agreement under which Proteintech will supply products to the Company for use in single-cell and spatial analysis. The supply agreement was accounted for separately from the acquisition of the PTG business. The total consideration paid for the supply agreement and the PTG business was allocated based on the relative fair value of each component, with the fair value of the supply agreement determined by using the 
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

income approach and the fair value of PTG’s enterprise value determined by using the net asset value method. Based on the allocation, $12.4 million related to the supply agreement was recorded in “Other noncurrent assets” and “Prepaid expenses and other current assets” in the condensed consolidated balance sheets. The amount allocated to the supply agreement will be reclassified to inventory as quantities are purchased over a 10-year period. $6.1 million was allocated to the PTG business. 
The fair value measurements used to allocate the total consideration between the supply agreement and the PTG business, as described above, are classified as Level 3 within the fair value hierarchy, as they are based on significant unobservable inputs, including management's estimates of future purchase volumes, contractual and market pricing, and a discount rate. 
The acquisition of the PTG business was accounted for as a business combination using the acquisition method of accounting. 
The purchase price consideration was preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess of the purchase consideration over the estimated fair value of the identifiable net assets acquired recorded as goodwill as summarized below (in thousands):

Intangible assets (developed technology)$3,700 
Total tangible assets acquired and liabilities assumed, net(6)
Goodwill2,407 
Total adjusted price consideration$6,101 

The fair value of the developed technology was estimated using a cost approach, reflecting the estimated current cost to recreate the technology with comparable functionality and utility. The developed technology intangible asset will be amortized on a straight-line basis over its estimated useful life of 10 years. Because these inputs involve significant judgment and are not observable in the market, the fair value measurement is classified as Level 3 within the fair value hierarchy. See Note 4, Other Financial Statement Information, for additional information regarding the intangible assets acquired. 
The goodwill is primarily attributable to PTG’s specialized assembled workforce and expected future synergies from combining operations. The Company does not expect the goodwill from this acquisition to be deductible for income tax purposes.
The purchase price allocation is preliminary and remains subject to adjustment during the measurement period, which may extend for up to one year from the acquisition date. 
During the three months ended June 30, 2026, the Company incurred acquisition-related transaction costs of approximately $1.0 million which were expensed as incurred and are included in selling, general and administrative expenses in the condensed consolidated statements of operations. Pro forma information for the acquisition above has not been presented as the impact of this acquisition is not material to the Company’s financial statements. 
Contingent Consideration 
In 2025, the Company completed the asset acquisition of Scale Biosciences, Inc. (“Scale Bio”) and recorded contingent consideration and assumed liabilities related to the potential achievement of certain milestones. In the first quarter of 2026, the Company made a milestone payment consisting of $10.0 million in cash and $8.7 million in shares (396,584 shares) of the Company’s Class A common stock in connection with a technology transfer completed in the third quarter of 2025. In the future, the Company may pay up to $30.0 million of contingent consideration and assumed liabilities if certain milestones are met. The Company determined that the contingent consideration and certain assumed liabilities are within the scope of ASC 480, Distinguishing Liabilities from Equity, because the related obligations may be settled in cash or shares of the Company’s Class A common stock, at the Company’s election.
The Company measures the contingent consideration and certain assumed liabilities at fair value on a recurring basis. They are valued using a probability-weighted discounted cash flow approach, which reflects management’s estimates of future outcomes, timing of payments and discount rates. Because these inputs involve significant judgment, the fair value measurements are classified as Level 3 within the fair value hierarchy.
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

The following table sets forth a summary of the changes in the fair value of the Company’s contingent consideration and certain assumed liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions (in thousands):

Six Months Ended
June 30, 2026
Beginning of period$24,600 
Settlement of contingent consideration to sellers in cash
(8,703)
Settlement of contingent consideration to sellers in equity
(8,703)
Settlement of assumed liabilities to third parties(679)
Change in fair value of contingent consideration(1)
3,545 
End of period
$10,060 

______________________________
(1) Includes the impact recognized upon cash settlement. 
Cash payments totaling $0.6 million made to third parties that were outside of the scope of ASC 480 were not included in the above table.

4.    Other Financial Statement Information
Available-for-sale Securities
Available-for-sale securities consisted of the following (in thousands):

June 30, 2026December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents: 
Money market funds$477,135 $— $— $477,135 $441,108 $— $— $441,108 Level 1
Marketable securities: 
Government debt securities49,546 — (25)49,521 49,431 12 — 49,443 Level 2
Total available-for-sale securities$526,681 $— $(25)$526,656 $490,539 $12 $— $490,551 

The contractual maturities of marketable securities as of June 30, 2026 were all less than one year.
The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and unrealized losses not related to credit losses are recognized in “Other comprehensive income (loss).” There are no allowances for credit losses for the periods presented.
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

Inventory
Inventory was comprised of the following (in thousands):

June 30,
2026December 31,
2025
Finished goods$15,963 $23,183 
Work in progress20,324 17,135 
Purchased materials16,329 16,023 
Inventory$52,616 $56,341 

Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands): 

June 30,
2026December 31,
2025
Building$147,608 $147,493 
Leasehold improvements90,400 89,724 
Laboratory equipment and machinery 81,218 78,133 
Land36,765 36,765 
Computer equipment and software15,183 15,281 
Furniture and fixtures9,841 9,850 
Construction in progress2,065 2,929 
Total property and equipment383,080 380,175 
Less: accumulated depreciation and amortization (167,756)(153,464)
Property and equipment, net$215,324 $226,711 

During the six months ended June 30, 2025, the Company recorded impairment charges of $0.1 million related to equipment. The impairment charge was triggered by a decision to discontinue an engineering project. 
Intangible Assets, Net
Intangible assets, net consisted of the following (dollars in thousands):

June 30, 2026December 31, 2025
Remaining Useful Life in YearsGr