0001818331-24-000059 | 10-Q | XBRL Viewer

Purchase Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Purchase Commitments

The following sets forth purchase commitments with software and equipment providers as of September 30, 2024 with a remaining term of at least one year:



2024 (remainder of year)	$	1,363
2025	8,844
2026	8,719
2027	4,556
2028	4,021
Total purchase commitments	$	27,503

The Company enters into contracts with suppliers to purchase materials needed for diagnostic testing. These contracts generally do not require multi-year purchase commitments.

There have been no material changes to the lease obligations from those disclosed in Note 10, “Leases” to the consolidated financial statements included in the 2023 Form 10-K.

Contingencies

The Company is or may become subject to various claims and legal actions arising in the ordinary course of business. The Company does not believe that the outcome of any existing matters will have a material effect on the Company’s condensed consolidated financial statements. However, no assurance can be given that the ultimate resolution of such proceedings will not materially impact the Company’s condensed consolidated financial statements.

Except as described below, the Company was not a party to any material legal proceedings at September 30, 2024, nor is it a party to any material legal proceedings at the date of issuance of these condensed consolidated financial statements.

On September 7, 2022, a shareholder class action lawsuit was filed in the United States District Court for the District of Connecticut, styled Helo v. Sema4 Holdings Corp., et al, 22-cv-1131 (D. Conn.) against the Company and certain of the Company’s current and former officers. Following the appointment of a lead plaintiff, an amended complaint was filed on January 30, 2023. The defendants moved to dismiss the amended complaint on August 21, 2023, and that motion was granted on July 31,

2024. A second amended complaint was filed on September 13, 2024. As amended, the complaint purports to bring suit on behalf of the stockholders who purchased the Company’s publicly traded securities between January 18, 2022 and August 15, 2022. The second amended complaint purports to allege that the defendants made false and misleading statements about the Company’s business, operations, and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and seeks unspecified compensatory damages, fees, and costs. The Company believes the allegations and claims are without merit.

On November 28, 2023, a stockholder filed a derivative suit, allegedly on behalf of the Company, based largely on the same allegations in the securities class action referenced above. The suit was filed in federal court in the District of Delaware, styled Ghazaleh v. Schadt, et al, 23-cv-01357 (D. Del.), and purports to assert claims against certain of the Company’s former and current officers and directors under Section 10(b) of the Exchange Act, and for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment and corporate waste. The Company is named only as a nominal defendant. The complaint seeks damages on the Company’s behalf, and seeks corporate governance and other relief. On March 11, 2024, the Court issued an order staying this suit pending resolution of the Helo class action referenced above.

On June 25, 2024, a substantially similar stockholder derivative suit was filed in federal court in the District of Connecticut, styled Scinto v. Schadt, et al, 2:24-cv-01100 (D. Conn.). The suit, also purportedly brought on the Company’s behalf against certain of its former or current officers and directors, asserts claims for breach of fiduciary duty, unjust enrichment, corporate waste, and violations of Sections 10(b) and 14(a) of the Exchange Act. The Company is named only as a nominal defendant. The Complaint seeks damages on the Company’s behalf, as well as corporate governance reforms and other relief. On August 8, 2024, the Court issued an order staying this suit until the earlier of a commencement of discovery, announcement of settlement, or dismissal with prejudice in the Helo class action referenced above.

On February 7, 2023, a stockholder commenced a lawsuit in the Delaware Court of Chancery. The suit is brought as a class action on behalf of stockholders of CMLS who did not redeem their shares in connection with the Business Combination between CMLS and Legacy Sema4. The defendants named in the amended complaint include and directors of CMLS at the time of the transaction, including certain directors who continue to serve on the Company’s Board of Directors, as well as CMLS Holdings LLC, Corvex Management LP, and Casdin Capital, LLC. The Company is not named as a defendant. The complaint alleges that the July 2, 2021 proxy statement mailed to CMLS stockholders in connection with the transaction contained false and misleading statements, and purports to assert a claim of breach of fiduciary duty against all individual defendants, and a similar claim against CMLS Holdings LLC and certain individuals for breach of fiduciary duty as control persons. The suit seeks to recover unspecified damages on behalf of the alleged class, among other relief. After defendants moved to dismiss the case, the plaintiff filed an amended complaint on July 6, 2023, revising certain allegations and adding third parties as defendants. The defendants answered the amended complaint on September 15, 2023. The Company is subject to certain claims for advancement and indemnification by the individual defendants in this proceeding.

During the second quarter of 2024, the parties reached an agreement in principle through mediation to resolve all claims for approximately $21 million, and during the third quarter of 2024, the parties executed a formal stipulation of settlement reflecting such agreement in principle. The settlement is expected to be funded by the Company (based on its indemnification obligations) and available insurance of approximately $10 million, and proceeds from the insurance of a third party defendant of approximately $1.4 million. The settlement must be approved by the Court in order to be finalized. There can be no assurance that such stipulation of settlement will be approved by the Court. As of September 30, 2024, the Company reserved the aforementioned settlement and associated litigation costs of approximately $2.6 million in accounts payable and accrued expenses, and recorded insurance recoveries in prepaid expenses and other current assets on the condensed consolidated balance sheet.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the accounting disclosure rules and regulations of the SEC regarding interim financial reporting. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP. These condensed financial statements consolidate the operations and accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Unless otherwise noted, all tabular dollars are in thousands, except per share amounts. Certain reclassifications have been made to the prior year condensed consolidated financial statements in order to conform to the current year’s presentation. In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair statement of the financial position and the results of operations of the Company for the interim periods presented. Interim results are not necessarily indicative of the results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012. In addition, the Company was previously a “smaller reporting company”, as defined in Item 10(f)(1) of the SEC’s Regulation S-K and currently takes advantage of certain of the scaled disclosures available to smaller reporting companies. As such, the Company is eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including reduced reporting, including the reporting of two fiscal years of financial statements, not being required to provide an auditor attestation of internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, and extended transition periods to comply with new or revised accounting standards for public business entities. The Company has elected to avail itself of this exemption and, therefore, will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. The Company bases these estimates on current facts, historical and anticipated results, trends and various other assumptions that it believes are reasonable in the circumstances, including assumptions as to future events. These estimates include, but are not limited to, the transaction price for certain contracts with customers, potential or actual claims for recoupment from third-party payors, the valuation of stock-based awards, the valuation of warrant liabilities, income taxes and intangible assets. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates, judgments and assumptions.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties The Company assesses both the self-pay patient and, if applicable, the third-party payor that reimburses the Company on the patient’s behalf when evaluating concentration of credit risk. Significant patients and payors are those that represent more than 10% of the Company’s total revenues for the period or accounts receivable balance at each respective balance sheet date. The significant concentrations of accounts receivable as of September 30, 2024 and December 31, 2023 were primarily from large managed care insurance companies, institutional billed accounts, and data arrangements. The Company does not require collateral as a means to mitigate customer credit risk.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard requires additional disclosures around disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The standard requires enhanced segment reporting disclosures, including significant segment expenses and other segment items. Additionally, the standard requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The guidance will be applied retrospectively to all periods presented in financial statements unless it is impractical to do so. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements and related disclosures.

Purchase Commitments and Contingencies - Schedule of Material Purchase Commitments (Details) - Software and Equipment Providers $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leased Assets [Line Items]
2024	$ 1,363
2025	8,844
2026	8,719
2027	4,556
2028	4,021
Total purchase commitments	$ 27,503

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 47	$ 172	$ 319	$ 515
Effective tax rate			0.56%	0.35%

- Definition

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

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (57,724)	$ (149,994)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	16,395	27,640
Stock-based compensation expense	6,293	586
Change in fair value of warrants and contingent liabilities	11,390	(684)
Deferred tax benefit	(319)	(515)
Provision for excess and obsolete inventory	137	3,634
Legal reserves	12,123	0
Change in third party payor reserves	737	(6,848)
Gain on sale of assets	0	(2,954)
Gain on debt forgiveness	0	(2,750)
Impairment loss	0	10,402
Other	2,639	1,071
Change in operating assets and liabilities:
Accounts receivable	(5,850)	10,726
Inventory	(2,131)	682
Accounts payable and accrued expenses	(7,807)	(39,913)
Other assets and liabilities	(1,196)	(1,372)
Net cash used in operating activities	(25,313)	(150,289)
Investing activities
Consideration on escrow paid for Legacy GeneDx acquisition	0	(12,144)
Purchases of property and equipment	(2,441)	(2,874)
Proceeds from sales of assets	0	3,887
Purchases of marketable securities	(52,725)	(43,935)
Proceeds from sales of marketable securities	598	0
Proceeds from maturities of marketable securities	24,955	16,665
Development of internal-use software assets	0	(461)
Net cash used in investing activities	(29,613)	(38,862)
Financing activities
Proceeds from offerings, net of issuance costs	14,589	143,002
Exercise of stock options	247	266
Long-term debt principal payments	(198)	(2,000)
Finance lease payoff and principal payments	(1,499)	(2,133)
Net cash provided by financing activities	13,139	139,135
Net decrease in cash, cash equivalents and restricted cash	(41,787)	(50,016)
Cash, cash equivalents and restricted cash, at beginning of period	100,668	138,303
Cash, cash equivalents and restricted cash, at end of period	58,881	88,287
Supplemental disclosures of cash flow information
Cash paid for interest	6,068	1,116
Cash paid for taxes	910	1,178
Stock consideration paid for purchase of business	0	6,692
Stock consideration paid pursuant to exercise of Perceptive warrant	12,586	0
Purchases of property and equipment in accounts payable and accrued expenses	2,612	1,220
Assets acquired under capital leases obligations	$ 689	$ 0

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s structure is aligned with how the chief operating decision maker (“CODM”) reviews the business, makes investing and resource allocation decisions and assesses operating performance. The Company’s two reportable segments are: (i) GeneDx inclusive of Legacy GeneDx and Legacy Sema4 data revenues and associated costs and (ii) Legacy Sema4 diagnostics. The GeneDx segment primarily provides pediatric and rare disease diagnostics with a focus on whole exome and genome sequencing and, to a lesser extent, data and information services. The Legacy Sema4 diagnostics segment provided reproductive and women’s health and somatic oncology diagnostic testing and screening products and has been completely shut down.

The CODM evaluates segment performance based on revenue and adjusted gross profit.


	Three months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Total		GeneDx		Legacy Sema4		Total
Revenue	$	76,622	$	252	$	76,874	$	50,350	$	2,953	$	53,303
Adjusted cost of services	27,370		—		27,370		26,079		225		26,304
Adjusted gross profit (1)	49,252		252		49,504		24,271		2,728		26,999

Reconciliations:
Depreciation and amortization	1,495		—		1,495		1,613		—		1,613
Stock-based compensation	174		—		174		75		—		75
Restructuring charges	6		—		6		52		—		52
Gross profit	$	47,577	$	252	$	47,829	$	22,531	$	2,728	$	25,259


	Nine months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Total		GeneDx		Legacy Sema4		Total
Revenue	$	207,007	$	2,803	$	209,810	$	136,269	$	8,879	$	145,148
Adjusted cost of services	77,992		145		78,137		81,357		2,305		83,662
Adjusted gross profit (1)	129,015		2,658		131,673		54,912		6,574		61,486

Reconciliations:
Depreciation and amortization	3,119		—		3,119		3,322		113		3,435
Stock-based compensation	308		—		308		631		(1,971)		(1,340)
Restructuring charges	54		—		54		108		31		139
Gross profit	$	125,534	$	2,658	$	128,192	$	50,851	$	8,401	$	59,252

(1)Adjusted cost of services and adjusted gross profit exclude depreciation and amortization expense, stock-based compensation expense and restructuring costs.

Management manages assets on a total company basis, not by reporting segment. The CODM does not regularly review any asset information by reporting segment and, accordingly, the Company does not report asset information by reporting segment.

- 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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Purchase Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, damages awarded, value	$ 21.0
Loss contingency, damages awarded, to be paid by insurance, value		$ 10.0
Proceeds from the insurance		1.4
Litigation settlement, cost		$ 2.6

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(8,312)	$	(42,286)	$	(57,724)	$	(149,994)
Denominator:
Basic and diluted weighted-average common shares outstanding	27,095,986		25,788,747		26,593,877		23,777,327
Basic and diluted loss per share	$	(0.31)	$	(1.64)	$	(2.17)	$	(6.31)

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented as the effect would be anti-dilutive:


	September 30,
	2024	2023
Outstanding options and RSUs to purchase Class A common stock	2,471,354	2,321,011
Outstanding warrants	666,515	666,515


Outstanding 2021 ESPP shares	28,512	—
Total	3,166,381	2,987,526

Supplemental Financial Information - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accrued compensation	$ 12,821	$ 12,465
Accrued severance	615	1,853
Other	3,065	2,018
Nonrelated Party
Related Party Transaction [Line Items]
Total	$ 16,501	$ 16,336

Restructuring Costs - Schedule of Restructuring Activity (Details) - Severance $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1,853
Charged to Costs and Expenses	1,460
Payments and Other	(2,698)
Restructuring reserve, ending balance	$ 615

Net Loss per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(8,312)	$	(42,286)	$	(57,724)	$	(149,994)
Denominator:
Basic and diluted weighted-average common shares outstanding	27,095,986		25,788,747		26,593,877		23,777,327
Basic and diluted loss per share	$	(0.31)	$	(1.64)	$	(2.17)	$	(6.31)


	September 30,
	2024	2023
Outstanding options and RSUs to purchase Class A common stock	2,471,354	2,321,011
Outstanding warrants	666,515	666,515


Outstanding 2021 ESPP shares	28,512	—
Total	3,166,381	2,987,526

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Dec. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Net increase to revenue		$ 6.3	$ 3.0
Amortization of deferred costs		0.3	$ 0.4	$ 1.0	$ 1.5
Certain Payor Matters
Loss Contingencies [Line Items]
Total settlement amount	$ 42.0
Loss contingency accrual, product liability, gross		22.0		22.0
Loss contingency accrual, product liability, undiscounted, to be paid, remainder of fiscal year		10.0		10.0
Loss contingency accrual, product liability, undiscounted, to be paid, year one		10.0		10.0
Loss contingency accrual, product liability, undiscounted, to be paid, year two		2.0		2.0
Liability reserve, potential recoupments, current		$ 24.7		$ 24.7
Liability reserve, potential recoupments, noncurrent						$ 27.0

Supplemental Financial Information - Schedule of Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Cash and cash equivalents	$ 57,894	$ 99,681
Restricted cash (included in other assets)	987	987
Total	$ 58,881	$ 100,668	$ 88,287	$ 138,303

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

At September 30, 2024, long-term debt matures as follows:


2024 (remainder of year)	$	299
2025	1,211
2026	1,235
2027	1,260
2028	51,285
Thereafter	762
Total debt	56,052
Less: current portion of long-term debt	(1,205)
Less: long-term debt issuance costs	(2,813)
Total long-term debt, net of current portion and debt issuance costs	$	52,034

Perceptive Term Loan Facility

On October 27, 2023 (the “Closing Date”), the Company entered into the Perceptive Term Loan Facility. An initial tranche of $50 million (the “Tranche A Loan”) was funded under the Perceptive Term Loan Facility on the Closing Date. In addition to the Tranche A Loan, the Perceptive Term Loan Facility includes an additional tranche of $25 million (the “Tranche B Loan,” and together with the Tranche A Loan, the “Term Loans”), which will be accessible by the Company so long as the Company satisfies certain customary conditions precedent, including a specified revenue milestone (the funding date of the Tranche B Loan, the “Tranche B Borrowing Date”). The Perceptive Term Loan Facility has a maturity date of October 27, 2028 (the “Maturity Date”) and provides for an interest-only period during the term of the loan with principal due at the maturity date.

Interest Rate

The Perceptive Term Loan Facility will accrue interest at an annual rate equal to the sum of (a) Term SOFR (as defined in the Credit Agreement) and (b) an applicable margin of 7.5% (the “Applicable Margin”). Accrued interest on the Term Loans is payable monthly in arrears. Upon an Event of Default (as defined in the Credit Agreement), the Applicable Margin will automatically increase by an additional 4% per annum.

Amortization and Prepayment

Prior to the Maturity Date, there will be no scheduled principal payments under the Perceptive Term Loan Facility. On the Maturity Date, the Company is required to pay Perceptive the aggregate outstanding principal amount of the Term Loans and all accrued and unpaid interest thereon. The Term Loans may be prepaid at any time, subject to a prepayment premium equal to 0% to 10% of the aggregate outstanding principal amount being prepaid, depending on the date of prepayment.

Security Instruments and Warrant

In connection with the Credit Agreement, the Company also entered into a Security Agreement, dated as of the Closing Date, with Perceptive, pursuant to which all of its obligations under the Credit Agreement are secured by a first lien perfected security interest on substantially all of its existing and after-acquired assets, subject to customary exceptions.

On the Closing Date, as consideration for the Credit Agreement, the Company issued the Perceptive Warrant to Perceptive, which allows them to purchase up to 1,200,000 Warrant Shares. The 800,000 Initial Warrant Shares vested and became exercisable on the Closing Date and the 400,000 Additional Warrant Shares will potentially vest and become exercisable on the Tranche B Borrowing Date. The per share exercise price for the Initial Warrant Shares is $3.1752 (the “Initial Warrant Exercise Price”), which is equal to the 10-day volume weighted average price (the “10-day VWAP”) of the Company’s Class A common stock at the end of the business day immediately prior to the Closing Date, and the per share exercise price for the Additional Warrant Shares will be equal to the lower of (a) the Initial Warrant Exercise Price or (b) the 10-day VWAP ending on the end of the business day immediately preceding the Tranche B Borrowing Date. The Perceptive Warrant will be exercisable, in whole or in part, until the 10th anniversary of the applicable vesting date.

On April 30, 2024, Perceptive provided the Company with a notice to exercise the Initial Warrant Shares at an aggregate exercise price of $2.5 million and instructed the Company to withhold a number of Initial Warrant Shares as payment for the aggregate exercise price. As a result, the Company issued 645,414 shares of its Class A common stock in satisfaction of the cashless exercise in respect of the Initial Warrant Shares. See Note 4, “Fair Value Measurements” included within this Quarterly Report for further information.

Connecticut Department of Economic and Community Development Funding Commitment

In June 2017, ISMMS assigned a loan funding commitment from the DECD to the Company (the “DECD Loan Agreement”) to support the Genetic Sequencing Laboratory Project in Branford, Connecticut, with funding based on the achievement of certain project development phases. The DECD Loan Agreement provided for a total loan commitment of $15.5 million at a fixed annual interest rate of 2.0% for a term of 10 years. The Company was required to make interest-only payments through July 2023 and principal and interest payments commencing in August 2023. The final payment of principal and interest was due in July 2028. However, under the terms of the DECD Loan Agreement, the DECD granted a partial principal loan forgiveness of up to $12.3 million in the aggregate. Such forgiveness was contingent upon the Company achieving certain job creation and retention milestones and $4.5 million had been forgiven at December 31, 2022. This commitment was collateralized by a security interest in certain machinery and equipment the Company acquired from ISMMS, as defined in a separate security agreement.

In January 2023, the Company amended the DECD Loan Agreement, which resulted in the Company agreeing to pay $2.0 million in principal, obtaining $2.8 million in debt forgiveness for achieving its Phase 2 job milestone, and agreeing to two new forgiveness milestone targets for its Phase 3 job milestone (eligible for $2.0 million in forgiveness) and a final phase job milestone (eligible for $1.0 million in forgiveness) (the “2022 Amended DECD Loan Agreement”). Upon execution of this amendment, the Company paid the $2.0 million in principal and received $2.8 million in debt forgiveness, and the Company recognized the debt forgiveness as other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2023. The terms of the 2022 Amended DECD Loan Agreement required the Company to make interest-only payments through July 2024 and requires the Company to make principal and interest payments commencing in August 2024 through July 2029 at the same fixed annual interest rate of 2.0%. The other terms of the 2022 Amended DECD Loan Agreement remained the same.

Commencing in August 2024, the Company made principal payments totaling $0.2 million during the three months ended September 30, 2024. The outstanding loan balance from the 2022 Amended DECD Loan Agreement was $6.1 million as of September 30, 2024.

Long-Term Debt - Connecticut Department of Economic and Community Development Funding Commitment (Details) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) milestone	Jun. 30, 2017 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)
DECD Loan Agreement
Debt Instrument [Line Items]
Total funding commitment		$ 15.5
Interest rate (as percent)		2.00%
Administrative expenses over period (in years)		10 years
Maximum loan forgiveness				$ 12.3
Debt forgiven					$ 4.5
Long-term debt principal payments			$ 0.2
Number of forgiveness milestones \| milestone	2
Outstanding loan balance			$ 6.1	$ 6.1
DECD Loan Agreement, Phase 2 Funding
Debt Instrument [Line Items]
Debt forgiven	$ 2.8
Long-term debt principal payments	2.0
DECD Loan Agreement, Phase 3 Funding
Debt Instrument [Line Items]
Debt forgiveness eligible	2.0
DECD Loan Agreement, Final Phase Funding
Debt Instrument [Line Items]
Debt forgiveness eligible	$ 1.0

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Expenses

Total related party costs are included within cost of services and other operating expenses, net in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of services	$	2,839	$	1,305	$	6,268	$	3,769

Other operating expenses, net	774		1,782		2,622		4,581
Total related party costs	$	3,613	$	3,087	$	8,890	$	8,350

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities

The following tables set forth the fair value of financial instruments that were measured at fair value on a recurring basis:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	17,906	$	17,906	$	—	$	—
U.S. treasury bonds	32,912		—		32,912		—
Corporate and municipal bonds	25,413		—		25,413		—
Total financial assets	$	76,231	$	17,906	$	58,325	$	—

Financial Liabilities:
Public warrant liability	$	1,057	$	1,057	$	—	$	—
Private warrant liability	483		—		483		—

Total financial liabilities	$	1,540	$	1,057	$	483	$	—


	December 31, 2023
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	92,702	$	92,702	$	—	$	—
U.S. treasury bonds	6,128		—		6,128		—
Corporate and municipal bonds	24,098		—		24,098		—
Total financial assets	$	122,928	$	92,702	$	30,226	$	—

Financial Liabilities:
Public warrant liability	$	149	$	149	$	—	$	—
Private warrant liability	71		—		71		—
Perceptive warrant liability	2,515		—		—		2,515
Total financial liabilities	$	2,735	$	149	$	71	$	2,515

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregated Revenue

The following table summarizes the Company’s disaggregated revenue by payor category:


	Three months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Consolidated		GeneDx		Legacy Sema4		Consolidated
Diagnostic test revenue:
Patients with third-party insurance	$	59,291	$	252	$	59,543	$	32,825	$	2,950	$	35,775
Institutional customers	17,415		—		17,415		15,720		—		15,720
Self-pay patients	460		—		460		457		3		460
Total diagnostic test revenue	77,166		252		77,418		49,002		2,953		51,955
Other revenue	(544)		—		(544)		1,348		—		1,348
Total	$	76,622	$	252	$	76,874	$	50,350	$	2,953	$	53,303


	Nine months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Consolidated		GeneDx		Legacy Sema4		Consolidated
Diagnostic test revenue:
Patients with third-party insurance	$	152,631	$	2,803	$	155,434	$	82,801	$	8,876	$	91,677
Institutional customers	50,784		—		50,784		47,528		—		47,528
Self-pay patients	1,743		—		1,743		1,232		3		1,235
Total diagnostic test revenue	205,158		2,803		207,961		131,561		8,879		140,440
Other revenue	1,849		—		1,849		4,708		—		4,708
Total	$	207,007	$	2,803	$	209,810	$	136,269	$	8,879	$	145,148

Reassessment of Variable Consideration

Subsequent changes to the estimate of the transaction price, determined on a portfolio basis when applicable, are generally recorded as adjustments to revenue in the period of the change. The Company updates estimated variable consideration quarterly.

For the three months ended September 30, 2024 and 2023, the total change in estimate resulted in a net increase to revenue of $6.3 million and $3.0 million, respectively, resulting from changes in the estimated transaction price due to contractual adjustments, obtaining updated information from payors and patients that was unknown at the time the performance obligation was met and potential and actual settlements with third party payors. The change in estimate also included an increase in revenue related to a partial release of a previously established payor reserve, as further disclosed in the “Certain Payor Matters” section below. The quarterly change in estimate did not result in material adjustments to the Company’s previously reported revenue or accounts receivable amounts.

Certain Payor Matters

As noted above, third-party payors, including government programs, may decide to deny payment or seek to recoup payments for tests performed by the Company that they contend were improperly billed, not medically necessary or against their coverage determinations, or for which they believe they have otherwise overpaid, including as a result of their own error. As a result, the Company may be required to refund payments already received, and the Company’s revenues may be subject to retroactive adjustment as a result of these factors among others, including without limitation, differing interpretations of billing and coding guidance, and changes by government agencies and payors in interpretations, requirements, policies and/or “conditions of participation” in various programs. The Company processes requests for recoupment from third-party payors in the ordinary course of its business, and it is likely that the Company will continue to do so in the future. If a third-party payor denies payment for testing or recoups money from the Company in a later period, reimbursement and the associated recognition of revenue for the Company’s testing services could decline.

From time to time, the Company may have an obligation to reimburse Medicare, Medicaid, and third-party payors for overpayments regardless of fault. Settlements with third-party payors for retroactive adjustments due to audits, reviews, or

investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing services. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor, the Company’s historical settlement activity (if any), and the Company’s assessment of the probability a significant reversal of cumulative revenue recognized will occur when the uncertainty is subsequently resolved. Estimated settlements are adjusted in future periods as such adjustments become known (that is, if new information becomes available), or as years are settled or are no longer subject to such audits, reviews, and investigations.

On December 30, 2022, the Company entered into a settlement agreement with one of its third-party payors (the “Payor”) in order to settle the claims related to coverage and billing matters allegedly resulting in the overpayments by the Payor to Legacy Sema4 (the “Disputed Claims”). Under the settlement agreement, $42.0 million is to be paid by the Company to the Payor in a series of payments each year through June 30, 2026. As of September 30, 2024, $22.0 million in scheduled payments under the agreement remain with $10.0 million due December 2024, $10.0 million in December 2025 and $2.0 million in 2026. In consideration for these payments, the Payor provided releases of the Disputed Claims, effective March 31, 2023.

As a result of this matter, and in connection with a review of certain billing policies and procedures undertaken by management, the Company considered the need to establish reserves for potential recoupments of payments previously made by third-party payors. As of September 30, 2024 and December 31, 2023, $24.7 million and $27.0 million of liabilities were recorded in accounts payable and accrued expenses and other liabilities, respectively. The Company uses estimates, judgments, and assumptions to assess whether it is probable that a significant reversal in the amount of cumulative revenue may occur in future periods, based upon information presently available. These estimates are subject to change. In addition, as discussed above, the Company has made certain adjustments to its estimated variable consideration as result of this matter and other potential settlements with payors.

Costs to Fulfill Contracts

Costs associated with fulfilling the Company’s performance obligations pursuant to its collaboration service agreements include costs for services that are subcontracted to Icahn School of Medicine at Mount Sinai (“ISMMS”). Amounts are generally prepaid and then expensed in line with the pattern of revenue recognition. Prepayment of amounts prior to the costs being incurred are recognized on the condensed consolidated balance sheets as current or non-current assets based upon forecasted performance.

The cost recognized was $0.3 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $1.0 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively. These costs are recorded in the cost of services in the condensed consolidated statements of operations and comprehensive loss.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Property and Equipment, net - Schedule of Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 82,026	$ 78,931
Less: accumulated depreciation and amortization	(50,574)	(46,452)
Property and equipment, net	31,452	32,479
Capitalized software
Property, Plant and Equipment [Line Items]
Total property and equipment	32,171	32,171
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	14,853	15,538
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	14,639	14,614
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	6,307	5,819
Building under finance lease
Property, Plant and Equipment [Line Items]
Total property and equipment	4,530	4,529
Equipment under finance leases
Property, Plant and Equipment [Line Items]
Total property and equipment	3,293	2,604
Furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	550	550
Construction in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 5,683	$ 3,106

Net Loss per Share - Schedule of Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (8,312)	$ (42,286)	$ (57,724)	$ (149,994)
Denominator:
Basic weighted-average common shares outstanding (in shares)	27,095,986	25,788,747	26,593,877	23,777,327
Diluted weighted-average common shares outstanding (in shares)	27,095,986	25,788,747	26,593,877	23,777,327
Basic loss per share (in dollars per share)	$ (0.31)	$ (1.64)	$ (2.17)	$ (6.31)
Diluted loss per share (in dollars per share)	$ (0.31)	$ (1.64)	$ (2.17)	$ (6.31)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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+ Details

Restructuring Costs (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Cost

The table below provides certain information concerning restructuring activity during the nine months ended September 30, 2024:


	Reserve Balance at December 31, 2023		Charged to Costs and Expenses		Payments and Other		Reserve Balance at September 30, 2024
Severance	$	1,853	$	1,460	$	(2,698)	$	615

Fair Value Measurements - Schedule of Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Assets:
Total financial assets	$ 76,231	$ 122,928
Financial Liabilities:
Total financial liabilities	1,540	2,735
Money market funds
Financial Assets:
Cash, cash equivalents, fair value	17,906	92,702
U.S. treasury bonds
Financial Assets:
Cash, cash equivalents, fair value	32,912	6,128
Corporate and municipal bonds
Financial Assets:
Cash, cash equivalents, fair value	25,413	24,098
Level 1
Financial Assets:
Total financial assets	17,906	92,702
Financial Liabilities:
Total financial liabilities	1,057	149
Level 1 \| Money market funds
Financial Assets:
Cash, cash equivalents, fair value	17,906	92,702
Level 1 \| U.S. treasury bonds
Financial Assets:
Cash, cash equivalents, fair value	0	0
Level 1 \| Corporate and municipal bonds
Financial Assets:
Cash, cash equivalents, fair value	0	0
Level 2
Financial Assets:
Total financial assets	58,325	30,226
Financial Liabilities:
Total financial liabilities	483	71
Level 2 \| Money market funds
Financial Assets:
Cash, cash equivalents, fair value	0	0
Level 2 \| U.S. treasury bonds
Financial Assets:
Cash, cash equivalents, fair value	32,912	6,128
Level 2 \| Corporate and municipal bonds
Financial Assets:
Cash, cash equivalents, fair value	25,413	24,098
Level 3
Financial Assets:
Total financial assets	0	0
Financial Liabilities:
Total financial liabilities	0	2,515
Level 3 \| Money market funds
Financial Assets:
Cash, cash equivalents, fair value	0	0
Level 3 \| U.S. treasury bonds
Financial Assets:
Cash, cash equivalents, fair value	0	0
Level 3 \| Corporate and municipal bonds
Financial Assets:
Cash, cash equivalents, fair value	0	0
Public warrant liability
Financial Liabilities:
Warrant liabilities	1,057	149
Public warrant liability \| Level 1
Financial Liabilities:
Warrant liabilities	1,057	149
Public warrant liability \| Level 2
Financial Liabilities:
Warrant liabilities	0	0
Public warrant liability \| Level 3
Financial Liabilities:
Warrant liabilities	0	0
Private warrant liability
Financial Liabilities:
Warrant liabilities	483	71
Private warrant liability \| Level 1
Financial Liabilities:
Warrant liabilities	0	0
Private warrant liability \| Level 2
Financial Liabilities:
Warrant liabilities	483	71
Private warrant liability \| Level 3
Financial Liabilities:
Warrant liabilities	$ 0	0
Perceptive warrant liability
Financial Liabilities:
Warrant liabilities		2,515
Perceptive warrant liability \| Level 1
Financial Liabilities:
Warrant liabilities		0
Perceptive warrant liability \| Level 2
Financial Liabilities:
Warrant liabilities		0
Perceptive warrant liability \| Level 3
Financial Liabilities:
Warrant liabilities		$ 2,515

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Depreciation and Amortization Expense

Property and equipment, net consisted of the following:


	September 30, 2024		December 31, 2023
Capitalized software	$	32,171	$	32,171
Laboratory equipment	14,853		15,538
Leasehold improvements	14,639		14,614
Computer equipment	6,307		5,819
Building under finance lease	4,530		4,529
Equipment under finance leases	3,293		2,604
Furniture, fixtures and other equipment	550		550
Construction in-progress	5,683		3,106
Total property and equipment	82,026		78,931
Less: accumulated depreciation and amortization	(50,574)		(46,452)
Property and equipment, net	$	31,452	$	32,479

Depreciation and amortization expense is included within the condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of services	$	1,495	$	1,613	$	3,119	$	3,435
Research and development	222		283		629		5,791
Selling and marketing	—		—		—		2
General and administrative	705		3,270		2,128		7,894
Total depreciation and amortization expenses	$	2,422	$	5,166	$	5,876	$	17,122

Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table reflects, as of September 30, 2024, the carrying values and remaining useful lives of acquired intangible assets:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Weighted-Average Amortization Period (in years)
Tradenames and trademarks	$	50,000	$	7,552	$	42,448	13.6
Developed technology	48,000		14,500		33,500		5.6
Customer relationships	98,000		11,842		86,158		17.6
	$	196,000	$	33,894	$	162,106

Amortization expense for tradenames and trademarks and developed technology of $2.3 million and $2.3 million was recorded in general and administrative for the three months ended September 30, 2024 and 2023, respectively, and $6.8 million and $6.8 million for the nine months ended September 30, 2024 and 2023, respectively, within the condensed consolidated statements of operations and comprehensive loss. Amortization expense for customer relationships of $1.2 million and $1.2 million was recorded in selling and marketing for the three months ended September 30, 2024 and 2023, respectively, and $3.7 million and $3.7 million for the nine months ended September 30, 2024 and 2023, respectively, within the condensed consolidated statements of operations and comprehensive loss.

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Maturities

At September 30, 2024, long-term debt matures as follows:


2024 (remainder of year)	$	299
2025	1,211
2026	1,235
2027	1,260
2028	51,285
Thereafter	762
Total debt	56,052
Less: current portion of long-term debt	(1,205)
Less: long-term debt issuance costs	(2,813)
Total long-term debt, net of current portion and debt issuance costs	$	52,034

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Trademarks, Tradenames and Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2.3	$ 2.3	$ 6.8	$ 6.8
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1.2	$ 1.2	$ 3.7	$ 3.7

- Definition

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

+ References + Details

Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Outstanding, Beginning Balance (in shares) \| shares	1,507,877
Granted (in shares) \| shares	1,187,165
Vested (in shares) \| shares	(347,493)
Forfeited (in shares) \| shares	(242,572)
Outstanding, Ending Balance (in shares) \| shares	2,104,977
Weighted Average Grant Date Fair Value Per Unit
Weighted Average Grant Date Fair Value Per Unit, Beginning Balance (in dollar per share) \| $ / shares	$ 15.48
Granted (in dollars per share) \| $ / shares	11.37
Vested (in dollars per share) \| $ / shares	19.39
Forfeited (in dollars per share) \| $ / shares	18.40
Weighted Average Grant Date Fair Value Per Unit, Ending Balance (in us dollar per share) \| $ / shares	$ 11.99

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (8,312)	$ (42,286)	$ (57,724)	$ (149,994)

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	27,433,803	25,978,863
Common stock, outstanding (in shares)	27,433,803	25,978,863

Long-Term Debt - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remainder of year)	$ 299
2025	1,211
2026	1,235
2027	1,260
2028	51,285
Thereafter	762
Total debt	56,052
Less: current portion of long-term debt	(1,205)
Less: long-term debt issuance costs	(2,813)
Total long-term debt, net of current portion and debt issuance costs	$ 52,034	$ 52,688

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 76,874	$ 53,303	$ 209,810	$ 145,148
Cost of services	29,045	28,044	81,618	85,896
Gross profit	47,829	25,259	128,192	59,252
Research and development	11,665	14,288	34,134	46,018
Selling and marketing	17,025	16,763	49,695	45,397
General and administrative	26,145	26,099	73,760	107,129
Impairment loss	0	8,282	0	10,402
Other operating expenses, net	774	2,794	2,622	5,259
Loss from operations	(7,780)	(42,967)	(32,019)	(154,953)
Non-operating income (expenses), net
Change in fair value of warrants and earn-out contingent liabilities	(880)	590	(11,390)	684
Interest (expense) income, net	(843)	1,053	(2,334)	2,092
Other income (expense), net	1,144	(1,134)	(12,300)	1,668
Total non-operating income (expense), net	(579)	509	(26,024)	4,444
Loss before income taxes	(8,359)	(42,458)	(58,043)	(150,509)
Income tax benefit	47	172	319	515
Net loss	(8,312)	(42,286)	(57,724)	(149,994)
Other comprehensive loss, net of tax
Unrealized gain related to available for sale securities, net	459	0	493	0
Comprehensive loss	$ (7,853)	$ (42,286)	$ (57,231)	$ (149,994)
Weighted average shares outstanding of Class A common stock, Basic (in shares)	27,095,986	25,788,747	26,593,877	23,777,327
Weighted average shares outstanding of Class A common stock, Diluted (in shares)	27,095,986	25,788,747	26,593,877	23,777,327
Basic net loss per share, Class A common stock (in dollars per share)	$ (0.31)	$ (1.64)	$ (2.17)	$ (6.31)
Diluted net loss per share, Class A common stock (in dollars per share)	$ (0.31)	$ (1.64)	$ (2.17)	$ (6.31)
Class A common stock
Other comprehensive loss, net of tax
Weighted average shares outstanding of Class A common stock, Basic (in shares)	27,095,986	25,788,747	26,593,877	23,777,327
Weighted average shares outstanding of Class A common stock, Diluted (in shares)	27,095,986	25,788,747	26,593,877	23,777,327
Basic net loss per share, Class A common stock (in dollars per share)	$ (0.31)	$ (1.64)	$ (2.17)	$ (6.31)
Diluted net loss per share, Class A common stock (in dollars per share)	$ (0.31)	$ (1.64)	$ (2.17)	$ (6.31)
Diagnostic test revenue
Total revenue	$ 77,418	$ 51,955	$ 207,961	$ 140,440
Other revenue
Total revenue	$ (544)	$ 1,348	$ 1,849	$ 4,708

Intangible Assets - Schedule of Acquired Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 196,000
Accumulated Amortization	33,894
Net Carrying Value	162,106
Tradenames and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,000
Accumulated Amortization	7,552
Net Carrying Value	$ 42,448
Weighted-Average Amortization Period (in years)	13 years 7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48,000
Accumulated Amortization	14,500
Net Carrying Value	$ 33,500
Weighted-Average Amortization Period (in years)	5 years 7 months 6 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 98,000
Accumulated Amortization	11,842
Net Carrying Value	$ 86,158
Weighted-Average Amortization Period (in years)	17 years 7 months 6 days

- Definition

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

+ References + Details

Purchase Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Material Purchase Commitments

The following sets forth purchase commitments with software and equipment providers as of September 30, 2024 with a remaining term of at least one year:



2024 (remainder of year)	$	1,363
2025	8,844
2026	8,719
2027	4,556
2028	4,021
Total purchase commitments	$	27,503

Restructuring Costs - Narrative (Details) $ in Millions			3 Months Ended		9 Months Ended
Restructuring Costs - Narrative (Details) $ in Millions	Oct. 30, 2023 USD ($) position	Aug. 23, 2023 position	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring costs			$ 0.4	$ 2.2	$ 1.5	$ 4.5
Number of positions eliminated \| position	35	50
Number of positions eliminated, period percent	10.00%
Annual cost reduction	$ 40.0

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information


	Three months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Total		GeneDx		Legacy Sema4		Total
Revenue	$	76,622	$	252	$	76,874	$	50,350	$	2,953	$	53,303
Adjusted cost of services	27,370		—		27,370		26,079		225		26,304
Adjusted gross profit (1)	49,252		252		49,504		24,271		2,728		26,999

Reconciliations:
Depreciation and amortization	1,495		—		1,495		1,613		—		1,613
Stock-based compensation	174		—		174		75		—		75
Restructuring charges	6		—		6		52		—		52
Gross profit	$	47,577	$	252	$	47,829	$	22,531	$	2,728	$	25,259


	Nine months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Total		GeneDx		Legacy Sema4		Total
Revenue	$	207,007	$	2,803	$	209,810	$	136,269	$	8,879	$	145,148
Adjusted cost of services	77,992		145		78,137		81,357		2,305		83,662
Adjusted gross profit (1)	129,015		2,658		131,673		54,912		6,574		61,486

Reconciliations:
Depreciation and amortization	3,119		—		3,119		3,322		113		3,435
Stock-based compensation	308		—		308		631		(1,971)		(1,340)
Restructuring charges	54		—		54		108		31		139
Gross profit	$	125,534	$	2,658	$	128,192	$	50,851	$	8,401	$	59,252

(1)Adjusted cost of services and adjusted gross profit exclude depreciation and amortization expense, stock-based compensation expense and restructuring costs.

Supplemental Financial Information - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	9 Months Ended
	Apr. 29, 2024	Apr. 17, 2023	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Issuance of common stock in offering, net of issuance costs				$ 14,589	$ 14,589	$ 7,564
January 2023 Public Offering
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 150,000
Sale of stock (in shares)			9,962,316
Proceeds after deducting underwriter discount and commission			$ 135,400
January 2023 Additional Purchase Offering to Institutional Investors
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 7,600
Sale of stock (in shares)			2,353,436
Remaining number of common stock, shares issued (in shares)		676,868
At Market Offering
Related Party Transaction [Line Items]
Sale of stock (in shares)				418,653
Issuance of common stock in offering, net of issuance costs	$ 75,000
Sale of stock shares price (in dollars per share)				$ 35.83	$ 35.83
Net proceeds				$ 14,600

Related Party Transactions - Schedule of Related Party Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Cost of services	$ 29,045	$ 28,044	$ 81,618	$ 85,896
Other operating expenses, net	774	2,794	2,622	5,259
Related Party
Related Party Transaction [Line Items]
Cost of services	2,839	1,305	6,268	3,769
Other operating expenses, net	774	1,782	2,622	4,581
Total related party costs	$ 3,613	$ 3,087	$ 8,890	$ 8,350

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 22, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity File Number	001-39482
Entity Registrant Name	GeneDx Holdings Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1966622
Entity Address, Address Line One	333 Ludlow Street
Entity Address, Address Line Two	North Tower
Entity Address, Address Line Three	6th Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	888
Local Phone Number	729-1206
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,471,397
Entity Central Index Key	0001818331
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	WGS
Security Exchange Name	NASDAQ
Warrant
Entity Listings [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Class A common stock, each at an exercise price of $379.50 per share
Trading Symbol	WGSWW
Security Exchange Name	NASDAQ

Supplemental Financial Information

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Supplemental Financial Information

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets to the total of the same amounts shown on the condensed consolidated statements of cash flows:


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	57,894	$	99,681
Restricted cash (included in other assets)	987		987
Total	$	58,881	$	100,668

Restricted cash as of September 30, 2024 and December 31, 2023 primarily consists of money market deposit accounts that secure an irrevocable standby letter of credit that serves as collateral for security deposit operating leases.

Prepaid expenses and other current assets consisted of the following:


	September 30, 2024		December 31, 2023
Prepaid expenses	$	7,678	$	8,640
Other current assets	12,622		1,958
Total	$	20,300	$	10,598

Accounts payable and accrued expenses consisted of the following:


	September 30, 2024		December 31, 2023
Accounts payable	$	9,022	$	10,238
Accrued purchases	11,075		12,154
Legal reserves	23,573		25
Reserves for refunds to insurance carriers and others	12,746		15,039
Total	$	56,416	$	37,456

Other current liabilities consisted of the following:


	September 30, 2024		December 31, 2023
Accrued compensation	$	12,821	$	12,465
Accrued severance	615		1,853
Other	3,065		2,018
Total	$	16,501	$	16,336

Other liabilities consisted of the following:


	September 30, 2024		December 31, 2023
Warrant liability	$	1,540	$	2,735
Third party payor reserve	12,000		12,000
Total	$	13,540	$	14,735

2023 Capital Raise

On January 31, 2023, the Company raised approximately $150.0 million in gross proceeds and announced the closing of an underwritten public offering of 9,962,316 shares of its Class A common stock and a concurrent registered direct offering of 2,353,436 shares of its Class A common stock. The net offering proceeds received after deducting underwriters' discounts and commissions payable by the Company were approximately $135.4 million. On April 17, 2023, following the Company’s receipt of stockholder approval for the issuance, the Company issued the remaining 676,868 shares of the Company’s Class A common stock in its previously announced registered direct offering for gross proceeds of approximately $7.6 million.

At-the-Market Offering

On April 29, 2024, the Company entered into a sales agreement (the “Sales Agreement”) with TD Securities (USA) LLC (“TD Cowen”), pursuant to which the Company may, but is not obligated to, offer and sell, from time to time, shares of the Company’s Class A common stock with an aggregate offering price up to $75.0 million through TD Cowen, as sales agent, subject to the terms and conditions described in the Sales Agreement and SEC rules and regulations (the “ATM offering”). During the third quarter of 2024, the Company issued 418,653 shares of its Class A common stock in connection with the ATM offering at an average price of $35.83 per share. Proceeds received, net of agent fees and other offering expenses, were $14.6 million.

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense is included within the condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of services	$	174	$	75	$	308	$	(1,340)
Research and development	537		(533)		697		(265)
Selling and marketing	394		(115)		742		(195)
General and administrative	2,531		1,004		4,546		2,386
Total stock-based compensation expense1,2	$	3,636	$	431	$	6,293	$	586

1 The Company recorded an aggregate reversal of stock-based compensation of a nominal amount and $4.7 million during the three months ended September 30, 2024 and 2023, respectively, and $3.3 million and $20.3 million during the nine months ended September 30, 2024 and 2023, respectively, due to forfeiture activities upon employee terminations.

2 Includes $210 thousand and $288 thousand of expense related to the 2021 Employee Stock Purchase Plan during the three and nine months ended September 30, 2024, respectively.

The Company maintains the 2021 Equity Incentive Plan (as amended, the “2021 Plan”), which allows for grants of stock-based awards. No awards granted under the 2021 Plan are exercisable after 10 years from the date of grant, and the awards granted under the 2021 Plan generally vest over a four-year period on a graded vesting basis; however, the Company also granted certain RSUs with vesting terms beginning 12 months from the grant date and vesting immediately on the grant date. On January 1 of each year through 2031, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 Plan may be increased automatically by the number of shares equal to 5% of the total number of shares of all classes of common stock issued and outstanding immediately preceding December 31. In January 2024, the number of Class A common stock reserved for future issuance under the 2021 Plan automatically increased by 1,298,943 shares.

The Company also maintains the 2023 Equity Inducement Plan (the “Equity Inducement Plan”), which allows for grants of equity awards of the Company’s Class A common stock to individuals who were not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company.

As of September 30, 2024, there was an aggregate of 1,746,140 shares available for grants of stock options or other awards under the 2021 Plan and Equity Inducement Plan.

Stock Options

The following table summarizes the stock option activity during the nine months ended September 30, 2024:


	Stock Options	Weighted Average Exercise Price
Outstanding at December 31, 2023	497,976	$	42.80

Exercised	(43,380)	$	5.72
Forfeited/Expired	(88,219)	$	63.45
Outstanding at September 30, 2024	366,377	$	42.23
Options exercisable at September 30, 2024	305,879	$	36.73

At September 30, 2024, unrecognized stock-based compensation cost related to the unvested portion of the Company’s stock options was $0.8 million, which is expected to be recognized on a graded-vesting basis over a weighted-average period of 1.1 years.

Restricted Stock Units (RSUs)

The following table summarizes the time-based RSU activity during the nine months ended September 30, 2024:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Unit
Outstanding at December 31, 2023	1,507,877	$	15.48
Granted	1,187,165	$	11.37
Vested	(347,493)	$	19.39
Forfeited	(242,572)	$	18.40
Outstanding at September 30, 2024	2,104,977	$	11.99

Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. On January 1 of each year through 2031, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 ESPP may be increased automatically by the number of shares equal to 1% of the total number of shares of all classes of common stock issued and outstanding immediately preceding December 31.

The 2021 ESPP became open for enrollment in April 2024. Under the 2021 ESPP, eligible employees may purchase shares of the Company’s Class A common stock at a discount through payroll deductions during each discrete six-month offering period. The purchase price under each discrete offering period is equal to 85% of the lesser of the fair market value of the Class A common stock on the first and last day of the offering period.

The first offering period will be completed on October 31, 2024. As such, the Company has not issued any shares under the 2021 ESPP during the three and nine months ended September 30, 2024. A total of 596,604 shares of Class A common stock were reserved for future issuance under the 2021 ESPP as of September 30, 2024.

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Katherine Stueland [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 16, 2024, Katherine Stueland, our Chief Executive Officer, entered into a written plan for the potential sale of up to an aggregate of 312,808 shares of our Class A common stock, including shares underlying Ms. Stueland’s restricted stock unit (“RSU”) awards (the “Stueland 10b5-1 Plan”). The Stueland 10b5-1 Plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and will be effective from November 15, 2024 to October 30, 2025.
Name	Katherine Stueland
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Expiration Date	October 30, 2025
Arrangement Duration	349 days
Aggregate Available	312,808	312,808
Kevin Feeley [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 21, 2024, Kevin Feeley, our Chief Financial Officer, entered into a written plan for the potential sale of up to an aggregate of 117,713 shares of our Class A common stock, including shares underlying Mr. Feeley’s RSU and stock option awards (the “Feeley 10b5-1 Plan”). The Feeley 10b5-1 Plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and will be effective from November 21, 2024 to October 30, 2025.
Name	Kevin Feeley
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2024
Expiration Date	October 30, 2025
Arrangement Duration	343 days
Aggregate Available	117,713	117,713

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,636	$ 431	$ 6,293	$ 586
Stock Appreciation Rights (SARs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Reversal of stock-based compensation	0	4,700	3,300	20,300
Stock Appreciation Rights (SARs) \| 2021 Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Reversal of stock-based compensation	210		288
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	174	75	308	(1,340)
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	537	(533)	697	(265)
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	394	(115)	742	(195)
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,531	$ 1,004	$ 4,546	$ 2,386

Supplemental Financial Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Prepaid expenses	$ 7,678	$ 8,640
Other current assets	12,622	1,958
Total	$ 20,300	$ 10,598

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business GeneDx Holdings Corp., through its subsidiary GeneDx, LLC, is a leading genomics company—one that sits at the intersection of diagnostics and data science, pairing decades of genomic expertise with an ability to interpret clinical data at scale. The Company is focused on delivering personalized and actionable health insights to inform diagnosis, direct treatment and improve drug discovery. The Company believes it is well-positioned to accelerate the use of genomics and leverage large-scale clinical data to enable precision medicine as the standard of care. With a focus in pediatric and rare diseases today, the Company believes it has a competitive advantage in these two areas and can deliver on its vision. GeneDx, LLC serves healthcare professionals who work with their patients, bills third-party payors across the United States and offers solutions across the biopharma drug development pipeline. Unless otherwise stated herein or unless the context otherwise requires, references in these notes to: •“GeneDx Holdings” refers to GeneDx Holdings Corp., a Delaware corporation (f/k/a Sema4 Holdings Corp.); •“Legacy GeneDx” refers to GeneDx, LLC, a Delaware limited liability company (formerly, GeneDx, Inc., a New Jersey corporation), which we acquired on April 29, 2022 (the “Acquisition”); •“Legacy Sema4” refers to Mount Sinai Genomics, Inc. d/b/a Sema4, a Delaware corporation, which consummated the business combination with CM Life Sciences, Inc. (“CMLS”) on July 22, 2021 (the “Business Combination”); and •“we,” “us” and “our,” the “Company” and “GeneDx” refer, as the context requires, to: ◦Legacy Sema4 prior to the Business Combination, and GeneDx Holdings and its consolidated subsidiaries following the consummation of the Business Combination; and ◦Legacy GeneDx prior to the Acquisition, and GeneDx Holdings and its consolidated subsidiaries following the consummation of the Acquisition.

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2019	Jun. 01, 2017
Related Party Transaction [Line Items]
Revenue	$ 76,874	$ 53,303	$ 209,810	$ 145,148
Commitment to receive future capital contributions							$ 55,000
Payables	56,416		56,416		$ 37,456
Cost of services	29,045	28,044	81,618	85,896
Purchase of Diagnostic Testing Kits and Materials
Related Party Transaction [Line Items]
Purchases from related party	7,500	2,200	7,500	2,200
Related Party
Related Party Transaction [Line Items]
Cumulative funding drawn						$ 55,000
Cost of services	2,839	1,305	6,268	3,769
Related Party \| Service Agreements
Related Party Transaction [Line Items]
Related party costs	1,100	2,100	3,600	5,400
Payables	300		300		3,800
Related Party \| Purchase of Diagnostic Testing Kits and Materials
Related Party Transaction [Line Items]
Payables	500		500		$ 400
Cost of services	2,400	600	5,200	1,400
Related Party \| Transition Services Agreement \| OPKO
Related Party Transaction [Line Items]
Related party costs		300		1,100
Diagnostic Test
Related Party Transaction [Line Items]
Revenue	77,418	51,955	207,961	140,440
Diagnostic Test \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 400	$ 800	$ 1,500	$ 2,500

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Jan. 30, 2024
Options to Purchase Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost on the unvested stock options	$ 0.8	$ 0.8
Weighted-average vesting period for compensation cost		1 year 1 month 6 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		0
Weighted average remaining contractual life (years), options exercisable		10 years
Vesting period		4 years
Shares available for grant (in shares)	1,746,140	1,746,140
2021 Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares equal to percent		5.00%
Increase in common stock, capital shares reserved for future issuance (in shares)			1,298,943
2021 Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares equal to percent		1.00%
Share-based compensation arrangement by share-based payment award, purchase period		6 months
Fair market value of the shares on the offering date (as percent)		85.00%
Share-based compensation arrangement by share-based payment award, shares issued in period	0	0
Number of share reserved for issuance (in shares)	596,604	596,604

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Stock-based compensation expense	$ 2,422	$ 5,166	$ 5,876	$ 17,122
Depreciation and amortization expense			16,395	27,640
Accelerated amortization charge	$ 600		$ 600
Gain on auction sale				3,000
Change in fair value of warrants and contingent liabilities		8,300		9,900
Capitalized Software
Property, Plant and Equipment [Line Items]
Accelerated amortization charge				3,400
Building
Property, Plant and Equipment [Line Items]
Finance lease, impairment loss		$ 4,800		$ 5,600

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Reconciliation of Restricted Cash


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	57,894	$	99,681
Restricted cash (included in other assets)	987		987
Total	$	58,881	$	100,668

Schedule of Reconciliation of Cash and Cash Equivalents


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	57,894	$	99,681
Restricted cash (included in other assets)	987		987
Total	$	58,881	$	100,668

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	September 30, 2024		December 31, 2023
Prepaid expenses	$	7,678	$	8,640
Other current assets	12,622		1,958
Total	$	20,300	$	10,598

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued expenses consisted of the following:


	September 30, 2024		December 31, 2023
Accounts payable	$	9,022	$	10,238
Accrued purchases	11,075		12,154
Legal reserves	23,573		25
Reserves for refunds to insurance carriers and others	12,746		15,039
Total	$	56,416	$	37,456

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:


	September 30, 2024		December 31, 2023
Accrued compensation	$	12,821	$	12,465
Accrued severance	615		1,853
Other	3,065		2,018
Total	$	16,501	$	16,336

Schedule of Other Liabilities

Other liabilities consisted of the following:


	September 30, 2024		December 31, 2023
Warrant liability	$	1,540	$	2,735
Third party payor reserve	12,000		12,000
Total	$	13,540	$	14,735

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense is included within the condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of services	$	174	$	75	$	308	$	(1,340)
Research and development	537		(533)		697		(265)
Selling and marketing	394		(115)		742		(195)
General and administrative	2,531		1,004		4,546		2,386
Total stock-based compensation expense1,2	$	3,636	$	431	$	6,293	$	586

2 Includes $210 thousand and $288 thousand of expense related to the 2021 Employee Stock Purchase Plan during the three and nine months ended September 30, 2024, respectively.

Schedule of Stock Option Activity

The following table summarizes the stock option activity during the nine months ended September 30, 2024:


	Stock Options	Weighted Average Exercise Price
Outstanding at December 31, 2023	497,976	$	42.80

Exercised	(43,380)	$	5.72
Forfeited/Expired	(88,219)	$	63.45
Outstanding at September 30, 2024	366,377	$	42.23
Options exercisable at September 30, 2024	305,879	$	36.73

Schedule of Restricted Stock Units Activity

The following table summarizes the time-based RSU activity during the nine months ended September 30, 2024:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Unit
Outstanding at December 31, 2023	1,507,877	$	15.48
Granted	1,187,165	$	11.37
Vested	(347,493)	$	19.39
Forfeited	(242,572)	$	18.40
Outstanding at September 30, 2024	2,104,977	$	11.99

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 57,894	$ 99,681
Marketable securities	58,566	30,467
Inventory, net	10,770	8,777
Prepaid expenses and other current assets	20,300	10,598
Total current assets	186,010	182,339
Operating lease right-of-use assets	24,936	26,900
Property and equipment, net	31,452	32,479
Intangible assets, net	162,106	172,625
Other assets	4,336	4,413
Total assets	408,840	418,756
Current liabilities:
Accounts payable and accrued expenses	56,416	37,456
Short-term lease liabilities	3,698	3,647
Total current liabilities	77,342	58,818
Long-term debt, net of current portion	52,034	52,688
Long-term lease liabilities	60,369	62,938
Other liabilities	13,540	14,735
Deferred taxes	1,054	1,560
Total liabilities	204,339	190,739
Purchase commitments and contingencies (Note 9)
Stockholders’ Equity:
Preferred stock, $0.0001 par value: 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Class A common stock, $0.0001 par value: 1,000,000,000 shares authorized, 27,433,803 and 25,978,863 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	1,561,493	1,527,778
Accumulated deficit	(1,357,912)	(1,300,188)
Accumulated other comprehensive income	918	425
Total stockholders’ equity	204,501	228,017
Total liabilities and stockholders’ equity	408,840	418,756
Nonrelated Party
Current assets:
Accounts receivable	38,220	32,371
Current liabilities:
Other current liabilities	16,501	16,336
Related Party
Current assets:
Accounts receivable	260	445
Current liabilities:
Other current liabilities	$ 727	$ 1,379

Fair Value Measurements - Narrative (Details)			3 Months Ended		9 Months Ended
Fair Value Measurements - Narrative (Details)	Apr. 30, 2024 USD ($) $ / shares shares	Oct. 27, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) day $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Apr. 29, 2022 USD ($)	Sep. 04, 2021 $ / shares	Jul. 22, 2021 shares
Cash and Cash Equivalents [Line Items]
Purchase of warrants (in shares) \| shares			666,515		666,515					666,516
Expected term (in years)			5 years		5 years
Target share price of warrants or rights for redemption (in dollars per share) \| $ / shares			$ 594.00		$ 594.00
Redemption price per warrant (in dollars per share) \| $ / shares					$ 0.33
Number of days for written notice of redemption \| day					30
Minimum number of trading days \| day					30
Common stock, issued (in shares) \| shares			27,433,803		27,433,803		25,978,863
Total debt			$ 56,052,000		$ 56,052,000
Other current liabilities			1,205,000		1,205,000
GeneDx
Cash and Cash Equivalents [Line Items]
Change in fair value of warrants and contingent liabilities				$ 1,000,000.0		$ 900,000
Business combination, contingent consideration arrangements								$ 150,000,000
Credit Agreement \| Perceptive Term Loan Facility
Cash and Cash Equivalents [Line Items]
Expected term (in years)		10 years
Revolving credit facility		$ 75,000,000.0
Volume weighted average price period		10 days
DECD Loan Agreement \| Level 2
Cash and Cash Equivalents [Line Items]
Total debt			6,100,000		6,100,000		$ 6,100,000
Other current liabilities			1,200,000		1,200,000
Long-term debt, fair value			$ 5,000,000.0		$ 5,000,000.0
Class A Common Stock Equals or Exceeds, $18.00
Cash and Cash Equivalents [Line Items]
Minimum number of trading days \| day					20
Consecutive trading day threshold \| day					30
Class A common stock
Cash and Cash Equivalents [Line Items]
Purchase of aggregate private placement warrants (in shares) \| shares			1		1
Warrant exercise price (in dollars per share) \| $ / shares									$ 379.50
Target share price of warrants or rights for redemption (in dollars per share) \| $ / shares			$ 330.00		$ 330.00
Minimum number of trading days \| day					20
Consecutive trading day threshold \| day					30
Common stock threshold, number of trading days before notice of redemption \| day					3
Redemption on warrant holders (in dollars per share) \| $ / shares					$ 594.00
Class A common stock \| Class A Common Stock Equals or Exceeds, $18.00
Cash and Cash Equivalents [Line Items]
Minimum threshold price of common stock specified to send notice of redemption to the warrant holders (in dollars per share) \| $ / shares					594.00
Class A common stock \| Class A Common Stock Equals or Exceeds, $10.00
Cash and Cash Equivalents [Line Items]
Target share price of warrants or rights for redemption (in dollars per share) \| $ / shares			$ 330.00		330.00
Redemption price per warrant (in dollars per share) \| $ / shares					$ 3.30
Number of days for written notice of redemption \| day					30
Private Placement Warrants \| GeneDx
Cash and Cash Equivalents [Line Items]
Change in fair value of warrants and contingent liabilities			$ (900,000)	$ (400,000)	$ (1,300,000)	$ (200,000)
Maximum
Cash and Cash Equivalents [Line Items]
Maturity, at amortized cost			40,500,000		40,500,000
Minimum
Cash and Cash Equivalents [Line Items]
Maturity, at amortized cost			$ 16,900,000		$ 16,900,000
Public Warrants
Cash and Cash Equivalents [Line Items]
Purchase of warrants (in shares) \| shares			457,323		457,323					447,223
Private Placement Warrants
Cash and Cash Equivalents [Line Items]
Purchase of warrants (in shares) \| shares			209,192		209,192					219,293
Perceptive Warrant
Cash and Cash Equivalents [Line Items]
Change in fair value of warrants and contingent liabilities					$ (10,100,000)
Perceptive Warrant \| Credit Agreement \| Perceptive Term Loan Facility
Cash and Cash Equivalents [Line Items]
Number of shares to purchase (in shares) \| shares		1,200,000
Initial Warrant Shares
Cash and Cash Equivalents [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares	$ 16.4321
Proceeds from warrant exercises	$ 2,500,000
Volume weighted average price period	1 day
Common stock, issued (in shares) \| shares	645,414
Initial Warrant Shares \| Credit Agreement \| Perceptive Term Loan Facility
Cash and Cash Equivalents [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares		$ 3.1752
Number of shares to purchase (in shares) \| shares		800,000
Proceeds from warrant exercises	$ 2,500,000
Common stock, issued (in shares) \| shares	645,414
Additional Warrant Shares \| Credit Agreement \| Perceptive Term Loan Facility
Cash and Cash Equivalents [Line Items]
Number of shares to purchase (in shares) \| shares		400,000

Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue \| Payor A
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%	22.00%	20.00%	17.00%
Revenue \| Payor B
Concentration Risk [Line Items]
Concentration risk, percentage	37.00%	26.00%	32.00%	26.00%
Accounts Receivable \| Payor A
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%
Accounts Receivable \| Payor B
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%		10.00%

Supplemental Financial Information - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accounts payable	$ 9,022	$ 10,238
Accrued purchases	11,075	12,154
Legal reserves	23,573	25
Reserves for refunds to insurance carriers and others	12,746	15,039
Total	$ 56,416	$ 37,456

Property and Equipment, net - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Total depreciation and amortization expenses	$ 2,422	$ 5,166	$ 5,876	$ 17,122
Cost of services
Property, Plant and Equipment [Line Items]
Total depreciation and amortization expenses	1,495	1,613	3,119	3,435
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation and amortization expenses	222	283	629	5,791
Selling and marketing
Property, Plant and Equipment [Line Items]
Total depreciation and amortization expenses	0	0	0	2
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation and amortization expenses	$ 705	$ 3,270	$ 2,128	$ 7,894

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Related Party Revenues

Total related party diagnostic testing revenues were $0.4 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 million and $2.5 million for the nine months ended September 30, 2024 and 2023, respectively. Related party revenues primarily include diagnostic testing revenues from a subsidiary of OPKO and the prices charged represent market rates.

Related Party Expenses

Total related party costs are included within cost of services and other operating expenses, net in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of services	$	2,839	$	1,305	$	6,268	$	3,769

Other operating expenses, net	774		1,782		2,622		4,581
Total related party costs	$	3,613	$	3,087	$	8,890	$	8,350

On June 1, 2017, the Company signed a contribution and funding agreement and other agreements with ISMMS, whereby ISMMS contributed certain assets and liabilities related to the Company’s operations, provided certain services to the Company, and also committed to funding the Company up to $55.0 million in future capital contributions in exchange for equity in the Company, of which $55.0 million was drawn as of December 31, 2019. Following the transaction, the Company commenced operations and began providing the services and performing research.

Expenses recognized pursuant to other service arrangements with ISMMS totaled $1.1 million and $2.1 million for the three months ended September 30, 2024 and 2023, respectively, and $3.6 million and $5.4 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts are included in either cost of services or other operating expenses, net on the condensed consolidated statements of operations and comprehensive loss depending on the particular activity to which the costs relate. Payables due to ISMMS for the other service arrangements were $0.3 million and $3.8 million at September 30, 2024 and December 31, 2023, respectively. These amounts are included within due to related parties on the Company’s condensed consolidated balance sheets.

Additionally, the Company incurred $7.5 million in purchases of diagnostic testing kits and materials and $2.4 million and $5.2 million was recorded in cost of services for the three and nine months ended September 30, 2024, respectively, from an affiliate of a member of the Board of Directors who has served in the role since July 2021. The Company incurred $2.2 million in purchases and $0.6 million and $1.4 million was recorded in cost of services for the three and nine months ended September 30, 2023, respectively.

The prices paid represent market rates. Payables due were $0.5 million and $0.4 million as of September 30, 2024 and December 31, 2023, respectively.

Legacy GeneDx and OPKO entered into a Transition Services Agreement dated as of April 29, 2022 (the “OPKO TSA”) pursuant to which OPKO had agreed to provide services, at cost, subject to certain limited exceptions, in order to facilitate the transactions contemplated by the Acquisition Merger Agreement, including human resources, information technology support, and finance and accounting. Services in connection with the OPKO TSA were fully completed in October 2023. The Company recognized $0.3 million and $1.1 million of expenses for the three and nine months ended September 30, 2023, respectively, related to the agreement.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Long-Term Debt - Loan and Security Agreement (Details) - USD ($)	Apr. 30, 2024	Oct. 27, 2023	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Expected term (in years)			5 years
Common stock, issued (in shares)			27,433,803	25,978,863
Initial Warrant Shares
Debt Instrument [Line Items]
Warrant exercise price (in dollars per share)	$ 16.4321
Volume weighted average price period	1 day
Proceeds from warrant exercises	$ 2,500,000
Common stock, issued (in shares)	645,414
Credit Agreement \| Perceptive Term Loan Facility
Debt Instrument [Line Items]
Revolving credit facility		$ 75,000,000.0
Debt instrument, basis spread on variable rate		7.50%
Debt instrument, interest rate, increase (decrease)		4.00%
Volume weighted average price period		10 days
Expected term (in years)		10 years
Credit Agreement \| Perceptive Term Loan Facility \| Perceptive Warrant
Debt Instrument [Line Items]
Number of shares to purchase (in shares)		1,200,000
Credit Agreement \| Perceptive Term Loan Facility \| Initial Warrant Shares
Debt Instrument [Line Items]
Number of shares to purchase (in shares)		800,000
Warrant exercise price (in dollars per share)		$ 3.1752
Proceeds from warrant exercises	$ 2,500,000
Common stock, issued (in shares)	645,414
Credit Agreement \| Perceptive Term Loan Facility \| Additional Warrant Shares
Debt Instrument [Line Items]
Number of shares to purchase (in shares)		400,000
Credit Agreement \| Perceptive Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Prepayment premium (as percent)		0.00%
Credit Agreement \| Perceptive Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Prepayment premium (as percent)		10.00%
Credit Agreement, Tranche A Loan \| Perceptive Term Loan Facility
Debt Instrument [Line Items]
Revolving credit facility		$ 50,000,000
Credit Agreement, Tranche B Loan \| Perceptive Term Loan Facility
Debt Instrument [Line Items]
Revolving credit facility		$ 25,000,000

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Class A common stock - $ / shares	9 Months Ended
	Sep. 30, 2024
Stock Options
Beginning balance (in shares)	497,976
Exercised (in shares)	(43,380)
Forfeited/Expired (in shares)	(88,219)
Ending balance (in shares)	366,377
Outstanding, options exercisable at end of period (in shares)	305,879
Weighted Average Exercise Price
Weighted-average exercise price (in dollars per share)	$ 42.80
Weighted average exercise price, exercised (in dollars per share)	5.72
Weighted average exercise price, Forfeited/Expired (in dollars per share)	63.45
Weighted-average exercise price (in dollars per share)	42.23
Weighted average exercise price, options exercisable (in dollars per share)	$ 36.73

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Type of Customer

The following table summarizes the Company’s disaggregated revenue by payor category:


	Three months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Consolidated		GeneDx		Legacy Sema4		Consolidated
Diagnostic test revenue:
Patients with third-party insurance	$	59,291	$	252	$	59,543	$	32,825	$	2,950	$	35,775
Institutional customers	17,415		—		17,415		15,720		—		15,720
Self-pay patients	460		—		460		457		3		460
Total diagnostic test revenue	77,166		252		77,418		49,002		2,953		51,955
Other revenue	(544)		—		(544)		1,348		—		1,348
Total	$	76,622	$	252	$	76,874	$	50,350	$	2,953	$	53,303


	Nine months ended September 30,
	2024						2023
	GeneDx		Legacy Sema4		Consolidated		GeneDx		Legacy Sema4		Consolidated
Diagnostic test revenue:
Patients with third-party insurance	$	152,631	$	2,803	$	155,434	$	82,801	$	8,876	$	91,677
Institutional customers	50,784		—		50,784		47,528		—		47,528
Self-pay patients	1,743		—		1,743		1,232		3		1,235
Total diagnostic test revenue	205,158		2,803		207,961		131,561		8,879		140,440
Other revenue	1,849		—		1,849		4,708		—		4,708
Total	$	207,007	$	2,803	$	209,810	$	136,269	$	8,879	$	145,148

Summary of Significant Accounting Policies - Narrative (Details) - Purchases - Supplier Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplier A
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	9.00%	4.00%	11.00%	11.00%
Supplier B
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	11.00%	8.00%	10.00%	10.00%

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total	$ 76,874	$ 53,303	$ 209,810	$ 145,148
GeneDx
Disaggregation of Revenue [Line Items]
Total	76,622	50,350	207,007	136,269
Legacy Sema4
Disaggregation of Revenue [Line Items]
Total	252	2,953	2,803	8,879
Diagnostic test revenue
Disaggregation of Revenue [Line Items]
Total	77,418	51,955	207,961	140,440
Diagnostic test revenue \| GeneDx
Disaggregation of Revenue [Line Items]
Total	77,166	49,002	205,158	131,561
Diagnostic test revenue \| Legacy Sema4
Disaggregation of Revenue [Line Items]
Total	252	2,953	2,803	8,879
Patients with third-party insurance
Disaggregation of Revenue [Line Items]
Total	59,543	35,775	155,434	91,677
Patients with third-party insurance \| GeneDx
Disaggregation of Revenue [Line Items]
Total	59,291	32,825	152,631	82,801
Patients with third-party insurance \| Legacy Sema4
Disaggregation of Revenue [Line Items]
Total	252	2,950	2,803	8,876
Institutional customers
Disaggregation of Revenue [Line Items]
Total	17,415	15,720	50,784	47,528
Institutional customers \| GeneDx
Disaggregation of Revenue [Line Items]
Total	17,415	15,720	50,784	47,528
Institutional customers \| Legacy Sema4
Disaggregation of Revenue [Line Items]
Total	0	0	0	0
Self-pay patients
Disaggregation of Revenue [Line Items]
Total	460	460	1,743	1,235
Self-pay patients \| GeneDx
Disaggregation of Revenue [Line Items]
Total	460	457	1,743	1,232
Self-pay patients \| Legacy Sema4
Disaggregation of Revenue [Line Items]
Total	0	3	0	3
Other revenue
Disaggregation of Revenue [Line Items]
Total	(544)	1,348	1,849	4,708
Other revenue \| GeneDx
Disaggregation of Revenue [Line Items]
Total	(544)	1,348	1,849	4,708
Other revenue \| Legacy Sema4
Disaggregation of Revenue [Line Items]
Total	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the accounting disclosure rules and regulations of the SEC regarding interim financial reporting. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP. These condensed financial statements consolidate the operations and accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Unless otherwise noted, all tabular dollars are in thousands, except per share amounts. Certain reclassifications have been made to the prior year condensed consolidated financial statements in order to conform to the current year’s presentation.

In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair statement of the financial position and the results of operations of the Company for the interim periods presented. Interim results are not necessarily indicative of the results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).

Emerging Growth Company

The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012. In addition, the Company was previously a “smaller reporting company”, as defined in Item 10(f)(1) of the SEC’s Regulation S-K and currently takes advantage of certain of the scaled disclosures available to smaller reporting companies. As such, the Company is eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including reduced reporting, including the reporting of two fiscal years of financial statements, not being required to provide an auditor attestation of internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, and extended transition periods to comply with new or revised accounting standards for public business entities. The Company has elected to avail itself of this exemption and, therefore, will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. The Company bases these estimates on current facts, historical and anticipated results, trends and various other assumptions that it believes are reasonable in the circumstances, including assumptions as to future events. These estimates include, but are not limited to, the transaction price for certain contracts with customers, potential or actual claims for recoupment from third-party payors, the valuation of stock-based awards, the valuation of warrant liabilities, income taxes and intangible assets. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates, judgments and assumptions.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements included in the 2023 Form 10-K. There have been no material changes to the Company’s critical accounting policies and estimates in the current period.

Concentration of Credit Risk and Other Risks and Uncertainties

The Company assesses both the self-pay patient and, if applicable, the third-party payor that reimburses the Company on the patient’s behalf when evaluating concentration of credit risk. Significant patients and payors are those that represent more than 10% of the Company’s total revenues for the period or accounts receivable balance at each respective balance sheet date. The significant concentrations of accounts receivable as of September 30, 2024 and December 31, 2023 were primarily from large managed care insurance companies, institutional billed accounts, and data arrangements. The Company does not require collateral as a means to mitigate customer credit risk.

For each significant payor, revenue as a percentage of total revenues and accounts receivable as a percentage of total accounts receivable are as follows:


	Revenue				Accounts Receivable
	Three months ended September 30,		Nine months ended September 30,		September 30,	December 31,
	2024	2023	2024	2023	2024	2023
Payor A (1)	21%	22%	20%	17%	11%	*
Payor B	37%	26%	32%	26%	11%	10%

* Less than 10%

(1)This payor group includes multiple individual plans and the Company calculates and presents the aggregated value from all plans, which is consistent with the Company’s portfolio approach used in accounting for diagnostic test revenue.

The Company is subject to a concentration of risk from a limited number of suppliers for certain reagents and laboratory supplies. One supplier accounted for approximately 9% and 4% of purchases for the three months ended September 30, 2024 and 2023, respectively, and 11% for each of the nine months ended September 30, 2024 and 2023. A second supplier accounted for approximately 11% and 8% of purchases for the three months ended September 30, 2024 and 2023, respectively, and 10% for each of the nine months ended September 30, 2024 and 2023. This risk is managed by maintaining a target quantity of surplus stock. Alternative suppliers are available for some or all of these reagents and supplies.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard requires additional disclosures around disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The standard requires enhanced segment reporting disclosures, including significant segment expenses and other segment items. Additionally, the standard requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The guidance will

be applied retrospectively to all periods presented in financial statements unless it is impractical to do so. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements and related disclosures.

Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 76,874	$ 53,303	$ 209,810	$ 145,148
Depreciation and amortization	2,422	5,166	5,876	17,122
Stock-based compensation	3,636	431	6,293	586
Restructuring charges	400	2,200	1,500	4,500
Gross profit	47,829	25,259	128,192	59,252
Operating Segments
Segment Reporting Information [Line Items]
Revenue	76,874	53,303	209,810	145,148
Adjusted cost of services	27,370	26,304	78,137	83,662
Adjusted gross profit	49,504	26,999	131,673	61,486
Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation and amortization	1,495	1,613	3,119	3,435
Stock-based compensation	174	75	308	(1,340)
Restructuring charges	6	52	54	139
GeneDx
Segment Reporting Information [Line Items]
Revenue	76,622	50,350	207,007	136,269
Gross profit	47,577	22,531	125,534	50,851
GeneDx \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	76,622	50,350	207,007	136,269
Adjusted cost of services	27,370	26,079	77,992	81,357
Adjusted gross profit	49,252	24,271	129,015	54,912
GeneDx \| Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation and amortization	1,495	1,613	3,119	3,322
Stock-based compensation	174	75	308	631
Restructuring charges	6	52	54	108
Legacy Sema4
Segment Reporting Information [Line Items]
Revenue	252	2,953	2,803	8,879
Gross profit	252	2,728	2,658	8,401
Legacy Sema4 \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	252	2,953	2,803	8,879
Adjusted cost of services	0	225	145	2,305
Adjusted gross profit	252	2,728	2,658	6,574
Legacy Sema4 \| Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation and amortization	0	0	0	113
Stock-based compensation	0	0	0	(1,971)
Restructuring charges	$ 0	$ 0	$ 0	$ 31

Net Loss per Share - Schedule of Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,166,381	2,987,526
Outstanding options and RSUs to purchase Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,471,354	2,321,011
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	666,515	666,515
Outstanding 2021 ESPP shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	28,512	0

Supplemental Financial Information - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Warrant liability	$ 1,540	$ 2,735
Third party payor reserve	12,000	12,000
Total	$ 13,540	$ 14,735

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Revenue and Accounts Receivable Concentration Percentages

For each significant payor, revenue as a percentage of total revenues and accounts receivable as a percentage of total accounts receivable are as follows:


	Revenue				Accounts Receivable
	Three months ended September 30,		Nine months ended September 30,		September 30,	December 31,
	2024	2023	2024	2023	2024	2023
Payor A (1)	21%	22%	20%	17%	11%	*
Payor B	37%	26%	32%	26%	11%	10%

* Less than 10%

Restructuring Costs

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

Total restructuring costs were $0.4 million and $2.2 million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 million and $4.5 million for the nine months ended September 30, 2024 and 2023, respectively. The table below provides certain information concerning restructuring activity during the nine months ended September 30, 2024:


	Reserve Balance at December 31, 2023		Charged to Costs and Expenses		Payments and Other		Reserve Balance at September 30, 2024
Severance	$	1,853	$	1,460	$	(2,698)	$	615

On October 30, 2023, the Company announced a continued strategic realignment of its organization to key priorities which includes the elimination of approximately 50 positions impacted on August 23, 2023, and approximately 35 positions impacted on October 30, 2023. Together these actions reduced the size of the Company’s workforce by 10% from the total number that existed at the time of the August reduction in force. In total, the Company announced cost saving initiatives, including but not limited to these reductions in force, that are expected to result in an excess of $40 million in annual cost reduction. The Company expects that all remaining cash severance payments will be complete in less than one year.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

The following table reflects, as of September 30, 2024, the carrying values and remaining useful lives of acquired intangible assets:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Weighted-Average Amortization Period (in years)
Tradenames and trademarks	$	50,000	$	7,552	$	42,448	13.6
Developed technology	48,000		14,500		33,500		5.6
Customer relationships	98,000		11,842		86,158		17.6
	$	196,000	$	33,894	$	162,106

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	IPO	Additional paid-in capital	Additional paid-in capital IPO	Accumulated deficit	Accumulated other comprehensive income	Class A common stock	Class A common stock Common Stock	Class A common stock Common Stock IPO
Beginning balance (in shares) at Dec. 31, 2022								11,773,065
Beginning balance at Dec. 31, 2022	$ 253,705		$ 1,378,125		$ (1,124,421)	$ 0		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(149,994)				(149,994)
Common stock issued pursuant to stock option exercises (in shares)								50,444
Common stock issued pursuant to stock option exercises	266		266
Stock-based compensation expense	586		586
Vested restricted stock units converted to common stock (in shares)								328,197
Issuance of common stock in offering, net of issuance costs (in shares)								676,868	12,315,752
Issuance of common stock in offering, net of issuance costs	7,564	$ 135,439	7,564	$ 135,438					$ 1
Issuance of common stock for first Milestone Payment (in shares)								701,460
Issuance of common stock for first Milestone Payment	6,692		6,692
Fractional shares issued upon Reverse Stock Split (in shares)								29,603
Ending balance (in shares) at Sep. 30, 2023								25,875,389
Ending balance at Sep. 30, 2023	254,258		1,528,671		(1,274,415)	0		$ 2
Beginning balance (in shares) at Jun. 30, 2023								25,761,147
Beginning balance at Jun. 30, 2023	296,113		1,528,240		(1,232,129)	0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(42,286)				(42,286)
Stock-based compensation expense	431		431
Vested restricted stock units converted to common stock (in shares)								114,242
Ending balance (in shares) at Sep. 30, 2023								25,875,389
Ending balance at Sep. 30, 2023	$ 254,258		1,528,671		(1,274,415)	0		$ 2
Beginning balance (in shares) at Dec. 31, 2023	25,978,863							25,978,863
Beginning balance at Dec. 31, 2023	$ 228,017		1,527,778		(1,300,188)	425		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(57,724)				(57,724)
Common stock issued pursuant to stock option exercises (in shares)							43,380	43,380
Common stock issued pursuant to stock option exercises	247		247
Common stock issued pursuant to Perceptive warrant exercise (in shares)								645,414
Common stock issued pursuant to Perceptive warrant exercise	12,586		12,586
Stock-based compensation expense	6,293		6,293
Other comprehensive income, net of tax	493					493
Vested restricted stock units converted to common stock (in shares)								347,493
Issuance of common stock in offering, net of issuance costs (in shares)								418,653
Issuance of common stock in offering, net of issuance costs	$ 14,589		14,589
Ending balance (in shares) at Sep. 30, 2024	27,433,803							27,433,803
Ending balance at Sep. 30, 2024	$ 204,501		1,561,493		(1,357,912)	918		$ 2
Beginning balance (in shares) at Jun. 30, 2024								26,926,383
Beginning balance at Jun. 30, 2024	194,043		1,543,182		(1,349,600)	459		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,312)				(8,312)
Common stock issued pursuant to stock option exercises (in shares)								11,434
Common stock issued pursuant to stock option exercises	86		86
Stock-based compensation expense	3,636		3,636
Other comprehensive income, net of tax	459					459
Vested restricted stock units converted to common stock (in shares)								77,333
Issuance of common stock in offering, net of issuance costs (in shares)								418,653
Issuance of common stock in offering, net of issuance costs	$ 14,589		14,589
Ending balance (in shares) at Sep. 30, 2024	27,433,803							27,433,803
Ending balance at Sep. 30, 2024	$ 204,501		$ 1,561,493		$ (1,357,912)	$ 918		$ 2

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables set forth the fair value of financial instruments that were measured at fair value on a recurring basis:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	17,906	$	17,906	$	—	$	—
U.S. treasury bonds	32,912		—		32,912		—
Corporate and municipal bonds	25,413		—		25,413		—
Total financial assets	$	76,231	$	17,906	$	58,325	$	—

Financial Liabilities:
Public warrant liability	$	1,057	$	1,057	$	—	$	—
Private warrant liability	483		—		483		—

Total financial liabilities	$	1,540	$	1,057	$	483	$	—


	December 31, 2023
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	92,702	$	92,702	$	—	$	—
U.S. treasury bonds	6,128		—		6,128		—
Corporate and municipal bonds	24,098		—		24,098		—
Total financial assets	$	122,928	$	92,702	$	30,226	$	—

Financial Liabilities:
Public warrant liability	$	149	$	149	$	—	$	—
Private warrant liability	71		—		71		—
Perceptive warrant liability	2,515		—		—		2,515
Total financial liabilities	$	2,735	$	149	$	71	$	2,515

There were no transfers between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2024 or 2023.

The Company’s marketable securities presented in the condensed consolidated balance sheet as of September 30, 2024 have maturity dates ranging from 2024 through 2027 and are classified as current assets as these investments are intended to be readily available to fund current operations. The differences between the fair value and amortized cost basis of each security are the unrealized gains or losses recorded in accumulated other comprehensive income. As of September 30, 2024, the amortized cost for maturities less than one year and greater than one year were $40.5 million and $16.9 million, respectively.

Public and Private Warrants

As of the consummation of the merger in July 2021 in connection with the Business Combination, there were 666,516 warrants to purchase shares of Class A common stock outstanding, including 447,223 public warrants and 219,293 private placement warrants. As of September 30, 2024, there were 666,515 warrants to purchase shares of Class A common stock outstanding, including 457,323 public warrants and 209,192 private placement warrants outstanding. Each warrant expires five years after the Business Combination or earlier upon redemption or liquidation, and entitles the holder to purchase one share of Class A common stock at an exercise price of $379.50 per share, subject to adjustment, at any time commencing on September 4, 2021.

The Company may redeem the outstanding public warrants if the price per share of the Class A common stock equals or exceeds $594.00 as described below:

•in whole and not in part;

•at a price of $0.33 per public warrant;

•upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•if, and only if, the closing price of the Class A common stock equals or exceeds $594.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before sending the notice of redemption to warrant holders.

The Company may redeem the outstanding public warrants if the price per share of the Class A common stock equals or exceeds $330.00 as described below:

•in whole and not in part;

•at $3.30 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A common stock;

•if, and only if, the closing price of the Class A common stock equals or exceeds $330.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and

•if the closing price of the Class A common stock for any 20 trading days within a 30-trading day period ending three trading days before the Company sends notice of redemption to the warrant holders is less than $594.00 per share (as adjusted), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

The private placement warrants were issued to CMLS Holdings, LLC, Mr. Munib Islam, Dr. Emily Leproust and Mr. Nat Turner, and are identical to the public warrants underlying the units sold in the initial public offering, except that (1) the private placement

warrants and the Class A common stock issuable upon the exercise of the private placement warrants would not be transferable, assignable or salable until 30 days after the completion of a business combination, subject to certain limited exceptions, (2) the private placement warrants are exercisable on a cashless basis, (3) the private placement warrants are non-redeemable (except as described above, upon a redemption of warrants when the price per share of Class A common stock equals or exceeds $330.00) so long as they are held by the initial purchasers or their permitted transferees, and (4) the holders of the private placement warrants and the Class A common stock issuable upon the exercise of the private placement warrants have certain registration rights. If the private placement warrants are held by someone other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants.

For the three and nine months ended September 30, 2024, a loss of $0.9 million and loss of $1.3 million, respectively, was recorded within the change in fair value of warrants and earn-out contingent liabilities in the condensed consolidated statements of operations and comprehensive loss. The change in fair value of the warrants for the three and nine months ended September 30, 2023 was a loss of $0.4 million and $0.2 million, respectively.

Perceptive Warrant

On October 27, 2023 (the “Closing Date”), the Company entered into a Credit Agreement and Guaranty (the “Credit Agreement”) with Perceptive Credit Holdings IV, LP, as lender and administrative agent (“Perceptive”), which provides for a senior secured delayed draw term loan facility in an aggregate principal amount of up to $75.0 million (the “Perceptive Term Loan Facility”). As consideration for the Credit Agreement, the Company issued to Perceptive a warrant to purchase up to 1,200,000 shares (the “Perceptive Warrant”) of its Class A common stock. 800,000 warrant shares (the “Initial Warrant Shares”) vested and became exercisable on the Closing Date and 400,000 warrant shares (the “Additional Warrant Shares” and, together with the Initial Warrant Shares, the “Warrant Shares”) will potentially vest and become exercisable on the Tranche B Borrowing Date, as defined in Note 8, “Long-Term Debt” included within this Quarterly Report.

On April 30, 2024 (the “Exercise Date”) Perceptive provided the Company with a notice to exercise the Initial Warrant Shares at an aggregate exercise price of $2.5 million and, as payment of the aggregate exercise price, instructed the Company to withhold a number of Initial Warrant Shares based on their aggregate fair market value as of the Exercise Date. The fair market value price of each Initial Warrant Share was equal to the 1-day volume weighted average price (the “1-day VWAP”) of the Company’s Class A common stock on the Exercise Date, or $16.4321. As a result, the Company issued 645,414 shares of its Class A common stock to Perceptive in satisfaction of the cashless exercise in respect of the Initial Warrant Shares. See Note 8, “Long-Term Debt” included within this Quarterly Report for further information.

For the nine months ended September 30, 2024, a loss of $10.1 million was recorded within the change in fair value of warrants and earn-out contingent liabilities in the condensed consolidated statements of operations and comprehensive loss based on re-measurement performed through the Exercise Date.

Contingent Consideration (Legacy GeneDx)

In connection with the Acquisition, up to $150.0 million of contingent payments was to be payable to OPKO Health, Inc. (“OPKO”), based upon achievement of 2022 and 2023 revenue milestones (the “Milestone Payments”) pursuant to the merger agreement (the “Acquisition Merger Agreement”). The first Milestone Payment was paid out in full in April 2023 and the second Milestone Payment was valued at zero as the milestone was not met during fiscal year 2023.

During the three and nine months ended September 30, 2023, a gain of $1.0 million and $0.9 million, respectively, was recorded within the change in fair market value of warrant and earn-out contingent liabilities in the condensed consolidated statements of operations and comprehensive loss.

Connecticut Department of Economic and Community Development Funding Commitment

The Company’s loan from the Connecticut Department of Economic and Community Development (“DECD”) is classified within Level 2 of the fair value hierarchy. The loan was recorded at its carrying value of $6.1 million as of September 30, 2024 and December 31, 2023, with $1.2 million recorded in other current liabilities on the condensed consolidated balance sheets at September 30, 2024. The fair value of the loan as of September 30, 2024 was $5.0 million, which is estimated based on discounted cash flows using the yields of similar debt instruments of other companies with similar credit profiles.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-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 (d)
-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 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: 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

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax benefit for the nine months ended September 30, 2024 and 2023 was $0.3 million and $0.5 million, respectively. Income taxes for these periods are recorded at the Company’s estimated annual effective income tax rate, subject to adjustments for discrete events should they occur. The Company’s estimated annual effective tax rate was 0.56% and 0.35% for the nine months ended September 30, 2024 and 2023, respectively. The difference between the Company’s effective tax rates in 2024 and 2023 compared to the U.S. statutory tax rate of 21% is primarily due to changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets. The Company currently has valuation allowances against a significant portion of its deferred tax assets primarily related to its net operating loss carryforwards and tax credit carryforwards.

- Definition

The entire disclosure for income tax.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
-SubTopic 10
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	September 30, 2024		December 31, 2023
Capitalized software	$	32,171	$	32,171
Laboratory equipment	14,853		15,538
Leasehold improvements	14,639		14,614
Computer equipment	6,307		5,819
Building under finance lease	4,530		4,529
Equipment under finance leases	3,293		2,604
Furniture, fixtures and other equipment	550		550
Construction in-progress	5,683		3,106
Total property and equipment	82,026		78,931
Less: accumulated depreciation and amortization	(50,574)		(46,452)
Property and equipment, net	$	31,452	$	32,479

For the three months ended September 30, 2024 and 2023, depreciation and amortization expense was $2.4 million and $5.2 million, respectively. For the nine months ended September 30, 2024 and 2023, depreciation and amortization expense was $5.9 million and $17.1 million, respectively.

For the three and nine months ended September 30, 2024, the Company recorded a $0.6 million charge to accelerate the depreciation, net of trade-in credits, for certain lab equipment that was sold during the period as a trade-in associated with the purchase of new lab equipment.

For the nine months ended September 30, 2023, the Company recorded a $3.4 million charge to accelerate the amortization for certain capitalized software projects associated with Legacy Sema4 that are not expected to be utilized, and also recorded a $3.0 million gain on sale of assets during the period associated with the closure of Legacy Sema4 facilities. For the three and nine months ended September 30, 2023, the Company recorded a $8.3 million and $9.9 million non-cash impairment charge, respectively, on the condensed consolidated statements of operations and comprehensive loss (of which $4.8 million and $5.6 million, respectively, was allocated to the right-of-use asset associated with the sublease), which was driven by indicators of impairment related to a sublease agreement.

Depreciation and amortization expense is included within the condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of services	$	1,495	$	1,613	$	3,119	$	3,435
Research and development	222		283		629		5,791
Selling and marketing	—		—		—		2
General and administrative	705		3,270		2,128		7,894
Total depreciation and amortization expenses	$	2,422	$	5,166	$	5,876	$	17,122