v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay-Versus-Performance

The following table reports the compensation of our Principal Executive Officer (“PEO”) and the average compensation of the non-PEO NEOs as reported in the “Summary Compensation Table” table (“SCT”) in our proxy statements for the past five fiscal years, as well as Compensation Actually Paid (“CAP”) as calculated under SEC Pay-Versus-Performance (“PVP”) rules and certain performance measures required by the rules. The disclosure covers our five most recent fiscal years. Dollar amounts reported as CAP are computed in accordance with Item 402(v) of Regulation S-K, and these amounts do not reflect the actual amount of compensation earned by or paid to our PEO and other NEOs during the applicable years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100
Investment Based on:

 

 

 

 

 

 

 

Year(1)

 

SCT Total for PEO

 

 

Compensation Actually Paid to PEO(2)

 

 

Average SCT Total for Non-PEO NEOs

 

 

Average Compensation Actually Paid to Non-PEO NEOs(2)

 

 

Total Shareholder Return

 

 

Peer Group Total Shareholder Return(3)

 

 

Net Income
(in thousands)

 

 

Revenue(4)
(in thousands)

 

(a)

 

(b)

 

 

(c)

 

 

(d)

 

 

(e)

 

 

(f)

 

 

(g)

 

 

(h)

 

 

(i)

 

2025

 

$

9,081,690

 

 

$

39,597,875

 

 

$

4,992,964

 

 

$

18,380,619

 

 

$

27

 

 

$

125

 

 

$

(59,457

)

 

$

276,976

 

2024

 

 

4,973,301

 

 

 

8,354,482

 

 

 

2,387,776

 

 

 

569,712

 

 

 

10

 

 

 

93

 

 

 

(159,595

)

 

 

178,957

 

2023

 

 

8,904,267

 

 

 

2,745,457

 

 

 

4,257,240

 

 

 

1,361,275

 

 

 

8

 

 

 

94

 

 

 

(225,304

)

 

 

170,276

 

2022

 

 

8,853,328

 

 

 

(1,144,530

)

 

 

4,316,929

 

 

 

(2,584,615

)

 

 

13

 

 

 

90

 

 

 

(200,368

)

 

 

185,308

 

2021

 

 

8,751,617

 

 

 

(6,175,537

)

 

 

5,865,883

 

 

 

(3,112,380

)

 

 

47

 

 

 

100

 

 

 

(207,298

)

 

 

154,344

 

 

(1)
Mr. Robins served as our PEO in each year shown. The non-PEO NEOs reflected in columns (d) and (e) above represent the following individuals for each of the years shown:
•
2025 – Mr. Piskel, Ms. Bobulsky, Dr. Robins and Ms. Rubinstein;
•
2024 – Tycho Peterson (until his resignation in April 2024), Mr. Piskel (Mr. Piskel became Chief Financial Officer in April 2024), Sharon Benzeno, PhD, Dr. Robins and Ms. Rubinstein;
•
2023 – Mr. Peterson, Dr. Benzeno, Dr. Robins and Ms. Rubinstein;
•
2022 – Mr. Peterson (Mr. Peterson joined the Company in 2022), Dr. Benzeno, Dr. Robins, Ms. Rubinstein, Chad Cohen (until his resignation in February 2022) and Mr. Piskel (Mr. Piskel served as interim Chief Financial Officer until June 2022); and
•
2021 – Mr. Cohen, Dr. Robins, Ms. Rubinstein and Nitin Sood (Mr. Sood joined the Company in 2021).

Biographical information for each of these individuals and their positions can be found above, or in the proxy for the year upon which compensation was reported, under the heading “Executive Officers.”

(2)
The “Summary Compensation Table” table totals reported for the PEO and the average of the non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “Compensation Actually Paid”:

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

Summary Compensation Table

 

$

9,081,690

 

 

$

4,992,964

 

 

$

4,973,301

 

 

$

2,387,776

 

 

$

8,904,267

 

 

$

4,257,240

 

 

$

8,853,328

 

 

$

4,316,929

 

 

$

8,751,617

 

 

$

5,865,883

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduction for Amounts Reported Under the “Stock Awards” and “Option Awards” Columns of the Summary Compensation Table(a)

 

 

(7,675,100

)

 

 

(4,260,604

)

 

 

(3,716,313

)

 

 

(1,791,706

)

 

 

(7,900,711

)

 

 

(3,600,176

)

 

 

(7,668,040

)

 

 

(3,816,562

)

 

 

(7,592,784

)

 

 

(5,261,470

)

Increase (Decrease) for the Inclusion of Item 402(v) Equity Values

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year

 

 

16,122,275

 

 

 

8,906,197

 

 

 

5,928,967

 

 

 

2,924,160

 

 

 

3,859,556

 

 

 

1,929,580

 

 

 

4,260,108

 

 

 

3,475,247

 

 

 

4,773,662

 

 

 

3,685,849

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards

 

 

20,797,691

 

 

 

8,191,893

 

 

 

1,345,301

 

 

 

466,245

 

 

 

(2,116,270

)

 

 

(1,152,972

)

 

 

(3,341,668

)

 

 

(1,728,734

)

 

 

(7,548,036

)

 

 

(4,771,395

)

Change in Fair Value of Prior Years’ Equity Awards that Vested During the Year

 

 

1,271,319

 

 

 

550,169

 

 

 

(176,774

)

 

 

(139,436

)

 

 

(1,385

)

 

 

(72,397

)

 

 

(3,248,258

)

 

 

(1,519,418

)

 

 

(4,559,996

)

 

 

(2,631,247

)

Change in Value of Prior Years’ Equity Awards that Forfeited During the Year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,277,327

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,312,077

)

 

 

—

 

 

 

—

 

Compensation Actually Paid

 

$

39,597,875

 

 

$

18,380,619

 

 

$

8,354,482

 

 

$

569,712

 

 

$

2,745,457

 

 

$

1,361,275

 

 

$

(1,144,530

)

 

$

(2,584,615

)

 

$

(6,175,537

)

 

$

(3,112,380

)

 

(a)
Amounts in this row reflect the aggregate grant date fair value of RSUs, PSUs and options computed in accordance with ASC 718, rather than the amounts paid or realized by the named individual. We provide information regarding the assumptions used to calculate the grant date fair value of our RSUs, PSUs and options in Note 14 to our audited consolidated financial statements filed with our Annual Report on Form 10-K for the year ended December 31, 2025.
(3)
Peer group total shareholder return reflects the Nasdaq Biotechnology Index for all five fiscal years disclosed, which aligns with the peer group used in our Annual Report on Form 10-K for each of these years.
Revenue was chosen from the following three most important financial performance measures used by us to link compensation actually paid to the PEO and non-PEO NEOs in 2025 to the Company’s performance: 		       
Company Selected Measure Name Revenue        
Named Executive Officers, Footnote
(1)
Mr. Robins served as our PEO in each year shown. The non-PEO NEOs reflected in columns (d) and (e) above represent the following individuals for each of the years shown:
•
2025 – Mr. Piskel, Ms. Bobulsky, Dr. Robins and Ms. Rubinstein;
•
2024 – Tycho Peterson (until his resignation in April 2024), Mr. Piskel (Mr. Piskel became Chief Financial Officer in April 2024), Sharon Benzeno, PhD, Dr. Robins and Ms. Rubinstein;
•
2023 – Mr. Peterson, Dr. Benzeno, Dr. Robins and Ms. Rubinstein;
•
2022 – Mr. Peterson (Mr. Peterson joined the Company in 2022), Dr. Benzeno, Dr. Robins, Ms. Rubinstein, Chad Cohen (until his resignation in February 2022) and Mr. Piskel (Mr. Piskel served as interim Chief Financial Officer until June 2022); and
2021 – Mr. Cohen, Dr. Robins, Ms. Rubinstein and Nitin Sood (Mr. Sood joined the Company in 2021). 		       
Peer Group Issuers, Footnote Peer group total shareholder return reflects the Nasdaq Biotechnology Index for all five fiscal years disclosed, which aligns with the peer group used in our Annual Report on Form 10-K for each of these years.        
PEO Total Compensation Amount $ 9,081,690 $ 4,973,301 $ 8,904,267 $ 8,853,328 $ 8,751,617
PEO Actually Paid Compensation Amount $ 39,597,875 8,354,482 2,745,457 (1,144,530) (6,175,537)
Adjustment To PEO Compensation, Footnote
(2)
The “Summary Compensation Table” table totals reported for the PEO and the average of the non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “Compensation Actually Paid”:

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

Summary Compensation Table

 

$

9,081,690

 

 

$

4,992,964

 

 

$

4,973,301

 

 

$

2,387,776

 

 

$

8,904,267

 

 

$

4,257,240

 

 

$

8,853,328

 

 

$

4,316,929

 

 

$

8,751,617

 

 

$

5,865,883

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduction for Amounts Reported Under the “Stock Awards” and “Option Awards” Columns of the Summary Compensation Table(a)

 

 

(7,675,100

)

 

 

(4,260,604

)

 

 

(3,716,313

)

 

 

(1,791,706

)

 

 

(7,900,711

)

 

 

(3,600,176

)

 

 

(7,668,040

)

 

 

(3,816,562

)

 

 

(7,592,784

)

 

 

(5,261,470

)

Increase (Decrease) for the Inclusion of Item 402(v) Equity Values

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year

 

 

16,122,275

 

 

 

8,906,197

 

 

 

5,928,967

 

 

 

2,924,160

 

 

 

3,859,556

 

 

 

1,929,580

 

 

 

4,260,108

 

 

 

3,475,247

 

 

 

4,773,662

 

 

 

3,685,849

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards

 

 

20,797,691

 

 

 

8,191,893

 

 

 

1,345,301

 

 

 

466,245

 

 

 

(2,116,270

)

 

 

(1,152,972

)

 

 

(3,341,668

)

 

 

(1,728,734

)

 

 

(7,548,036

)

 

 

(4,771,395

)

Change in Fair Value of Prior Years’ Equity Awards that Vested During the Year

 

 

1,271,319

 

 

 

550,169

 

 

 

(176,774

)

 

 

(139,436

)

 

 

(1,385

)

 

 

(72,397

)

 

 

(3,248,258

)

 

 

(1,519,418

)

 

 

(4,559,996

)

 

 

(2,631,247

)

Change in Value of Prior Years’ Equity Awards that Forfeited During the Year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,277,327

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,312,077

)

 

 

—

 

 

 

—

 

Compensation Actually Paid

 

$

39,597,875

 

 

$

18,380,619

 

 

$

8,354,482

 

 

$

569,712

 

 

$

2,745,457

 

 

$

1,361,275

 

 

$

(1,144,530

)

 

$

(2,584,615

)

 

$

(6,175,537

)

 

$

(3,112,380

)
       
Non-PEO NEO Average Total Compensation Amount $ 4,992,964 2,387,776 4,257,240 4,316,929 5,865,883
Non-PEO NEO Average Compensation Actually Paid Amount $ 18,380,619 569,712 1,361,275 (2,584,615) (3,112,380)
Adjustment to Non-PEO NEO Compensation Footnote
(2)
The “Summary Compensation Table” table totals reported for the PEO and the average of the non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “Compensation Actually Paid”:

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

 

PEO

 

 

Average for non-PEO NEOs

 

Summary Compensation Table

 

$

9,081,690

 

 

$

4,992,964

 

 

$

4,973,301

 

 

$

2,387,776

 

 

$

8,904,267

 

 

$

4,257,240

 

 

$

8,853,328

 

 

$

4,316,929

 

 

$

8,751,617

 

 

$

5,865,883

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduction for Amounts Reported Under the “Stock Awards” and “Option Awards” Columns of the Summary Compensation Table(a)

 

 

(7,675,100

)

 

 

(4,260,604

)

 

 

(3,716,313

)

 

 

(1,791,706

)

 

 

(7,900,711

)

 

 

(3,600,176

)

 

 

(7,668,040

)

 

 

(3,816,562

)

 

 

(7,592,784

)

 

 

(5,261,470

)

Increase (Decrease) for the Inclusion of Item 402(v) Equity Values

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year

 

 

16,122,275

 

 

 

8,906,197

 

 

 

5,928,967

 

 

 

2,924,160

 

 

 

3,859,556

 

 

 

1,929,580

 

 

 

4,260,108

 

 

 

3,475,247

 

 

 

4,773,662

 

 

 

3,685,849

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards

 

 

20,797,691

 

 

 

8,191,893

 

 

 

1,345,301

 

 

 

466,245

 

 

 

(2,116,270

)

 

 

(1,152,972

)

 

 

(3,341,668

)

 

 

(1,728,734

)

 

 

(7,548,036

)

 

 

(4,771,395

)

Change in Fair Value of Prior Years’ Equity Awards that Vested During the Year

 

 

1,271,319

 

 

 

550,169

 

 

 

(176,774

)

 

 

(139,436

)

 

 

(1,385

)

 

 

(72,397

)

 

 

(3,248,258

)

 

 

(1,519,418

)

 

 

(4,559,996

)

 

 

(2,631,247

)

Change in Value of Prior Years’ Equity Awards that Forfeited During the Year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,277,327

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,312,077

)

 

 

—

 

 

 

—

 

Compensation Actually Paid

 

$

39,597,875

 

 

$

18,380,619

 

 

$

8,354,482

 

 

$

569,712

 

 

$

2,745,457

 

 

$

1,361,275

 

 

$

(1,144,530

)

 

$

(2,584,615

)

 

$

(6,175,537

)

 

$

(3,112,380

)
       
Compensation Actually Paid vs. Total Shareholder Return

img208472160_8.gif

        
Compensation Actually Paid vs. Net Income

img208472160_9.gif

        
Compensation Actually Paid vs. Company Selected Measure

img208472160_10.gif

        
Total Shareholder Return Vs Peer Group

img208472160_7.gif

        
Tabular List, Table

Performance Metrics

Revenue

 

Refer to “Incentive Compensation and 2025 Goals Achievement” under “Compensation Discussion and Analysis-Elements of Executive Compensation”

Operating Expenses

 

Refer to “Incentive Compensation and 2025 Goals Achievement” under “Compensation Discussion and Analysis-Elements of Executive Compensation”

TSR

 

Refer to “Long-Term Equity Incentive Awards” under “Compensation Discussion and Analysis-Elements of Executive Compensation”
       
Total Shareholder Return Amount $ 27 10 8 13 47
Peer Group Total Shareholder Return Amount $ 125 $ 93 $ 94 $ 90 $ 100
Company Selected Measure Amount 276,976,000 178,957,000 170,276,000 185,308,000 154,344,000
PEO Name Mr. Robins        
Net Income (Loss) $ (59,457,000) $ (159,595,000) $ (225,304,000) $ (200,368,000) $ (207,298,000)
Measure:: 1          
Pay vs Performance Disclosure          
Name Revenue        
Measure:: 2          
Pay vs Performance Disclosure          
Name Operating Expenses        
Measure:: 3          
Pay vs Performance Disclosure          
Name TSR        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (7,675,100) (3,716,313) (7,900,711) (7,668,040) (7,592,784)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 16,122,275 5,928,967 3,859,556 4,260,108 4,773,662
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 20,797,691 1,345,301 (2,116,270) (3,341,668) (7,548,036)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,271,319 (176,774) (1,385) (3,248,258) (4,559,996)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,260,604) (1,791,706) (3,600,176) (3,816,562) (5,261,470)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,906,197 2,924,160 1,929,580 3,475,247 3,685,849
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,191,893 466,245 (1,152,972) (1,728,734) (4,771,395)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 550,169 (139,436) $ (72,397) (1,519,418) $ (2,631,247)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   $ (3,277,327)   $ (3,312,077)