Performance was pressured by a 15% decline in activity from the company's largest customer due to manufacturing site reorganization and inventory management.

The business model saw a net loss of six SPL clinical programs in 2025 as biotech partners rationalized portfolios and conserved capital.

Management attributes the current revenue trajectory to short-term headwinds from discontinued programs rather than a fundamental shift in technology demand.

The launch of ExPERT DTX represents a strategic pivot to capture customers at the earliest research stages, creating a 'seamless path' to clinical scale-up.

Operational efficiency improved significantly following a restructuring that reduced annual cash burn by over $16 million compared to the prior model.

The integration of SecurDx is positioning the company to address the evolving regulatory focus on off-target risk assessment in gene editing.

2026 guidance assumes a $4 million core revenue headwind from the annualized impact of 2025 program exits and inventory stabilization at the largest customer.

Revenue is expected to be back-half weighted, with Q1 projected as the lightest quarter for core revenue as the new base stabilizes.

The company anticipates five clinical programs entering pivotal studies over the next 18 months, which are expected to drive milestone and royalty growth through 2028.

Guidance for SPL program-related revenue includes approximately $2 million in royalties from the commercial ramp of CASGEVY.

Management expects to maintain a flat operating expense profile, leveraging the new cost structure to further reduce cash burn as revenue growth returns.

A non-cash goodwill impairment of $3.6 million was recorded in Q4 2025, though management notes that these headwinds do not change the fundamentals of the business

Twelve existing SPL agreements are now classified as inactive due to partners exiting the ex vivo space or ceasing operations.

One SPL customer recently issued a termination notice for reasons unrelated to platform performance, which is factored into the 2026 guidance.

The transition of the CFO role to Parmeet Ahuja, effective March 30, is intended to strengthen financial infrastructure for future scaling.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.

Management clarified that the projected decline is due to specific 2025 program losses and inventory drawdowns, not a lack of market demand.

The 2026 guidance does not assume a macro recovery; any industry-wide demand improvement would represent upside to the current outlook.

Early traction is already visible with sales in Q1, including to a new customer, but meaningful revenue is expected to materialize in the second half of 2026.

The product is designed to seed future SPL partnerships by engaging developers during the 12-18 month research-to-clinical transition period.

Management has already secured one seven-figure milestone in Q1 2026 and anticipates at least one more from a customer currently dosing patients.

While four pivotal milestones are possible this year, the guidance conservatively accounts for timing risks that could push some into early 2027.

One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.