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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 10-Q
_____________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number: 001-39035

Logo-10x.jpg
10x Genomics, Inc.
(Exact name of registrant as specified in its charter)
Delaware45-5614458
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
6230 Stoneridge Mall Road
Pleasanton, California
94588
(Address of principal executive offices)
(Zip Code)
(925) 401-7300
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
_____________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol		Name of each exchange
on which registered
Class A common stock, par value $0.00001 per shareTXGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  ☒
As of April 30, 2026, the registrant had 116,877,317 shares of Class A common stock, $0.00001 par value per share, outstanding and 10,078,872 shares of Class B common stock, $0.00001 par value per share, outstanding.

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10x Genomics, Inc.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to those sections’ “safe harbor.” All statements, other than historical facts, may be forward-looking statements. Forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or variations of these terms or similar terminology generally can identify forward-looking statements, but the absence of these words is not determinative. These forward-looking statements include statements regarding 10x Genomics, Inc.’s expectations regarding our plans, objectives, goals, beliefs, business strategies, acquisition of Scale Biosciences, Inc., results of operations, financial position, sufficiency of our capital resources, business outlook, future events, business conditions, key business metrics and key factors affecting our performance, revenues, gross margin, expenses, organization, business and other trends, expected future investments including anticipated capital expenditures, anticipated size of market opportunities and our ability to capture them, expected uses, plans and expectations regarding entering the clinical and diagnostic markets, the timing and outcome of regulatory filings and approvals, performance and benefits of our products and services, business trends and other information. These statements are based on management’s expectations, forecasts, beliefs, opinions, assumptions and information available at the time of filing and should not be relied upon as 10x Genomics, Inc.’s views as of any subsequent date. Actual outcomes and results could differ materially from these statements due to several factors. 10x Genomics, Inc. disclaims any obligation to update any published forward-looking statements except as required by law.
The material risks, uncertainties and other factors that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ from those indicated by the forward-looking statements made include those described in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Our periodic filings are accessible on the U.S. Securities and Exchange Commission's (“SEC”) website at www.sec.gov. Although we believe the expectations reflected in the forward-looking statements are reasonable, new risks and uncertainties may emerge, and it is not possible for us to predict their impact on the forward-looking statements contained in this Quarterly Report. Moreover, the information the forward-looking statements are based upon may be limited or incomplete, and may not be based upon all potentially relevant information. We cannot guarantee future events, circumstances, results, performance or achievements. In light of the foregoing, investors are urged not to place undue reliance on any forward-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of the Company.
Unless otherwise stated or the context otherwise indicates, references to “we,” “us,” “our,” “the Company,” “10x” and similar references refer to 10x Genomics, Inc. and its subsidiaries.
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Channels for Disclosure of Information
Investors and others should note that we may announce material information to the public through filings with the SEC, our website (https://www.10xGenomics.com), press releases, public conference calls, public webcasts and our social media accounts (https://www.linkedin.com/company/10xgenomics, https://X.com/10xGenomics, https://www.facebook.com/10xGenomics, https://bsky.app/profile/10xgenomics.bsky.social and https://www.youtube.com/@10xGenomics_). We use these channels to communicate with our customers and the public about the Company, our products, our services, our financial results, business developments and other matters. We encourage our investors, the media and others to review the information disclosed through such channels as such information could be deemed to be material information. The information on such channels, including on our website and our social media accounts, is not incorporated by reference in this Quarterly Report and shall not be deemed to be incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing. Please note that this list of disclosure channels may be updated from time to time.
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10x Genomics, Inc.
PART I—FINANCIAL INFORMATION
Item 1.    Financial Statements.
10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31,
2026		December 31,
2025
(Unaudited)(Note 1)
Assets
Current assets:
Cash and cash equivalents$490,285 $473,966 
Marketable securities49,563 49,443 
Accounts receivable, net39,031 47,013 
Other receivables17,106 35,480 
Inventory53,487 56,341 
Prepaid expenses and other current assets20,261 22,208 
Total current assets669,733 684,451 
Property and equipment, net220,591 226,711 
Operating lease right-of-use assets58,390 60,450 
Goodwill4,511 4,511 
Intangible assets, net59,910 62,329 
Other noncurrent assets2,624 2,913 
Total assets$1,015,759 $1,041,365 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$17,425 $12,733 
Accrued compensation and related benefits21,506 42,500 
Accrued expenses and other current liabilities33,680 39,971 
Deferred revenue24,342 23,902 
Operating lease liabilities11,330 10,985 
Contingent consideration, current5,315 23,363 
Total current liabilities113,598 153,454 
Contingent consideration, noncurrent1,222 1,237 
Operating lease liabilities, noncurrent70,059 73,376 
Deferred revenue, noncurrent10,138 10,501 
Other noncurrent liabilities6,418 6,471 
Total liabilities201,435 245,039 
Commitments and contingencies (Note 4)


Stockholders’ equity:
Preferred stock— — 
Common stock2 2 
Additional paid-in capital2,338,269 2,306,690 
Accumulated deficit(1,524,061)(1,510,591)
Accumulated other comprehensive income114 225 
Total stockholders’ equity814,324 796,326 
Total liabilities and stockholders’ equity$1,015,759 $1,041,365 
    The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
March 31,
20262025
Products and services revenue$149,896 $137,823 
License and royalty revenue947 17,060 
Revenue150,843 154,883 
Cost of products and services revenue44,665 49,438 
Gross profit106,178 105,445 
Operating expenses:
Research and development56,847 64,245 
Selling, general and administrative66,377 89,728 
Gain on settlement— (9,200)
Total operating expenses123,224 144,773 
Loss from operations(17,046)(39,328)
Other income (expense):
Interest income5,014 3,686 
Other income (expense), net(815)2,136 
Total other income4,199 5,822 
Loss before provision for income taxes(12,847)(33,506)
Provision for income taxes623 852 
Net loss$(13,470)$(34,358)
Net loss per share, basic and diluted$(0.10)$(0.28)
Weighted-average shares used to compute net loss per share, basic and diluted128,291,153 122,606,091 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
(In thousands)
Three Months Ended
March 31,
20262025
Net loss$(13,470)$(34,358)
Other comprehensive income (loss), net of tax:
Unrealized losses on available-for-sale marketable securities(22)(20)
Foreign currency translation adjustment(89)146 
Other comprehensive income (loss), net of tax(111)126 
Comprehensive loss$(13,581)$(34,232)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share data)

Common StockAdditional 
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other Comprehensive
Income (Loss)		Total
Stockholders’
Equity
SharesAmount
Balance as of December 31, 2025127,691,329 $2 $2,306,690 $(1,510,591)$225 $796,326 
Issuance of Class A common stock related to equity awards900,221 — 273 — — 273 
Issuance of Class A common stock for settlement of contingent consideration396,584 — 8,699 — — 8,699 
Stock-based compensation— — 22,607 — — 22,607 
Net loss— — — (13,470)— (13,470)
Other comprehensive loss— — — — (111)(111)
Balance as of March 31, 2026128,988,134 $2 $2,338,269 $(1,524,061)$114 $814,324 


Common StockAdditional 
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other Comprehensive
Income (Loss)		Total
Stockholders’
Equity
SharesAmount
Balance as of December 31, 2024122,291,837 $2 $2,177,672 $(1,467,047)$(493)$710,134 
Issuance of Class A common stock related to equity awards841,913 — 422 — — 422 
Stock-based compensation— — 30,571 — — 30,571 
Net loss— — — (34,358)— (34,358)
Other comprehensive income— — — — 126 126 
Balance as of March 31, 2025123,133,750 $2 $2,208,665 $(1,501,405)$(367)$706,895 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months Ended March 31,
20262025
Operating activities:
Net loss$(13,470)$(34,358)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense22,642 31,076 
Depreciation and amortization9,957 8,022 
Non-cash lease expense1,953 1,792 
Fair value adjustments on contingent consideration(57)— 
Asset and lease impairment charges— 114 
Other(193)(575)
Changes in operating assets and liabilities:
Accounts receivable7,980 35,325 
Other receivables18,129 — 
Inventory2,702 8,058 
Prepaid expenses and other current assets1,945 (5,530)
Other noncurrent assets282 2,314 
Accounts payable4,782 (2,547)
Accrued compensation and other related benefits(20,956)(11,745)
Deferred revenue77 347 
Accrued contingent consideration and assumed liabilities(613)— 
Accrued expenses and other current liabilities(6,136)4,329 
Operating lease liability(2,854)(2,631)
Other noncurrent liabilities(50)360 
Net cash provided by operating activities26,120 34,351 
Investing activities:
Purchases of property and equipment(1,597)(1,893)
Purchases of marketable securities(24,714)— 
Proceeds from maturities of marketable securities25,000 — 
Net cash used in investing activities(1,311)(1,893)
Financing activities:
Issuance of common stock from exercise of stock options273 422 
Payment of contingent consideration(8,690)— 
Net cash provided by (used in) financing activities(8,417)422 
Effect of exchange rates changes on cash and cash equivalents(73)114 
Net increase in cash and cash equivalents16,319 32,994 
Cash and cash equivalents at beginning of period473,966 344,067 
Cash and cash equivalents at end of period$490,285 $377,061 
Supplemental disclosures of cash flow information:
Net cash paid for (received from) income taxes$(278)$462 
Noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities$118 $398 
Issuance of Class A common stock for settlement of contingent consideration$8,703 $— 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
o
1.    Description of Business and Basis of Presentation
Organization and Description of Business
10x Genomics, Inc. (the “Company”) is a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. The Company’s integrated research solutions include the Company’s single cell instruments, which include the Company’s Chromium instruments, and the Company's Spatial instruments, which include the Company’s Visium CytAssist and Xenium Analyzer instruments, and the Company’s consumables which include proprietary microfluidic chips, slides, reagents and other consumables for the Company’s Chromium, Visium and Xenium solutions. The Company bundles its software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. Customers purchase instruments and consumables from the Company for use in their experiments. The Company was incorporated in the state of Delaware in July 2012 and began commercial and manufacturing operations and selling its instruments and consumables in 2015. The Company is headquartered in Pleasanton, California and has wholly-owned subsidiaries in Asia, Europe, Oceania and North America.
Basis of Presentation
The accompanying condensed consolidated financial statements, which include the Company’s accounts and the accounts of its wholly-owned subsidiaries, are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements of the Company at that date. Certain information and footnote disclosures typically included in the Company’s audited consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. All intercompany transactions and balances have been eliminated. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 12, 2026 (“Annual Report”).
2.    Summary of Significant Accounting Policies
There were no material changes in the Company’s significant accounting policies during the three months ended March 31, 2026. See Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report for information regarding the Company’s significant accounting policies.
Segment Information
The Company operates as a single operating and reportable segment. The Company’s single reportable segment consists of its integrated research solutions, including instruments, consumables and related software for single cell and spatial analysis. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance. The CODM evaluates the Company’s performance and allocates resources based on consolidated operating results, including loss from operations. The significant segment expenses regularly provided to and reviewed by the CODM are consistent with the expense categories presented in the consolidated statements of operations.
Revenue Recognition
Products and Services Revenue
The Company generates revenue from sales of products, which consist of instruments and consumables, and services. Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. Instrument service agreements, which relate to extended warranties, are typically entered into for a one-year term, following the expiration of the standard one-year warranty period. Revenue for extended warranties is recognized ratably over the
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
term of the extended warranty period as a stand ready performance obligation. Revenue is recorded net of discounts, distributor commissions and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 days. Cash received from customers in advance of product shipments or the provision of services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component.
The Company regularly enters into contracts that include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.
License and Royalty Revenue
The Company has agreements with third parties that include up-front fees and royalties. Revenue related to the delivery of intellectual property is recognized when the license is delivered to the third parties. Royalty revenue is recognized when the underlying sales occur. If the reporting of the actual sales from the Company’s licensees occurs after the Company’s reporting date, the Company estimates the royalty revenue receivable at the reporting date and adjusts for any changes in estimates in the following period.
Recently Issued Accounting Pronouncement and Disclosure Rules
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025 issued ASU 2025-01, Clarifying the Effective Date ("ASU 2025-01") to provide clarification as to the effective date. ASU 2024-03 requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions currently presented on the income statement; rather it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03, as amended by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on the Company's financial condition and results of operations.
3.    Other Financial Statement Information
Available-for-sale Securities
Available-for-sale securities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$460,283 $— $— $460,283 $441,108 $— $— $441,108 Level 1
Marketable securities:
Government debt securities49,573 — (10)49,563 49,431 12 — 49,443 Level 2
Total available-for-sale securities$509,856 $— $(10)$509,846 $490,539 $12 $— $490,551 
The contractual maturities of marketable securities as of March 31, 2026 were all less than one year.
The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
unrealized losses not related to credit losses are recognized in “Other comprehensive income (loss).” There are no allowances for credit losses for the periods presented.
Inventory
Inventory was comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Finished goods$17,411 $23,183 
Work in progress18,831 17,135 
Purchased materials17,245 16,023 
Inventory$53,487 $56,341 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
March 31,
2026		December 31,
2025
Building$147,574 $147,493 
Leasehold improvements89,938 89,724 
Laboratory equipment and machinery 79,434 78,133 
Land36,765 36,765 
Computer equipment and software15,451 15,281 
Furniture and fixtures9,842 9,850 
Construction in progress2,532 2,929 
Total property and equipment381,536 380,175 
Less: accumulated depreciation and amortization (160,945)(153,464)
Property and equipment, net$220,591 $226,711 
During the three months ended March 31, 2025, the Company recorded impairment charges of $0.1 million related to equipment. The impairment charge was triggered by a decision to discontinue an engineering project.
Intangible Assets, Net
Intangible assets, net consisted of the following (dollars in thousands):
March 31, 2026December 31, 2025
Remaining Useful Life in YearsGross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net
Developed technology5.8$52,639 $(5,393)$47,246 $52,639 $(3,359)$49,280 
Technology licenses8.522,504 (9,859)12,645 22,504 (9,491)13,013 
Assembled workforce0.31,328 (1,309)19 1,328 (1,292)36 
Customer relationships0.0945 (945)— 945 (945)— 
Total intangible assets, net$77,416 $(17,506)$59,910 $77,416 $(15,087)$62,329 

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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Compensation and Related Benefits
Accrued compensation and related benefits were comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Accrued bonus$7,927 $29,506 
Accrued commissions2,544 5,335 
Accrued payroll and related costs7,111 4,964 
Other3,924 2,695 
Accrued compensation and related benefits$21,506 $42,500 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Taxes payable$6,522 $7,219 
Product warranties5,687 6,828 
Customer refunds and deposits payable3,822 5,542 
Accrued royalties for licensed technologies4,460 4,971 
Accrued professional services3,210 2,914 
Accrued legal and related costs1,544 1,502 
Other8,435 10,995 
Accrued expenses and other current liabilities$33,680 $39,971 
Product Warranties
Changes in the reserve for product warranties were as follows (in thousands):
Three Months Ended
March 31,
20262025
Beginning of period$6,828 $8,615 
Amounts charged to cost of revenue1,059 3,965 
Repairs and replacements(2,200)(3,127)
End of period$5,687 $9,453 
Contingent Consideration
In 2025, the Company completed the asset acquisition of Scale Biosciences, Inc. (“Scale Bio”) and recorded contingent consideration and assumed liabilities related to the potential achievement of certain milestones. In the first quarter of 2026, the Company made a milestone payment consisting of $10.0 million in cash and $8.7 million in shares (396,584 shares) of the Company’s Class A common stock in connection with a technology transfer completed in the third quarter of 2025. In the future, the Company may pay up to $30.0 million of contingent consideration and assumed liabilities if certain milestones are met. The Company determined that the contingent consideration and certain assumed liabilities are within the scope of ASC 480, Distinguishing Liabilities from Equity, because the related obligations may be settled in cash or shares of the Company’s Class A common stock, at the Company’s election.
The Company measures the contingent consideration and certain assumed liabilities at fair value on a recurring basis. They are valued using a probability-weighted discounted cash flow approach, which reflects management’s estimates of future outcomes, timing of payments and discount rates. Because these inputs involve significant judgment, the fair value measurements are classified as Level 3 within the fair value hierarchy.
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
The following table sets forth a summary of the changes in the fair value of the Company’s contingent consideration and certain assumed liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions (in thousands):
Three Months Ended March 31, 2026
Beginning of period$24,600 
Settlement of contingent consideration to sellers in cash
(8,703)
Settlement of contingent consideration to sellers in equity
(8,703)
Settlement of assumed liabilities to third parties(679)
Change in fair value of contingent consideration(1)
22 
End of period
$6,537 
______________________________
(1) Includes the impact recognized upon cash settlement.
Cash payments totaling $0.6 million made to third parties that were outside of the scope of ASC 480 were not included in the above table.
Revenue and Deferred Revenue
As of March 31, 2026, the aggregate amount of remaining performance obligations primarily related to separately sold extended warranty service agreements or allocated amounts for extended warranty service agreements bundled with sales of instruments was $34.5 million, of which approximately $24.3 million is expected to be recognized as revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $34.5 million and $34.4 million as of March 31, 2026 and December 31, 2025, respectively, primarily consisted of deferred revenue related to extended warranty service agreements.
Three Months Ended
March 31,
(in thousands)20262025
Beginning of period$34,403 $33,171 
Revenue recognized that was included in the contract liability at the beginning of the year8,715 8,878 
Revenue deferred excluding amounts recognized as revenue during the period(8,638)(8,531)
End of period$34,480 $33,518 
The following table represents revenue by source for the periods indicated (in thousands). Spatial includes the Company’s Visium and Xenium products:
Three Months Ended
March 31,
20262025
Instruments
Single Cell$5,223 $5,913 
Spatial6,039 8,902 
Total instruments revenue11,262 14,815 
Consumables
Single Cell88,894 84,109 
Spatial40,907 31,247 
Total consumables revenue129,801 115,356 
Services8,833 7,652 
Products and services revenue149,896 137,823 
License and royalty revenue947 17,060 
Total revenue$150,843 $154,883 
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
March 31,
20262025
Americas
United States(1)
$76,693 $86,818 
Americas (excluding United States)3,406 3,752 
Total Americas80,099 90,570 
Europe, Middle East and Africa36,852 31,895 
Asia-Pacific
China15,837 16,883 
Asia-Pacific (excluding China)18,055 15,535 
Total Asia-Pacific33,892 32,418 
Total revenue$150,843 $154,883 
______________________________
(1)     Includes license and royalty revenue.
License and Royalty Revenue
In 2025, the Company settled its worldwide patent litigation with Vizgen, Inc. As part of that settlement, the Company recorded $16.8 million of license and royalty revenue in the three months ended March 31, 2025.
Other Income (Expense), Net
Other income (expense), net primarily consists of gains and losses from foreign currency remeasurements. The Company recognized foreign currency transaction losses of $0.8 million for the three months ended March 31, 2026 and foreign currency transaction gains of $1.5 million for the three months ended March 31, 2025.
4.    Commitments and Contingencies
Lease Agreements
The Company leases office, laboratory, manufacturing, distribution and server space in various locations worldwide.
The payments due under the Company’s operating lease liabilities as of March 31, 2026 are as follows (in thousands):
Year Ended December 31,
Operating Leases
2026 (excluding the three months ended March 31, 2026)$11,553 
202716,781 
202816,375 
202914,781 
20309,833 
Thereafter29,478 
Total lease payments$98,801 
Less: imputed interest(17,412)
Present value of operating lease liabilities$81,389 
Operating lease liabilities, current$11,330 
Operating lease liabilities, noncurrent70,059 
Total operating lease liabilities$81,389 
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
The following table summarizes additional information related to the Company’s operating leases:
March 31,
2026		December 31, 2025
Weighted-average remaining lease term6.5 years6.7 years
Weighted-average discount rate5.9 %5.9 %
Litigation
The Company is regularly subject to lawsuits, claims, arbitration proceedings, administrative actions and other legal and regulatory proceedings involving intellectual property disputes, commercial disputes, competition and other matters, and the Company may become subject to additional types of lawsuits, claims, arbitration proceedings, administrative actions, government investigations and legal and regulatory proceedings in the future. As of March 31, 2026, the Company has concluded that a loss is not probable and a contingent liability has not been recorded.
Parse
In August 2022, the Company filed suit against Parse Biosciences, Inc. (“Parse”) in the U.S. District Court for the District of Delaware alleging that Parse’s Evercode Whole Transcriptomics products and ATAC-seq products infringe U.S. Patent Nos. 10,155,981 (the “981 patent”), 10,697,013 (the “013 patent”), 10,240,197 (the “197 patent”), 10,150,995 (the “995 patent”), 10,619,207 (the “207 patent”) and 10,738,357 (the “357 patent”). In February 2025, the Court entered a consent judgment and permanent injunction against Parse with respect to the 995, 207 and 357 patents relating to ATAC-seq. Parse filed petitions for Inter Partes Review (“IPR”) of the 981, 197 and 013 patents which were found unpatentable by the Patent Trial and Appeals Board in February 2025. The Company strongly disagrees with those decisions and has appealed. The Court has stayed the litigation pending the outcome of the appeals.
In August 2025, the Company acquired Scale Bio. Scale Bio and Parse are parties in a litigation in the U.S. District Court for the District of Delaware in which Scale Bio is asserting that Parse’s Evercode products infringe U.S. Patent Nos. 10,626,442, 10,982,256, 11,512,341 and 11,634,752 (the “752 patent”) and Parse is asserting the Scale Bio’s single cell sequencing products infringe U.S. Patent Nos. 10,900,065, 11,168,355 and 11,427,856 (the “Asserted Parse Patents”). In February 2025, the parties filed a stipulation agreeing that Scale Bio’s High Throughput Assay and methods of using such assays do not infringe the Asserted Parse Patents, and dismissing such claims. In October 2025, the Court entered summary judgment that the 752 patent is invalid. The Company disagrees with this decision and plans to appeal. In November 2025, the Court entered summary judgment that the accused Scale Bio products do not infringe the Asserted Parse Patents. Additional summary judgment motions are pending. Trial is scheduled for August 2026.
Curio
In December 2023, the Company filed suit against Curio Bioscience, Inc. (“Curio”) in the U.S. District Court for the District of Delaware alleging that the Curio Seeker Spatial Mapping Kit and associated products and services infringe U.S. Patent Nos. 10,480,022, 10,662,468, 11,001,879, 11,549,138 and 11,761,030. In December 2025, Curio filed a motion for partial summary judgment that its Trekker products do not infringe the asserted patents. The motion is pending. Trial is scheduled for May 2026.
In December 2023, the Company filed a request for a preliminary injunction in the Dusseldorf Local Division of the UPC alleging that the Curio Seeker Spatial Mapping Kit and associated products and services infringe EP Patent No. 2697391 (the “EP 391 patent”). In April 2024, the UPC granted the Company’s request and issued a preliminary injunction requiring Curio to stop offering, marketing, using or possessing these Curio Seeker products and services in Germany, France and Sweden. Curio did not appeal the preliminary injunction. In March 2024, the Company filed a main request in the Dusseldorf Local Division of the UPC alleging that the Curio Seeker Spatial Mapping Kit and associated products and services infringe the EP 391 patent. In June 2025, the UPC found that Curio infringes one of the patent’s claims and issued a permanent injunction ordering Curio to cease and desist from selling the Seeker products in Germany, France and Sweden.
Illumina
In October 2025, the Company filed two lawsuits against Illumina, Inc. (“Illumina”) in the United States District Court for the District of Delaware. In the first suit, the Company alleges Illumina’s announced spatial technology program infringe U.S. Patent Nos. 11,008,607, 11.549,138, 12,234,505 and 12,297,487. In the second suit, the Company alleges Illumina’s single cell kits and workflow infringe U.S. Patent Nos. 11,692,214, 11,932,902, 12,275,993, 12,305,239 and 12,416,192. Illumina filed its
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
answers in December 2025 and an amended answer in the single cell suit in February 2026. Trial in the spatial suit is scheduled for January 2028. Trial in the single cell suit is scheduled for April 2028.
5.    Capital Stock
As of March 31, 2026, the number of shares of Class A common stock and Class B common stock issued and outstanding were 118,909,262 and 10,078,872, respectively.
6.    Equity Incentive Plans
Stock-based Compensation
The Company recorded stock-based compensation expense for the periods presented as follows (in thousands):
Three Months Ended
March 31,
20262025
Cost of revenue$1,918 $2,481 
Research and development10,695 14,106 
Selling, general and administrative10,029 14,489 
Total stock-based compensation expense$22,642 $31,076 
Restricted Stock Units
Restricted stock units (“RSUs”) activity for the three months ended March 31, 2026 was as follows:
Restricted Stock
Units		Weighted-Average
Grant Date Fair Value
(per share)
Outstanding as of December 31, 20257,826,741 $19.68 
Granted1,361,440 23.84 
Vested(807,847)25.04 
Cancelled(403,283)19.14 
Outstanding as of March 31, 20267,977,051 $19.87 
Stock Options
Stock option activity for the three months ended March 31, 2026 was as follows:
Stock OptionsWeighted-Average
Exercise Price
Outstanding as of December 31, 20253,561,297 $48.55 
Exercised(92,374)2.96 
Cancelled and forfeited(44,481)46.56 
Outstanding as of March 31, 20263,424,442 $49.80 
Performance Stock Awards
In February 2026, the Company granted 396,060 performance stock units (“2026 PSUs”) under the 2019 Omnibus Incentive Plan (“2019 Plan”) to certain members of management which are subject to the achievement of certain performance conditions established by the Company’s Compensation Committee of the Board of Directors as described below:
i.50% of target 2026 PSUs earned will be based on the Company’s compound annual growth rate (“CAGR”) of the Company’s revenue over a two-year performance period from January 1, 2026 to December 31, 2027. Holders may earn from 0% to 200% of the target amount of shares and earned 2026 PSUs will then be subject to service-based vesting; and
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
ii.50% of target 2026 PSUs earned will be based on the relative Total Shareholder Return (“TSR”) of the Company’s Class A common stock as compared to the TSR of the members of the Russell 3000 Medical Equipment and Services Sector Index over a three-year performance period from January 1, 2026 to December 31, 2028. Depending on the results relative to the TSR market condition, the holders may earn from 0% to 200% of the target amount of shares which will vest at the end of the performance period.
The 2026 PSUs will be forfeited if the performance conditions are not achieved at the end of the relative performance periods as described above. The vesting of the 2026 PSUs can also be triggered upon certain change in control events or in the event of death or disability.
The weighted-average grant date fair values of the 2026 PSUs for the CAGR and TSR components were $22.13 and $35.88 per share, respectively. Stock-based compensation expense recognized for the TSR component of the 2026 PSUs was $0.2 million for the three months ended March 31, 2026. The vesting of the CAGR component of the 2026 PSUs was deemed not probable of vesting as of March 31, 2026, which resulted in no stock-based compensation expense recognized for the three months ended March 31, 2026.
The Company estimated the weighted-average grant date fair values of shares granted under the TSR component of the 2026 PSUs using a Monte Carlo simulation model with the following assumptions:
Expected volatility 64%
Risk-free interest rate3.4%
Expected dividend yield—%
In March 2025, the Company granted 561,603 PSUs (“2025 PSUs”) under the 2019 Plan to certain members of management, which are subject to the achievement of certain market-condition and performance-condition goals established by the Company’s Compensation Committee of the Board of Directors.
As of March 31, 2026, the measurement periods for the 2026 and 2025 PSUs were not completed and the market and performance criteria for the stock awards were not met and therefore no shares vested or became exercisable.
2019 Employee Stock Purchase Plan
As of March 31, 2026, a total of 6,186,502 shares of Class A common stock were reserved for issuance under the 2019 Employee Stock Purchase Plan (“ESPP”). The price at which Class A common stock is purchased under the ESPP is equal to 85% of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower.
During the three months ended March 31, 2026 and 2025, no shares of Class A common stock, respectively, were issued under the ESPP. As of March 31, 2026, there were 4,500,586 shares available for issuance under the ESPP.
7.    Net Loss Per Share
The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:
Three Months Ended
March 31,
20262025
Restricted stock units7,977,051 7,624,647 
Stock options to purchase common stock3,424,442 4,220,558 
Shares committed under the ESPP169,524 436,873 
Total11,571,017 12,282,078 
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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.
You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report and our audited consolidated financial statements and notes thereto and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 12, 2026 (our "Annual Report"). As discussed in the section titled “Special Note Regarding Forward-Looking Statements,” the following discussion and analysis, in addition to historical financial information, contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled “Risk Factors” in this Quarterly Report and in Part I, Item 1A of our Annual Report.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
Overview
We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. Our integrated research solutions include instruments, consumables and software for analyzing biological systems at resolution and scale that matches the complexity of biology. Our commercial product portfolio is made up of our Single Cell and Spatial solutions. Our products include our instruments, which include our Chromium instruments, our Visium CytAssist and our Xenium Analyzer, and our consumables, which include proprietary microfluidic chips, slides, reagents and other consumables for our Single Cell and Spatial solutions. We bundle our software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. Customers purchase instruments and consumables from us for use in their experiments. We also derive revenue from post-warranty service contracts for our instruments.
Comparison of the Three Months Ended March 31, 2026 and 2025
Revenue
The following table represents total revenue by source for the periods indicated (dollars in thousands). Spatial includes our Visium and Xenium products:
Three Months Ended
March 31,		Change

20262025$%
Instruments
Single Cell$5,223 $5,913 $(690)(12)%
Spatial6,039 8,902 (2,863)(32)
Total instruments revenue11,262 14,815 (3,553)(24)
Consumables
Single Cell88,894 84,109 4,785 6 
Spatial40,907 31,247 9,660 31 
Total consumables revenue129,801 115,356 14,445 13 
Services8,833 7,652 1,181 15 
Products and services revenue149,896 137,823 12,073 9 
License and royalty revenue947 17,060 (16,113)(94)
Total revenue$150,843 $154,883 $(4,040)(3)%
Product and Services Revenue
Products and services revenue increased $12.1 million, or 9%, to $149.9 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Consumables revenue increased $14.4 million, or 13%, to
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$129.8 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Instruments revenue decreased $3.6 million, or 24%, to $11.3 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Services revenue increased $1.2 million, or 15%, to $8.8 million for the three months ended March 31, 2026 as compared to three months ended March 31, 2025, primarily driven by an increase in service plans for instruments coming off warranty.
License and Royalty Revenue
License and royalty revenue decreased $16.1 million, or 94%, in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was primarily due to one-time royalty revenue of $16.8 million recognized in the three months ended March 31, 2025 in connection with our worldwide patent litigation settlement with Vizgen, Inc. (“Vizgen”).
Excluding $44.1 million of non-recurring license and royalty revenue related to patent litigation settlements in 2025, we expect our revenues to moderately increase in 2026 as compared to 2025.
Cost of Products and Services Revenue, Gross Profit and Gross Margin
Three Months Ended
March 31,		Change
(dollars in thousands)
20262025$%
Cost of products and services revenue$44,665 $49,438 $(4,773)(10)%
Gross profit$106,178 $105,445 $733 1 %
Gross margin70 %68 %
Cost of products and services revenue decreased $4.8 million, or 10%, to $44.7 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was primarily driven by lower inventory write-downs of $9.2 million and lower warranty costs of $2.5 million, partially offset by higher manufacturing costs of $6.1 million due to a change in product mix and higher royalty costs of $0.9 million. Gross margin increased to 70% primarily due to lower warranty costs and lower inventory write-downs, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the three months ended March 31, 2025.
We expect our gross margin to fluctuate throughout the remainder of 2026 due to a number of factors including changes in product mix.
Operating Expenses
Three Months Ended
March 31,		Change
(dollars in thousands)
20262025$%
Research and development$56,847 $64,245 $(7,398)(12)%
Selling, general and administrative66,377 89,728 (23,351)(26)
Gain on settlement— (9,200)9,200 N/A
Total operating expenses$123,224 $144,773 $(21,549)(15)%
Research and development expenses decreased $7.4 million, or 12%, to $56.8 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily driven by a $5.4 million decrease in personnel expenses, including a $3.4 million decrease in stock-based compensation expense, a $1.0 million decrease in laboratory materials and supplies and a $0.6 million decrease in facilities and information technology costs.
Selling, general and administrative expenses decreased $23.4 million, or 26%, to $66.4 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily driven by a $12.2 million decrease in outside legal expenses, a $4.3 million decrease in personnel expenses primarily due to a decrease in stock-based compensation expenses, a $1.9 million decrease in travel and entertainment expenses, a $1.8 million decrease in professional services expenses, a $1.7 million decrease in facilities and information technology costs and a $1.6 million decrease in marketing expenses.
Gain on settlement decreased due to a non-recurring gain on settlement of $9.2 million recorded in the three months ended March 31, 2025, as part of our patent litigation settlement with Vizgen in 2025.
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Excluding $49.9 million in gains on settlements recorded in 2025, we expect our operating expenses to modestly decrease in 2026 compared to the prior year as a result of our ongoing efforts to manage our spend.
Total Other Income
Three Months Ended
March 31,		Change
(dollars in thousands)
20262025$%
Interest income$5,014 $3,686 $1,328 36 %
Other income (expense), net(815)2,136 (2,951)(138)
Total other income$4,199 $5,822 $(1,623)(28)%
Interest income increased by $1.3 million, or 36%, to $5.0 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to higher money market fund balances and interest income applicable to a quarterly legal settlement payment as described below, during the three months ended March 31, 2026.
Other income (expense), net decreased by $3.0 million to $0.8 million other expense, net for the three months ended March 31, 2026 as compared to $2.1 million other income, net, for the three months ended March 31, 2025. The decrease in other income (expense), net was primarily driven by a $2.2 million increase in net losses from foreign currency remeasurements.
We expect other income (expense), net, to fluctuate, potentially significantly, from quarter to quarter due to potential changes in the fair value of contingent consideration.
Provision for Income Taxes
Our provision for income taxes was $0.6 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was primarily due to lower foreign income.
Liquidity and Capital Resources
As of March 31, 2026, we had approximately $539.8 million in cash and cash equivalents and marketable securities, which increased by $16.4 million as compared to December 31, 2025, and were primarily held in U.S. banks. We have generated losses from operations since inception as reflected in our accumulated deficit of $1.5 billion.
We currently anticipate making aggregate capital expenditures of between approximately $10 million and $15 million during the next 12 months, which we expect to include, among other expenditures, equipment to be used for manufacturing and research and development.
Our future capital requirements will depend on many factors including our revenue growth rate, research and development efforts, investments in or acquisitions of complementary or enhancing technologies or businesses, the timing and extent of additional capital expenditures to invest in existing and new facilities, the expansion of sales and marketing and international activities, legal costs associated with defending and enforcing intellectual property rights and the introduction of new products and new versions of existing products.
We take a long-term view in growing and scaling our business and we regularly review acquisition and investment opportunities, and we may in the future enter into arrangements to acquire or invest in businesses, services and technologies, including intellectual property rights, and any such acquisitions or investments could significantly increase our capital needs. We regularly review opportunities that meet our long-term growth objectives.
In 2025, we entered into a settlement agreement and license agreements with Bruker under which we will receive four quarterly installment payments totaling $68.0 million beginning in the third quarter of 2025 with applicable interest. As of March 31, 2026, we had received three quarterly payments, and the remaining balance was included in “Other receivables” in the condensed consolidated balance sheets as of March 31, 2026. We will also receive royalties on Bruker’s sales of products and services covered by the license.
In 2025, we completed the asset acquisition of Scale Biosciences, Inc. (“Scale Bio”) and recorded contingent consideration related to the potential achievement of certain milestones. In the first quarter of 2026, we made a milestone payment consisting of $10.0 million in cash and $8.7 million in shares (396,584 shares) of our Class A common stock in connection with a technology transfer completed in the third quarter of 2025. In the future, we may pay up to $30.0 million of contingent consideration if certain milestones are met.
In 2023, we signed an agreement to acquire certain intangible and other assets from Centrillion Technologies, Inc. and Centrillion Technology Holdings Corp. Under the agreement, we are obligated to pay for certain technology development
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milestones if they are met. As of March 31, 2026, we have paid $41.3 million relating to the completion of development milestones. Up to $15.0 million of cash consideration is due if an additional technology development milestone is met.
We expect to continue to incur operating losses for the foreseeable future. We believe that our existing cash and cash equivalents and cash generated from sales of our products will be sufficient to meet our anticipated cash needs for at least the next 12 months. However, our liquidity assumptions may prove to be incorrect, and we could exhaust our available financial resources sooner than we currently expect. The adequacy of our cash resources depends on many assumptions, including primarily our assumptions with respect to product sales and expenses, as well as the other factors set forth in "Risk Factors" under the heading "Risks related to our business and industry” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.
We intend to continue to evaluate market conditions and may in the future pursue additional sources of funding, such as mortgage or other financing, to further enhance our financial position and to execute our business strategy. In addition, should prevailing economic, financial, business or other factors adversely affect our ability to meet our operating cash requirements, we could be required to obtain funding though traditional or alternative sources of financing. We cannot be certain that additional funds would be available to us on favorable terms when required, or at all.
Cash Flow Analysis
The following table summarizes our cash flows for the periods indicated:
Three Months Ended March 31,
(in thousands)
20262025
Net cash provided by (used in):
Operating activities
$26,120 $34,351 
Investing activities
(1,311)(1,893)
Financing activities
(8,417)422 
Effect of exchange rates changes on cash and cash equivalents(73)114 
Net increase in cash and cash equivalents$16,319 $32,994 
Operating activities
The net cash provided by operating activities of $26.1 million for the three months ended March 31, 2026 consisted of a net loss of $13.5 million, non-cash adjustments of $34.3 million and a net cash inflow from changes in operating assets and liabilities of $5.3 million. The non-cash adjustments of $34.3 million primarily consisted of stock-based compensation expense of $22.6 million, depreciation and amortization of $10.0 million and non-cash lease expense of $2.0 million. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with a decrease in other receivables of $18.1 million primarily related to the Bruker settlement, a decrease in accounts receivable of $8.0 million due to timing of collections, an increase in accounts payable of $4.8 million, a decrease in inventory of $2.7 million, and a decrease in prepaid and other current assets of $1.9 million. The net cash inflow from operating assets and liabilities was partially offset by cash outflows associated with a decrease in accrued compensation and other related benefits of $21.0 million, a decrease in accrued expenses and other current liabilities of $6.1 million and a decrease in the operating lease liability of $2.9 million.
The net cash provided by operating activities of $34.4 million for the three months ended March 31, 2025 primarily consisted of a net loss of $34.4 million, non-cash adjustments of $40.4 million and net cash inflow from changes in operating assets and liabilities of $28.3 million. The non-cash adjustment of $40.4 million primarily consisted of stock-based compensation expense of $31.1 million, depreciation and amortization of $8.0 million and non-cash lease expense of $1.8 million. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with a decrease in accounts receivable of $35.3 million and a decrease in inventory of $8.1 million. The net cash inflow from operating assets and liabilities was partially offset by cash outflows associated with a decrease in accrued compensation and other related benefits of $11.7 million related to prior year annual bonus payments, an increase in prepaid expenses and other current assets of $5.5 million, a decrease in operating lease liability of $2.6 million and a decrease in accounts payable of $2.5 million.
Investing activities
The net cash used in investing activities of $1.3 million in the three months ended March 31, 2026 was due to the purchase of marketable securities of $24.7 million and net cash paid for purchases of property and equipment of $1.6 million, partially offset by maturities of marketable securities of $25.0 million.
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The net cash used in investing activities of $1.9 million in the three months ended March 31, 2025 was due to purchases of property and equipment.
Financing activities
The net cash used in financing activities of $8.4 million in the three months ended March 31, 2026 was due to the payment of contingent consideration of $8.7 million related to the Scale Bio acquisition, partially offset by proceeds related to the issuance of common stock from the exercise of stock options.
The net cash provided by financing activities of $0.4 million in the three months ended March 31, 2025 was primarily from proceeds related to the issuance of common stock from the exercise of stock options.
Critical Accounting Estimates
Critical accounting estimates are those estimates made in accordance with United States generally accepted accounting principles (“GAAP”) that involve a significant level of judgments and estimates that can affect the results of operations and financial position of the Company. For further discussion of our critical accounting estimates, see our critical accounting policies and estimates disclosed in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our most recent Annual Report on Form 10-K filed with the SEC on February 12, 2026. There have been no significant changes in estimates in the quarter ended March 31, 2026 that would require disclosure nor have there been any changes to our policies.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
For financial market risks related to changes in interest rates and foreign currency exchange rates, reference is made to Item 7A “Quantitative and Qualitative Disclosures about Market Risk” contained in Part II of our Annual Report. Our exposure to market risk has not changed materially since December 31, 2025.
Item 4.    Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Quarterly Report. Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2026.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the three months ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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10x Genomics, Inc.
PART II—OTHER INFORMATION
Item 1.    Legal Proceedings.
We are regularly subject to lawsuits, claims, arbitration proceedings, administrative actions and other legal and regulatory proceedings involving intellectual property disputes, commercial disputes, competition and other matters, and we may become subject to additional types of lawsuits, claims, arbitration proceedings, administrative actions, government investigations and legal and regulatory proceedings in the future and as our business grows, including proceedings related to product liability or our acquisitions, securities issuances or our business practices, including public disclosures about our business. Our success depends in part on our non-infringement of the patents or proprietary rights of third parties. In the past, third parties have asserted and may in the future assert that we are employing their proprietary technology without authorization. We have been involved in multiple patent litigation matters and other proceedings in the past and we expect that given the litigious history of our industry and the high profile of operating as a public company, third parties may claim that our products infringe their intellectual property rights. We have also initiated litigation to defend our technology including technology developed through our significant investments in research and development. It is our general policy not to out-license our patents but to protect our sole right to own and practice them. There are inherent uncertainties in these legal matters, some of which are beyond management’s control, making the ultimate outcomes difficult to predict.
See Note 4, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for information regarding certain legal proceedings in which we are involved.
Item 1A.    Risk Factors.
There have been no material changes to our risk factors that we believe are material to our business, results of operations and financial condition from the risk factors previously disclosed in our Annual Report, and any documents incorporated by reference therein, which are accessible on the SEC’s website at www.sec.gov.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
Following our acquisition of Scale Biosciences, Inc. in 2025, we made a milestone payment in the first quarter of 2026 in which a portion of the consideration consisted of the unregistered issuance of 396,584 shares of our Class A common stock, valued at $8.7 million. The sales of these securities were deemed to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or Regulation S promulgated thereunder) as transactions by an issuer not involving any public offering. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates issued in these transactions.
Item 5.    Other Information.
None of our directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended March 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K, except as follows:
On March 13, 2026, Shehnaaz Suliman, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 28,616 shares of the Company’s common stock as well additional shares of the Company’s common stock anticipated to be received from potential restricted stock units expected to vest between August 2026 and May 2027, subject to certain conditions. The expiration date of the trading arrangement is June 30, 2027.
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Item 6.    Exhibits.
Exhibit
Number
Incorporated by Reference
Exhibit Title
Form
File No.
Exhibit
Filing Date
Filed Herewith
3.1
8-K
001-39035
3.1
9/16/2019
3.210-Q001-390353.211/3/2022
4.1
S-1
333-233361
4.2
8/19/2019
31.1X
31.2X
32.1*
X
32.2*
X
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (the Cover Page Interactive Data File does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

*    This certification is deemed not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.


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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
10x Genomics, Inc.
Date: May 7, 2026
By:
/s/ Serge Saxonov
Serge Saxonov
Chief Executive Officer and Director
(Principal Executive Officer)
Date: May 7, 2026
By:
/s/ Adam S. Taich
Adam S. Taich
Chief Financial Officer
(Principal Financial and Accounting Officer)
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