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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 September 30, 2024
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 principle 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 filerAccelerated filer
Non-accelerated filerSmaller 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 October 24, 2024, the registrant had 106,997,615 shares of Class A common stock, $0.00001 par value per share, outstanding and 14,056,833 shares of Class B common stock, $0.00001 par value per share, outstanding.


Table of Contents


10x Genomics, Inc.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to those sections’ “safe harbor.” All statements, other than historical facts, may be forward-looking statements. Forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or variations of these terms or similar terminology generally can identify forward-looking statements, but the absence of these words is not determinative. These forward-looking statements include statements regarding 10x Genomics, Inc.’s expectations regarding our plans, objectives, goals, beliefs, business strategies, 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, gross margin, 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, performance and benefits of our products and services 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, 2023. 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.
1

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://X.com/10xGenomics, https://www.facebook.com/10xGenomics and
https://www.linkedin.com/company/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.
2

10x Genomics, Inc.
PART I—FINANCIAL INFORMATION
Item 1.    Financial Statements.
10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
September 30,
2024
December 31,
2023
(Unaudited)(Note 1)
Assets
Current assets:
Cash and cash equivalents$398,159 $359,284 
Marketable securities 29,411 
Accounts receivable, net83,525 114,832 
Inventory94,050 73,706 
Prepaid expenses and other current assets18,159 18,789 
Total current assets593,893 596,022 
Property and equipment, net258,759 279,571 
Operating lease right-of-use assets59,579 65,361 
Goodwill4,511 4,511 
Intangible assets, net16,149 16,616 
Other noncurrent assets4,903 3,062 
Total assets$937,794 $965,143 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$26,210 $15,738 
Accrued compensation and related benefits30,080 30,105 
Accrued expenses and other current liabilities37,770 56,648 
Deferred revenue17,760 13,150 
Operating lease liabilities9,415 11,521 
Total current liabilities121,235 127,162 
Operating lease liabilities, noncurrent76,461 83,849 
Deferred revenue, noncurrent12,349 8,814 
Other noncurrent liabilities4,945 4,275 
Total liabilities214,990 224,100 
Commitments and contingencies (Note 4)


Stockholders’ equity:
Preferred stock  
Common stock2 2 
Additional paid-in capital2,140,789 2,025,890 
Accumulated deficit(1,418,019)(1,284,420)
Accumulated other comprehensive income (loss)32 (429)
Total stockholders’ equity722,804 741,043 
Total liabilities and stockholders’ equity$937,794 $965,143 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Revenue$151,654 $153,644 $445,764 $434,748 
Cost of revenue45,261 58,115 142,237 141,217 
Gross profit106,393 95,529 303,527 293,531 
Operating expenses:
Research and development66,174 66,507 197,730 205,065 
In-process research and development 41,402  41,402 
Selling, general and administrative81,704 82,415 250,517 257,205 
Total operating expenses147,878 190,324 448,247 503,672 
Loss from operations(41,485)(94,795)(144,720)(210,141)
Other income (expense):
Interest income4,971 4,300 14,422 12,269 
Interest expense(2)(1)(4)(25)
Other income (expense), net2,078 (1,248)982 (4,268)
Total other income, net7,047 3,051 15,400 7,976 
Loss before provision for income taxes(34,438)(91,744)(129,320)(202,165)
Provision for income taxes1,315 1,242 4,279 3,982 
Net loss$(35,753)$(92,986)$(133,599)$(206,147)
Net loss per share, basic and diluted$(0.30)$(0.79)$(1.11)$(1.77)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted120,733,030 117,728,293 120,067,168 116,693,008 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

10x Genomics, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
(In thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net loss$(35,753)$(92,986)$(133,599)$(206,147)
Other comprehensive income, net of tax:
Unrealized gains on available-for-sale marketable securities3 425 188 1,921 
Realized loss on available-for-sale marketable securities reclassified into net loss3  3 1,715 
Foreign currency translation adjustment456 (133)270 22 
Other comprehensive income, net of tax462 292 461 3,658 
Comprehensive loss$(35,291)$(92,694)$(133,138)$(202,489)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

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, 2023119,095,362 $2 $2,025,890 $(1,284,420)$(429)$741,043 
Issuance of Class A common stock related to equity awards605,487 — 1,638 — — 1,638 
Stock-based compensation— — 36,129 — — 36,129 
Net loss— — — (59,949)— (59,949)
Other comprehensive loss— — — — (27)(27)
Balance as of March 31, 2024119,700,849 2 2,063,657 (1,344,369)(456)718,834 
Issuance of Class A common stock related to equity awards773,318 — 4,603 — — 4,603 
Stock-based compensation— — 38,492 — — 38,492 
Net loss— — — (37,897)— (37,897)
Other comprehensive income— — — — 26 26 
Balance as of June 30, 2024120,474,167 2 2,106,752 (1,382,266)(430)724,058 
Issuance of Class A common stock related to equity awards565,701 — 156 — — 156 
Stock-based compensation— — 33,881 — — 33,881 
Net loss— — — (35,753)— (35,753)
Other comprehensive income— — — — 462 462 
Balance as of September 30, 2024121,039,868 $2 $2,140,789 $(1,418,019)$32 $722,804 


























10x Genomics, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
6

(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, 2022115,195,009 $2 $1,839,397 $(1,029,321)$(4,335)$805,743 
Issuance of Class A common stock related to equity awards978,333 — 2,400 — — 2,400 
Stock-based compensation— — 42,133 — — 42,133 
Net loss— — — (50,747)— (50,747)
Other comprehensive income— — — — 2,856 2,856 
Balance as of March 31, 2023116,173,342 2 1,883,930 (1,080,068)(1,479)802,385 
Issuance of Class A common stock related to equity awards1,150,093 — 7,096 — — 7,096 
Stock-based compensation— — 45,724 — — 45,724 
Net loss— — — (62,414)— (62,414)
Other comprehensive income— — — — 510 510 
Balance as of June 30, 2023117,323,435 $2 $1,936,750 $(1,142,482)$(969)$793,301 
Issuance of Class A common stock related to equity awards874,282 — 4,374 — — 4,374 
Stock-based compensation— — 40,235 — — 40,235 
Net loss— — — (92,986)— (92,986)
Other comprehensive income— — — — 292 292 
Balance as of September 30, 2023118,197,717 $2 $1,981,359 $(1,235,468)$(677)$745,216 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7

10x Genomics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended September 30,
20242023
Operating activities:
Net loss$(133,599)$(206,147)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense108,209 128,032 
Depreciation and amortization27,129 25,795 
Amortization of right-of-use assets6,015 6,118 
Lease and asset impairment charges2,454 2,785 
Realized loss on marketable securities3 1,715 
Other571 470 
Changes in operating assets and liabilities:
Accounts receivable31,321 361 
Inventory(19,396)257 
Prepaid expenses and other current assets696 (3,646)
Other noncurrent assets(1,850)(290)
Accounts payable10,044 (2,811)
Accrued compensation and other related benefits(75)(4,169)
Deferred revenue8,142 6,637 
Accrued expenses and other current liabilities(17,135)9,153 
Operating lease liability(9,763)(5,864)
Other noncurrent liabilities646 649 
Net cash provided by (used in) operating activities13,412 (40,955)
Investing activities:
Purchases of property and equipment(9,677)(45,151)
Purchases of intangible assets(1,000)(923)
Proceeds from sales of marketable securities3,856 96,137 
Proceeds from maturities of marketable securities25,782 70,331 
Net cash provided by investing activities18,961 120,394 
Financing activities:
Payments on financing arrangement (5,814)
Issuance of common stock from exercise of stock options and employee stock purchase plan purchases6,397 13,870 
Net cash provided by financing activities6,397 8,056 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash105 (110)
Net increase in cash and cash equivalents38,875 87,385 
Cash, cash equivalents, and restricted cash at beginning of period359,284 227,353 
Cash, cash equivalents, and restricted cash at end of period$398,159 $314,738 
Supplemental disclosures of cash flow information:
Cash paid for interest$ $436 
Cash paid for taxes$4,863 $4,451 
Noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities$954 $2,900 
Right-of-use assets obtained in exchange for new operating lease liabilities$ $7,170 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8

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 biological systems at resolution and scale that matches the complexity of biology. The Company’s integrated solutions include the Company’s Chromium X Series and Chromium Connect instruments, which the Company refers to as “Chromium instruments,” the Company’s Visium CytAssist and Xenium Analyzer instruments, which the Company refers to as “Spatial instruments,” and the Company’s proprietary microfluidic chips, slides, reagents and other consumables for the Company’s Chromium, Visium and Xenium solutions, which the Company refers to as “consumables.” The Company bundles its software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. 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, 2023 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 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, 2023 included in the Company's Annual Report on Form 10-K filed with the SEC on February 15, 2024 (our “Annual Report”).
2.    Summary of Significant Accounting Policies
There were no material changes in the Company’s significant accounting policies during the nine months ended September 30, 2024. 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.
Revenue Recognition
The Company generates revenue from sales of products and services, and its products consist of instruments and consumables. 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 one-year terms, following the expiration of the standard one-year warranty period. Revenue for extended warranties is recognized ratably over the term of the extended warranty period as a stand ready performance obligation. Revenue is recorded net of discounts, distributor commissions and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 days. Cash received from customers in advance of product shipment or providing 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
9

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
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.
Net Loss Per Share
Net loss per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase.
For the calculation of diluted net loss per share, basic net loss per share is adjusted by the effect of dilutive securities including awards under the Company’s equity compensation plans. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive.

Recently Issued Accounting Pronouncement and Disclosure Rules
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The guidance in this update is effective for the Company’s fiscal year 2024 annual reporting period. The Company is currently in the process of evaluating the effects of this pronouncement on its related disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which prescribes standardized categories and disaggregation of information in the reconciliation of provision for income taxes, requires disclosure of disaggregated income taxes paid, and modifies other income tax-related disclosure requirements. The updated standard is effective beginning with the Company’s fiscal year 2025 annual reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its related disclosures.
In March 2024, the Securities and Exchange Commission (SEC) issued Final Rule No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. If effected as issued, the rule would require registrants to provide certain climate related disclosures in their annual reports. While in April 2024 the SEC stayed Final Rule No. 33-11275 in connection with legal challenges to the rule, the Company is in the process of analyzing the impact of the rule on its related disclosures.
3.    Other Financial Statement Information
Available-for-sale Securities
Available-for-sale securities consisted of the following (in thousands):
10

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
September 30, 2024December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$379,640 $— $— $379,640 $348,539 $— $— $348,539 Level 1
Marketable securities:
Corporate debt securities    10,022  (51)9,971 Level 2
Government debt securities    18,152  (125)18,027 Level 2
Asset-backed securities    1,425  (12)1,413 Level 2
Total available-for-sale securities$379,640 $ $ $379,640 $378,138 $ $(188)$377,950 
The Company incurred no material gross realized gains or losses from available-for-sales debt securities during the three and nine months ended September 30, 2024. The Company incurred gross realized losses of $1.7 million and no gross realized gains from the sale of available-for-sales debt securities during the three and nine months ended September 30, 2023. Realized gains (losses) on the sale of marketable securities are recorded in “Other income (expense), net” in the condensed consolidated statements of operations.
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 income (expense), net,” and unrealized losses not related to credit losses are recognized in “Accumulated other comprehensive loss.” There are no allowances for credit losses for the periods presented.
Inventory
Inventory was comprised of the following (in thousands):
September 30,
2024
December 31,
2023
Purchased materials$38,031 $34,484 
Work in progress27,067 21,975 
Finished goods28,952 17,247 
Inventory$94,050 $73,706 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
11

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
September 30,
2024
December 31,
2023
Land$36,765 $36,765 
Building146,944 146,044 
Laboratory equipment and machinery 71,852 69,238 
Computer equipment and software15,774 16,379 
Furniture and fixtures10,511 10,979 
Leasehold improvements97,097 96,405 
Construction in progress4,443 7,252 
Total property and equipment383,386 383,062 
Less: accumulated depreciation and amortization (124,627)(103,491)
Property and equipment, net$258,759 $279,571 
During the nine months ended September 30, 2024, the Company recorded impairment charges of $2.1 million related to computer equipment and software of which $0.3 million, $0.7 million and $1.1 million was classified in cost of revenue, research and development, and selling, general and administrative expenses, respectively, in the condensed consolidated statement of operations. The impairment charge was triggered by a decision to discontinue a productivity engineering project.
Accrued Compensation and Related Benefits
Accrued compensation and related benefits were comprised of the following as of the dates indicated (in thousands):
September 30,
2024
December 31,
2023
Accrued payroll and related costs$5,762 $2,262 
Accrued bonus15,408 18,254 
Accrued commissions4,099 6,410 
Other4,811 3,179 
Accrued compensation and related benefits$30,080 $30,105 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following as of the dates indicated (in thousands):
September 30,
2024
December 31,
2023
Accrued purchase consideration$ $20,000 
Accrued legal and related costs5,871 3,839 
Accrued royalties for licensed technologies8,581 5,455 
Accrued property and equipment523 3,199 
Accrued professional services4,340 6,577 
Product warranties8,445 8,116 
Taxes payable4,291 5,049 
Other5,719 4,413 
Accrued expenses and other current liabilities$37,770 $56,648 
Product Warranties
Changes in the reserve for product warranties were as follows for the periods indicated (in thousands):
12

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Nine Months Ended
September 30,
20242023
Beginning of period$8,116 $3,023 
Amounts charged to cost of revenue4,033 7,780 
Repairs and replacements(3,704)(4,368)
End of period$8,445 $6,435 
Revenue and Deferred Revenue
As of September 30, 2024, the aggregate amount of remaining performance obligations related to separately sold extended warranty service agreements or allocated amounts for extended warranty service agreements bundled with sales of instruments was $30.1 million, of which approximately $17.8 million is expected to be recognized to revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $30.1 million and $22.0 million as of September 30, 2024 and December 31, 2023, respectively, consisted of deferred revenue primarily related to extended warranty service agreements.
The following revenue recognized for the periods were included in contract liabilities as of December 31, 2023 and December 31, 2022, respectively (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Deferred revenue recognized$2,713 $1,534 $9,454 $5,497 
The following table represents revenue by source for the periods indicated (in thousands). Spatial products include the Company’s Visium and Xenium products:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Instruments
Chromium$7,641 $12,231 $24,283 $36,716 
Spatial11,415 22,711 44,078 48,357 
Total instruments revenue19,056 34,942 68,361 85,073 
Consumables
Chromium96,536 100,282 274,571 302,172 
Spatial29,668 14,091 85,330 37,067 
Total consumables revenue126,204 114,373 359,901 339,239 
Services6,394 4,329 17,502 10,436 
Total revenue$151,654 $153,644 $445,764 $434,748 
13

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
September 30,
Nine Months Ended
September 30,
2024202320242023
Americas
United States$84,723 $96,094 $250,032 $260,769 
Americas (excluding United States)3,099 2,917 10,511 8,581 
Total Americas87,822 99,011 260,543 269,350 
Europe, Middle East and Africa37,851 32,019 109,934 91,687 
Asia-Pacific
China15,030 12,431 42,692 39,217 
Asia-Pacific (excluding China)10,951 10,183 32,595 34,494 
Total Asia-Pacific25,981 22,614 75,287 73,711 
Total revenue$151,654 $153,644 $445,764 $434,748 
4.    Commitments and Contingencies
Lease Agreements
The Company leases office, laboratory, manufacturing, distribution and server space in various locations worldwide.
Future net lease payments related to the Company’s operating lease liabilities as of September 30, 2024 is as follows (in thousands):
Operating Leases
2024 (excluding the nine months ended September 30, 2024)$3,005 
202514,924 
202615,487 
202715,693 
202815,853 
Thereafter40,804 
Total lease payments$105,766 
Less: imputed interest(19,890)
Present value of operating lease liabilities$85,876 
Operating lease liabilities, current$9,415 
Operating lease liabilities, noncurrent76,461 
Total operating lease liabilities$85,876 
The following table summarizes additional information related to operating leases as of September 30, 2024:
September 30,
2024
December 31, 2023
Weighted-average remaining lease term7.0 years7.5 years
Weighted-average discount rate5.8 %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
14

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Company may become subject to additional types of lawsuits, claims, arbitration proceedings, administrative actions, government investigations and legal and regulatory proceedings in the future.
NanoString
On May 6, 2021, the Company filed suit against NanoString Technologies, Inc. (“NanoString”) in the U.S. District Court for the District of Delaware alleging that NanoString’s GeoMx Digital Spatial Profiler and associated instruments and reagents infringe U.S. Patent Nos. 10,472,669, 10,662,467, 10,961,566, 10,983,113 and 10,996,219 (the “GeoMx Action”). On May 19, 2021, the Company filed an amended complaint additionally alleging that the GeoMx products infringe U.S. Patent Nos. 11,001,878 and 11,008,607. On May 4, 2022, the Company filed an amended complaint in the GeoMx Action additionally alleging that the GeoMx products infringe U.S. Patent No. 11,293,917 and withdrawing the Company’s claims of infringement of U.S. Patent No. 10,662,467. The Company is seeking, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to NanoString’s making, using, selling, offering to sell, exporting and/or importing in the United States the GeoMx Digital Spatial Profiler and associated instruments and reagents. NanoString filed its answer to the GeoMx Action on May 18, 2022. A Markman hearing was held on February 17, 2023 and the Court issued its claim construction order on February 28, 2023. On September 7, 2023, the Court issued an order granting the Company’s motion for summary judgment that the asserted patents are not invalid for indefiniteness and denying NanoString’s motion for summary judgment that the asserted patents are invalid for indefiniteness and lack of written description. On November 17, 2023, a jury found that NanoString willfully infringed the asserted patents and that the asserted patents are valid. The jury awarded the Company more than $31 million in damages, consisting of approximately $25 million in lost profits and approximately $6 million in royalties. Post-trial motions, including the Company’s motions for a permanent injunction, ongoing royalties, enhanced damages, attorneys’ fees and pre- and post-judgment interest, are pending. NanoString filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the U.S. bankruptcy court in Delaware on February 4, 2024, and the Court’s consideration of these post-trial motions was stayed due to the bankruptcy filing. In May 2024, Bruker Corporation (“Bruker”) acquired certain assets and assumed certain liabilities of NanoString, including the litigation between the Company and NanoString, and the NanoString product lines at issue. Bruker, Bruker Spatial Biology, Inc. and Bruker Nano, Inc. were substituted as defendants in the GeoMx Action. Post-trial briefing is complete following supplementation by the parties. Due to the uncertainties in collecting the jury award, the Company has not recorded a receivable from NanoString as of September 30, 2024.

On February 28, 2022, the Company filed a second suit against NanoString in the U.S. District Court for the District of Delaware alleging that NanoString’s CosMx Spatial Molecular Imager and associated instruments, reagents and services infringe U.S. Patent Nos. 10,227,639 and 11,021,737 (the “CosMx Action”). On May 12, 2022, the Company filed an amended complaint in the CosMx Action additionally alleging that the CosMx products additionally infringe U.S. Patent Nos. 11,293,051, 11,293,052 and 11,293,054. NanoString filed its answer to the CosMx Action on May 26, 2022. On March 1, 2023, the Company filed a second amended complaint additionally alleging that the CosMx products infringe U.S. Patent No. 11,542,554. The Company is seeking, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to NanoString’s making, using, selling, offering to sell, exporting and/or importing in the United States the CosMx Spatial Molecular Imager and associated instruments, reagents and services. NanoString filed its answer to the second amended complaint on March 22, 2023. Discovery is in progress. A Markman hearing was held on January 10, 2024, and the Court issued its claim construction order on February 1, 2024.
On August 16, 2022, NanoString filed a counterclaim in the CosMx Action alleging that the Company’s Visium products infringe U.S. Patent No. 11,377,689 (the “689 patent”). The Company filed its answer to NanoString’s counterclaim in the CosMx Action on August 30, 2022. On November 23, 2022, the Company moved to sever claims relating to NanoString’s assertion of the 689 patent and consolidate those claims with the patent case NanoString filed against the Company on October 20, 2022 (discussed below). On January 24, 2023, the Court granted the Company’s motion.
On May 1, 2023, NanoString filed a motion in the CosMx Action to add antitrust, unfair competition, tort and contract counterclaims. NanoString seeks, among other relief, injunction relief (including that the Company grant NanoString a license to the patents that the Company asserted against NanoString in the CosMx Action) and unspecified damages (including attorneys’ fees). On July 10, 2023, the Court denied NanoString’s motion for leave to add a contract counterclaim but otherwise granted the motion for leave to amend. On May 24, 2023, NanoString filed a motion to bifurcate its amended counterclaims and a motion for expedited discovery. On June 6, 2023, the Court denied NanoString’s motion to bifurcate and granted its motion for expedited discovery. Bruker, Bruker Spatial Biology, Inc. and Bruker Nano, Inc. were substituted as defendants in the CosMx Action. Trial is scheduled for May 2025. The Company believes Bruker’s claims are meritless and intends to vigorously defend itself.
15

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
On October 20, 2022, NanoString filed suit against the Company in the U.S. District Court for the District of Delaware alleging that the Company’s Visium products infringe U.S. Patent No. 11,473,142 (the “142 patent”), a continuation of the 689 patent (the “NanoString Action”). NanoString seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States Visium products and associated instruments, reagents and services. On January 24, 2023, the Court severed NanoString’s claims with respect to the 689 patent from the CosMx Action and consolidated those claims with this action. NanoString filed an amended complaint on January 27, 2023. The Company filed an answer to the NanoString Action on February 10, 2023. Discovery is in progress. A Markman hearing was held on January 10, 2024, and the Court issued its claim construction order on February 1, 2024. Bruker Spatial Biology, Inc. and Bruker Nano, Inc. were substituted as plaintiffs in the NanoString Action in June 2024. A trial date in the NanoString Action has not yet been set. The Company believes these claims in the NanoString Action are meritless and intends to vigorously defend itself.
On August 16 and September 25, 2023, the Company filed petitions for inter partes review (“IPR”) of the 689 patent and the 142 patent, respectively. On February 1, 2024, IPR was instituted for the 689 patent. On September 5, 2024, IPR was instituted for the 142 patent. On September 19, 2024, the Company filed a motion to stay the NanoString Action pending these IPRs.
On January 30, 2024, NanoString filed a petition for IPR of U.S. Patent No. 11,542,554 (the “554 patent”), which is asserted by the Company against NanoString in the CosMx Action. On August 23, 2024, IPR was instituted for the 554 patent. On October 4, 2024, Bruker filed a montion to stay the CosMx Action pending the 554 IPR.
On March 9, 2022, the Company filed suit in the Munich Regional Court in Germany alleging that NanoString’s CosMx Spatial Molecular Imager and associated instruments, reagents and services infringe EP Patent No. 2794928B1 (the “EP928 patent”) (the “Germany CosMx Action”). A hearing on infringement was held on March 23, 2023. On May 17, 2023, the Munich Regional Court found that the CosMx products infringe the EP928 patent and issued a permanent injunction requiring NanoString to stop selling and supplying CosMx instruments and reagents for RNA detection in Germany. The injunction took effect on June 1, 2023. On May 25, 2023, NanoString filed an appeal of the Germany CosMx Action in the Munich Higher Regional Court. A hearing date has not yet been set for this appeal. On October 30, 2023, NanoString requested that the Higher Regional Court temporarily stay enforcement of the injunction pending the appeal. On December 20, 2023, the Higher Regional Court granted NanoString’s request conditioned upon NanoString posting a 2.3 million Euro security deposit.
On July 29, 2022, NanoString filed a nullity action with the German Federal Patent Court challenging the validity of the EP928 patent. On February 10, 2023, the German Federal Patent Court issued a preliminary opinion upholding the validity of certain claims of the EP928 patent directed to in situ analysis. On May 7, 2024, the German Federal Patent Court reversed its preliminary opinion and revoked the German part of the EP928 patent. The Company strongly disagrees with this decision and plans to appeal the decision.
On June 1, 2023, the Company filed requests for preliminary injunctions in the Munich Local Division of the Unified Patent Court (“UPC”) alleging that NanoString’s CosMx Spatial Molecular Imager and associated instruments, reagents and services for RNA detection infringe the EP928 patent and EP Patent No. 4108782 (the “EP782 patent”). Hearings were held for the EP782 and EP928 patents on September 5 and September 19, respectively. On September 19, 2023, the UPC granted the Company’s request with respect to the EP782 patent and issued a preliminary injunction requiring NanoString to stop selling and supplying CosMx instruments and reagents for RNA detection in all 17 UPC member states. On October 10, 2023, the UPC denied the Company’s preliminary injunction request for the EP928 patent. On October 2, 2023, NanoString filed an appeal of the preliminary injunction for the EP782 patent in the UPC Court of Appeals. A hearing was held before the UPC Court of Appeals on December 18, 2023. The UPC Court of Appeals overturned the preliminary injunction on February 26, 2024.
On August 31 and September 18, 2023 the Company filed main requests in the Munich Local Division of the UPC alleging that NanoString's CosMx Spatial Molecular Imager and associated instruments, reagents and services for RNA detection infringe the EP782 and EP928 patents, respectively. No hearings have yet been set for these main requests.
On July 18, 2023, NanoString filed an opposition in the European Patent Office challenging the validity of the EP782 patent. An oral hearing for this opposition is scheduled on March 18, 2025. On July 27, 2023, NanoString filed a revocation action in the Munich Central Division of the UPC challenging the validity of the EP928 patent. An oral hearing for this revocation
16

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
action was held on September 18, 2024. On October 17, 2024, the UPC revoked EP928 in its entirely. The Company strongly disagrees with this decision and plans to appeal the decision.
Vizgen
On May 3, 2022, the Company filed suit against Vizgen, Inc. (“Vizgen”) in the U.S. District Court for the District of Delaware alleging that Vizgen’s MERSCOPE Platform and workflow and/or Vizgen’s Lab Services program, including associated instruments and reagents, infringe U.S. Patent Nos. 11,021,737, 11,293,051, 11,293,052, 11,293,054 and 11,299,767. The Company seeks, among other relief, injunction relief and unspecified damages (including attorneys’ fees) in relation to Vizgen’s making, using, selling, offering to sell, exporting and/or importing in the United States the MERSCOPE Platform and workflow and/or Vizgen’s Lab Services program, including associated instruments and reagents. On July 25, 2022, Vizgen filed a motion to dismiss the Company’s claims for willful and indirect infringement, which the Court denied on September 19, 2022. Discovery is in progress. A Markman hearing was held on January 10, 2024, and the Court issued its claim construction order on February 1, 2024.
On August 30, 2022, Vizgen filed its answer and counterclaims alleging that the Company’s Xenium product infringes U.S. Patent No. 11,098,303 (the “303 patent”). Vizgen seeks, among other relief, injunction relief and unspecified damages (including attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States Xenium products, including associated instruments and reagents. Vizgen also filed counterclaims alleging that the Company tortiously interfered with Vizgen’s contractual and business relationship with Harvard and that the Company engaged in unfair practices under Massachusetts state law. On October 27, 2022, the Company filed a partial answer and motion to dismiss the infringement counterclaim and the tort counterclaims. On February 2, 2023, the Company’s motion to dismiss was denied. The Company believes Vizgen’s claims are meritless and intends to vigorously defend itself.
On March 15, 2023, the Company filed an amended complaint additionally alleging that the MERSCOPE Platform and workflow and Vizgen’s Lab Services program infringe U.S. Patent No. 11,549,136 and withdrawing its claim of infringement of U.S. Patent No. 11,293,054. On April 17, 2023, Vizgen filed its answer adding amended counterclaims including antitrust, unfair competition, tort and contract counterclaims. Vizgen seeks, among other relief, injunctive relief (including that the Company grant Vizgen a license to the patents that the Company asserted against Vizgen) and unspecified damages (including attorneys’ fees). On May 18, 2023, the Company filed a motion to dismiss Vizgen’s amended counterclaims. On July 10, 2023, the Court granted the Company’s motion to dismiss Vizgen’s contract counterclaim but otherwise denied the Company’s motion to dismiss. On April 29, 2024, Vizgen amended its counterclaims to add additional antitrust counterclaims based on alleged bundling and predatory pricing. The Company believes Vizgen’s claims are meritless and intends to vigorously defend itself.
Trial on the Company’s claims and on Vizgen’s non-patent counterclaims is scheduled for February 2025. A trial date on Vizgen’s counterclaim regarding the 303 patent is expected to be set for the second half of 2024.
On August 30, 2023, the Company filed a petition for IPR of the 303 patent. Institution was denied on March 7, 2024.
On June 1, 2023, the Company filed suit in the Hamburg Local Division of the UPC alleging that Vizgen’s MERSCOPE products infringe the EP782 patent. The Company seeks, among other relief, injunction relief and unspecified damages (including attorneys’ fees) in relation to Vizgen’s MERSCOPE products in all 17 UPC member states. A hearing for this UPC action is scheduled for March 2025.
Parse

On August 24, 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”). The Company seeks, among other relief, injunction relief and unspecified damages (including attorneys’ fees) in relation to Parse’s making, using, selling, offering to sell, exporting and/or importing in the United States Parse’s Evercode Whole Transcriptomics products and ATAC-seq products. On October 17, 2022, Parse filed a motion to dismiss alleging that the asserted claims are directed to patent ineligible subject matter. The Court held a hearing on the motion to dismiss on November 22, 2022, and supplemental briefing was submitted on December 15, 2022. On September 14, 2023, the Court denied the motion. Parse filed its answer on October 6, 2023. A Markman hearing was held on February 21, 2024, and the Court issued its claim construction order on May 3, 2024.
17

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements

Between April 20 and June 21, 2023, Parse filed petitions for IPR of all of the patents asserted. The PTAB denied institution on the 995, 207, and 357 patents, and instituted IPR on the 981, 013, and 197 patents. On September 17, 2024, the PTAB issued a Final Written Decision finding all challenged claims of the 981 patent unpatentable. The Company strongly disagrees with this decision and plans to appeal this decision. Oral argument for the 197 and 013 patents is scheduled on November 6, 2024.

On November 6, 2023, Parse filed a motion to stay the Delaware action pending the IPRs. On December 21, 2023, the court denied Parse’s motion to stay. On February 8, 2024, Parse filed a renewed motion to stay. On February 20, 2024, the court denied Parse’s renewed motion to stay. Trial is scheduled for March 2025.
Curio
On December 1, 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, (the “022 patent”), 10,662,468, 11,001,879, 11,549,138, and 11,761,030. On February 1, 2024, Curio filed a motion to dismiss alleging that the asserted claims are directed to patent ineligible subject matter. The Court denied that motion on May 9, 2024. On May 31 and June 20, 2024, Curio answered the Complaint and filed antitrust and unfair competition counterclaims. The Company filed a motion to dismiss Curio’s unfair competition and antitrust counterclaims on July 5, 2024. The Company believes Curio’s counterclaims are meritless and intends to vigorously defend itself. Trial is scheduled for May 2026.
On September 11, 2024, Curio filed a petition for IPR of the 022 patent. An institution decision is pending.
On December 4, 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 “EP391 patent”). A hearing was held on March 26, 2024. On April 30, 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. On March 25, 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 EP391 patent.
5.    Capital Stock
As of September 30, 2024, the number of shares of Class A common stock and Class B common stock issued and outstanding were 106,983,035 and 14,056,833, respectively.
The following table represents the number of shares of Class B common stock converted to shares of Class A common stock upon the election of the holders of such shares during the periods:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Class B common stock converted to Class A common stock    4,610,422 
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10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
6.    Equity Incentive Plans
Stock-based Compensation
The Company recorded stock-based compensation expense in the condensed consolidated statement of operations for the periods presented as follows (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Cost of revenue$2,169 $1,844 $6,127 $5,140 
Research and development15,978 17,856 50,728 55,196 
Selling, general and administrative15,763 20,535 51,354 67,696 
Total stock-based compensation expense$33,910 $40,235 $108,209 $128,032 
Restricted Stock Units
Restricted stock unit activity for the nine months ended September 30, 2024 is as follows:
Restricted Stock
Units
Weighted-Average
Grant Date Fair Value
(per share)
Outstanding as of December 31, 20235,334,134 $48.26 
Granted3,484,006 33.04 
Vested(1,510,280)54.46 
Cancelled(903,755)42.01 
Outstanding as of September 30, 20246,404,105 $39.40 
Stock Options
Stock option activity for the nine months ended September 30, 2024 is as follows:
Stock OptionsWeighted-Average
Exercise Price
Outstanding as of December 31, 20235,946,786 $42.17 
Exercised(241,357)8.47 
Cancelled and forfeited(420,999)50.42 
Outstanding as of September 30, 20245,284,430 $43.05 
Performance Stock Awards
In March 2024, the Company granted 219,168 performance stock units (PSUs) under the 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 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, 2024 to December 31, 2025. Holders may earn from 0% to 175% of the target amount of shares and earned PSUs will then be subject to service-based vesting; and

ii.50% of target PSUs earned will be based on the relative Total Shareholder Return (TSR) of the Company’s 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, 2024 to December 31, 2026. 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.

19

10x Genomics, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
The 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 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 PSUs relating to CAGR and TSR components were $37.43 and $44.80 per share respectively. Stock-based compensation expense recognized for these awards was approximately $0.5 million and $1.4 million for the three and nine months ended September 30, 2024, respectively.
The Company estimated the fair values of shares granted under the market-based TSR PSUs using a Monte Carlo simulation model with the following assumptions:
Expected volatility 66%
Risk-free interest rate4.5%
Expected dividend yield%
In March 2023, the Company granted 172,842 PSUs under the 2019 Plan to certain members of management, which are subject to the achievement of certain stock price thresholds established by the Company’s Compensation Committee of the Board of Directors.
As of September 30, 2024, the performance periods for the 2024 PSUs were not completed and none of the stock price thresholds for the 2023 PSUs had been met resulting in no shares vesting or becoming exercisable.
2019 Employee Stock Purchase Plan
A total of 3,686,671 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 nine months ended September 30, 2024 and 2023, 192,869 and 117,280 shares of Class A common stock, respectively, were issued under the ESPP. There were no shares of Class A common stock issued under the ESPP during the three months ended September 30, 2024 and 2023. As of September 30, 2024, there were 2,898,194 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
September 30,
Nine Months Ended
September 30,
2024202320242023
Stock options to purchase common stock5,284,430 6,465,828 5,284,430 6,465,828 
Restricted stock units6,404,105 5,698,984 6,404,105 5,698,984 
Shares committed under ESPP176,160 105,292 176,160 105,292 
Total11,864,695 12,270,104 11,864,695 12,270,104 
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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, 2023 filed with the SEC on February 15, 2024 (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 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 solutions include instruments, consumables and software for analyzing biological systems at resolution and scale that matches the complexity of biology. We have launched multiple products that enable researchers to understand and interrogate biological analytes in their full biological context. Our commercial product portfolio leverages our Chromium X Series and Chromium Connect instruments, which we refer to as “Chromium instruments,” our Visium CytAssist, an instrument designed to simplify the Visium solution workflow by facilitating the transfer of transcriptomic probes from standard glass slides to Visium slides, and our Xenium Analyzer, an instrument designed for fully automated high-throughput analysis of cells in their tissue environment, which we refer to as “Spatial instruments,” and our proprietary microfluidic chips, slides, reagents and other consumables for our Chromium, Visium and Xenium solutions, which we refer to as “consumables.” We bundle our software with these products to guide customers through the workflow, from sample preparation through analysis and visualization.
Our products cover a wide variety of applications and allow researchers to analyze biological systems at fundamental resolutions and on massive scale, such as at the single cell level for millions of cells. Customers purchase instruments and consumables from us for use in their experiments. In addition to instrument and consumable sales, we derive revenue from post-warranty service contracts for our instruments.
Since our inception in 2012, we have incurred net losses in each year. Our net losses were $35.8 million and $133.6 million for the three and nine months ended September 30, 2024 and $93.0 million and $206.1 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, we had an accumulated deficit of $1.4 billion and cash and cash equivalents totaling $398.2 million. We expect to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term. We expect our expenses will increase in connection with our ongoing activities, as we:
attract, hire and retain qualified personnel;
scale our technology platforms and introduce new products and services;
protect and defend our intellectual property;
acquire businesses or technologies; and
invest in processes, tools and infrastructure to support the growth of our business.
21

Comparison of the Three and Nine Months Ended September 30, 2024 and 2023
Revenue
Three Months Ended
September 30,
ChangeNine Months Ended
September 30,
Change
(dollars in thousands)20242023$%20242023$%
Instruments
Chromium$7,641 $12,231 $(4,590)(38)%$24,283 $36,716 $(12,433)(34)%
Spatial11,415 22,711 (11,296)(50)44,078 48,357 (4,279)(9)
Total instruments revenue19,056 34,942 (15,886)(45)68,361 85,073 (16,712)(20)
Consumables
Chromium96,536 100,282 (3,746)(4)274,571 302,172 (27,601)(9)
Spatial29,668 14,091 15,577 111 85,330 37,067 48,263 130 
Total consumables revenue126,204 114,373 11,831 10 359,901 339,239 20,662 
Services6,394 4,329 2,065 48 17,502 10,436 7,066 68 
Total revenue$151,654 $153,644 $(1,990)(1)%$445,764 $434,748 $11,016 %
Revenue decreased $2.0 million, or 1%, to $151.7 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Instruments revenue decreased $15.9 million, or 45%, to $19.1 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to lower volume of Chromium and Spatial instruments sold. Consumables revenue increased $11.8 million, or 10%, to $126.2 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily driven by higher Spatial consumables sales.
Revenue increased $11.0 million, or 3%, to $445.8 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Instruments revenue decreased $16.7 million, or 20%, to $68.4 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to lower volume of Chromium and Spatial instruments sold. Consumables revenue increased $20.7 million, or 6%, to $359.9 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily driven by growth in Spatial consumables sales partially offset by lower Chromium consumables sales.
Cost of revenue, gross profit and gross margin
Three Months Ended
September 30,
ChangeNine Months Ended
September 30,
Change
(dollars in thousands)
20242023$%20242023$%
Cost of revenue$45,261 $58,115 $(12,854)(22)%$142,237 $141,217 $1,020 %
Gross profit$106,393 $95,529 $10,864 11 %$303,527 $293,531 $9,996 %
Gross margin70 %62 %68 %68 %
Cost of revenue decreased $12.9 million, or 22%, to $45.3 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. The decrease was primarily driven by lower manufacturing costs of $13.7 million due to decreased sales, $1.9 million of lower warranty charges, and lower inventory write-downs of $0.5 million, partially offset by higher royalties of $3.2 million. Gross margin increased to 70% primarily due to change in product mix.
Cost of revenue increased $1.0 million, or 1%, to $142.2 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The increase was primarily driven by higher royalties of $7.8 million and $1.0 million of higher warranty charges, partially offset by lower manufacturing costs of $5.6 million due to decrease in sales and lower inventory write-downs of $2.2 million. Gross margin remained flat at 68%.
22

We expect our gross margin to continue to fluctuate due to product mix and the impact of royalty obligations which vary by product.
Three Months Ended
September 30,
ChangeNine Months Ended
September 30,
Change
(dollars in thousands)
20242023$%20242023$%
Research and development$66,174 $66,507 $(333)(1)%$197,730 $205,065 $(7,335)(4)%
In-process research and development— 41,402 (41,402)100 — 41,402 (41,402)100 
Selling, general and administrative81,704 82,415 (711)(1)250,517 257,205 (6,688)(3)
Total operating expenses$147,878 $190,324 $(42,446)(22)%$448,247 $503,672 $(55,425)(11)%
Research and development expenses decreased $0.3 million, or 1%, to $66.2 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was primarily driven by a decrease in personnel expenses of $1.9 million, including a $1.9 million reduction in stock-based compensation expense, and a decrease in allocated costs for facilities and information technology of $0.6 million, partially offset by an increase in laboratory materials and supplies of $2.3 million.
Research and development expenses decreased $7.3 million, or 4%, to $197.7 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily driven by a decrease in personnel expenses of $3.7 million, including a $4.5 million reduction in stock-based compensation expense, a decrease in laboratory materials and supplies of $2.2 million, a decrease in depreciation and amortization of $0.6 million, and a decrease in consulting and professional services of $0.5 million.
Selling, general and administrative expenses decreased $0.7 million, or 1%, to $81.7 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was primarily driven by a decrease in personnel expenses of $4.5 million, including a $4.8 million reduction in stock-based compensation expense, partially offset by an increase in outside legal expenses of $2.7 million, an increase in marketing expenses related to conferences and seminars of $0.7 million, and an increase in allocated costs for facilities and information technology to support operational expansion of $0.6 million in the three months ended September 30, 2023.
Selling, general and administrative expenses decreased $6.7 million, or 3%, to $250.5 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily driven by lower personnel expenses of $16.9 million, including a $16.3 million reduction in stock-based compensation expense, a decrease in marketing expenses related to conferences and seminars of $1.4 million, and a decrease in allocated costs for facilities and information technology of $0.9 million, partially offset by an increase in outside legal expenses of $12.1 million. Facilities and information technology costs includes a one-time lease impairment charge of $2.8 million in the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company recorded impairment charges of $2.1 million related to computer equipment and software of which $1.1 million was classified as selling, general and administrative expenses in the condensed consolidated statement of operations. The impairment charge was triggered by a decision to discontinue a software project.
Other income (expense), net
Three Months Ended
September 30,
ChangeNine Months Ended
September 30,
Change
(dollars in thousands)
20242023$%20242023$%
Interest income$4,971 $4,300 $671 16 %$14,422 $12,269 $2,153 18 %
Interest expense(2)(1)(1)100 (4)(25)21 (84)
Other income (expense), net2,078 (1,248)3,326 (267)982 (4,268)5,250 (123)
Total other income, net$7,047 $3,051 $3,996 131 %$15,400 $7,976 $7,424 93 %
Interest income increased by $0.7 million or 16% to $5.0 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Interest income increased by $2.2 million, or 18%, to $14.4 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The increase was
23

primarily due to interest income generated from our cash equivalents and marketable securities during the three and nine months ended September 30, 2024 reflecting an increase in interest rates.
Other expense, net decreased by $3.3 million, or 267% to $2.1 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Other expense, net decreased by $5.3 million, or 123% to $1.0 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. These decreases were driven by realized and unrealized losses from foreign currency rate measurement fluctuations.
Provision for Income Taxes
The Company’s provision for income taxes was $1.3 million and $4.3 million, respectively, for the three and nine months ended September 30, 2024, and $1.2 million and $4.0 million, respectively, for the three and nine months ended September 30, 2023. Deferred tax assets related to our domestic operations are fully offset by a valuation allowance.
Liquidity and Capital Resources
As of September 30, 2024, we had $398.2 million in cash and cash equivalents. We have generated negative cumulative cash flows from operations since inception through September 30, 2024, and we have generated losses from operations since inception as reflected in our accumulated deficit of $1.4 billion.
We currently anticipate making aggregate capital expenditures of between approximately $15 million and $20 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.
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, real estate, 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.
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. We maintain the majority of our cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we would be able to access uninsured funds in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect our business and financial position.
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.

Sources of liquidity
Since our inception, we have financed our operations and capital expenditures primarily through sales of convertible preferred stock and common stock, revenue from sales of our products and the incurrence of indebtedness.
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The following table summarizes our cash flows for the periods indicated:
Nine Months Ended September 30,
(in thousands)
20242023
Net cash provided by (used in):
Operating activities
$13,412 $(40,955)
Investing activities
18,961 120,394 
Financing activities
6,397 8,056 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash105 (110)
Net increase in cash and cash equivalents$38,875 $87,385 
Operating activities
The net cash provided by operating activities of $13.4 million for the nine months ended September 30, 2024 was primarily due to a net loss of $133.6 million, net cash inflow from changes in operating assets and liabilities of $2.6 million, primarily offset by stock-based compensation expense of $108.2 million, depreciation and amortization of $27.1 million, lease and asset impairment charges of $2.5 million, amortization of leased right-of-use assets of $6.0 million, and other non-cash expenses of $0.6 million. The net cash inflow from operating assets and liabilities was primarily due to an decrease in accounts receivable of $31.3 million due to timing of collections, increase in accounts payable of $10.0 million and an increase in deferred revenue of $8.1 million. The net cash inflow from operating assets and liabilities was partially offset by a decrease in accrued expenses and other current liabilities of $17.1 million primarily driven by payments related to purchase consideration and royalty payments, an increase in inventory of $19.4 million, and a decrease in operating lease liability of $9.8 million.
The net cash used in operating activities of $41.0 million for the nine months ended September 30, 2023 was primarily due to a net loss of $206.1 million, of which $41.4 million related to in-process research and development expense, partially offset by stock-based compensation expense of $128.0 million, depreciation and amortization of $25.8 million, amortization of leased right-of-use assets of $6.1 million, lease impairment charges of $2.8 million, realized losses on sale of marketable securities of $1.7 million, other non-cash expenses of $0.5 million and net cash inflow from changes in operating assets and liabilities of $0.3 million. The net cash inflow from operating assets and liabilities was primarily due to an increase in accrued expenses and other current liabilities of $9.2 million, an increase in deferred revenue of $6.6 million, an increase in other noncurrent liabilities of $0.6 million and a decrease in accounts receivable of $0.4 million. The net cash inflow from operating assets and liabilities was primarily offset by a decrease in operating lease liability of $5.9 million, a decrease in accrued compensation and other related benefits of $4.2 million primarily related to the prior year annual bonus payments, an increase in prepaid expenses and other current assets of $3.6 million and a decrease in accounts payable of $2.8 million due to timing of vendor payments.
Investing activities
The net cash provided by investing activities of $19.0 million in the nine months ended September 30, 2024 was due to proceeds from sales and maturities of marketable securities of $3.9 million and $25.8 million, respectively, partially offset by purchases of property and equipment and intangible assets of $9.7 million and $1.0 million, respectively.
The net cash provided by investing activities of $120.4 million in the nine months ended September 30, 2023 was due to proceeds from sales and maturities of marketable securities of $96.1 million and $70.3 million, respectively, partially offset by purchases of property and equipment and intangible assets of $45.2 million and $0.9 million, respectively.
Financing activities
The net cash provided by financing activities of $6.4 million in the nine months ended September 30, 2024 was primarily from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.
The net cash provided by financing activities of $8.1 million in the nine months ended September 30, 2023 was primarily from proceeds of $13.9 million from the issuance of common stock from the exercise of stock options and employee stock purchase plan, partially offset by payments on financing arrangements of $5.8 million.
Critical Accounting Estimates
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Our condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
There have been no significant changes in our critical accounting policies and estimates during the nine months ended September 30, 2024 as compared to the 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 15, 2024.
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, 2023.
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 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 September 30, 2024.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the quarter ended September 30, 2024 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.
Refer to Note 4 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
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 is accessible on the SEC’s website at www.sec.gov.
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 September 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K, except as follows:
On September 12, 2024, Serge Saxonov, Chief Executive Officer, 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 35,600 shares of the Company’s common stock plus up to 136,000 carryover shares from a prior 10b5-1 plan that will expire on December 31, 2024, subject to certain conditions. The expiration date of the trading arrangement is December 31, 2025.

Item 6.    Exhibits.
27

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
10.1+
S-1/A
333-233361
10.119/3/2019
10.1.1+
X
10.1.2+
X
10.2+
10-Q
001-39035
10.411/12/2019
10.2.1+
X
10.2.2+
10-K
333-39035
10.6.2
2/16/2023
10.3+
X
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).
28


*    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.

+    Management contract or compensatory plan or arrangement.
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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: October 29, 2024
By:
/s/ Serge Saxonov
Serge Saxonov
Chief Executive Officer and Director
(Principal Executive Officer)
Date: October 29, 2024
By:
/s/ Adam S. Taich
Adam S. Taich
Chief Financial Officer
(Principal Financial and Accounting Officer)
30