Financial Data and Key Metrics Changes - In Q4 2025, cell engineering revenue was $26 million, down 26% compared to Q4 2024, with a total of 109 revenue-generating programs, a 4% decrease year-over-year [15][16] - For the full year 2025, cell engineering revenue was $133 million, down from $174 million in 2024, primarily due to customer program rationalization [15][16] - Total Adjusted EBITDA in Q4 2025 was -$36 million, an improvement from -$57 million in Q4 2024, while for the full year, it was -$167 million, up from -$293 million in 2024 [20][21] - Cash burn in Q4 2025 was $47 million, down from $55 million in Q4 2024, and for the full year, it was $171 million, a 55% decrease from $383 million in 2024 [22][24] Business Line Data and Key Metrics Changes - The biosecurity business generated $7 million in revenue in Q4 2025 and $37 million for the full year, with an operating loss improvement of 60% in Q4 2025 compared to 2024 [17][20] - Cell engineering R&D expenses decreased 44% in Q4 2025 to $28 million, and for the full year, it decreased 42% to $159 million [18][19] Market Data and Key Metrics Changes - The company is focusing on the autonomous lab market, which is expected to transform biotechnology and is seen as a high-value area for investment [3][4] - The federal government and pharmaceutical companies are significant pools of research spending, with the NIH spending $40 billion annually on lab work [31][62] Company Strategy and Development Direction - The company plans to divest its biosecurity business to focus investments on autonomous labs, aiming to demonstrate capabilities through a large autonomous lab in Boston [4][11] - The strategy includes booking sales of autonomous labs to national labs and biopharma, with a notable $47 million deal with Pacific Northwest National Laboratory [6][31] - The company aims to improve cost efficiency while investing in AI robotics and software for autonomous labs, with a cash burn guidance of $125 million to $150 million for 2026 [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of autonomous labs to replace traditional manual laboratories, emphasizing the importance of long-term orientation over short-term revenue targets [28][29] - The company highlighted the need for flexibility in lab operations and the potential for AI to enhance research productivity [59][60] Other Important Information - The company has made significant strides in reducing cash burn and controlling spending, setting a solid foundation for future investments [13][14] - The autonomous lab is positioned as a solution to save overhead costs and increase research productivity for biopharma and national labs [59][60] Q&A Session Summary Question: What is the outlook for revenue guidance in 2026? - The company will not provide revenue guidance for 2026, focusing instead on cash burn as a better reflection of ongoing services and investments in autonomous labs [24][25] Question: How does the company plan to commercialize autonomous labs? - The company plans to build autonomous labs for customers and offer cloud lab services, allowing scientists to outsource small lab work directly [61][62]

Financial Data and Key Metrics Changes - In Q4 2025, cell engineering revenue was $26 million, down 26% from Q4 2024, with a total of 109 revenue-generating programs, a 4% decrease year-over-year [16] - For the full year 2025, cell engineering revenue was $133 million, down from $174 million in 2024, primarily due to customer program rationalization [16] - Total Adjusted EBITDA in Q4 2025 was -$36 million, an improvement from -$57 million in Q4 2024, while for the full year, it was -$167 million, up from -$293 million in 2024 [21][22] - Cash burn in Q4 2025 was $47 million, down from $55 million in Q4 2024, and for the full year, it was $171 million, a 55% decrease from $383 million in 2024 [23] Business Line Data and Key Metrics Changes - The biosecurity business generated $7 million in revenue in Q4 2025 and $37 million for the full year, with an operating loss improvement of 60% in Q4 compared to 2024 [18][21] - Cell engineering R&D expenses decreased 44% in Q4 2025 to $28 million, and for the full year, it decreased 42% to $159 million [19][20] Market Data and Key Metrics Changes - The company plans to focus on the autonomous lab market, which is expected to transform biotechnology and attract significant investment from both federal and private sectors [3][32] - The federal government, including the NIH, spends approximately $40 billion annually on lab work, indicating a substantial market opportunity for autonomous labs [32] Company Strategy and Development Direction - The company intends to divest its biosecurity business to concentrate investments on autonomous labs, aiming to demonstrate capabilities through a large autonomous lab in Boston [4][6] - The strategy includes systematic decommissioning of traditional lab setups to transition to a fully autonomous lab model, showcasing its potential to major pharmaceutical companies [5][30] - The company aims to book sales of autonomous labs to national labs, biopharma, and research universities, with a notable $47 million deal already secured [6][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of autonomous labs to replace traditional manual laboratories, emphasizing the importance of long-term investment over short-term revenue targets [27][30] - The outlook for 2026 includes a focus on cost efficiency while investing in AI and robotics to enhance autonomous lab capabilities, with expected cash burn guidance set between $125 million and $150 million [24][25] Other Important Information - The company has made significant strides in reducing cash burn and improving cost efficiency, setting a solid foundation for future investments [26] - The autonomous lab initiative is positioned as a key technological foundation for the company over the next decade, with plans to expand lab capacity significantly [35][36] Q&A Session Summary Question: What is the company's long-term growth outlook? - The company is focusing on investing in autonomous labs, with a strategic shift away from short-term revenue targets to long-term capabilities and market leadership in this emerging field [27][30] Question: How does the company plan to commercialize autonomous labs? - The company will build autonomous labs for customers and offer cloud lab services, allowing scientists to engage with the technology before committing to larger investments [62][66]

Financial Data and Key Metrics Changes - In Q4 2025, cell engineering revenue was $26 million, down 26% from Q4 2024, with a total of 109 revenue-generating programs, a 4% decrease year-over-year [15][16] - For the full year 2025, cell engineering revenue was $133 million, down from $174 million in 2024, with a significant reduction in cash burn from $383 million in 2024 to $171 million in 2025, a 55% decrease [13][22] - Total Adjusted EBITDA for Q4 2025 was -$36 million, an improvement from -$57 million in Q4 2024, while for the full year, it was -$167 million, down from -$293 million in 2024 [20][21] Business Line Data and Key Metrics Changes - The biosecurity business generated $7 million in revenue in Q4 2025 and $37 million for the full year, with an operating loss improvement of 60% in Q4 2025 compared to 2024 [16][20] - Cell engineering R&D expenses decreased by 44% in Q4 2025 to $28 million, and for the full year, it decreased by 42% to $159 million, attributed to restructuring efforts [18][19] Market Data and Key Metrics Changes - The company is focusing on the autonomous lab market, which is expected to transform biotechnology, with significant interest from federal government spending and biopharma sectors [31][63] - The company plans to commercialize autonomous labs through direct sales and cloud lab services, targeting a market that includes $40 billion to $60 billion in pharma research spending [62][63] Company Strategy and Development Direction - The company intends to divest its biosecurity business to focus investments on autonomous labs, aiming to demonstrate capabilities through a large autonomous lab in Boston [4][11] - The strategy for 2026 includes cost efficiency while investing in AI robotics and software to enhance autonomous labs, with a cash burn guidance of $125 million to $150 million [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of autonomous labs to replace traditional manual laboratories, emphasizing the importance of long-term investment over short-term revenue targets [27][29] - The company highlighted the successful collaboration with OpenAI, showcasing advancements in AI-driven scientific experimentation [30] Other Important Information - The company has made significant strides in reducing cash burn and improving operational efficiency, setting a solid foundation for future investments in autonomous labs [14][22] - The company is actively engaging with top pharma customers and government entities, indicating strong market interest in its solutions [67] Q&A Session Summary Question: What is the outlook for revenue guidance in 2026? - The company will not provide revenue guidance for 2026, focusing instead on cash burn as a better reflection of ongoing services and investments in autonomous labs [23] Question: How does the company plan to commercialize autonomous labs? - The company plans to build autonomous labs for customers and offer cloud lab services, allowing scientists to engage with the technology before committing to larger investments [62][66]