0001628280-25-050332
SEC filing10x Genomics holds $482M cash & securities, $33M deferred revenue, $87M lease commitments; single segment.
As of September 30, 2025, 10x Genomics held $432.5M in cash and cash equivalents plus $49.6M in marketable securities, totaling $482.1M in liquid assets. Shareholders' equity stood at $785.1M, reflecting a $75.0M increase from year-end 2024, primarily driven by stock-based compensation and asset acquisition. Inventory decreased to $62.0M from $83.1M, largely due to reduced purchased materials. Accounts receivable dropped sharply to $43.8M from $87.9M, improving cash conversion. The company has no outstanding debt; total liabilities of $242.2M include $87.0M in operating lease liabilities (present value) and $24.9M in contingent consideration from the Scale acquisition.
Operating lease commitments total $106.9M on an undiscounted basis, with $87.0M recognized as liabilities. Payments due within one year are $3.0M, with the majority ($70.5M) beyond three years. Contingent consideration of $24.3M includes $22.4M to Scale sellers and $0.8M assumed liabilities, subject to milestone achievement and fair value remeasurement. There are no other material purchase commitments or supply obligations disclosed.
The company did not repurchase any shares or pay dividends during the period. Capital expenditures were $4.2M for property and equipment in the nine months ended September 30, 2025, down from $9.7M in the prior year. The company issued 1.1M shares (valued at $13.5M) for the Scale Biosciences asset acquisition. No debt was issued or repaid. Stock-based compensation totaled $83.6M for the nine months.
10x Genomics operates as a single reporting segment. The revenue breakdown by product type shows consumables (Chromium and Spatial) contributed $127.9M in Q3 2025 (86% of product revenue), while instruments contributed $12.0M and services $8.1M. License and royalty revenue of $1.0M in Q3 increased significantly from $0.1M a year ago due to settlements. Geographically, the U.S. generated $77.2M (52% of total revenue), EMEA $41.6M (28%), and Asia-Pacific $27.5M (18%). China contributed $15.2M.
Operating cash flow of $95.3M significantly exceeded the net loss of $27.3M, indicating strong cash generation from operations. The improvement was driven by a $44.5M decrease in accounts receivable and a $22.4M decrease in inventory, partially offset by a $52.2M increase in other receivables. Stock-based compensation of $83.9M and depreciation/amortization of $26.1M were key non-cash add-backs. Capex of $4.2M was low relative to operating cash flow, resulting in strong free cash flow (though not explicitly stated). The company did not engage in share repurchases or dividends. The large swing in other receivables warrants further investigation but appears related to an asset acquisition. Overall, cash flow quality is high, with operating cash flow covering capex and net loss comfortably.