false000177078700017707872025-02-122025-02-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 2025

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10x Genomics, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39035
45-5614458
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
6230 Stoneridge Mall Road
Pleasanton, California 94588
(925) 401-7300
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
___________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange
on which registered
Class A common stock, par value $0.00001 per share
TXG
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.  ☐


Item 2.02 Results of Operations and Financial Condition.
On February 12, 2025, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and full year ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.
Description of Exhibits
99.1


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
10x Genomics, Inc.
By:
/s/ Eric S. Whitaker
Name:
Eric S. Whitaker
Title:
Chief Legal Officer
Date:February 12, 2025


Exhibit 99.1
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10x Genomics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Outlook for 2025
PLEASANTON, Calif. February 12, 2025 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the fourth quarter and full year ended December 31, 2024 and provided outlook for 2025.
Recent Updates
•Revenue was $165.0 million for the fourth quarter and $610.8 million for the full year of 2024, representing 10% and 1% decreases over the corresponding periods of 2023.
•In collaboration with the Chan Zuckerberg Initiative (CZI) and Ultima Genomics, launched the Billion Cells Project, an effort to generate an unprecedented one billion cell dataset to fuel rapid progress in AI model development in biology.
•Cash and cash equivalents and marketable securities were $393.4 million as of December 31, 2024, an increase of $4.7 million over prior year.

“In 2024, we launched major new products across all three of our platforms and we made changes to our commercial organization and go-to-market strategy," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "As we kick off 2025, our goal is to take advantage of these changes and deliver consistent execution. Despite the current uncertainty within U.S. academic research, we continue to have strong conviction in the large opportunity ahead."
Fourth Quarter 2024 Financial Results
Revenue was $165.0 million for the three months ended December 31, 2024, a 10% decrease from $184.0 million for the corresponding period.
Gross margin was 67% for the fourth quarter of 2024, as compared to 63% for the corresponding prior year period. The increase in gross margin was primarily due to change in product mix.
Operating expenses were $160.8 million for the fourth quarter of 2024, a 6% decrease from $171.0 million for the corresponding prior year period. The decrease was primarily driven by a $19.6 million in-process research and development expense related to an agreement to acquire certain intangible and other assets in the prior year period, partially offset by an increase in outside litigation expenses.
Operating loss was $49.8 million for the fourth quarter of 2024, as compared to an operating loss of $55.2 million for the corresponding prior year period. Operating loss includes $32.5 million of stock-based compensation for the fourth quarter of 2024, as compared to $38.9 million for the fourth quarter of 2023.
Net loss was $49.0 million for the fourth quarter of 2024, as compared to a net loss of $49.0 million for the corresponding prior year period.
Full Year 2024 Financial Results
Revenue was $610.8 million for the year ended December 31, 2024, a 1% decrease from $618.7 million for 2023.

Gross margin was 68% for full year 2024, as compared to 66% for 2023. The increase in gross margin was primarily due to change in product mix.

Operating expenses were $609.0 million for full year 2024, as compared to $674.6 million for 2023, an decrease of 10%. The decrease was primarily driven by a $61.0 million in-process research and development expense related to an agreement to acquire certain intangible and other assets in the prior year period and lower personnel expenses, including stock-based compensation expense, partially offset by higher outside legal expenses.

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Operating loss was $194.6 million for full year 2024, as compared to an operating loss of $265.3 million for 2023. This includes $140.7 million of stock-based compensation for full year 2024, as compared to $167.0 million for full year 2023.

Net loss was $182.6 million for full year 2024, as compared to a net loss of $255.1 million for 2023.

Cash and cash equivalents and marketable securities were $393.4 million as of December 31, 2024.
2025 Financial Guidance
10x Genomics expects full year 2025 revenue to be in the range of $610 million to $630 million, representing 0% to 3% growth over full year 2024. At the midpoint, this guidance implies double-digit growth for both Chromium reactions and overall spatial revenue.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the fourth quarter and full year 2024 financial results, business developments and outlook after market close on Thursday, February 12, 2025 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay for at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X (Twitter), Facebook, Bluesky or YouTube.
Forward Looking Statements
This press release 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, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of 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 the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.'s collaboration with CZI and Ultima Genomics, positioning, product launches, commercial organization restructuring, go-to-market strategy, goals, uncertainty within academic research, commercial opportunity and our financial performance and results of operations, including our expectations regarding revenue and guidance. These statements are based on management's current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.'s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recently-filed 10-K and elsewhere in the documents 10x Genomics, Inc. files with the Securities and Exchange Commission from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, our website (www.10xgenomics.com), press releases, public conference calls, public webcasts and our social media accounts as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
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Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
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10x Genomics, Inc.
Consolidated Statement of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Revenue (1)
$165,021 $183,979 $610,785 $618,727 
Cost of revenue (2)
54,066 68,197 196,303 209,414 
Gross profit110,955 115,782 414,482 409,313 
Operating expenses:
Research and development (2)
66,968 65,267 264,698 270,332 
In-process research and development— 19,578 — 60,980 
Selling, general and administrative (2)
93,826 86,125 344,343 343,330 
Total operating expenses160,794 170,970 609,041 674,642 
Loss from operations(49,839)(55,188)(194,559)(265,329)
Other income (expense):
Interest income4,026 4,637 18,448 16,906 
Interest expense— (8)(4)(33)
Other income (expense), net(2,567)3,961 (1,585)(307)
Total other income 1,459 8,590 16,859 16,566 
Loss before provision for income taxes(48,380)(46,598)(177,700)(248,763)
Provision for income taxes648 2,354 4,927 6,336 
Net loss$(49,028)$(48,952)$(182,627)$(255,099)
Net loss per share, basic and diluted$(0.40)$(0.41)$(1.52)$(2.18)
Weighted-average shares used to compute net loss per share, basic and diluted121,596,351 118,565,724 120,451,550 117,165,036 
(1)The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company’s Visium and Xenium products:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Instruments
Chromium$10,929 $11,150 $35,212 $47,866 
Spatial13,425 27,248 57,503 75,605 
Total instruments revenue24,354 38,398 92,715 123,471 
Consumables
Chromium97,737 118,144 372,308 420,316 
Spatial35,795 22,170 121,124 59,237 
Total consumables revenue133,532 140,314 493,432 479,553 
Services7,135 5,267 24,638 15,703 
Total revenue$165,021 $183,979 $610,785 $618,727 
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The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Americas
United States$84,285 $99,322 $334,318 $360,091 
Americas (excluding United States)2,936 4,520 13,447 13,101 
Total Americas87,221 103,842 347,765 373,192 
Europe, Middle East and Africa49,828 50,589 159,762 142,276 
Asia-Pacific
China14,609 11,748 57,300 50,965 
Asia-Pacific (excluding China)13,363 17,800 45,958 52,294 
Total Asia-Pacific27,972 29,548 103,258 103,259 
Total Revenue$165,021 $183,979 $610,785 $618,727 
(2)Includes stock-based compensation expense as follows:
Three Months Ended
December 31,		Year Ended
December 31,
(in thousands)2024202320242023
Cost of revenue$2,221 $1,928 $8,348 $7,068 
Research and development15,587 17,608 66,315 72,804 
Selling, general and administrative14,731 19,382 66,086 87,078 
Total stock-based compensation expense$32,539 $38,918 $140,749 $166,950 









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10x Genomics, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$344,067 $359,284 
Marketable securities49,335 29,411 
Accounts receivable, net87,862 114,832 
Inventory83,107 73,706 
Prepaid expenses and other current assets20,016 18,789 
Total current assets584,387 596,022 
Property and equipment, net252,648 279,571 
Operating lease right-of-use assets57,290 65,361 
Goodwill4,511 4,511 
Intangible assets, net15,671 16,616 
Other noncurrent assets4,129 3,062 
Total assets$918,636 $965,143 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$12,909 $15,738 
Accrued compensation and related benefits33,615 30,105 
Accrued expenses and other current liabilities41,165 56,648 
Deferred revenue20,658 13,150 
Operating lease liabilities9,286 11,521 
Total current liabilities117,633 127,162 
Operating lease liabilities, noncurrent73,327 83,849 
Deferred revenue, noncurrent12,513 8,814 
Other noncurrent liabilities5,029 4,275 
Total liabilities208,502 224,100 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of December 31, 2024 and December 31, 2023
— — 
Common stock, $0.00001 par value; 1,100,000,000 shares authorized and 122,291,837 and 119,095,362 shares issued and outstanding as of December 31, 2024 and 2023
2 2 
Additional paid-in capital2,177,672 2,025,890 
Accumulated deficit(1,467,047)(1,284,420)
Accumulated other comprehensive loss(493)(429)
Total stockholders’ equity710,134 741,043 
Total liabilities and stockholders’ equity$918,636 $965,143 




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Cumulative instruments sold
As of December 31,
202420232022
Chromium5,808 5,180 4,411 
Visium CytAssist810 531 211 
Xenium421 255 8 
Cumulative instruments sold7,039 5,966 4,630 
Total consumables reactions sold
Year ended December 31,
202420232022
Chromium310,900 312,500 290,900 
Visium
35,400 29,300 28,300 
Xenium10,800 5,200 100 
Total consumable reactions357,100 347,000 319,300 
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v3.25.0.1
Cover
Feb. 12, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 12, 2025
Entity Registrant Name 10x Genomics, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39035
Entity Tax Identification Number 45-5614458
Entity Address, Address Line One 6230 Stoneridge Mall Road
Entity Address, City or Town Pleasanton
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94588
City Area Code 925
Local Phone Number 401-7300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.00001 per share
Trading Symbol TXG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001770787
10x Genomics (NASDAQ:TXG)
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