Company: TXG
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001770787-25-000051
Chunk: 69

Company: 10x Genomics, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 69
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 June 30, 2025 as compared to the six months ended June 30, 2024. The increase was primarily driven by higher inventory write-downs of $8.8 million, partially offset by lower royalties of $6.2 million and lower warranty costs of $2.0 million. Gross margin increased to 70% primarily due to higher license and royalty revenue and lower royalties, warranty, and manufacturing costs, partially offset by an increase in inventory reserves.

We expect our gross margin to fluctuate through the remainder of 2025 due to the non-recurring benefit in license and royalty revenue experienced in the first half of the year, as well as changes in product mix, changes in product prices and increased costs through the remainder of the year.

Operating Expenses

Three Months EndedJune 30,ChangeSix Months EndedJune 30,Change(dollars in thousands)20252024$%20252024$%Research and development$61,224 $62,918 $(1,694)(3)%$125,469 $131,556 $(6,087)(5)%Selling, general and administrative74,434 83,039 (8,605)(10)164,162 168,813 (4,651)(3)Gain on settlement(40,700)— (40,700)N/A(49,900)— (49,900)N/ATotal operating expenses$94,958 $145,957 $(50,999)(35)%$239,731 $300,369 $(60,638)(20)%

Research and development expenses decreased $1.7 million, or 3%, to $61.2 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The decrease was primarily driven by a $2.3 million decrease in personnel expenses, including a $5.2 million decrease in stock-based compensation expense, a $0.3 million decrease in allocated costs for facilities and information technology, partially offset by a $1.0 million increase in laboratory materials and supplies. The quarterly expenses include restructuring cost of $3.7 million.

Research and development expenses decreased $6.1 million, or 5%, to $125.5 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The decrease was primarily driven by a $