Company: TXG
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050332
Chunk: 28

Company: 10x Genomics, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 was primarily driven by higher inventory write-downs of $12.3 million and higher manufacturing costs of $5.5 million due to change in product mix, partially offset by lower royalties of $10.3 million and lower warranty costs of $3.8 million. Gross margin increased to 69% primarily due to higher license and royalty revenue and lower royalties and warranty, partially offset by changes in product mix and higher inventory write-downs.

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 through the remainder of the year.

Operating Expenses

Three Months EndedSeptember 30,ChangeNine Months EndedSeptember 30,Change(dollars in thousands)20252024$%20252024$%Research and development$57,194 $66,174 $(8,980)(14)%$182,663 $197,730 $(15,067)(8)%Selling, general and administrative75,355 81,704 (6,349)(8)239,517 250,517 (11,000)(4)Gain on settlement— — — N/A(49,900)— (49,900)N/ATotal operating expenses$132,549 $147,878 $(15,329)(10)%$372,280 $448,247 $(75,967)(17)%

Research and development expenses decreased $9.0 million, or 14%, to $57.2 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The decrease was primarily driven by a $5.9 million decrease in personnel expenses, including a $4.7 million decrease in stock-based compensation expense, a $1.9 million decrease in laboratory materials, supplies and equipment, and a $0.9 million decrease in allocated costs for facilities and information technology.

Research and development expenses decreased $15.1 million, or 8%, to $182.7 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily driven by a $11.3 million decrease in personnel expenses, including a $12.7 million decrease in stock-based compensation expense, a $3.1 million decrease in allocated costs