I'm mic'd up here. Great. Welcome, day two of the TD Cowen Global Healthcare Conference. I am Dan Brennan. I follow tools and diagnostics. Pleased to be joined here on the stage with the management team of 10x Genomics. To my left, we have Adam Taich , our CFO, and to his left, we have Cassie Corneau, who is our VP of Investor Relations. Welcome both of you.
Thank you.
Thank you.
Terrific. Yeah, listen, Adam, 10x, you know, recently reported as did all the companies here, good fourth quarter. The guide was, you know, I think well-received. I'm just wondering maybe from a high level, just, you know, speak a little bit about like introduce kind of where we sit today for 10x, however you want to take it, how fourth quarter finished up, and kind of what you guys are excited about for 2026.
Sure. Well, I think I was thinking back to about a year ago was very surprising times in the space with the news and, you know, particularly for our company that has significant reliance on U.S. academic and government funding. The year certainly wasn't the year we would've anticipated, you know, back at the beginning of 2025. Super proud of the team, executed well, supported our customers, you know, the best that we could through everything that they were sort of working through during the course of the year. You know, the business didn't have the growth that we would like, but the underlying fundamentals that we were able to demonstrate in the business were strong.
Double-digit reactions in Chromium consumables, our single-cell product, double-digit revenue on the Spatial Consumable side of things. It was a tough CapEx environment, you know, which we'd sort of anticipated a bit going into the year, but it was tougher than we, you know, than we would've anticipated when the year came to a close. Also during the course of the year, again, really as we were trying to ensure during the beginning of the year with all of that funding disruption, we really started to focus on cash flow. Ended the year with $100 million more cash than we had when the year began and ended the year with about $520 million of cash.
Feel like the balance sheet's in a strong position, team's executing well, and we feel like the technological innovation that we had and the products that we launched during 2025, you know, continue to put us in a great position.
All right. Good stuff. Maybe just on the guide to start out there framing it, and we'll dig into some of the details, but 0%-4% underlying growth ex the one-time license and royalty. What are some of the puts and takes on that? Like, what takes you low? What takes you high? What takes you outside the range? I mean, what are the key things?
Sure. Yeah. I think maybe just starting with the macro, the assumption we've made in our $600 million-$625 million, which as you noted, is 0%-4%. What we've anticipated is that the macro environment in 2026 looks roughly consistent with what we saw in the second half of 2025. You know, by the time we got to the second half, I mean, obviously things weren't, you know, pristine and perfect in U.S. academic and government funding as an example, but they were somewhat, you know, normalized. We're anticipating, you know, more of that going into this year. Same thing for biopharma, that the environment broadly, you know, on a global basis is consistent with what we saw in the second half of last year. That's really the macro.
As we think about our products that sort of underlie there, anticipating another challenging year for CapEx. you know, what we've been doing there and, you know, and sort of some of this is really our willingness and ability to work with our customers. we've been doing in 2025 and anticipate more of that to happen here in 2026, bundled, you know, type deals where we're discounting effectively the instrument and customers are, you know, making commitments to buy consumables. I think we'll anticipate more of that. When you think about how CapEx should play into the guide, last year, CapEx, for us, our instrumentation was down close to 40%.
Not anticipating, you know, a decline to that magnitude, I imagine it'll be down somewhere, you know, teens essentially kinda gets you to the midpoint of our guide. Off setting that would be double-digit growth in Spatial Consumables. Same thing that's really been led by our Xenium franchise. Anticipating that to have another strong year. Customer enthusiasm, you know, is extremely high. Even in a challenging CapEx environment, you know, still had a reasonable amount, you know, roughly 30 a quarter or so of instrument sales last year. Install base continues to grow. Utilization's good, anticipate we'll have double-digit growth on the Spatial Consumables. That leaves you know, with the business that's roughly, you know, $350 million, about half of, you know, more than half of our business on single-cell consumables.
The way we try to characterize the guide there, is that at the midpoint, business will be flat. The way to think about that, 'cause it's complicated, you know, It's complicated for people that aren't new to the story. It's complicated for certainly if you are new to the story, is we've got a broad range of portfolio, you know, leading portfolio of products within the, you know, within the market, and we launched something called Flex Apex in Q4, that brings, you know, pricing down fairly significantly. We've been consistently bringing price down through new product innovation as opposed to taking existing products that are on market and reducing the price. With that Flex Apex, part of that, you know, that range and what we thought about is thinking about price-volume trade-off, right?
Depending on really what gets you to sort of the high end versus the low end to some degree is just the timing between the elasticity that we really believe in, right, and that we're, we've been demonstrating. As prices have been coming down, volumes have been going up. We're unlocking new customer bases, new applications, new large-scale projects.
You know, to the extent that the product adopts or essentially migrates to Flex, you know, more quickly than, you know, than anticipated, and volumes don't necessarily track, you know, sort of one-to-one could get you the lower end of that guide 'cause you could end up with single-cell down low single digit, you know, from a revenue perspective. Flip side of that is, you know, if the product portfolio either migrates, you know, more slowly or volumes, which is what we saw in Q4 of 2025, we launched the product, we had a volume reaction, volume increases greater than 30%. Price essentially degradation of, you know, somewhere in the 20s, and, you know, the Chromium consumables business grew 3% in Q4. That kinda gives you the, the range of values in terms of what we're thinking.
Interesting. Maybe just even fast-forwarding so kind of similar with Illumina, but imagine, you know, once you get through Apex transition, wherever it gets to 50, do you expect 100? I mean, what kind of conversion do you expect over the next 12, 18 months on Apex?
Yeah, I mean, I think the customers that are currently on Flex, I mean. Well, I guess one of the things that we said, let me put it this way, is, you know, in Q4, Flex, that includes sort of the first version of Flex as well as Flex Apex, was a plurality of reactions, right? It isn't the majority of the reactions that we have going, but you know, obviously, particularly with that product having just been launched in Q4 and then the Flex sort of V1 been launched in Q4 of 2024.
Pretty significant, you know, uptake. There are still customers, there are still applications where, you know, Universal 3' or 5' is the right product. You know, don't anticipate that the entirety of the portfolio, you know, shifts into that Flex portfolio, you know, anytime soon. That migration is something that certainly we're, you know, encouraging our customers. We want them to be excited about, you know, the new product, and we want them to be excited about, you know, running a lot more samples than they are today.
Is the idea if you fast-forward a year, let's say whoever's gonna convert converts to Flex Apex. They get that price decline, and they drive a lot of volume growth. Once they've got all on it, like, do you think volume growth then normalizes? Does the budget normalize to say something, "Hey, we're gonna grow 5%." You know, whatever the market's growing then, 5%, 10%, 0%. It's not like it stays at 25%, 30% at that point.
Right.
That would be the budgets up that much, correct?
Right. Right. Yeah, I think again, it's hard enough to.
Yeah, just, Yeah.
You know, the second half of 2026.
Right.
Or even, you know, into Q2. I think the way that you lay that out makes sense. You know, I do think at a certain point, again, that's also assuming that our product portfolio remains stagnant, you know, which most likely it won't. To the extent that we could take sort of the product portfolio we have today, yeah, we'll hit essentially some sort of maximum transition. It's just when does that happen, you know, and that's something we'll be monitoring during the course of the year.
Zooming out, like single-cell growth, it's like the $64,000 question. You got a great spatial franchise and a leading single-cell franchise. Nonetheless, single-cell's been through a lot, in terms of a lot of macro forces, so it's hard to see what that underlying trend is. How do you think about, like, you've got this transition this year, you've still got some, you know, academic headwind. Just what do you think about the growth rate of single-cell, like from a market basis? Serge is always quite positive on it. You know, you've got competing, you know, technologies with spatial. Just how would you kind of pick a trend line growth?
Serge is positive on it, so am I. You know what I mean? I think, you know, we both have a very high level of conviction and really believe that we're still in the early innings. I mean, even for single-cell, you know, which is kind of interesting for 10x to say 'cause we've, you know, really been pioneers here. When you think about where prices have been, it really has precluded a lot of customers from adopting the product and adopting the technology. There are other tools and technologies that are out there, you know, that people are using. It certainly isn't getting them to the same sort of single-cell answer. There's opportunity for us to continue to expand sort of into those maybe existing, you know, marketplaces and things sort of like bulk sequencing.
When you think about whether that's AI sort of driven models, sort of a lot of the work that's being done around, you know, cell atlasing, I think we've got, you know, a really good long runway ahead. Obviously, some macro tailwind would help, just having that type of funding environment. I think the work that we're doing also, just as it relates to our own execution within biopharma and unlocking some of those larger opportunities within sort of the biobanks, right? The samples that a lot of the big pharma are sitting on. More and more, I think we're starting to work ourselves into those types of opportunity where we can be a better partner to biopharma. I think it's still a really good long runway ahead.
I think we are really in this sort of transient phase where we recognized, you know, going back 12, 18, maybe even 24 months ago, that we were hitting this sort of wall from an adoption perspective, just given where the prices were.
We had a lot of customers coming to us saying, "Look, super excited. Know that there's, you know, incredibly, you know, rich and valuable biology that we're sort of not taking advantage of in the samples that we have. We just can't figure out how to wrap our heads around the price points." We've gotten ourselves to a point, and I think the feedback, I wasn't at AGBT last week. I know, Cassie, you were. The feedback, you know, continues to be quite positive from our customers that we've gotten now, the price points down to an area where it really is unlocking those new applications, new large-scale programs and projects.
I mean, since you brought up AGBT, maybe just a comment there. There was a lot of focus on sequencing, but what would you guys highlight for yourselves coming into AGBT? I know Ultima, actually Roche, excuse me, Roche had the announcement, right? That they're kind of, you know, set up to work with 10x. Just, how would you highlight the key takeaways?
Yeah. I mean, in general, I think it was a bit of a quieter conference this year compared to maybe some years past. Not a ton of meaningful updates. The Roche sequencing consumables update is really exciting to us. We think it's gonna be super impactful for counting applications like single-cell especially. That was really exciting. Generally, I think on takeaways and kind of, you know, there weren't a ton of single-cell or spatial announcements. We feel kind of even in a better position than maybe even before. We're feeling really good about our product portfolio and all the advances that we've made over the last few years in single-cell.
Kind of if you take a step back, think about the developments on single-cell and spatial, really we've driven with our GEM-X and Flex products. We feel better than ever, I think.
What's the feedback on the $0.06 per million that Roche announced versus, you know, I don't know where Illumina is. You know, I've heard $1.40. We haven't really investigated thoroughly. Certainly a big discount.
Yeah.
How big is that business? What could it mean? Kind of what are you hearing early on?
Yeah, definitely exciting, as I said, especially for kind of our type of, our type of tools with, the counting applications. Customers in the room definitely, I think, were a bit positively surprised at that pricing. We're excited.
Okay. Maybe just on kind of staying high level again, that U.S. economic, Adam, you laid out in great detail, like the guide, which was really helpful. You know, there's just a fixation too. I think the stocks were even weak this week on some slower disbursement from NIH. Like, when NIH recovers, let's assume recovers, well, hopefully it recovers, what kind of impact could it have on your business? Like, what did that group of customers spend last year with you on a year-over-year basis? How much was it down, and what's baked in for this year? You know, just kind of wondering how much, you know, if we go back to normal, what it could mean?
Yeah. Yeah, it was a rough year. We didn't disclose specifics in terms of the customer segment. We were most certainly. I mean, the business overall, if you exclude the one-time license royalty that you mentioned, the business overall was down a couple of points last year. The U.S. academic and government segment was down, you know, beyond that. You know, obviously, because we have really good growth in places like China. There were some other nice bright spots that I probably should have mentioned earlier. If it's just flat, and I think as you mentioned, there was an article, I think it was in Nature this weekend.
Yeah, Nature, yeah.
Y ou know, in terms of some of the moves that the OMB is making to make it, you know, a little bit more difficult for the customers to get their hands on funding and also just to get grants approved. If we could just get back to flat, that's an improvement over where last year was, right? I mean, there is enthusiasm around the bipartisan support for scientific research and funding here in the United States. We sincerely appreciate that. Flat would be good. Then if we get back to some historical sort of norms, that could be a really good tailwind for us. You know, it's not something we've contemplated in the guide. It's not something that may happen, you know, probably won't here in 2026.
I think in time, you know, that extra sort of fuel will really help. You know, you're already seeing when you go, and you look at grants and sort of look into those databases, single-cell and spatial still do get a disproportionate amount, right? I mean, there is more sort of wallet share that goes to our tools and technologies. The more money that obviously gets into the system, the better that is for us.
I mean, it was, Cassie, to your point, AGBT was quiet. I mean, Illumina had on their slide, like, I think it was, I mean, meaningful discounts that they were saying in spatial, in single-cell, and protein prep is not you, but. You have QIAGEN with Parse saying $40 million, we're gonna beat that number. Just how do you think about the competitive environment? Have we seen what Illumina is doing yet? Could that still manifest over the next six, 12 months as they begin to try to roll these products out?
Okay.
Well, I can start and then. Look, I think I would just echo what Cassie said. We feel pretty encouraged coming out. Again, we've made significant investments in innovation. We've got, like, the most talented, you know, R&D and development team in the space. It was a huge, sort of magnet that drew me to the company.
Whatever that was, 1. 5 years ago already. You know, just always seeing these things as they were, you know, being launched and to be able to sort of see some of these programs that actually were just starting, you know, when I joined the company. As we get closer to launch on, you know, a variety of products is, you know, within our portfolio, it's always exciting. We haven't seen, if anything, I think competitive intensity is probably lessened in the last couple of months. There wasn't really anything of note, at AGBT, you know, certainly with no specifics.
From a customer feedback perspective, you know, it isn't something we're hearing frequently where, "Hey, I'd love to work with you, but I gotta go try these other products first." Not really seeing much of that, and I think that is in large part, particularly on the single-cell side, just in terms of getting sort of the plate-based, you know, Flex Apex into a spot and into a price point where people can go run those studies, and feel confident, and they want to use the gold standard product when they do.
Anything you would add?
Nothing to add. Yeah.
Maybe just one more just kind of on single-cell growth and pricing. You know, I think you know, you kind of talked about what would take you to the low end or the high end of the guide single-cell and how quickly people transition to Flex. In terms of that transition, I guess it kind of sounds like to me, given the fourth quarter experience, if there is a big transition and the price comes down, the expectation is the volume will just offset it, right? I guess if there's more of a transition, will that show up as a bit of a drag this year, and then you get a benefit? Or is it just gonna show up as when you print the quarter, reaction growth is gonna be higher and pricing is gonna be lower, but it's not really gonna change your overall level of single-cell growth?
Yeah. Well, I think We have a high level of conviction that in time, by driving the cost to our customers down, that's unlocking a lot of new opportunities.
It's unlocking new customers, new projects, et cetera. It is difficult to say whether that all happens sort of particularly within any 90-day period of time, if it happens in lockstep, right? There could be, you know, in Q4, you know, it was an environment where reaction growth was greater than 30%. Pricing, you know, was down in sort of maybe the high 20s. You could see, you know, a quarter or quarters like that. You could also have, you know, a quarter where, you know, perhaps from a just mix of products within that quarter is heavily, you know, focused on, you know, Flex Apex and maybe lighter in some of the other areas of our portfolio, where you'd end up with a higher, you know, price down that isn't necessarily off-set in its entirety by volume.
You know, over a longer period of time, again, quarter- to- quarter, a little bit difficult over a longer period of time, even, you know, sort of for the year, we're confident it's the right thing to do. You know, the customer feedback's been extremely positive, now it's really just down to us from a commercial execution standpoint to be unlocking those new customers, ensuring we're providing the great, you know, service that we always do.
Basically, the pricing's come down a lot, and hopefully that's the view is that's kinda getting to a point now that it doesn't have to go down more. Academic and government is what it is, and hopefully that'll stabilize. Then you talked about what maybe pharma, you talked about maybe enabling some more single-cell counting applications. When you think about like the building blocks, where if we're sitting here 18 months from now, suddenly single-cell is growing five or something higher than five. Outside of academic and government. Who would be those building blocks, you think, to get to something, you know, more meaningful?
Yeah. biopharma I think would be one, right? Back in Q3 of 2024 when we reorganized, it was a significant reorg of the commercial organization. You know, prior to that, we had been supporting biopharma customers essentially with more of a generalist kind of customer segment agnostic approach. If you were working in the Bay Area, you're calling on Bay Area, you know, biopharma companies as well as, you know, you're calling on the folks in the academic environment. They're actually, you know, they're very different customer segments, and they require, you know, different selling cycles. They need to be sold to differently. I think we're still, you know, we were fully staffed on that biopharma team by about the middle of last year.
I think we're still, you know, continuing to learn and continuing to grow and improve in terms of how we're selling to biopharma, how we're ensuring they understand the value of the product portfolio that we have and why they, you know, should be and need to be using it, not just for early-stage discovery, but as they think about translational even in sort of into their sort of clinical environment. I think as we get better there, and I think, you know, Serge highlighted in our earnings call, you know, some of the work we're doing around translational, I think that will be, 'cause those are customers sort of doors we're not knocking on. You know, it may still be at, you know, Biopharma X, but we're dealing with someone, you know, more early stage.
As we work our way down that continuum, that's new business for us. That would be one. I think the other that we're super excited about, and again, Flex Apex gives us a really, you know, I think the best product and the best shot at helping to unlock more of these are these larger scale, sort of AI-driven programs and projects. We announced last year, one with Biohub. We announced one with Arc. There's a couple of other ones that we've been, you know, working on, and these aren't necessarily, you know, projects that are, you know, a big sort of inflection point or a big step change function in revenue in any sort of quarter in a given year. These are typically, you know, sort of multi-year type projects.
Those I think will start to get, and they already we're starting to see this, the flywheel moving, where there are other folks, you know, whether that's public-private partnerships, whether that's other, you know, government-related sort of, you know, sort of government-backed programs in certain geographies around the globe. You'll see more of those. At the same time, coming back to what we're saying on biopharma, you're starting to see more of the biopharma's themselves saying, "Hey," back to what I was saying earlier, "we've got this incredible sort of database. We've got incredible amounts of samples that are proprietary to us, and there's critical information, both single-cell and spatial, frankly, that's missing, you know, that isn't necessarily sort of characterized in those samples." Big opportunities there as well.
Did you guys ever size biopharma? Like 'cause I know when you rolled it out, once you enabled it on FFPE, I think the thought was from some consultants, "Wow, this is just gonna go. This is great." You know, pharma's been dealing with a lot, but it certainly hasn't. It doesn't appear to be. A, have you sized it be like, you know, when you did like a review and preview, are there certain things you learned, or did you expect it to be stronger by this point?
You know, I think, we haven't sized it in terms of, you know, said anything sort of externally. I mean, what I'll say, it's 20% of our business today. I think what Serge has said, and I've been, you know, I see no reason that shouldn't be the case. It, it could be half of our business. Like, there's no reason that it doesn't need to be or that it couldn't be. It should be growing typically, you know, even if it's early-stage R&D funding, generally has grown at a rate faster than, you know, a lot of the government funding, initiatives, NIH, you know, et cetera. I think there's huge opportunity there. We have a very, very tiny share of wallet in those accounts as well, you know, which I see as a good thing.
You know, I mean, it's won't be a good thing forever. We've actually gotta start chipping away at that. I mean, from a share of wallet perspective, if you think about all of the spend that's happening in, you know, biopharma X, we're pretty small, you know, in terms of from a partner perspective and in terms of where their spend is. I think ongoing opportunity for us there. To your point around learning, yeah, I think we just continue to learn and evolve, and I think we're making, you know, sort of quick and nimble decisions around how to ensure that they understand, you know, why the product is valuable for them. You know, it's one thing to go to, I mean, AGBT's a perfect conference, you know, and perfect example where it's really about sort of the new technical specs.
I mean, it's super exciting. You know, I wasn't there this year, but it's always exciting and refreshing coming back and, you know, everyone's talking about all the sort of new data points that, you know, whether that's machines or consumables, you know, are capable of. That isn't a great way we've found, you know, generally to sell to biopharma. You know, particularly if you're trying to sell, you know, at a senior level, having a conversation with a vice president of translational about, you know, something at that sort of level of, you know, technicality is less interesting than, "Hey, here's what you can be doing." By the way, if you had run these samples through Flex as an example two years ago before you got to phase III or before, you know, you started to work, you may have learned something different-
You would've learned something different, and maybe made different decisions about your pipeline or your portfolio priorities.
T here's nothing that needs to be enabled from a technology basis, workflow basis for biopharma. Like, if you want it to grow from here to there, you guys feel like the products that you have today, the commercial team, you guys feel you're there?
Yes, I would just add, and we did talk about, guess it was in the year-end call, we talked about the fact that we're standing up a CLIA lab.
In part, just I think it's important to note, some of our biopharma customers, you know, would prefer to do business with us on a services basis. You know, they don't necessarily wanna. A lot of them do have Xeniums. In fact, some of them have multiple. They don't necessarily wanna go out and make that capital investment. Certainly, we've got, you know, economies of scale. No one's capable of running our product, you know, better than we are. Building out that CLIA lab, at least as one sort of element of that strategy, is to ensure from a services perspective, those biopharma customers can be sending us or we're making it more of a frictionless transaction, you know, with them.
There's still a lot of work we've gotta go do to stand that up, get that up and running, and really figure out what the right level of services capacity would be for us. I think that will also be, you know, an unlock for biopharma, where they can just say, "Hey, look, we're just gonna send you know, samples in the mail, get the data back to us," you know, and that may be an easier way to transact with them.
Is that more on the spatial side than the single-cell side or both?
It's both.
It is both.
Yeah.
Okay. Maybe one quick one more on just single-cell before I jump to spatial. Back to Parse, right? They talk about $40 million. They talk about the box-less offering. Just kinda where do you see, you know, that kind of offering fitting? I mean, they're, you know, getting some traction. Like what types of customers do you think go for that offering? You know, how do you think they stack up on all the metrics that you guys will cite in terms of what customers care about?
Yeah. I think, you know, broadly, just sort of bringing it back to, you know, what we've been doing really to sort of combat, you know, any of the competition out there. We haven't found, you know, these instrument-less sort of approaches to be superior by any means. I think what we did in 2025, and we'll continue to do in 2026 if needed, is we've removed that, you know, as an objection. All right, you don't have, you know, $X tens of thousands of dollars, that's fine. You know, We'll work with you to get a Chromium X in your lab. You can run the entire portfolio of our products, and make a commitment, you know to go do that, right?
Right.
Which is what sort of why they end up getting that discount. I think with Flex Apex in particular, those real large scale plate-based, you know, those types of programs and projects, I think it's very difficult for customers to not wanna do business with us. I think most of them already did. Now we've got a product at a price point, you know, that can go tackle those really large scale studies, you know, that we didn't have prior to Q4 of last year.
Okay. Maybe to Xenium, I think you guys got into Spatial Consumables double digits, like double digits I guess. I think we have it into the low to mid-teens. I know you gave that framework at the beginning, how do we think about that double-digit growth and like Instruments top, but what are you seeing from a customer interest basis today on spatial and kinda how far along are we in terms of penetrating these opportunities, do you feel?
Yeah, I'll start with the last piece of that question. I think we're still really early, and again, it's interesting 'cause I think the instrument's been out for almost three years. What we continue to find, and again, this is, you know, on us, and I think our commercial team's doing a great job of this. There are still users. I mean, we've got users that have, you know, multiple Xeniums in their fleet, and they're running them around the clock. You know what I mean? They're just running flat out. We still have Xeniums out there in the install base that are people that still haven't figured out exactly how to be working it kind of into their day-to-day routine, you know, science. You know, again, that's on us to be doing, you know, better marketing better application support et cetera.
I think even with the existing install base today, there's real opportunity to sort of rev up some of those instruments when you think about sort of the spread of super high users versus kind of dabbling. We wanna make sure, hey look, you've made the capital investment. We wanna be doing everything. Obviously we. You know, we make a lot of money on the consumables too, so we wanna make sure that those customers are happy with their capital purchase and are finding a wide range of, you know, use cases for Xenium. We're continuing to see that. I mean, I think that was part of the real enthusiasm.
Again, it was a very small team that we brought down to AGBT this year, you know, while there was a lot of single-cell sort of discussion and conversation, from my sort of takeaway was a lot of the customer enthusiasm and excitement was really around what they were seeing in Xenium.
Yeah.
In terms of, you know, back to that, kind of growth rate, so was the Spatial Consumables business, was that all encumbered by the macro, or that kinda did what it should do. It was really just the instrument side. How do we think about it?
No, I think it was encumbered by the macro. That's where it's pretty interesting is you go and you look at customers, you know, and this is, you know, N of just a handful, so this isn't a huge, you know, statistically significant customer base. I mean, I know customers whose total funding was down 10% plus last year.
You know, from 2024 to 2025, who managed to grow their Xenium revenue with us 20%-30%, right? I mean, clearly we're taking share of wallet from a variety of other tools and technologies there. I mean, that says from a resiliency standpoint, even in a tough, you know, environment, there are some incredibly compelling information that's coming off of, you know, off of Xenium. The macro would certainly help us out. You know, and I think the other thing, and I know we're coming up on time, the other sort of key point just to mention is we still have a pretty enthusiastic Visium customer base as well. You know, we have found more and more of that interest has moved towards the Xenium platform.
For a variety of reasons. You know, we'll continue to support, and, you know, the Visium customer base as well, you know, here as we go into the future.
Stock's had a good balance, but still well off the highs. You got this economic noise, but a lot of product momentum. What do you think is most misunderstood about 10x?
I probably would come back to still really early innings, you know, from a science perspective. You know, you go in, these are not routine each and every lab, every day. You don't have single-cell or spatial for the most part built into like SOPs as you're working through stage gates of, you know, biopharma as an example. I think still very early in sort of that adoption phase for both single-cell and spatial in particular. I think that's one. I think the other is just from an innovation standpoint, again, I think many of our customers I think believe this, and certainly I'm biased 'cause I work at the company. The innovation engine is, you know, best in the business. You know, it's not just, hey, we're getting out innovation for the sake of innovating.
The team does an incredible job understanding the needs of the users and building products, not just that they need, but products they didn't realize that they needed.
I think the last thing, and maybe it's not misunderstood, but when you think about, and I have to say this 'cause I'm the CFO, I do get questions and people like, you know, if they're kind of screening us, particularly some of the generalist investors, and they're like, "Wow, this is w hen, when are you guys gonna run out of money?" It's like, we're not. You know, $520 million of cash. We didn't burn any cash last year. Don't plan to burn cash this year. You know, continuing to invest heavily for the future.
Awesome. Well, thank you for being here.
Thanks.
Great. Have a great rest of the conference.
Yep. Appreciate being here. Thank you so much.