1. Illumina for single-cell and spatial genomics.

2. The Intel for advanced biological discovery.

• Chromium Instruments & Consumables: These are the core instruments (Chromium and Chromium Connect) and associated microfluidic chips, slides, and reagents that enable their advanced biological analyses.
• Single Cell Gene Expression: A solution used to measure the activity of genes on a cell-by-cell basis.
• Single Cell Immune Profiling: A solution for quantifying the activity of individual immune cells and their specific targets.
• Single Cell Assay for Transposase Accessible Chromatin (ATAC): A solution that measures epigenetics, specifically the physical organization of DNA, at a single-cell resolution.
• Single Cell Multiome ATAC + Gene Expression: A comprehensive solution for simultaneously measuring both genetic activity and epigenetic programming within the same individual cells.
• Visium Spatial Gene Expression Solution: A solution designed to measure and map gene expression patterns across a single tissue sample, capable of combining with immunofluorescence for protein co-detection.

10x Genomics (TXG) primarily sells its life science technology products to various institutions rather than directly to individuals. Based on the provided company description, its major customers can be broadly categorized into the following types of institutions:

• Academic Institutions: This includes universities, research hospitals, and other educational and research centers.
• Government Institutions: This encompasses national research laboratories and government-funded research organizations.
• Biopharmaceutical and Biotechnology Companies: This category includes private sector firms involved in drug discovery, development, diagnostics, and other advanced biological research.

Serge Saxonov, Chief Executive Officer, Co-founder, and Director

• Serge Saxonov co-founded 10x Genomics in 2012 and has served as CEO since its inception, guiding the company through rapid growth and its public debut on Nasdaq (TXG).
• Before 10x Genomics, he was a founding architect and director of Research and Development at 23andMe, where he developed the company's core technology and product concepts.
• He also served as Vice President of Applications at QuantaLife, a privately-held life sciences company that was acquired by Bio-Rad Laboratories in 2011.
• He earned an A.B. in Applied Mathematics from Harvard College and a Ph.D. in Biomedical Informatics from Stanford University.

Adam Taich, Chief Financial Officer

• Adam Taich was appointed Chief Financial Officer of 10x Genomics, effective August 12, 2024.
• Prior to joining 10x Genomics, he served as Chief Strategy Officer at Standard BioTools Inc.
• He previously held the roles of interim Chief Executive Officer, Chief Business Officer, and Executive Vice President of Life Sciences at SomaLogic, Inc., a proteomics company.
• He also had a nearly 20-year career at Thermo Fisher Scientific, where he held various senior leadership positions across finance, strategy, and general management.

Ben Hindson, Co-founder, President, Chief Scientific Officer, and Director

• Ben Hindson co-founded 10x Genomics in 2012 and has served as Chief Scientific Officer and a Director since its founding.
• Before co-founding 10x Genomics, he was the Co-founder and Chief Scientific Officer of Quantalife, a privately-held life sciences company focused on a droplet digital PCR platform.
• Quantalife was sold to Bio-Rad Laboratories in 2011.
• Earlier in his career, he held various positions at Lawrence Livermore National Laboratory in the Chemical and Biological Weapons Nonproliferation Program.
• He holds a B.S. and Ph.D. in Chemistry from Deakin University, Australia.

Mennah Moustafa, Chief Commercial Officer

• Mennah Moustafa was named Chief Commercial Officer of 10x Genomics, effective August 1, 2024.
• She joined 10x Genomics in April 2022 as Senior Vice President of Commercial Operations and served as the interim Chief Commercial Officer since January 2024.
• Moustafa brings over two decades of experience in commercial and business development within the biotechnology and life sciences industries.
• Prior to 10x Genomics, she was Abcam's Head of Commercial for the Americas, and later led Business Development and the Customer Experience Journey.
• She also spent a decade at Sigma-Aldrich.

The key risks to 10x Genomics' business include:

1. Macroeconomic Headwinds and Research Funding Uncertainty

   A significant risk for 10x Genomics is the tightening of research budgets and macroeconomic uncertainty, particularly affecting academic and government funding in the United States. This environment leads to a slowdown in instrument sales and cautious customer spending, impacting a substantial portion of the company's revenue (approximately 40-50% is linked to U.S. academic and government funding). Delays, reductions, or cancellations of grants, along with potential future budget cuts, create unpredictable purchasing behavior and reduced visibility for the company. In 2025, 10x Genomics experienced a sharp 37% year-over-year decrease in instrument revenue in Q3 due to this uncertainty.

2. Intense Competition and Pricing Pressure

   The life science technology sector is highly competitive, with numerous established companies and emerging firms vying for market share in single-cell and spatial biology. This competitive landscape results in pricing pressure, as 10x Genomics proactively lowers prices on some assays (e.g., a 20-30% drop for Chromium Flex) to drive volume, which can immediately pressure top-line revenue and gross margins. To maintain its competitive edge and avoid technological obsolescence, the company must continuously invest heavily in research and development.

3. Reliance on Chromium Solutions and Fluctuating Instrument Sales

   10x Genomics operates on a "razor-and-blade" business model, where initial instrument sales are critical for generating a long-term stream of consumables revenue. The company's heavy reliance on its Chromium solutions makes it vulnerable if market demand shifts or if competitors introduce superior technologies. Fluctuations in instrument sales directly impact overall revenue, and a significant slowdown in these sales, as observed with a 37% year-over-year drop in Q3 2025 instrument revenue, poses a challenge to its core business model. The unpredictability in operating results, partly due to these sales fluctuations, complicates future assessments and strategic planning.

• Emergence of alternative single-cell analysis platforms that offer significantly higher throughput, lower cost per cell, or simpler workflows, potentially challenging the market dominance of 10x Genomics' microfluidics-based Chromium instruments.
• Rapid advancements and commercialization of competing spatial genomics technologies that provide superior resolution (e.g., sub-cellular), increased multiplexing capabilities, or more comprehensive multi-omic integration in tissue, thereby threatening the market position of 10x Genomics' Visium platform.

10x Genomics (NASDAQ: TXG) addresses significant and growing markets with its single-cell and spatial biology solutions.

• As of early 2025, 10x Genomics estimated its serviceable addressable market (SAM) for single-cell and spatial solutions combined to be approximately $13 billion globally.
• In a 2021 statement, 10x Genomics' CEO indicated that the broader life science research tools market, which the company aims to address, was about $60 billion globally and growing rapidly.

Single-Cell Analysis Market:

• The global single-cell analysis market was valued at approximately $4.29 billion in 2024 and is projected to reach $19.90 billion by 2035. North America holds the largest share of this market.
• Another estimate places the global single-cell analysis market at $4.32 billion in 2025, expected to grow to $12.58 billion by 2034. North America's share of this market was $1.90 billion in 2025.
• The single-cell analysis market was valued at $1.2 billion in 2022 and is projected to reach $1.7 billion by 2025.

Spatial Genomics and Transcriptomics Market (Spatial Biology):

• The global spatial genomics and transcriptomics market was valued at approximately $420 million in 2024 and is projected to reach $1.15 billion by 2030.
• The global spatial transcriptomics market size was estimated at $385.7 million in 2024 and is projected to reach $1,306.4 million by 2033. North America held the largest share of 58.09% of this global market in 2024.
• Another report states the global spatial transcriptomics market size at $469.36 million in 2025, predicted to increase to approximately $1,569.03 million by 2034. In 2024, North America dominated this market with a 48% share.

10x Genomics (TXG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Product Launches and Innovation: The company consistently introduces new instruments and assays, such as Chromium GEM-X, Visium HD, Xenium Prime 5K assay, and Flex APEX. These innovations aim to enhance sensitivity, throughput, and cost-effectiveness of biological analysis, while also enabling multiomic spatial insights, thereby expanding product utility and market penetration.
2. Growth in Consumables Revenue: Despite facing challenges in instrument sales due to capital expenditure constraints, the utilization of 10x Genomics' installed base of instruments is expected to drive significant growth in consumables revenue for both single-cell and spatial solutions. The adoption of new assays, like Flex APEX, is specifically boosting reaction volumes and contributing to higher consumables pull-through.
3. Expansion in the Spatial Biology Market: The spatial transcriptomics and genomics market is experiencing substantial growth, and 10x Genomics, with its Visium HD and Xenium platforms, is a key player in this expanding field. The company is strategically targeting applications in oncology, immunology, and neuroscience, and broadening the use of its spatial solutions from fundamental research to translational and clinical applications.
4. Increased Focus on the Biopharmaceutical Sector: 10x Genomics aims to significantly increase the revenue contribution from biopharmaceutical customers, with a strategic goal to raise this segment's share from its current 15%-20% to approximately 50%. This focus on the biopharma sector is anticipated to provide a more stable and potentially higher-spending customer base.
5. International Market Expansion: To counter regional market headwinds, particularly in the US, 10x Genomics is prioritizing accelerated growth in the EMEA (Europe, Middle East, and Africa) and APAC (Asia Pacific) markets. This involves strategic shipments and installations to expand the company's global installed base in these regions.

Share Repurchases

• 10x Genomics had a 5-Year Share Buyback Ratio of -3.20% as of December 2025, indicating potential share issuance rather than buybacks.

Share Issuance

• In February 2026, 10x Genomics filed a shelf registration for US$138.83 million, covering 7,661,479 Class A shares related to an employee stock plan.
• Insider sales by executives in August and November 2025, including the CFO and President/Chief Scientific Officer, were primarily for tax withholding obligations from vested restricted stock units.

Inbound Investments

• Institutional investors held approximately 84.68% of 10x Genomics' stock as of March 7, 2026.
• Major institutional shareholders include Vanguard Group Inc, ARK Investment Management LLC, Fmr Llc, and BlackRock, Inc.
• JPMorgan Chase & Co. significantly increased its stake in 10x Genomics in Q3 (likely 2025), acquiring an additional 951,495 shares for a total of 1,073,865 shares valued at approximately $12.6 million.

Outbound Investments

• In August 2025, 10x Genomics signed a definitive agreement to acquire Scale Biosciences, Inc., a single cell genomics technology company.
• The upfront payment for the Scale Biosciences acquisition in August 2025 included $9.2 million in cash and $13.5 million (1,099,992 shares) in Class A common stock.
• An additional $20.0 million payment, in cash and Class A common stock, is expected in Q1 2026 for a technology transfer completed in Q3 2025 related to the Scale Biosciences acquisition.

Capital Expenditures

• 10x Genomics invested $1.8 million in capital expenditures during Q4 2025, representing a 158.7% increase from the previous quarter.
• The company anticipates 0%-4% revenue growth for 2026 amidst a challenging capital expenditure environment, with ongoing pressure on instrument sales due to funding constraints.