10x Genomics
{{Short description|American biotechnology company}}
{{Infobox company
| logo = 10x Genomics logo.svg
| name = 10x Genomics, Inc.
| former_name = 10X Technologies, Inc.
| type = Public
| traded_as = {{ubl|{{NASDAQ|TXG}} (Class A)|Russell 1000 component}}
| founded = {{Start date and age|2012}}
| founders = {{ubl|Serge Saxonov|Ben Hindson|Kevin Ness}}
| hq_location = {{nowrap|Pleasanton, California, U.S.}}
| key_people = {{Unbulleted list|Serge Saxonov (CEO)|Ben Hindson (president and CSO)}}
| revenue = {{Decrease}} {{US$|611 million|link=yes}} (2024)
| operating_income = {{increasenegative}} {{US$|-195 million}} (2024)
| net_income = {{increasenegative}} {{US$|-183 million}} (2024)
| assets = {{decrease}} {{US$|919 million}} (2024)
| equity = {{decrease}} {{US$|710 million}} (2024)
| num_employees = 1,306 (2024)
| website = {{URL|10xgenomics.com}}
| footnotes = {{cite web |title=SEC Form 10-K |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1770787/000177078725000013/txg-20241231.htm |website=United States Securities and Exchange Commission |access-date=February 13, 2025 |date=February 13, 2025}}{{Cite web|url=https://www.forbes.com/sites/matthewherper/2018/12/10/buzzy-startup-10x-genomics-buys-spatial-transcriptomics-in-bet-on-genetic-tools/|title=Buzzy Startup 10x Genomics Buys Spatial Transcriptomics In Bet On Genetic Tools|last=Herper|first=Matthew|website=Forbes|access-date=2019-01-28}}
}}
10x Genomics, Inc. is an American biotechnology company that designs and manufactures gene sequencing technology used in scientific research. It was founded in 2012 by Serge Saxonov, Ben Hindson, and Kevin Ness.
History
10x Genomics was founded in 2012 by Serge Saxonov, Ben Hindson and Kevin Ness to create advanced testing equipment for use in cellular biology.{{Cite web|url=https://www.genomeweb.com/business-news/10x-genomics-founders-prevail-arbitration-dispute-bio-rad|title=10X Genomics Founders Prevail in Arbitration Dispute With Bio-Rad|website=GenomeWeb|date=21 December 2015 |access-date=2019-01-28}} Prior to starting the company, Saxonov was the founding architect, and director of research and development at 23andMe. Ness left 10x Genomics in December 2016{{Cite web|url=http://www.innovationews.com/Muse-bio-appoints-Kevin-Ness-new-CEO/|title=Muse bio appoints Kevin Ness new CEO|date=2016-12-09|website=InnovatioNews|access-date=2019-01-28}} and in 2018, Justin McAnear, Tesla's former finance chief joined the company as CFO.{{Cite web|url=https://www.axios.com/teslas-former-finance-chief-becomes-cfo-of-biotech-startup-1538754701-de3b7ce4-1af2-4500-b07d-180d5d252055.html|title=Tesla's former finance chief becomes CFO of genomics startup|website=Axios|access-date=2019-01-28}}
In August 2018 the company announced its first acquisition, Epinomics, a biotechnology company focused on the development of new techniques for epigenetics research.{{Cite web|url=https://www.cnbc.com/2018/08/28/sofbtank-backed-10x-genomics-buys-epinomics.html|title=SoftBank-backed 10x Genomics buys pinomics|last=Farr|first=Christina|date=2018-08-28|website=www.cnbc.com|access-date=2019-01-28}} Four months later, 10x Genomics acquired Spatial Transcriptomics, a biotechnology company working in the field of spatial genomics.{{Cite web|url=https://www.genomeweb.com/sequencing/10x-genomics-acquires-spatial-transcriptomics|title=10x Genomics Acquires Spatial Transcriptomics|website=GenomeWeb|date=10 December 2018 |access-date=2019-01-28}} In November 2018, 10x Genomics announced expansion plans including opening a manufacturing facility in Pleasanton, California in early 2019.{{Cite web|url=https://www.bizjournals.com/sanfrancisco/news/2018/11/29/10x-genomics-pleasanton-headquarters-lease-biotech.html|title=Fast-growing biotech leases up 150,000 square feet in Pleasanton for new headquarters|last=Torres|first=Blanca|website=San Francisco Business Times|access-date=2019-01-28}}
10x Genomics announced its initial public offering on September 12, 2019, raising $390M.{{Cite web|url=https://www.cnbc.com/2019/09/12/10x-genomics-txg-biotech-start-up-surges-in-ipo-debut.html|title=Biotech start-up 10x Genomics surges in IPO debut|last=Setty|first=Ganesh|date=2019-09-12|website=CNBC|language=en|access-date=2019-10-07}}{{Cite web|url=https://www.fiercebiotech.com/medtech/10x-genomics-ipo-rockets-past-a-390m-raise|title=10x Genomics' IPO rockets past a $390M raise|website=FierceBiotech|language=en|access-date=2019-10-07}} The company had revenues of $3.32 million in 2015, $27.48 million in 2016, $71.18 million in 2017,{{Cite web|url=https://www.bizjournals.com/sanfrancisco/news/2018/10/30/fast-100-2018-10x-genomics-gene-imaging-tools.html|title=10x Genomics takes gene imaging and analysis tools to the big leagues|last=Hepler|first=Lauren|website=San Francisco Business Times|access-date=2019-01-28}} $145 million in 2018,{{Cite web|url=https://www.genomeweb.com/business-news/jp-morgan-healthcare-day-one-10x-genomics-myriad-bruker-konica-minolta-geisinger|title=JP Morgan Healthcare, Day One: 10x Genomics, Myriad, Bruker, Konica Minolta, Geisinger|website=GenomeWeb|date=8 January 2019 |access-date=2019-01-28}} and $618.7 million in 2023.{{cite web |title=SEC Form 10-K |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1770787/000177078724000017/txg-20231231.htm |website=United States Securities and Exchange Commission |access-date=February 15, 2024 |pages=4, 97 |date=February 15, 2024}}
Arbitration and lawsuit
Saxonov, Hindson, and Ness worked together at Quantalife prior to its acquisition by Bio-Rad in 2011 and left in 2012 to launch 10x Genomics. In 2014 an arbitration dispute was brought against the three cofounders by Bio-Rad, claiming they had breached obligations they allegedly owed to Bio-Rad after it acquired Quantalife. In 2015 an arbitrator determined that the founders of 10x Genomics had not breached their obligation to Bio-Rad when they left the company and denied its claims.
In November 2018, a Delaware jury found that 10x Genomics infringed on several University of Chicago patents which were exclusively licensed to Bio-Rad. 10x Genomics were ordered to pay $24 million in damages to Bio-Rad and a 15% royalty on sales.{{Cite web |url=https://www.law.com/therecorder/2018/11/15/bio-rad-snares-24-million-patent-infringement-verdict/ |title=Bio-Rad Snares $24 Million Patent Infringement Verdict |date=15 November 2018 |first1=Scott |last1=Graham |website=The Recorder |access-date=2019-01-28}}{{Cite web|url=https://www.genomeweb.com/pcr/bio-rad-awarded-24m-10x-genomics-patent-infringement-lawsuit|title=Bio-Rad Awarded $24M in 10x Genomics Patent Infringement Lawsuit|website=GenomeWeb|date=14 November 2018 |access-date=2019-01-28}} 10x Genomics appealed the verdict but the decision was upheld in August 2020.{{cite news |last1=Graham |first1=Scott |title=Bio-Rad Sounds Poised to Win on Money, Lose on Injunction |url=https://www.law.com/nationallawjournal/2020/04/10/bio-rad-sounds-poised-to-win-on-money-lose-on-injunction/?slreturn=20200708064940 |accessdate=8 August 2020 |work=National Law Journal |date=10 April 2020 |language=en}}{{cite news |title=Bio-Rad wins appeal in 10x Genomics patent infringement ruling |url=https://www.scienceboard.net/index.aspx?sec=sup&sub=imm&pag=dis&ItemID=1131 |accessdate=8 August 2020 |work=Scienceboard.net |date=5 August 2020}} In July 2021, Bio-Rad and 10x Genomics settled all outstanding lawsuits brought in American federal as well as international courts for an undisclosed amount and the rights for the companies to license each other's patents for single-cell analysis.{{cite news |last1=Brittain |first1=Blake |title=Bio-Rad, 10x Genomics settle genomics patent war |url=https://www.reuters.com/legal/transactional/bio-rad-10x-genomics-settle-genomics-patent-war-2021-07-27/ |access-date=June 21, 2022 |work=Reuters |date=July 27, 2021}}