What 10x Genomics, Inc. told the SEC could break it.

10x's largest customer base is academic and government research institutions, whose purchasing depends on U.S. research funding — especially the National Institutes of Health (NIH). It warns that changes in U.S. academic/government regulations, policies or operations affecting research-funding terms could impair customers' ability to secure funding and, consequently, the timing and demand for its products — citing the February 2025 NIH move to impose a standard 15% indirect-cost rate, plus broader risks of freezes/reductions in NIH and other research funding. Because demand for single-cell/spatial genomics tools tracks research budgets, U.S. science-funding policy is a direct, material demand-side regulatory exposure.

“Any changes in U.S. academic and government regulations, policies or operations that affect the terms of research funding could impact our customers' ability to secure funding and, consequently, the timing and demand for our products and services.”

10x has direct exposure to U.S.–China decoupling. It notes China's Ministry of Commerce (MOFCOM) has previously added life-science companies to its 'Unreliable Entity List,' potentially in response to U.S. tariffs, and warns that if China expanded the list to include other life-sciences companies including 10x, its China business — approximately ten percent of total 2025 revenue — could be materially impacted or eliminated. With manufacturing also spanning Taiwan and Singapore and China/Taiwan sourcing exposure, escalating U.S.–China trade/retaliation policy is a specific, quantified geopolitical-regulatory threat to roughly a tenth of revenue.

“If China were to expand the Unreliable Entity List to include other life sciences companies including 10x, our business in China, which represented approximately ten percent of our total revenue in 2025, could be materially impacted or eliminated.”

10x Genomics and its customers depend on single- and sole-source suppliers for some of the equipment, components and materials used in its products. It specifically depends on a limited number of suppliers for the enzymes and amplification mixes used in its consumables, with some manufacturers being the sole source of certain necessary enzymes and reagents, and it does not have long-term contracts with many of these sole-source suppliers. Lead times for some of these components can run several months or more and have been extended by supply-chain disruptions. Because consumables (Chromium/Visium/Xenium kits) drive recurring revenue, a sole-source reagent disruption could halt product delivery. A genuine sole-source reagent/enzyme dependence.

“In some cases, these manufacturers are the sole source of certain necessary enzymes and reagents. We do not have long-term contracts with many of these sole source suppliers.”