0001299130-25-000061 | 10-K | XBRL Viewer | Pacific Biosciences OF California INC

Print Document

STOCKHOLDERS’ EQUITY - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Jun. 18, 2024 shares	May 22, 2022 shares	Jan. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) period $ / shares vote shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Oct. 31, 2010 $ / shares shares
Stockholders' Equity [Line Items]
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)				50,000,000	50,000,000		50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares issued (in share)				0	0
Preferred stock, shares outstanding (in shares)				0	0
Common stock, dividends declared (in usd per share) \| $ / shares				$ 0
Voting right of common stock share holders				one
Voting right of common stock share holders, number of votes \| vote				1
Public offering (in shares)			17,500,000
Common stock offering price (in usd per share) \| $ / shares			$ 10.00
Public offering, option to purchase additional shares, period			30 days
Public offering, option to purchase additional shares (in shares)			2,600,000
Commissions, percentage of gross proceeds			5.75%
Proceeds from issuance of common stock from underwritten public equity offerings, net of issuance costs \| $			$ 189.7
Payments of offering expense \| $			$ 0.5
Weighted average remaining contractual term				5 years 1 month 6 days
Vested and expected to vest, aggregate intrinsic value \| $				$ 0.1
Vested and expected to vest, weighted average exercise price (in usd per share) \| $ / shares				$ 11.13
Vested and expected to vest, weighted average remaining contractual life				5 years 4 months 24 days
Intrinsic value \| $				$ 0.8	$ 8.8	$ 5.0
Weighted average grant date fair value (in usd per share) \| $ / shares				$ 1.40	$ 7.32	$ 5.93
Common stock, shares issued (in shares)				294,418,000	267,744,000
Stock-based compensation cost capitalized in inventory \| $				$ 0.6	$ 0.6
Dividend yield				0.00%	0.00%	0.00%
2020 Plan, Inducement Plan, And The Omniome Plan
Stockholders' Equity [Line Items]
Common stock remain available for issuance (in shares)				28,400,000
Shelf Offering
Stockholders' Equity [Line Items]
Shares issued (in shares)			20,100,000
Options To Purchase Common Stock
Stockholders' Equity [Line Items]
Stock price (in usd per share) \| $ / shares				$ 1.83
Weighted average grant date fair value (in usd per share) \| $ / shares				$ 1.40	$ 7.32	$ 5.93
Dividend yield				0.00%	0.00%	0.00%
Proceeds from stock options exercised \| $				$ 1.6	$ 6.5	$ 3.4
Total unrecognized compensation expense \| $				80.1
Time-Based and Performance-Based Options
Stockholders' Equity [Line Items]
Intrinsic value \| $				$ 0.1
Period for recognition				5 years 4 months 24 days
Options, exercisable, number (in shares)				9,429,082
Options expired, weighted average exercise price (in usd per share) \| $ / shares				$ 11.26
Vested and expected to vest, outstanding (in shares)				10,957,644
Restricted Stock Units (RSUs)
Stockholders' Equity [Line Items]
Ratio of number of shares into which the share instrument may be converted				1
Award vesting period				4 years
Total fair value of shares vested related to RSUs \| $				$ 47.2	$ 39.3	$ 39.2
Weighted average grant date fair value, granted (in usd per share) \| $ / shares				$ 5.02	$ 9.65	$ 10.15
Time Based Restricted Stock Units PSU
Stockholders' Equity [Line Items]
Amount eligible to vest upon achievement of goal				2
2020 Equity Incentive Plan
Stockholders' Equity [Line Items]
Additional common stock reserved for issuance (in shares)	20,000,000	18,000,000
ESPP
Stockholders' Equity [Line Items]
Common stock remain available for issuance (in shares)				14,300,000
Shares reserved for future issuance (in shares)				33,500,000
Number of purchase periods \| period				4
Purchase period of ESPP				6 months
Percentage of fair market value at which stock can be purchased				85.00%
Percentage of outstanding common stock used to determine annual plan increase				2.00%
Common stock, shares issued (in shares)				4,000,000
Common stock purchased under plan (in shares)				1,906,529	1,735,058	1,878,168
Proceeds from stock options exercised \| $				$ 6.1	$ 8.8	$ 7.8
Common Stock \| Options To Purchase Common Stock
Stockholders' Equity [Line Items]
Period for recognition				2 years 2 months 12 days

STOCKHOLDERS’ EQUITY - Schedule of Fair Value of Employee Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Weighted average grant date fair value (in usd per share)	$ 1.40	$ 7.32	$ 5.93
Options To Purchase Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	4 years 10 months 24 days	4 years 10 months 24 days	4 years 7 months 6 days
Expected volatility, minimum	81.00%	77.00%	70.00%
Expected volatility, maximum	93.00%	78.00%	76.00%
Risk-free interest rate, minimum	3.48%	3.73%	0.41%
Risk-free interest rate, maximum	4.32%	4.60%	3.66%
Dividend yield	0.00%	0.00%	0.00%
Weighted average grant date fair value (in usd per share)	$ 1.40	$ 7.32	$ 5.93

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONVERTIBLE SENIOR NOTES - Narrative (Details)					12 Months Ended
CONVERTIBLE SENIOR NOTES - Narrative (Details)	Nov. 21, 2024 USD ($) d $ / shares shares	Nov. 07, 2024 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Feb. 16, 2021 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Payments made in conjunction with convertible notes exchange					$ 50,200,000	$ 0	$ 0
Lock-up period restriction	6 months
Gain on debt restructuring					$ 154,407,000	0	0
Restructuring of debt (in dollar per share) \| $ / shares					$ 0.56
Convertible senior notes, net, non-current					$ 647,494,000	892,243,000
Accrued expenses					22,595,000	45,708,000
Loss on extinguishment of debt					0	(2,033,000)	0
2028 Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount					0	459,000,000
Debt issuance costs			$ 1,500,000
Aggregate outstanding balance					0	457,626,000
Amortization of debt issuance costs					289,000	472,000	617,000
2028 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal amount	$ 459,000,000	$ 459,000,000
Principal amount of notes			$ 441,000,000	$ 900,000,000.0
Debt instrument, stated interest rate			1.50%	1.50%
Payments made in conjunction with convertible notes exchange	$ 50,000,000
Threshold percentage of stock price trigger	9.90%
Debt issuance costs				$ 4,500,000
Aggregate outstanding balance	$ 0		$ 459,000,000.0
Debt instrument, effective interest rate				1.60%
Amortization of debt issuance costs				$ 1,100,000
2029 Notes
Debt Instrument [Line Items]
Debt issuance costs	3,100,000
Debt issuance cost, lender fees	200,000
Convertible notes payable					214,200,000
Convertible senior notes, net, non-current					212,000,000
Accrued expenses					2,200,000
2029 Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal amount of notes	$ 200,000,000	$ 200,000,000
Debt instrument, stated interest rate	1.50%
Debt conversion, shares issued (in shares) \| shares	20,451,570
Threshold percentage of stock price trigger	150.00%
Debt instrument, convertible, conversion ratio		0.2045157
Conversion price per share (in dollars per share) \| $ / shares	$ 4.89
Threshold trading days \| d	20
Threshold consecutive trading days \| d	30
Redemption price, percentage	100.00%
Debt instrument, debt default, calendar days	360 days
Fair value of convertible debt					175,000,000
2029 Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	180 days
Debt instrument, interest in the event of default	0.25%
2029 Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	361 days
Additional interest in the event of default	0.50%
2029 Notes \| Convertible Debt \| Debt Conversion Terms Two \| Minimum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	181 days
2029 Notes \| Convertible Debt \| Debt Conversion Terms Two \| Maximum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	360 days
2030 Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount					441,000,000	441,000,000
Debt issuance costs			7,300,000
Aggregate outstanding balance					435,494,000	434,617,000
Amortization of debt issuance costs					950,000	463,000	$ 0
2030 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal amount of notes			$ 441,000,000
Debt instrument, stated interest rate			1.375%
Debt instrument, convertible, conversion ratio			0.0465116
Conversion price per share (in dollars per share) \| $ / shares			$ 21.50
Redemption price, percentage			100.00%
Debt instrument, debt default, calendar days			360 days
Debt instrument, interest in the event of default			0.25%
Additional interest in the event of default			0.50%
Fair value of convertible debt					$ 293,900,000
Debt redemption, percentage of conversion price			150.00%
Debt redemption, trading days			20 days
Debt redemption, consecutive trading days			30 days
Debt instrument, effective interest rate			1.60%
2030 Convertible Senior Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days			181 days
2030 Convertible Senior Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days			360 days
2030 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days			180 days
2030 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days			361 days
Exchange Transaction
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ (2,000,000.0)
Exchange Transaction \| Convertible Debt
Debt Instrument [Line Items]
Paid accrued but unpaid interest	$ 1,800,000		$ 2,500,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 154,014	$ 200,521	$ 128,304
Cost of Revenue:
Amortization of acquired intangible assets	9,393	1,983	733
Loss on purchase commitment	998	3,436	3,705
Total cost of revenue	116,732	147,741	79,269
Gross profit	37,282	52,780	49,035
Operating Expense:
Research and development	134,922	187,170	193,000
Sales, general and administrative	175,017	169,818	160,854
Impairment charges	184,500	0	0
Merger-related expenses	0	9,042	0
Change in fair value of contingent consideration	(850)	15,060	2,377
Amortization of acquired intangible assets	18,006	6,157	0
Total operating expense	511,595	387,247	356,231
Operating loss	(474,313)	(334,467)	(307,196)
Loss on extinguishment of debt	0	(2,033)	0
Gain on debt restructuring	154,407	0	0
Interest expense	(13,412)	(14,343)	(14,690)
Other income, net	23,783	32,684	7,638
Loss before income taxes	(309,535)	(318,159)	(314,248)
Income tax provision (benefit)	316	(11,424)	0
Net loss	(309,851)	(306,735)	(314,248)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	203	4,984	(3,678)
Comprehensive loss	$ (309,648)	$ (301,751)	$ (317,926)
Net loss per share:
Basic (in usd per share)	$ (1.13)	$ (1.21)	$ (1.40)
Diluted (in usd per share)	$ (1.59)	$ (1.21)	$ (1.40)
Weighted average shares outstanding used in calculating ‎net loss per share
Basic (in shares)	274,488	253,629	224,550
Diluted (in shares)	288,366	253,629	224,550
Product revenue
Revenue:
Total revenue	$ 136,149	$ 183,872	$ 108,699
Cost of Revenue:
Cost of revenue	92,284	127,568	60,932
Service and other revenue
Revenue:
Total revenue	17,865	16,649	19,605
Cost of Revenue:
Cost of revenue	$ 14,057	$ 14,754	$ 13,899

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation


Basis of Presentation and Consolidation

Our consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, as set forth in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. The consolidated financial statements include the accounts of Pacific Biosciences and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.

Use of Estimates


Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. On an ongoing basis, we evaluate our significant estimates, including those relating to the valuation of inventory, fair value of contingent consideration, valuation of acquired intangible assets, useful lives assigned to finite-lived assets, asset impairment assessments, computation of provisions for income taxes, and valuations related to our convertible senior notes. While the extent of the potential impact of current macroeconomic conditions on our business is highly uncertain, we considered information available related to assumptions and estimates used to determine the results reported and asset valuations as of December 31, 2024. Actual results could differ materially from these estimates.

Functional Currency


Functional Currency

The U.S. dollar is the functional currency of our international operations. We remeasure foreign subsidiaries monetary assets and liabilities to the U.S. dollar and record net gains or losses from remeasurement in other income, net, on our consolidated statements of operations and comprehensive loss.

Cash, Cash Equivalents, Restricted Cash, and Investments


Cash, Cash Equivalents, Restricted Cash, and Investments

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents may be comprised of money market funds, certificates of deposit, commercial paper, corporate bonds and notes, and government agencies’ securities.

We classify our investments in debt securities as available-for-sale and report the investments at fair value in current assets. We evaluate our available-for-sale investments in unrealized loss positions and assess whether the unrealized loss is credit-related. Unrealized gains and losses that are not credit-related are recognized in accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses, expected credit losses, as well as interest income, on available-for-sale securities are also reported in other income, net. The cost used in the determination of gains and losses of securities sold is based on the specific identification method. The cost of marketable securities is adjusted for the amortization of premiums and discounts to expected maturity. Premium and discount amortization is recorded in other income, net. We have the ability to hold, and do not intend to sell investments in unrealized loss positions before the recovery of their amortized cost bases.

Our investment portfolio at any point in time contains investments in cash deposits, money market funds, commercial paper, corporate debt securities, and U.S. government and agency securities with high credit ratings. We have established guidelines regarding diversification and maturities of investments with the objectives of maintaining safety and liquidity, while maximizing yield.

Restricted cash includes cash that is not readily available for use in the Company’s operating activities. Restricted cash is primarily comprised of cash pledged under letters of credit.

Concentration and Other Risks


Concentration and Other Risks

Financial instruments that potentially subject us to credit risk consist principally of interest-bearing investments and trade receivables. We maintain cash, cash equivalents, and investments with various major financial institutions. The counterparties to the agreements relating to our investment securities consist of various major corporations, financial institutions, municipalities, and government agencies of high credit standing. At December 31, 2024, most of our cash was deposited with U.S. financial institutions. Our investment policy generally restricts the amount of credit exposure to any one issuer. There is no limit to the percentage of the portfolio that may be maintained in securities issued by the U.S. Treasury and U.S. Government Agencies, or other securities fully backed by U.S. Treasury or Government agencies. We have not experienced significant credit losses from financial institutions.

Our trade receivables are derived from revenue to customers and distributors located in the United States and other countries. We perform credit evaluations of our customers’ financial condition and, generally, require no collateral from our customers. The allowance for credit losses is based on our assessment of the collectability of customer accounts. We regularly review our trade receivables including consideration of factors such as historical experience, the age of the accounts receivable balances, customer creditworthiness, customer industry, and current and forecasted economic conditions that may affect a customer’s ability to pay. We have not experienced any significant credit losses to date.

Although we have historically not experienced significant credit losses, our exposure to credit losses may increase if our customers are adversely affected by changes in economic pressures or uncertainty associated with local or global economic recessions, or other customer-specific factors.

For the years ended December 31, 2024, and 2023, no customer accounted for 10% or more of our total revenue. For the year ended December 31, 2022, one customer exceeded 10% of our total revenue.

As of December 31, 2024 and 2023, 36% and 49% of our accounts receivable were from domestic customers, respectively. As of December 31, 2024, no customer represented 10% or more of our net accounts receivable. As of December 31, 2023, one customer represented 10% of our net accounts receivable.

We currently purchase several key parts and components used in the manufacture of our products from a limited number of suppliers. Generally, we have been able to obtain an adequate supply of such parts and components but in certain instances have incurred additional costs to secure a supply of constrained material. An extended interruption in the supply of parts and components currently obtained from our suppliers could adversely affect our business and consolidated financial statements.

Inventory, Net


Inventory, Net

Inventories are stated at the lower of cost or net realizable value on a first-in, first-out (“FIFO”) method. Adjustments to reduce the cost of inventory to its net realizable value, if required, are made for estimated excess or obsolete balances. Cost includes depreciation, labor, material, and overhead costs, including product and process technology costs. Determining net realizable value of inventories involves numerous judgements, including projecting future average selling prices, sales volumes, and costs to complete products in work in process inventories.

We make inventory purchases and commitments to meet future shipment schedules based on forecasted demand for our products. The business environment in which we operate is subject to rapid changes in technology and customer demand. We perform a detailed assessment of inventory each period, which includes a review of, among other factors, demand requirements, product life cycle and development plans, component cost trends, product pricing, product expiration, and quality issues. Based on our analysis, we record adjustments to inventory for potentially excess, obsolete, or impaired goods, when appropriate, to report inventory at net realizable value. Inventory adjustments may be required if actual demand, component costs, supplier arrangements, or product life cycles differ from our estimates. Any such adjustments would result in a charge to our results of operations.

Property and Equipment, Net


Property and Equipment, Net

Property and equipment are stated at cost, reviewed regularly for impairment, and depreciated over the estimated useful lives of the assets, using the straight-line method. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related asset. Major improvements are capitalized, while maintenance and repairs are expensed as incurred. Transfers of assets between property and equipment, net, and inventory are transferred at standard cost and recognized at carrying value.

Operating Leases


Operating Leases

We have various operating lease agreements for office, research and development, manufacturing and distribution facilities, including our headquarters location in Menlo Park, California. As of December 31, 2024, these leases had remaining lease terms that expire between 2025 and 2027. We record operating lease right-of-use assets and liabilities on our consolidated balance sheets for all leases with a term of more than 12 months. The operating lease right-of-use assets and liabilities are calculated as the present value of remaining minimum lease payments over the remaining lease term using our estimated secured incremental borrowing rates at the commencement date. Lease payments included in the measurement of the lease liability comprise the fixed rent per the term of the Lease. Operating lease expense is recognized on a straight-line basis over the lease term, with variable lease payments, such as common area maintenance fees, recognized in the period incurred.

Business Combinations


Business Combinations

Under the acquisition method of accounting, we allocate the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require us to make estimates and assumptions, especially with respect to intangible assets. We record the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs that we incur to complete the business combination, such as legal and other professional fees, are expensed as they are incurred.

In connection with certain acquisitions, contingent consideration can be earned by the sellers upon completion of certain future performance milestones. In these cases, a liability is recorded on the acquisition date for an estimate of the acquisition date fair value of the contingent consideration. These estimates require significant management judgment, including probabilities of achieving certain future milestones. Changes in the fair value of the contingent consideration subsequent to the acquisition date are recognized in operating expense on our consolidated statements of operations and comprehensive loss.

If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. We record these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded on our consolidated statements of operations and comprehensive loss.

Goodwill and Intangible Assets with Indefinite Lives


Goodwill and Intangible Assets with Indefinite Lives

Assets acquired, including intangible assets and capitalized in-process research and development (“IPR&D”), and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. Intangible assets acquired in a business combination that are used for IPR&D activities are considered indefinite lived until the completion or abandonment of the associated research and development efforts. Upon reaching the end of the relevant research and development project (i.e., upon commercialization), the IPR&D asset is assessed for impairment and then amortized over its estimated useful life. If the relevant research and development project is abandoned, the IPR&D asset is expensed in the period of abandonment.

Goodwill and IPR&D are not amortized; however, they are reviewed for impairment at least annually. We perform annual impairment testing of goodwill as of the first day of the second quarter, or more frequently if indicators of impairment exist. We perform annual impairment testing of IPR&D as of the first day of the third quarter, or more frequently if indicators of impairment exist. Events that would indicate impairment and trigger an interim impairment test include, but are not limited to, unexpected adverse business conditions, weak demand for a specific product line or business, economic factors, shifting focus to certain lines of business, unanticipated technological changes or competitive activities, loss of key personnel, changes in business strategy and acts by governments or courts.

We perform our goodwill impairment analysis at the reporting unit level. We have one reporting unit, which aligns with our reporting structure and availability of discrete financial information. During the goodwill impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than the carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and our overall financial performance. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of our reporting unit is less than the carrying amount, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the reporting unit with the carrying value, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. We generally perform our impairment test using a combination of an income and a market approach to determine the fair value of goodwill. The income approach utilizes estimated discounted cash flows, while the market approach utilizes comparable company information.

During the IPR&D impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair value of the IPR&D is less than the carrying amount. The qualitative factors include, but are not limited to, macroeconomic conditions, industry-specific conditions, and company-specific conditions. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of the IPR&D is less than the carrying amount, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the IPR&D with the carrying value. If the carrying amount of the IPR&D exceeds the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative impairment test.

Intangible Assets and Other Finite-Lived Assets


Intangible Assets and Other Finite-Lived Assets

Finite-lived intangibles assets include our acquired developed technology and customer relationships. We capitalize finite-lived intangibles assets and generally amortize them on a straight-line basis over the estimated useful lives. Intangible assets purchased as part of an acquisition are included in Intangible assets, net, on our consolidated balance sheets.

We regularly review intangible assets with finite lives and other finite-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. We assess the recoverability of assets based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If the undiscounted future cash flows are less than the carrying amount, the asset is impaired. In light of the changes in circumstances that led to the recoverability assessment, we also assess the remaining estimated useful life of the assets. Factors that may indicate potential impairment include a significant decline in our stock price and market capitalization compared to net book value, significant changes in the ability of an asset to generate positive cash flows for our strategic business objectives, and the pattern of utilization of a particular asset.

In order to estimate the fair values of identifiable intangible assets with finite lives and other finite-lived assets, we estimate the present value of future cash flows from those assets. The key assumptions that we use in our cash flow model are the amount and timing of estimated future cash flows to be generated by the asset over an extended period of time and a rate of return that considers the relative risk of achieving the cash flows, the time value of money, and other factors that a willing market participant would consider. Management judgment is required to estimate the amount and timing of future cash flows and the relative risk of achieving those cash flows.

Revenue Recognition


Revenue Recognition

Our revenue is generated primarily from the sale of products and services. Product revenue primarily consists of sales of our instruments and related consumables; service and other revenue consist primarily of revenue earned from product maintenance agreements.

We account for a contract with a customer when there is a legally enforceable contract between us and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. Revenues are recognized when control of the promised goods are transferred to our customers, or services are performed, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Invoicing typically occurs upon shipment, or delivery in the case of an instrument, and payment is typically due within 30 days from invoice. In instances where the right to payment or transfer of title is contingent upon customer acceptance of the product, revenue is deferred until the acceptance criteria has been met. Revenue from instrument service contracts is recognized as the services are rendered, typically evenly over the contract term. Revenue from development agreements generally includes upfront and milestone payments. Revenue for these agreements is recognized when each distinct performance obligation is satisfied.

We may enter into, or periodically modify, contracts with customers that include a combination of promised products and services, resulting in arrangements containing multiple performance obligations. We determine whether each product or service is distinct, in order to identify the performance obligations in the contract and allocate the contract transaction price among the distinct performance obligations. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. We consider a performance obligation satisfied once we have transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. Therefore, instrument revenue is recognized upon transfer of control of the asset to the customer, which is generally upon delivery for sales made to our non-distributor customers and upon shipment for sales made to our distributor customers.

The consideration for contracts with multiple performance obligations is allocated between separate performance obligations based on their individual standalone selling price. We determine the best estimate of standalone selling price using historical average selling prices combined with an assessment of current market conditions. If the standalone selling price is not directly observable, we rely on estimates by considering multiple factors including, but not limited to, overall market conditions, including geographic or regional specific factors, internal costs, profit objectives, pricing practices, and other observable inputs. We recognize revenues as performance obligations are satisfied by transferring control of the product or service to the customer or over the term of a product maintenance agreement with a customer. Our revenue arrangements generally do not provide a right of return. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. We update the transaction price for expected consideration, subject to constraint. Where we expect, at contract inception, the timing of payments to be consistent with the transfer of goods or services or the contract duration to be one year or less, we do not adjust the transaction price for the effects of a significant financing component

We periodically modify existing contracts with customers, which could change the scope or the price of the contract, or both. When a contract modification occurs, we exercise judgment to determine if the modification should be accounted for as: (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, (iii) a cumulative catch-up adjustment to the original contract, or a combination thereof. Further, contract modifications require the identification and evaluation of the performance obligations of the modified contract, allocation of revenue to the remaining performance obligations and determination of the period of recognition for each identified performance obligation.

Certain of our agreements provide options to customers which can be exercised at a future date, such as the option to purchase our product at discounted prices, among others. In accounting for customer options, we determine whether an option is a material right and this may require us to exercise judgment. If a contract provides the customer an option to acquire additional goods or services at a discount that exceeds the range of discounts that we typically give for that product or service for the same class of customer, or if the option provides the customer certain additional goods or services for free, the option may be considered a material right and, therefore, a performance obligation. If the contract gives the customer the option to acquire additional goods or services at their normal standalone selling prices, we would likely determine that the option is not a material right and, therefore, account for it when the customer exercises the option. If the standalone selling price of the option is not directly observable, an estimated standalone selling price is utilized which considers adjustments for discounts that the customer could receive without exercising the option and the likelihood that the option will be exercised.

Additionally, we generally provide a one-year warranty on instruments. We accrue the cost of the assurance warranty when revenue of the instrument is recognized. Employee sales commissions are generally recorded as selling, general, and administrative expense when incurred as the amortization period for such costs, if capitalized, would have been one year or less.

Cost of Revenue and Shipping and Handling


Cost of Revenue

Cost of revenue reflects the direct cost of product components, third-party manufacturing services, and our internal manufacturing overhead and customer service infrastructure costs incurred to produce, deliver, maintain, and support our instruments, consumables, and services.

Manufacturing overhead is predominantly comprised of labor and facility costs. We capitalize manufacturing overhead into inventory based on a standard cost model that approximates actual costs.

Service costs include the direct costs of components used in support, repair and maintenance of customer instruments as well as the cost of personnel, materials, shipping and support infrastructure necessary to support our installed customer base.


Shipping and Handling

Costs related to shipping and handling are included in cost of revenues for all periods presented.

Research and Development


Research and Development

Research and development expense consists primarily of expenses for personnel engaged in the development of our core technology, the design and development of our future products and current product enhancements. These expenses also include prototype-related expenditures, development equipment and supplies, partner development costs, facilities costs, and other related overhead. We expense research and development costs during the period in which the costs are incurred. We defer and capitalize non-refundable advance payments made for research and development activities until the related goods are received or the related services are rendered.

Credit Losses


Credit Losses

Trade accounts receivable

The allowance for credit losses is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as the age of the accounts receivable balances, customer creditworthiness, customer industry, and current and forecasted economic conditions that may affect a customer’s ability to pay. Credit loss expense was immaterial for the years ended December 31, 2024, 2023, and 2022.

Available-for-sale debt securities

Our investment portfolio contains investments in cash deposits, money market funds, commercial paper, corporate debt securities and U.S. government and agency securities. We regularly assess whether our securities in an unrealized loss position are credit related. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income. Unrealized losses that are not credit related are included in accumulated other comprehensive income (loss). The unrealized losses on our investments are mainly attributable to government securities, including U.S. government and U.S. agency bond securities, impacted by movements in market rates and not due to issuer credit risk. We have the ability to hold and do not intend to sell the investments in unrealized loss positions before the recovery of their amortized cost bases.

Income Taxes


Income Taxes

We account for income taxes under the asset and liability method, which requires, among other things, that deferred income taxes be provided for temporary differences between the tax bases of our assets and liabilities and the amounts reported in the financial statements. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating losses and research and development credit carryforwards. The effect of a change in tax rates on the deferred tax assets and liabilities is recognized in the provision for income taxes in the period that includes the enactment date. A full valuation allowance is provided against our net deferred tax assets as it is more likely than not that the deferred tax assets will not be fully realized.

We regularly review our positions taken relative to income taxes. To the extent our tax positions are more likely than not going to result in additional taxes, we accrue the estimated amount of tax related to such uncertain positions.

Share-based Compensation


Share-Based Compensation

We recognize share-based compensation expense for share-based payments, including stock options, restricted stock units, performance stock units and stock issued under our employee stock purchase plan ("ESPP") based on the grant-date fair value. We estimate the fair value of stock options and ESPP using an option-pricing model. See Note 9. Stockholders’ Equity for further information regarding share-based compensation.

Other Comprehensive Income (Loss)


Other Comprehensive Income (Loss)

Other comprehensive income (loss) is comprised of unrealized gains (losses) on our investment securities.

Earnings per Share


Earnings per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing diluted net loss by the weighted-average number of shares of common stock outstanding and potentially dilutive shares outstanding during the period. We calculate the potential dilutive effect of outstanding stock options, restricted stock units, and common stock issuable pursuant to our ESPP, using the treasury stock method. Potentially dilutive common shares issuable upon conversion of convertible senior notes are determined using the if-converted method.

Recently Adopted Accounting Standards


Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves segment disclosure requirements, primarily through enhanced disclosure requirements for significant segment expenses on an annual and interim basis. The improved disclosure requirements apply to all public entities that are required to report segment information, including those with only one reportable segment. The standard was effective for us beginning in fiscal year 2024 and interim periods within fiscal year 2025. We adopted this ASU for our fiscal year ending December 31, 2024 and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements. There was no impact on the Company’s reportable segments identified. Additional required disclosures have been included in Note 11. Segment and Geographic Information.

Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU 2024-04, Debt—Debt With Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This new standard clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment of convertible debt. The standard will be effective for us beginning in the first quarter of fiscal year 2026, with early adoption permitted. The new standard is expected to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2024-04 on the consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This new standard requires a company to provide disaggregated disclosures, within the notes to the financial statements, of specified categories of expenses that are included in line items on the face of the income statement. The standard will be effective for us beginning in fiscal year 2027, and interim periods within fiscal year 2028, with early adoption permitted. The new standard is expected to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on the consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This new standard requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid. The standard will be effective for us beginning in fiscal year 2025, with early adoption permitted. The new standard is expected to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2023-09 on the consolidated financial statements and related disclosures.

Fair Value of Financial Instruments

We consider an active market as one in which transactions for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis. Conversely, we view an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, our non-performance risk, or that of our counterparty, is considered in determining the fair values of liabilities and assets, respectively.

We classify our cash deposits and money market funds within Level 1 of the fair value hierarchy because they are valued using bank balances or quoted market prices. We classify our investments as Level 2 instruments based on market pricing and other observable inputs. We did not classify any of our investments within Level 3 of the fair value hierarchy.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability.

The carrying amount of our accounts receivable, prepaid expenses, other current assets, accounts payable, accrued expenses and other liabilities, current, approximate fair value due to their short maturities.

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table presents the calculation of the basic and diluted net loss per share amounts presented on our consolidated statements of operations and comprehensive loss:


	Years Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Numerator:
Basic
Basic net loss	$	(309,851)	$	(306,735)	$	(314,248)
Diluted
Basic net loss	$	(309,851)	$	(306,735)	$	(314,248)
Add: Interest charges applicable to convertible notes (2028 Notes)	6,428		—		—
Less: Gain on debt restructuring (2029 Notes)	(154,407)		—		—
Diluted net loss	$	(457,830)	$	(306,735)	$	(314,248)

Denominator:
Basic
Weighted-average shares used in computing basic net loss per share	274,488		253,629		224,550
Basic net loss per share	$	(1.13)	$	(1.21)	$	(1.40)
Diluted
Weighted-average shares used in computing basic net loss per share	274,488		253,629		224,550
Add: Weighted average shares issuable upon conversion of convertible notes (2028 Notes)	9,395		—		—
Add: Weighted average shares issuable upon conversion of convertible notes (2029 Notes)	4,483		—		—



Weighted-average shares used in computing diluted net loss per share	288,366		253,629		224,550
Diluted net loss per share	$	(1.59)	$	(1.21)	$	(1.40)

Schedule of Antidilutive Shares Excluded From Computation of Diluted Net Loss per Share

The following shares issuable upon conversion of the convertible senior notes and outstanding equity awards were excluded from the computation of diluted net loss per share for the periods presented because the effect of including such shares would have been antidilutive:


	Years Ended December 31,
(in thousands)	2024	2023	2022
Shares issuable upon conversion of convertible senior notes	20,512	31,063	20,690
Equity awards	34,136	27,246	27,291

SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details) - 12 months ended Dec. 31, 2024	unit	segment
Segment Reporting [Abstract]
Number of reportable segments	1	1

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of The Major Classes of Property and Equipment (Details)	Dec. 31, 2024
Computer software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum \| Lab equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum \| Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life	10 years
Maximum \| Lab equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years
Maximum \| Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	5 years

FINANCIAL INSTRUMENTS - Schedule of Changes in Estimated Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of contingent consideration	$ (850)	$ 15,060	$ 2,377
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of December 31, 2023	19,550
Change in fair value of contingent consideration	(850)
Ending balance as of December 31, 2024	$ 18,700	$ 19,550

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Profit or Loss

A summary of the segment profit or loss, including significant segment expenses is as follows:


	Years Ended December 31,
(in thousands)	2024	2023	2022
Total revenue	154,014	200,521	128,304
Less:
Cost of revenue	116,732	147,741	79,269
Research and development	134,922	187,170	193,000
Sales and marketing	87,244	79,287	84,465
General and administrative	87,773	90,531	76,389
Impairment charges	184,500	—	—
Merger-related expenses	—	9,042	—
Change in fair value of contingent consideration	(850)	15,060	2,377
Amortization of acquired intangible assets	18,006	6,157	—
Loss on extinguishment of debt	—	2,033	—
Gain on debt restructuring	(154,407)	—	—
Other income (expense), net	10,371	18,341	(7,052)
Income tax provision (benefit)	316	(11,424)	—
Consolidated net loss	(309,851)	(306,735)	(314,248)

Schedule of Revenue by Geographic Location

A summary of our revenue by geographic location is as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Americas (1)	$	78,711	$	105,410	$	69,561
Europe, Middle East, and Africa	34,594		40,658		22,598
Asia-Pacific	40,709		54,453		36,145
Total	$	154,014	$	200,521	$	128,304

(1) Includes United States revenue of $75.3 million, $100.5 million, and $66.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Schedule of Revenue by Category

A summary of our revenue by category is as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Instrument revenue	$	65,776	$	120,451	$	48,719
Consumable revenue	70,373		63,421		59,980
Product revenue	136,149		183,872		108,699
Service and other revenue	17,865		16,649		19,605
Total revenue	$	154,014	$	200,521	$	128,304

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE


NOTE 10. NET LOSS PER SHARE

The following table presents the calculation of the basic and diluted net loss per share amounts presented on our consolidated statements of operations and comprehensive loss:


	Years Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Numerator:
Basic
Basic net loss	$	(309,851)	$	(306,735)	$	(314,248)
Diluted
Basic net loss	$	(309,851)	$	(306,735)	$	(314,248)
Add: Interest charges applicable to convertible notes (2028 Notes)	6,428		—		—
Less: Gain on debt restructuring (2029 Notes)	(154,407)		—		—
Diluted net loss	$	(457,830)	$	(306,735)	$	(314,248)

Denominator:
Basic
Weighted-average shares used in computing basic net loss per share	274,488		253,629		224,550
Basic net loss per share	$	(1.13)	$	(1.21)	$	(1.40)
Diluted
Weighted-average shares used in computing basic net loss per share	274,488		253,629		224,550
Add: Weighted average shares issuable upon conversion of convertible notes (2028 Notes)	9,395		—		—
Add: Weighted average shares issuable upon conversion of convertible notes (2029 Notes)	4,483		—		—



Weighted-average shares used in computing diluted net loss per share	288,366		253,629		224,550
Diluted net loss per share	$	(1.59)	$	(1.21)	$	(1.40)


	Years Ended December 31,
(in thousands)	2024	2023	2022
Shares issuable upon conversion of convertible senior notes	20,512	31,063	20,690
Equity awards	34,136	27,246	27,291

See Note 2. Business Acquisitions, for detailed information on contingently issuable shares that would be due upon achievement of a milestone. See Note 9 . Stockholders’ Equity for detailed information on equity awards.

COMMITMENTS AND CONTINGENCIES - Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturity of Lease Liabilities
2025	$ 11,481
2026	8,780
2027	7,110
2028	0
2029	0
Thereafter	0
Total undiscounted operating lease payments	27,371
Less: imputed interest	(2,431)
Present value of operating lease liabilities	24,940
Balance Sheet Classification
Operating lease liabilities, current	10,026	$ 9,591
Operating lease liabilities, non-current	14,914	$ 31,606
Total operating lease liabilities	$ 24,940

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES- Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2024 unit	Dec. 31, 2024 segment	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments			1	1
Product warranty period	1 year
Sales Revenue, Net \| Customer One \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage						10.00%
Accounts Receivable \| Customer One \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage					10.00%
Accounts Receivable \| Domestic Customers \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		36.00%			49.00%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2024

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS


NOTE 4. BALANCE SHEET COMPONENTS


Inventory, Net

Inventory, net, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Purchased materials	$	45,270	$	32,434
Work in process	22,172		27,653
Finished goods	14,081		15,746
Inventory, gross	81,523		75,833
Inventory reserve	(22,768)		(19,157)
Inventory, net	$	58,755	$	56,676


Property and Equipment, Net

Property and equipment, net, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Laboratory equipment and machinery	$	47,273	$	44,907
Leasehold improvements	33,770		35,226
Computer equipment	18,882		19,528
Software	7,280		6,628
Furniture and fixtures	2,972		3,594
Construction in progress	2,276		1,343
Total	112,453		111,226
Less: Accumulated depreciation	(81,948)		(74,794)
Property and equipment, net	$	30,505	$	36,432

Construction in progress consists of capitalizable costs that have been incurred for the construction of finite-lived assets and is primarily comprised of amounts that will be classified as lab equipment.

Depreciation expense during the years ended December 31, 2024, 2023, and 2022 was $13.8 million, $11.5 million, and $9.5 million, respectively.

In connection with the interim impairment test of goodwill in the second and fourth quarter of 2024, we also performed a recoverability test for the definite-lived asset group, which includes property and equipment, noting no impairment.


Goodwill and Intangible Assets

Goodwill

Goodwill is reviewed for impairment at least annually as of the first day of the second quarter, or more frequently if an event occurs indicating impairment. We performed our annual assessment for goodwill impairment, noting no impairment. Based primarily on the sustained decrease in our stock price during the second quarter and overall market capitalization as of the end of the second quarter of 2024 as well as other factors, we concluded that there was an indicator that it was more likely than not that the fair value of the reporting unit was less than its carrying amount that required an interim impairment test be performed on goodwill. As a result of the interim impairment test performed as of June 30, 2024, we concluded that the carrying amount of the entity-level reporting unit exceeded fair value and recorded $93.2 million of goodwill impairment. The impairment charge is included on our consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

The decline in the fair value of the reporting unit below its carrying value as of June 30, 2024 resulted primarily from the decline in our stock price and changes in the timing of expected future cash flows as compared to our initial long-term plan, due to continued impact of longer than expected median sales cycles resulting from various factors. We performed our impairment test using a combination of an income and a market approach to determine the fair value of the reporting unit. The income approach utilized estimated discounted cash flows, while the market approach utilized comparable company information. Significant assumptions used in the income approach included revenue growth expectations and a selected discount rate of 12.0%. The discount rate was based on the weighted average cost of capital, determined using market, peer company, industry data, and related risk factors. The assessment is a level 3 fair value measurement due to its reliance on certain unobservable inputs and significant management judgment. The assumptions used were inherently subject to uncertainty and small changes in these assumptions could have had a significant impact on the concluded value. An increase of 100 basis points to the discount rate used in our assessment would have resulted in additional goodwill impairment of approximately $85 million. The assessed fair value was deemed reasonable based on a market capitalization reconciliation and a supportable control premium.

As of the end of the fourth quarter of 2024, we concluded that the significant increase in the carrying value of the reporting unit resulting primarily from the debt restructuring during the quarter and changes in the timing and amount of expected future cash flows due to macroeconomic headwinds, among other factors, indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount that required an interim impairment test be performed on goodwill. As a result of the impairment test performed as of December 31, 2024, we concluded that the carrying amount of the entity-level reporting unit exceeded fair value and recorded $51.3 million of goodwill impairment. The impairment charge is included on our consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

We performed our impairment test consistent with the approach used to determine the fair value of the reporting unit in the second quarter of 2024. Significant assumptions used in the income approach included revenue growth expectations and a selected discount rate of 12.0%. The assessment is a Level 3 fair value measurement due to its reliance on certain unobservable inputs and significant management judgment. The assumptions used were inherently subject to uncertainty and small changes in these assumptions could have had a significant impact on the concluded value. An increase of 100 basis points to the discount rate used in our assessment would have resulted in additional goodwill impairment of approximately $95 million. The assessed fair value was deemed reasonable based on a market capitalization reconciliation.

As a result of the impairments, the carrying value of goodwill now approximates fair value. Changes in our future operating results, cash flows, share price, market capitalization or discount rates, among others, used when conducting future goodwill impairment tests could affect the estimated implied fair value of goodwill and may result in additional impairment charges in the future.

Changes to goodwill during the year ended December 31, 2024 were as follows:


(in thousands)
Balance as of December 31, 2023	$	462,261
Impairment charges	(144,500)
Balance as of December 31, 2024	$	317,761

Intangible Assets

Intangible assets include developed technology, customer relationships, and acquired IPR&D.

As a result of the Apton acquisition in August 2023, we allocated $55.0 million of the purchase price to IPR&D. As of December 31, 2024, the research and development project had not been completed or abandoned and, therefore, the IPR&D is not currently subject to amortization. During the year ended December 31, 2023, acquired IPR&D of $400.0 million as a result of the Omniome acquisition in September 2021 was completed and became subject to amortization.

IPR&D is reviewed for impairment at least annually, or more frequently if an event occurs indicating the potential for impairment. Based on the interim impairment test of goodwill in the second quarter of 2024 and our annual IPR&D impairment assessment in the third quarter of 2024, no impairment of IPR&D was identified.

As of the end of the fourth quarter of 2024, we concluded that due to significant macroeconomic uncertainties and the related changes in the timing and amount of expected future cash flows, among other factors, it was more likely than not that the fair value of the IPR&D was less than its carrying amount that required an interim impairment test be performed on IPR&D. We performed our impairment test by comparing the carrying value of the IPR&D to its estimated fair value, which was determined by the income approach, using a discounted cash flow model. Significant estimates and assumptions used in the income approach, which represent a Level 3 fair value measurement, include revenue growth assumptions, a selected discount rate of 14.0%, and a selected obsolescence factor of 13 years. The discount rate was based primarily on the weighted average cost of capital, determined using market, peer company, industry data, and related risk factors. Based on our analysis, the carrying value of the IPR&D exceeded its estimated fair value, and we recorded an impairment of $40.0 million in the fourth quarter of 2024. The impairment charge is included on our consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

The assumptions used were inherently subject to uncertainty and small changes in these assumptions could have had a significant impact on the concluded value. An increase of 100 basis points to the discount rate used in our analysis would have resulted in additional IPR&D impairment of approximately $5 million. A decrease of one year to the obsolescence factor used in our analysis would have resulted in additional IPR&D impairment of approximately $5 million. We also performed a recoverability test for the definite-lived asset group, which includes developed technology, noting no impairment.

As a result of the impairment, the carrying value of the IPR&D now approximates fair value. Changes in macroeconomic conditions, industry-specific conditions and company-specific conditions may impact the estimates and assumptions used when conducting future IPR&D impairment tests. These changes could affect the estimated fair value of the IPR&D and may result in additional impairment charges in the future.

Changes to IPR&D during the year ended December 31, 2024 were as follows:


(in thousands)
Balance as of December 31, 2023	$	55,000
Impairment charge	(40,000)
Balance as of December 31, 2024	$	15,000

In addition to IPR&D, we had the following acquired finite-lived intangible assets as of December 31, 2024:


(in thousands, except years)	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	15	$	411,179	$	(36,607)	$	374,572
Customer relationships	2	360		(360)		—
Total		$	411,539	$	(36,967)	$	374,572

Amortization expense of intangibles was $27.4 million, $8.3 million and $0.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. For the years ended December 31, 2024, 2023, and 2022 amortization expense of intangibles in cost of revenue was $9.4 million, $2.0 million, and $0.7 million, respectively. For the years ended December 31, 2024, 2023, and 2022, amortization expense of intangibles in operating expenses was $18.0 million, $6.3 million, and $0.2 million, respectively.

Amortization of acquired intangible assets is included within our cost of revenue if the costs and expenses related to the intangible assets are attributable to revenue generating activities. Amortization expense for intangible assets that are not directly related to sales generating activities are amortized to operating expenses. For developed technology intangible assets that are utilized in both revenue generating activities and in research and development activities, we allocate the amortization expense between cost of revenue and operating expenses. The finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives.

The estimated future amortization expense of acquisition-related intangible assets with finite lives is estimated as follows:


(in thousands)
2025	$	27,412
2026	27,412
2027	27,412
2028	27,412
2029	27,412
2030 and thereafter	237,512
Total	$	374,572


Accrued Expenses

Accrued expenses consisted of the following components:


	December 31,
(in thousands)	2024		2023
Salaries and benefits	$	11,706	$	29,337
Accrued interest payable	2,470		2,834
Accrued purchase commitments	—		2,613
Accrued product development costs	1,111		1,033
Accrued professional services and legal fees	824		2,641
Inventory accrual	1,237		353
Warranty accrual	3,100		4,681
Other	2,147		2,216
Accrued expenses	$	22,595	$	45,708


Product Warranties

We generally provide a one-year warranty on instruments. In addition, we provide a limited warranty on consumables. At the time revenue is recognized, an accrual is established for estimated warranty costs based on historical experience as well as anticipated product performance. We periodically review the warranty reserve for adequacy and adjust the warranty accrual, if necessary, based on actual experience and estimated costs to be incurred. Warranties are recorded as part of accrued expenses on our consolidated balance sheets and warranty expense is recorded as a component of cost of product revenue on our consolidated statements of operations and comprehensive loss. There were no material changes in estimates for the periods presented below.

Changes in the reserve for product warranties were as follows:


	Years Ended December 31,
(in thousands)	2024		2023
Balance at beginning of period	$	4,681	$	1,651
Additions charged to cost of product revenue	6,144		8,227
Repairs and replacements	(7,725)		(5,197)
Balance at end of period	$	3,100	$	4,681


Deferred Revenue

As of December 31, 2024, we had a total of $19.8 million of deferred revenue, $13.9 million of which was recorded as deferred revenue, current and $5.9 million of which was recorded as deferred revenue, non-current, which primarily relates to deferred service contract revenues and is scheduled to be recognized in the next five years. Revenue recorded in the year ended December 31, 2024 includes $14.9 million that was included in deferred revenue, current as of December 31, 2023.

Performance Obligations

We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date. However, we may allow customers to make product substitutions or certain modifications at our discretion. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within a year of the contract execution date. As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $58.6 million, of which approximately 62% is expected to be converted to revenue in 2025, approximately 30% in the following twelve months, and the remainder thereafter.


Other Liabilities, Current

Other liabilities, current, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Accrued Employee Stock Purchase Plan	$	2,014	$	3,715
Short-term loan	—		490
Other	1,210		4,121
Other liabilities, current	$	3,224	$	8,326

BUSINESS ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 02, 2023	Dec. 31, 2023	Dec. 31, 2024
Business Acquisition [Line Items]
Issuance of common stock in connection with Apton liquidity event bonus plan		$ 2,111
Common Stock
Business Acquisition [Line Items]
Issuance of common stock in acquisition (in shares)		6,121,000
Issuance of common stock in connection with liquidity event bonus plan (in shares)		169,000
Apton
Business Acquisition [Line Items]
Fair value of share consideration	$ 76,600
Total cash paid	200
Fair value of contingent consideration	18,500	$ 19,550	$ 18,700
Less: Share-based compensation expense excluded from consideration transferred	$ (1,300)
Issuance of common stock in acquisition (in shares)	6,121,571	6,300,000
Milestone revenue	$ 50,000
Anniversary	5 years
Average trading period	20 days
Merger related transaction costs		$ 9,000
Merger-related expenses		2,800
Issuance of common stock in connection with Apton liquidity event bonus plan		2,100
Goodwill, acquired during period		52,300
In-process research and development	$ 55,000	$ 55,000
Apton \| Common Stock
Business Acquisition [Line Items]
Issuance of common stock in connection with liquidity event bonus plan (in shares)		168,621
Apton \| Maximum
Business Acquisition [Line Items]
Percentage of outstanding shares of common to be issued in merger	19.90%
Apton \| Achievement of Milestone
Business Acquisition [Line Items]
Fair value of contingent consideration	$ 25,000

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


NOTE 3. FINANCIAL INSTRUMENTS


Fair Value of Financial Instruments

Fair value is the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy established under GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows:

•Level 1: quoted prices in active markets for identical assets or liabilities;

•Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis:


	December 31, 2024								December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Cash and money market funds	$	55,370	$	—	$	—	$	55,370	$	70,172	$	—	$	—	$	70,172
Commercial paper	—		—		—		—		—		—		—		—
U.S. government & agency securities	—		—		—		—		—		109,739		—		109,739
Total cash and cash equivalents	55,370		—		—		55,370		70,172		109,739		—		179,911
Investments:
Commercial paper	—		—		—		—		—		9,947		—		9,947
Corporate debt securities	—		46,905		—		46,905		—		88,579		—		88,579
U.S. government & agency securities	—		287,656		—		287,656		—		352,979		—		352,979
Total investments	—		334,561		—		334,561		—		451,505		—		451,505

Short-term restricted cash	690		—		—		690		300		—		—		300
Long-term restricted cash	1,532		—		—		1,532		2,422		—		—		2,422
Total assets measured at fair value	$	57,592	$	334,561	$	—	$	392,153	$	72,894	$	561,244	$	—	$	634,138

Liabilities
Contingent consideration - Apton acquisition	$	—	$	—	$	18,700	$	18,700	$	—	$	—	$	19,550	$	19,550
Total liabilities measured at fair value	$	—	$	—	$	18,700	$	18,700	$	—	$	—	$	19,550	$	19,550

For the year ended December 31, 2024, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and our valuation techniques did not change compared to the prior year.

Contingent Consideration - Apton

We classify contingent consideration, which was incurred in connection with the acquisition of Apton, within Level 3 as factors used to develop the estimate of fair value include unobservable inputs that are not supported by market activity and are significant to the fair value. Estimates and assumptions used in the Monte Carlo simulation include risk-adjusted forecasted revenues for products and services leveraging Apton's technology and an estimated credit spread.

We estimate the fair value of the contingent consideration liability based on the simulated revenue of the Company through the five-year anniversary of the closing date of the acquisition. As of December 31, 2024, the key input used in the determination of the fair value included projected revenues of the Company relating to the high-throughput short-read products and services leveraging Apton's technology. The assumptions used in our valuation are inherently subject to uncertainty. A decrease in the projected revenues would result in a decrease in the fair value of the liability. The discount rates used are the sum of the U.S. risk-free rate and the estimated subordinated credit spread for CCC+ credit rating, which ranges from 9.4% to 9.6%. Changes in our estimated subordinated credit spread can result in changes in the fair value of the contingent consideration liability, where a lower credit spread may result in an increased liability valuation.

Changes in the estimated fair value of the contingent consideration liability related to the Apton acquisition for the year ended December 31, 2024 were as follows:


(in thousands)	Level 3
Beginning balance as of December 31, 2023	$	19,550

Change in estimated fair value	(850)

Ending balance as of December 31, 2024	$	18,700

Changes to the fair value are recorded as the change in fair value of contingent consideration on our consolidated statement of operations and comprehensive loss.

Contingent Consideration - Omniome

On September 20, 2023, we achieved the commercial milestone in connection with the 2021 acquisition of Omniome. Consequently, former Omniome securityholders were entitled to receive as milestone consideration, among other things, an aggregate of approximately $100.9 million in cash and approximately 9.0 million shares of our common stock, representing $95.9 million divided by the volume-weighted average of the trading prices of our common stock for the twenty trading days ending with and including the trading day that was two days immediately prior to the achievement of the milestone. The $95.9 million represents the $100.0 million that was to be paid in shares of our common stock offset by $4.1 million attributable to stock options issued by PacBio in replacement of Omniome’s unvested options as part of the transaction, pursuant to the terms of the Omniome merger agreement.

Following the achievement of the commercial milestone, $101.3 million of the contingent consideration, which includes certain payroll taxes, was paid during the year ended December 31, 2023. Additionally, 8,988,391 shares were issued at a value of $84.8 million to the former Omniome securityholders.


Cash, Cash Equivalents, Restricted Cash, and Investments

The following table summarizes our cash, cash equivalents, restricted cash, and investments:


	December 31, 2024
(in thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents:
Cash and money market funds	$	55,370	$	—	$	—	$	55,370

U.S. government & agency securities	—		—		—		—
Total cash and cash equivalents	55,370		—		—		55,370
Investments:
Commercial paper	—		—		—		—
Corporate debt securities	46,746		184		(25)		46,905
U.S. government & agency securities	287,393		418		(155)		287,656
Total investments	334,139		602		(180)		334,561
Total cash, cash equivalents, and investments	$	389,509	$	602	$	(180)	$	389,931

Short-term restricted cash	$	690	$	—	$	—	$	690
Long-term restricted cash	$	1,532	$	—	$	—	$	1,532

	December 31, 2023
(in thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents:
Cash and money market funds	$	70,172	$	—	$	—	$	70,172
Commercial paper	—		—		—		—
U.S. government & agency securities	109,786		13		(60)		109,739
Total cash and cash equivalents	179,958		13		(60)		179,911
Investments:
Commercial paper	9,947		—		—		9,947
Corporate debt securities	88,263		373		(57)		88,579
U.S. government & agency securities	353,029		478		(528)		352,979
Total investments	451,239		851		(585)		451,505
Total cash, cash equivalents, and investments	$	631,197	$	864	$	(645)	$	631,416

Short-term restricted cash	$	300	$	—	$	—	$	300
Long-term restricted cash	$	2,422	$	—	$	—	$	2,422

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of December 31, 2024:


(in thousands)	Fair Value
Due in one year or less	$	238,957
Due after one year through 5 years	95,604
Total investments	$	334,561

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.

Investment income included in other income, net on our consolidated statements of operations and comprehensive loss was $24.9 million and $32.8 million for the years ended December 31, 2024 and 2023, respectively.

FINANCIAL INSTRUMENTS - Schedule of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Investments, All Other Investments [Abstract]
Due in one year or less	$ 238,957
Due after one year through five years	95,604
Total	$ 334,561

STOCKHOLDERS’ EQUITY - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 5,691	$ 5,399	$ 4,802
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	19,172	22,435	30,676
Sales, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	46,173	44,284	43,135
Total share-based compensation
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 71,036	$ 72,118	$ 78,613

CONVERTIBLE SENIOR NOTES - Schedule of Net Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2030 Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 441,000	$ 441,000
Unamortized debt premium	453	524
Unamortized debt issuance costs	(5,959)	(6,907)
Total	435,494	434,617
2028 Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount	0	459,000
Unamortized debt issuance costs	0	(1,374)
Total	$ 0	$ 457,626

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

RESTRUCTURING

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING


NOTE 6. RESTRUCTURING

During the year ended December 31, 2024, we implemented an expense reduction initiative that included workforce reductions, the closing of our San Diego office, and other actions to reduce annualized run-rate operating expenses.

A summary of the pre-tax restructuring charges are as follows:


(in thousands)	Year Ended December 31, 2024		Cumulative amount incurred to date
Employee separation costs	$	10,008	$	10,008
Other costs	15,214		15,214
Total restructuring charges(1)	$	25,222	$	25,222

(1) For the year ended December 31, 2024, cumulative charges incurred to date include $14.9 million in sales, general and administrative expense; $5.9 million in research and development expense; and $4.4 million in cost of revenue.

Cumulative charges incurred to date include employee separation costs comprised of approximately $5.5 million related to salaries, wages and other employee benefits paid to terminated employees pursuant to the Worker Adjustment and Retraining Notification (WARN) Act and approximately $4.5 million of severance costs.

Other costs in the year ended December 31, 2024 are primarily related to accelerated amortization and depreciation of $8.1 million for the right-of-use asset, leasehold improvements, and furniture and fixtures relating to the abandonment of the San Diego office. We also incurred cumulative charges to date for excess inventory of $3.6 million primarily relating to a decrease in internal demand resulting from the expense reduction initiatives which were recognized in cost of product revenues. The accelerated amortization and depreciation, which was recognized in sales, general and administrative expense, was determined as a result of the Company's change in estimate pertaining to its remaining useful life of the San Diego office utilizing the estimated date on which it planned to abandon the San Diego office. The lease liability pertaining to the San Diego office was also remeasured during the year ended December 31, 2024 resulting in a reduction in the operating lease liability balance of $4.4 million, which was offset against the right-of-use asset on our consolidated balance sheets. We exited our San Diego office in September 2024.

A summary of the liabilities related to the restructuring is as follows:


(in thousands)	Employee Separation Costs		Other Costs		Total
Expense recorded in YTD 2024	$	10,008	$	2,816	$	12,824
Cash paid during YTD 2024	(10,008)		(2,646)		(12,654)
Amount recorded in current liabilities as of December 31, 2024	$	—	$	170	$	170

Estimated total restructuring costs to still be incurred	$	—	$	946	$	946

The table above excludes noncash activities and amounts incurred relating to the San Diego office lease liability. The ending balance of the San Diego office lease liability as of December 31, 2024 is $2.6 million, and is included in operating lease liabilities, current on our consolidated balance sheets.

The other restructuring costs are expected to be incurred and paid by the end of 2025.

BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 112,453	$ 111,226
Less: Accumulated depreciation	(81,948)	(74,794)
Property and equipment, net	30,505	36,432
Laboratory equipment and machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	47,273	44,907
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,770	35,226
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,882	19,528
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,280	6,628
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,972	3,594
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,276	$ 1,343

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands		12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Mar. 07, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Payments to acquire intangible assets		$ 0	$ 0	$ 179
Subsequent Event
Subsequent Event [Line Items]
Operating lease, base rent expense	$ 97,700
Lease base rent abatement	11,600
Tenant improvement allowance	7,200
Payments to acquire intangible assets	$ 9,700

STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for time-based awards:


(shares in thousands)	Number of shares	Weighted-average exercise price
Outstanding at December 31, 2023	13,011	$	10.63
Granted	493	$	1.99
Exercised	(515)	$	3.15
Canceled	(2,153)	$	8.89
Expired	(327)	$	5.81
Outstanding at December 31, 2024	10,509	$	11.09

Schedule of Time-Based RSUs Activity

The following table summarizes the time-based RSU and PSU activity:


			Weighted-average grant date fair value
(shares in thousands)	Restricted Stock Units (RSUs)	Performance Stock Units (PSUs)	RSU		PSU
Outstanding at December 31, 2023	11,308	541	$	12.06	$	9.43
Granted	12,722	—	5.02		—
Vested	(3,801)	—	12.43		—
Forfeited	(6,018)	(149)	7.90		9.43
Outstanding at December 31, 2024	14,211	392	$	7.41	$	9.43

Schedule of Stock-Based Compensation Expense

The following table summarizes share-based compensation expense:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cost of revenue	$	5,691	$	5,399	$	4,802
Research and development	19,172		22,435		30,676
Sales, general and administrative	46,173		44,284		43,135
Total share-based compensation	71,036		72,118		78,613

Schedule of Fair Value of Employee Stock Options

The fair value of employee stock options was estimated using the following weighted-average assumptions:


	Years Ended December 31,
	2024		2023		2022
Expected term in years	4.9		4.9		4.6
Expected volatility	81% - 93%		77% - 78%		70% - 76%
Risk-free interest rate	3.48% – 4.32%		3.73% – 4.60%		0.41% – 3.66%
Dividend yield	—		—		—
Weighted-average grant date fair value per share	$	1.40	$	7.32	$	5.93

Schedule of Fair Value of Employee Stock Purchase Plan

The fair value of shares to be issued under the ESPP was estimated using the following assumptions:


	Years Ended December 31,
	2024		2023		2022
Expected term in years	0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility	81% - 118%		79% - 97%		70% - 97%
Risk-free interest rate	3.9% - 5.3%		4.9% - 5.5%		0.6% - 3.5%
Dividend yield	—		—		—
Weighted-average grant date fair value per share	$	1.53	$	5.34	$	4.28

INCOME TAXES - Schedule of Reconciliation of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 434,122	$ 435,488
Research and development credits	91,416	83,922
Capitalized research and experimental expenses	73,281	63,196
Accruals and reserves	10,506	16,872
Cancellation of indebtedness income and interest expense	20,424	14,907
Share-based compensation	18,195	18,584
Operating lease liability	5,618	9,510
Total deferred tax assets	653,562	642,479
Less: Valuation allowance	(558,794)	(525,703)
Total deferred tax assets:	94,768	116,776
Intangibles	(91,504)	(109,488)
Fixed assets	(261)	(548)
Operating lease right-of-use assets	(3,549)	(7,491)
Total deferred tax liabilities	(95,314)	(117,527)
Deferred tax liabilities, net	$ (546)	$ (751)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 55,370	$ 179,911
Investments	334,561	451,505
Accounts receivable, net	27,524	36,615
Inventory, net	58,755	56,676
Prepaid expenses and other current assets	18,781	17,040
Short-term restricted cash	690	300
Total current assets	495,681	742,047
Property and equipment, net	30,505	36,432
Operating lease right-of-use assets, net	16,091	32,593
Long-term restricted cash	1,532	2,422
Intangible assets, net	389,572	456,984
Goodwill	317,761	462,261
Other long-term assets	9,305	13,274
Total assets	1,260,447	1,746,013
Current liabilities
Accounts payable	16,590	15,062
Accrued expenses	22,595	45,708
Deferred revenue, current	13,864	16,342
Operating lease liabilities, current	10,026	9,591
Other liabilities, current	3,224	8,326
Total current liabilities	66,299	95,029
Deferred revenue, non-current	5,900	5,530
Contingent consideration liability, non-current	18,700	19,550
Operating lease liabilities, non-current	14,914	31,606
Convertible senior notes, net, non-current	647,494	892,243
Other liabilities, non-current	546	751
Total liabilities	753,853	1,044,709
Commitments and contingencies
Stockholders’ equity
Preferred stock	0	0
Common stock	294	268
Additional paid-in capital	2,654,804	2,539,892
Accumulated other comprehensive income	422	219
Accumulated deficit	(2,148,926)	(1,839,075)
Total stockholders’ equity	506,594	701,304
Total liabilities and stockholders’ equity	$ 1,260,447	$ 1,746,013

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases

As of December 31, 2024, the maturities of our operating lease liabilities were as follows:


(in thousands)
2025	$	11,481
2026	8,780
2027	7,110
2028	—
2029	—
Thereafter	—
Total undiscounted operating lease payments	27,371
Less: imputed interest	(2,431)
Present value of operating lease liabilities	$	24,940

Balance Sheet Classification
Operating lease liabilities, current	$	10,026
Operating lease liabilities, non-current	14,914
Total operating lease liabilities	$	24,940

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS


NOTE 12. SUBSEQUENT EVENTS

On March 7, 2025, we entered into an amendment to our existing lease for our corporate headquarters, research and development facilities, and manufacturing and distribution centers in Menlo Park, California. The lease amendment extends the term from the prior expiration on October 31, 2027 to its new expiration on April 30, 2034. We will pay approximately $97.7 million in base rent over the life of the amended lease, and receive base rent abatement of approximately $11.6 million for the period beginning on March 1, 2025 and ending on July 31, 2026. We are also entitled to a tenant improvement allowance of $7.2 million.

On March 7, 2025, we entered into an agreement to acquire certain technology and related intellectual property from the Chinese University of Hong Kong for $9.7 million.

SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION


NOTE 11. SEGMENT AND GEOGRAPHIC INFORMATION

We are organized as, and operate in, one reportable segment: the development, manufacturing, and marketing of integrated platforms for genetic analysis. Our chief operating decision-maker (CODM) is our Chief Executive Officer. Our CODM reviews financial information presented on a consolidated basis for the purposes of evaluating financial performance and allocating resources.

On a regular basis, our CODM reviews:

•total revenues by category

•total expenses and expenses by function, including sales and marketing and general and administrative, which include depreciation and share-based compensation

•net loss per share

Our assets are primarily located in the United States of America and not allocated to any specific region, and we do not measure the performance of geographic regions based upon asset-based metrics. Therefore, geographic information is presented only for revenue.

A summary of the segment profit or loss, including significant segment expenses is as follows:


	Years Ended December 31,
(in thousands)	2024	2023	2022
Total revenue	154,014	200,521	128,304
Less:
Cost of revenue	116,732	147,741	79,269
Research and development	134,922	187,170	193,000
Sales and marketing	87,244	79,287	84,465
General and administrative	87,773	90,531	76,389
Impairment charges	184,500	—	—
Merger-related expenses	—	9,042	—
Change in fair value of contingent consideration	(850)	15,060	2,377
Amortization of acquired intangible assets	18,006	6,157	—
Loss on extinguishment of debt	—	2,033	—
Gain on debt restructuring	(154,407)	—	—
Other income (expense), net	10,371	18,341	(7,052)
Income tax provision (benefit)	316	(11,424)	—
Consolidated net loss	(309,851)	(306,735)	(314,248)

A summary of our revenue by geographic location is as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Americas (1)	$	78,711	$	105,410	$	69,561
Europe, Middle East, and Africa	34,594		40,658		22,598
Asia-Pacific	40,709		54,453		36,145
Total	$	154,014	$	200,521	$	128,304

(1) Includes United States revenue of $75.3 million, $100.5 million, and $66.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

A summary of our revenue by category is as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Instrument revenue	$	65,776	$	120,451	$	48,719
Consumable revenue	70,373		63,421		59,980
Product revenue	136,149		183,872		108,699
Service and other revenue	17,865		16,649		19,605
Total revenue	$	154,014	$	200,521	$	128,304

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 02, 2023	Sep. 30, 2021
Balance Sheet Components [Line Items]
Depreciation				$ 13,774	$ 11,463	$ 9,480
Impairment charges	$ 51,300	$ 93,200	$ 0	$ 144,500
Goodwill impairment, discount rate	12.00%	12.00%		12.00%
Increase in basis point discount rate		0.0100
Additional goodwill impairment	$ 95,000	$ 85,000
Intangible asset impairment, increase in basis point discount rate	0.0100			0.0100
Intangible asset impairment, discounted cash flow model, discount rate	14.00%			14.00%
Intangible asset impairment, discounted cash flow model, term (in years)	13 years			13 years
Additional intangible asset impairment, change in discount rate	$ 5,000
Intangible asset impairment, increase in term (in years)	1 year			1 year
Additional intangible asset impairment, change in term	$ 5,000
Amortization				$ 27,400	8,300	900
Amortization of acquired intangible assets				27,412	8,261	913
Deferred revenue, current	13,864			13,864	16,342
Deferred revenue, non-current	5,900			5,900	5,530
Revenue, remaining performance obligation, amount	$ 58,600			$ 58,600
Revenue, remaining performance obligation, percentage	62.00%			62.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Balance Sheet Components [Line Items]
Revenue, remaining performance obligation, percentage	30.00%			30.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months			12 months
Cost Of Revenue
Balance Sheet Components [Line Items]
Amortization of acquired intangible assets				$ 9,400	2,000	700
Operating Expense
Balance Sheet Components [Line Items]
Amortization of acquired intangible assets				18,000	6,300	$ 200
Customer relationships
Balance Sheet Components [Line Items]
Impairment of intangible assets, finite-lived	$ 0
Developed technology
Balance Sheet Components [Line Items]
Impairment of intangible assets, finite-lived	0
In-Process Research and Development Indefinite Lived
Balance Sheet Components [Line Items]
Impairment of intangible assets, indefinite-lived (excluding goodwill)	0
Apton
Balance Sheet Components [Line Items]
In-process research and development					$ 55,000		$ 55,000
Omniome, Inc \| In-Process Research and Development Indefinite Lived
Balance Sheet Components [Line Items]
Intangible assets include acquired IPR&D								$ 400,000
Service
Balance Sheet Components [Line Items]
Contract with customer, liability	19,800			19,800
Deferred revenue, current	13,900			13,900
Deferred revenue, non-current	$ 5,900			$ 5,900
Deferred service revenue, noncurrent, recognition period				5 years
Revenue recognized				$ 14,900

CONVERTIBLE SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount

The net carrying amount of the liability for the 2030 Notes is included as convertible senior notes, net, non-current on our consolidated balance sheets as follows:


	December 31,
(in thousands)	2024		2023
Principal amount	$	441,000	$	441,000
Unamortized debt premium	453		524
Unamortized debt issuance costs	(5,959)		(6,907)
Net carrying amount	$	435,494	$	434,617

The net carrying amount of the liability for the 2028 Notes is included as convertible senior notes, net, non-current on our consolidated balance sheets as follows:


	December 31,
(in thousands)	2024		2023
Principal amount	$	—	$	459,000
Unamortized debt issuance costs	—		(1,374)
Net carrying amount	$	—	$	457,626

Schedule of Interest Expense

Interest expense for the 2030 Notes for the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Contractual interest expense	$	6,081	$	3,032	$	—
Amortization of debt issuance costs	950		463		—
Total interest expense	$	7,031	$	3,495	$	—

Interest expense for the 2028 Notes was as follows for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Contractual interest expense	$	6,139	$	10,133	$	13,500
Amortization of debt issuance costs	289		472		617
Total interest expense	$	6,428	$	10,605	$	14,117

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

INCOME TAXES - Schedule of Reconciliation of Unrecognized Tax Benefit Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 14,554	$ 10,410	$ 8,335
Decrease in balance related to tax positions taken in prior year	(6)		(10)
Increase in balance related to tax positions taken in prior year		2,044
Increase in balance related to tax positions taken during current year	3,128	2,100	2,085
Ending balance	$ 17,676	$ 14,554	$ 10,410

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Basic net loss	$ (309,851)	$ (306,735)	$ (314,248)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Aug. 02, 2023
Assets
Short-term restricted cash	$ 690	$ 300
Long-term restricted cash	1,532	2,422
Total assets measured at fair value	392,153	634,138
Liabilities
Total liabilities measured at fair value	18,700	19,550
Cash and cash equivalents:
Assets
Total cash and cash equivalents	55,370	179,911
Investments:
Assets
Total investments	334,561	451,505
Apton
Liabilities
Contingent consideration	18,700	19,550	$ 18,500
Cash and money market funds
Assets
Total cash and cash equivalents	55,370	70,172
Commercial paper
Assets
Total cash and cash equivalents	0	0
U.S. government & agency securities
Assets
Total cash and cash equivalents	0	109,739
Commercial paper
Assets
Total investments	0	9,947
Corporate debt securities
Assets
Total investments	46,905	88,579
U.S. government & agency securities
Assets
Total investments	287,656	352,979
Level 1
Assets
Short-term restricted cash	690	300
Long-term restricted cash	1,532	2,422
Total assets measured at fair value	57,592	72,894
Liabilities
Total liabilities measured at fair value	0	0
Level 1 \| Cash and cash equivalents:
Assets
Total cash and cash equivalents	55,370	70,172
Level 1 \| Investments:
Assets
Total investments	0	0
Level 1 \| Apton
Liabilities
Contingent consideration	0	0
Level 1 \| Cash and money market funds
Assets
Total cash and cash equivalents	55,370	70,172
Level 1 \| Commercial paper
Assets
Total cash and cash equivalents	0	0
Level 1 \| U.S. government & agency securities
Assets
Total cash and cash equivalents	0	0
Level 1 \| Commercial paper
Assets
Total investments	0	0
Level 1 \| Corporate debt securities
Assets
Total investments	0	0
Level 1 \| U.S. government & agency securities
Assets
Total investments	0	0
Level 2
Assets
Short-term restricted cash	0	0
Long-term restricted cash	0	0
Total assets measured at fair value	334,561	561,244
Liabilities
Total liabilities measured at fair value	0	0
Level 2 \| Cash and cash equivalents:
Assets
Total cash and cash equivalents	0	109,739
Level 2 \| Investments:
Assets
Total investments	334,561	451,505
Level 2 \| Apton
Liabilities
Contingent consideration	0	0
Level 2 \| Cash and money market funds
Assets
Total cash and cash equivalents	0	0
Level 2 \| Commercial paper
Assets
Total cash and cash equivalents	0	0
Level 2 \| U.S. government & agency securities
Assets
Total cash and cash equivalents	0	109,739
Level 2 \| Commercial paper
Assets
Total investments	0	9,947
Level 2 \| Corporate debt securities
Assets
Total investments	46,905	88,579
Level 2 \| U.S. government & agency securities
Assets
Total investments	287,656	352,979
Level 3
Assets
Short-term restricted cash	0	0
Long-term restricted cash	0	0
Total assets measured at fair value	0	0
Liabilities
Contingent consideration	18,700	19,550
Total liabilities measured at fair value	18,700	19,550
Level 3 \| Cash and cash equivalents:
Assets
Total cash and cash equivalents	0	0
Level 3 \| Investments:
Assets
Total investments	0	0
Level 3 \| Apton
Liabilities
Contingent consideration	18,700	19,550
Level 3 \| Cash and money market funds
Assets
Total cash and cash equivalents	0	0
Level 3 \| Commercial paper
Assets
Total cash and cash equivalents	0	0
Level 3 \| U.S. government & agency securities
Assets
Total cash and cash equivalents	0	0
Level 3 \| Commercial paper
Assets
Total investments	0	0
Level 3 \| Corporate debt securities
Assets
Total investments	0	0
Level 3 \| U.S. government & agency securities
Assets
Total investments	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES


NOTE 7. COMMITMENTS AND CONTINGENCIES


Leases

We record operating lease right-of-use assets and liabilities on our consolidated balance sheets for all leases with a term of more than 12 months. The operating lease right-of-use assets and liabilities are calculated as the present value of remaining minimum lease payments over the remaining lease term using our estimated secured incremental borrowing rates at the commencement date. Lease payments included in the measurement of the lease liability comprise the fixed rent per the term of the Lease. All of our leases are operating leases. Lease payments comprise the base rent per the term of the lease. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments, such as common area maintenance fees, recognized in the period those payments are incurred.

We often have options to renew lease terms for buildings. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors.

As of December 31, 2024, the maturities of our operating lease liabilities were as follows:


(in thousands)
2025	$	11,481
2026	8,780
2027	7,110
2028	—
2029	—
Thereafter	—
Total undiscounted operating lease payments	27,371
Less: imputed interest	(2,431)
Present value of operating lease liabilities	$	24,940

Balance Sheet Classification
Operating lease liabilities, current	$	10,026
Operating lease liabilities, non-current	14,914
Total operating lease liabilities	$	24,940

We use our incremental borrowing rate to determine the present value of lease payments, as the implicit rates in our leases are not readily determinable. The weighted-average discount rate used to measure our operating lease liabilities was 7.7%. The weighted-average remaining lease term for our operating leases as of December 31, 2024 was 2.7 years.

Cash Flows

Cash paid for amounts included in the present value of operating lease liabilities was $14.2 million and $12.1 million for the years ended December 31, 2024 and 2023, respectively, and were included in operating cash flows.

Operating Lease Costs

Operating lease costs were $14.5 million and $10.4 million for the years ended December 31, 2024 and 2023, respectively.


Contingencies

We may become involved in legal proceedings, claims and assessments from time to time in the ordinary course of business. We accrue liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

We do not believe that the ultimate outcome of any such pending matters is probable or reasonably estimable, or that these matters will have a material adverse effect on our business; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of litigation and settlement costs, diversion of management resources, and other factors.

Please see subsection titled Legal Proceedings, in Part I, Item 3 of this Annual Report on Form 10-K.


Indemnification

Pursuant to Delaware law and agreements entered into with each of our directors and officers, we may have obligations, under certain circumstances, to hold harmless and indemnify each of our directors and officers against losses suffered or incurred by the indemnified party in connection with their service to us, and judgements, fines, settlements and expenses related to claims arising against such directors and officers to the fullest extent permitted under Delaware law, our bylaws and our certificate of incorporation. We also enter and have entered into indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. In addition, we may have obligations to hold harmless and indemnify third parties involved with our fundraising efforts and their respective affiliates, directors, officers, employees, agents or other representatives against any and all losses, claims, damages and liabilities related to claims arising against such parties pursuant to the terms of agreements entered into between such third parties and us in connection with such fundraising efforts. To the extent that any such indemnification obligations apply to the lawsuits described above, any associated expenses incurred are included within the related accrued litigation expense amounts. No additional liability associated with such indemnification obligations has been recorded as of December 31, 2024.


Purchase Commitments

In the normal course of business, we enter into agreements to purchase goods or services or license intellectual property, certain of which are not cancellable without penalty. For those agreements with variable terms, we do not estimate the total obligation beyond any minimum quantities or pricing as of the reporting date. Licensing agreements under which we commit to ongoing minimum royalty payments, some of which are subject to adjustment, may be terminated under certain circumstances.

Our purchase orders and contractual obligations are approximately $57.6 million as of December 31, 2024, which consist of open purchase orders and contractual obligations in the ordinary course of business, including commitments with contract manufacturers and suppliers for which we have not received the goods or services. A majority of these purchase obligations are due within a year. Although open purchase orders are considered enforceable and legally binding, the terms generally allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services.

We recognized a loss on purchase commitment of $1.0 million for the year ended December 31, 2024, which was recorded as part of accrued expenses on our consolidated balance sheet and is included in the aforementioned purchase orders and contractual obligations amount. The purchase commitment loss is based on an estimate of future excess inventory related to supply agreements with third-party vendors, for which we do not expect to have related sales.

We have a long-term supply agreement, which was most recently amended in September 2024 (the “Supply Agreement”), for the purchase of certain products with a semiconductor manufacturer (“Supplier”). The Supply Agreement provides for minimum purchase commitments through 2027 in exchange for guaranteed capacity at Supplier. We are responsible for providing certain materials to allow our Supplier to perform its obligations under the contract.

We paid our Supplier a deposit of $9.0 million in November 2022 and an additional deposit of $6.0 million in 2023, for a total of $15.0 million (the “Deposit”). The Deposit is fully refundable to us, in accordance with the Supply Agreement, if we meet the minimum volume purchase commitment for the applicable year. $3.0 million was refunded to us during the year ended December 31, 2024. As of December 31, 2024, $4.0 million related to the Deposit was included in prepaid expenses and other current assets on our consolidated balance sheets and $8.0 million related to the Deposit was included in other long-term assets on our consolidated balance sheets, as we believe it is probable the minimum volume purchase commitment level will be achieved.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

BUSINESS ACQUISITIONS

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS ACQUISITIONS


NOTE 2. BUSINESS ACQUISITIONS


Apton Biosystems

On August 2, 2023, we acquired Apton Biosystems, Inc. (“Apton”), a California-based genomics company focused on developing a high throughput short-read sequencer using highly differentiated optics and image processing, paired with novel clustering and chemistry (the “Apton acquisition”).

In connection with the Apton acquisition, all outstanding equity securities of Apton were cancelled in exchange for shares of our common stock with a fair value of $76.6 million, cash of $0.2 million, and contingent consideration with an estimated fair value of $18.5 million. Excluded from consideration transferred was $1.3 million attributable to accelerated share-based compensation expense. The fair value of the 6,121,571 common shares issued was determined based on the closing market price of our common stock on the acquisition date.

In connection with the Apton acquisition, contingent consideration of $25.0 million, which we may elect to pay in cash, shares of our common stock or a combination of cash and shares of our common stock, is due upon the achievement of a milestone, defined as the achievement of $50.0 million in revenue associated with Apton's technology, provided that the milestone event occurs prior to the five-year anniversary of the closing date of the acquisition. At this time, the number of shares, if any, to be issued in connection with the achievement of the specified milestone is not known and will be calculated based on the daily volume-weighted average price of our common stock for the twenty trading days ending on and including the fifth trading day immediately prior to the occurrence of the specified milestone. Upon achievement of the milestone, we may pay cash in lieu of our common stock to ensure that the issuance of our common stock does not exceed 19.9% of our outstanding shares of common stock then outstanding.

The contingent consideration is accounted for as a liability at fair value, with changes during each reporting period recognized on our consolidated statements of operations and comprehensive loss. The fair value of the contingent consideration liability is calculated, with the assistance from a third-party valuation firm, using a Monte Carlo simulation to estimate the volatility and systematic relative risk of revenues subject to sales milestone payments and discounting the associated cash payment amounts to their present values using a credit-risk-adjusted interest rate.

The acquisition was accounted for as a business combination and, accordingly, the total fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. As of December 31, 2023, the major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred were as follows (in thousands):


Cash and cash equivalents	$	97
In-process research and development	55,000
Goodwill	52,287
Other assets, current	153
Deferred income tax liability	(11,338)
Liabilities assumed	(2,191)
Total consideration transferred	$	94,008

We have finalized the purchase price allocation for the Apton acquisition. There were no material adjustments from those amounts disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

We incurred costs related to the Apton acquisition of approximately $9.0 million during the year ended December 31, 2023, which are included in merger-related expenses on our consolidated statement of operations and comprehensive loss. Merger-related expenses include $2.8 million relating to a liquidity event bonus plan that was treated as a separate transaction and included the issuance of 168,621 shares of common stock that were issued with a fair value of $2.1 million based on the closing market price of our common stock on the acquisition date. As a result, the total shares issued in connection with the Apton acquisition were 6.3 million shares of common stock.

The excess of the value of consideration paid over the aggregate fair value of those net assets has been recorded as goodwill. We recognized goodwill of $52.3 million, which is primarily attributable to the synergies expected to occur from the integration of Apton and is not deductible for income tax purposes. We allocated $55.0 million of the purchase price to acquired IPR&D. The fair value of the IPR&D was determined, with the assistance of a third-party valuation firm, using an income approach based on a forecast of expected future cash flows. Expected future cash flows utilize significant assumptions such as revenue projections and discount rate.

BALANCE SHEET COMPONENTS - Schedule of Estimated Future Amortization Expense of Acquisition-Related Intangible Assets with Finite Lives (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Balance Sheet Components [Abstract]
2025	$ 27,412
2026	27,412
2027	27,412
2028	27,412
2029	27,412
2030 and thereafter	237,512
Total	$ 374,572

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES


NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES


Business Overview

We are a life science technology company that designs, develops, and manufactures advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems.

Our products and technology under development stem from two highly differentiated core technologies focused on accuracy, quality, and completeness, which include our HiFi long-read sequencing technology and our Sequencing by Binding (SBB) short-read sequencing technology. Our products address solutions across a broad set of applications including human genetics, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. Long-read sequencing was recognized by the journal Nature Methods as its “method of the year” for 2022 for its contributions to biological understanding and future potential. Long-read sequencing has been applied to produce telomere-to-telomere genomes of humans, pangenome references, and has been recognized for its ability to provide more complete views of human variation.

Our focus is on creating some of the world's most advanced sequencing systems to provide our customers with the most complete and accurate view of genomes, transcriptomes, and epigenomes.

Our customers include academic and governmental research institutions, commercial testing and service laboratories, genome centers, public health labs, hospitals and clinical research institutes, contract research organizations (CROs), pharmaceutical companies, and agricultural companies.

References in this report to “PacBio,” “we,” “us,” the “Company,” and “our” refer to Pacific Biosciences of California, Inc. and its consolidated subsidiaries.


Basis of Presentation and Consolidation


Use of Estimates


Functional Currency


Cash, Cash Equivalents, Restricted Cash, and Investments

Restricted cash includes cash that is not readily available for use in the Company’s operating activities. Restricted cash is primarily comprised of cash pledged under letters of credit.


Concentration and Other Risks

For the years ended December 31, 2024, and 2023, no customer accounted for 10% or more of our total revenue. For the year ended December 31, 2022, one customer exceeded 10% of our total revenue.


Inventory, Net


Property and Equipment, Net

Estimated useful lives of the major classes of property and equipment are as follows:


			Estimated Useful Lives
Leasehold improvements			3 to 10 years
Lab equipment			3 to 5 years
Computer equipment			3 to 5 years
Computer software			3 years
Furniture and fixtures			3 to 5 years


Operating Leases


Business Combinations


Goodwill and Intangible Assets with Indefinite Lives


Intangible Assets and Other Finite-Lived Assets


Revenue Recognition


Cost of Revenue

Manufacturing overhead is predominantly comprised of labor and facility costs. We capitalize manufacturing overhead into inventory based on a standard cost model that approximates actual costs.


Research and Development


Credit Losses

Trade accounts receivable

Available-for-sale debt securities


Income Taxes


Share-Based Compensation


Other Comprehensive Income (Loss)

Other comprehensive income (loss) is comprised of unrealized gains (losses) on our investment securities.


Shipping and Handling

Costs related to shipping and handling are included in cost of revenues for all periods presented.


Earnings per Share


Recent Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting Pronouncements Pending Adoption

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following:


	Years ended December 31,
(in thousands)	2024		2023		2022
Total current	$	521	$	—	$	—

Deferred:
Federal	(8)		(9,956)		—
State	(197)		(1,468)		—
Foreign	—		—		—
Total deferred	(205)		(11,424)		—
Income tax provision (benefit)	$	316	$	(11,424)	$	—

Schedule of Reconciliation of Federal Income Tax Rate

Income tax provision (benefit) related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:


	Years ended December 31,
	2024		2023		2022
Statutory tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net of federal benefit	1.9		3.0		4.4
Change in valuation allowance	(10.8)		(20.0)		(25.1)
Tax credits	1.5		2.0		2.2
Share-based compensation	(3.7)		(2.1)		(2.2)
Merger Expenses	—		(0.1)		—
Goodwill impairment	(9.8)		—		—
Other	(0.2)		(0.2)		(0.4)
Total	(0.1)	%	3.6	%	(0.1)	%

Schedule of Reconciliation of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets for federal and state income taxes are as follows:


	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	434,122	$	435,488
Research and development credits	91,416		83,922
Capitalized research and experimental expenses	73,281		63,196
Accruals and reserves	10,506		16,872
Cancellation of indebtedness income and interest expense	20,424		14,907
Share-based compensation	18,195		18,584
Operating lease liability	5,618		9,510
Total deferred tax assets	653,562		642,479
Less: Valuation allowance	(558,794)		(525,703)
Total deferred tax assets:	94,768		116,776
Intangibles	(91,504)		(109,488)
Fixed assets	(261)		(548)
Operating lease right-of-use assets	(3,549)		(7,491)
Total deferred tax liabilities	(95,314)		(117,527)
Deferred tax liabilities, net	$	(546)	$	(751)

Schedule of Reconciliation of Unrecognized Tax Benefit Accounts

As of December 31, 2024, our total unrecognized tax benefit was $17.7 million. A reconciliation of the beginning and ending unrecognized tax benefit balance is as follows:


(in thousands)
Balance as of December 31, 2021	$	8,335
Decrease in balance related to tax positions taken in prior year	(10)
Increase in balance related to tax positions taken during current year	2,085
Balance as of December 31, 2022	10,410
Increase in balance related to tax positions taken in prior year	2,044
Increase in balance related to tax positions taken during current year	2,100
Balance as of December 31, 2023	14,554
Decrease in balance related to tax positions taken in prior year	(6)
Increase in balance related to tax positions taken during current year	3,128
Balance as of December 31, 2024	$	17,676

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Estimated Useful Lives of The Major Classes of Property and Equipment

Estimated useful lives of the major classes of property and equipment are as follows:


			Estimated Useful Lives
Leasehold improvements			3 to 10 years
Lab equipment			3 to 5 years
Computer equipment			3 to 5 years
Computer software			3 years
Furniture and fixtures			3 to 5 years

Property and equipment, net, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Laboratory equipment and machinery	$	47,273	$	44,907
Leasehold improvements	33,770		35,226
Computer equipment	18,882		19,528
Software	7,280		6,628
Furniture and fixtures	2,972		3,594
Construction in progress	2,276		1,343
Total	112,453		111,226
Less: Accumulated depreciation	(81,948)		(74,794)
Property and equipment, net	$	30,505	$	36,432

FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Short-term restricted cash	$ 690	$ 300
Long-term restricted cash	1,532	2,422
Total cash, cash equivalents, and investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	389,509	631,197
Gross unrealized gains	602	864
Gross unrealized losses	(180)	(645)
Fair Value	389,931	631,416
Cash and cash equivalents:
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	55,370	179,958
Gross unrealized gains	0	13
Gross unrealized losses	0	(60)
Fair Value	55,370	179,911
Cash and money market funds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	55,370	70,172
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair Value	55,370	70,172
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		0
Gross unrealized gains		0
Gross unrealized losses		0
Fair Value		0
U.S. government & agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	0	109,786
Gross unrealized gains	0	13
Gross unrealized losses	0	(60)
Fair Value	0	109,739
Investments:
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	334,139	451,239
Gross unrealized gains	602	851
Gross unrealized losses	(180)	(585)
Fair Value	334,561	451,505
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	0	9,947
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair Value	0	9,947
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	46,746	88,263
Gross unrealized gains	184	373
Gross unrealized losses	(25)	(57)
Fair Value	46,905	88,579
U.S. government & agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	287,393	353,029
Gross unrealized gains	418	478
Gross unrealized losses	(155)	(528)
Fair Value	$ 287,656	$ 352,979

STOCKHOLDERS’ EQUITY - Schedule of Fair Value of Employee Stock Purchase Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	81.00%	79.00%	70.00%
Expected volatility, maximum	118.00%	97.00%	97.00%
Risk-free interest rate, minimum	3.90%	4.90%	0.60%
Risk-free interest rate, maximum	5.30%	5.50%	3.50%
Dividend yield	0.00%	0.00%	0.00%
Weighted average grant date fair value, granted (in usd per share)	$ 1.53	$ 5.34	$ 4.28
Minimum \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	6 months	6 months	6 months
Maximum \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	2 years	2 years	2 years

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-34899
Entity Registrant Name	Pacific Biosciences of California, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1590339
Entity Address, Address Line One	1305 O’Brien Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	650
Local Phone Number	521-8000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PACB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 371.4
Entity Common Stock, Shares Outstanding		297,852,228
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement relating to its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Document Fiscal Period Focus	FY
Entity Central Index Key	0001299130
Amendment Flag	false
Document Fiscal Year Focus	2024

STOCKHOLDERS’ EQUITY - Schedule of Time-Based RSUs Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning (in shares)	11,308
Granted (in shares)	12,722
Vested (in shares)	(3,801)
Forfeited (in shares)	(6,018)
Outstanding, ending (in shares)	14,211	11,308
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning, outstanding (in dollars per share)	$ 12.06
Weighted average grant date fair value, granted (in usd per share)	5.02	$ 9.65	$ 10.15
Vested (in dollars per share)	12.43
Forfeited (in dollars per share)	7.90
Ending, outstanding (in dollars per share)	$ 7.41	$ 12.06
Performance Stock Units (PSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning (in shares)	541
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	(149)
Outstanding, ending (in shares)	392	541
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning, outstanding (in dollars per share)	$ 9.43
Weighted average grant date fair value, granted (in usd per share)	0
Vested (in dollars per share)	0
Forfeited (in dollars per share)	9.43
Ending, outstanding (in dollars per share)	$ 9.43	$ 9.43

CONVERTIBLE SENIOR NOTES

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES


NOTE 5. CONVERTIBLE SENIOR NOTES


2029 Convertible Senior Notes

On November 7, 2024, we entered into an exchange agreement with SB Northstar LP (“SBN”), a subsidiary of SoftBank Group Corp., pursuant to which we have agreed to exchange the remaining approximately $459.0 million in aggregate principal amount of 2028 Notes outstanding for (i) $200.0 million aggregate principal amount of 1.50% Convertible Senior Notes due 2029 (the “2029 Notes”), (ii) 20,451,570 shares of common stock (the “Exchange Shares”) and (iii) $50.0 million of cash (the “2024 Exchange Transaction”). The Exchange Shares were issued on November 21, 2024 (the “Closing Date”). The 2029 Notes, the Exchange Shares, and shares of common stock issuable upon conversion of the 2029 Notes are subject to certain lock-up restrictions for a six-month period (the “Lock-Up Period”) beginning on the Closing Date of the 2024 Exchange Transaction; the lock-up restrictions will terminate immediately prior to the consummation of any change in control of the Company.

Upon any conversion of the 2029 Notes, SBN will not be entitled to be issued a number of shares of the Company’s common stock which would cause SBN's beneficial ownership of common stock to exceed either 9.9% of the total number of issued and outstanding shares of common stock or 9.9% of the combined voting power of all of the securities of the Company, in each case, following such conversion.

The 2029 Notes are governed by an indenture (the “2029 Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2029 Notes bear interest at a rate of 1.50% per annum. Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 and commencing on February 15, 2025. The 2029 Notes will mature on August 15, 2029, subject to earlier conversion, redemption or repurchase.

The 2029 Notes are convertible at the option of the holder at any time from the expiration of the Lock-Up Period until the second scheduled trading day prior to the maturity date, including in connection with a redemption by the Company. The 2029 Notes are convertible into shares of our common stock based on an initial conversion rate of 204.5157 shares of common stock per $1,000 principal amount of the 2029 Notes (which is equal to an initial conversion price of approximately $4.89 per share of common stock), in each case subject to customary anti-dilution and other adjustments as a result of certain extraordinary transactions. Upon conversion of the 2029 Notes, we may elect to settle such conversion obligation in cash, shares of our common stock, or a combination of cash and shares of our common stock.

On or after August 20, 2027, and prior to the 31st scheduled trading day immediately preceding the maturity date, the 2029 Notes will be redeemable by the Company in the event that the closing sale price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the redemption notice at a redemption price of 100% of the principal amount of such 2029 Notes, plus accrued and unpaid interest up to, but excluding, the redemption date.

Upon the occurrence of a Fundamental Change (as defined in the 2029 Indenture), the holders of the 2029 Notes may require that we repurchase all or part of the principal amount of the 2029 Notes at a purchase price of par plus unpaid interest up to, but excluding, the maturity date.

The 2029 Notes are subject to certain debt and lien covenants as well as springing guarantees, in each case, the terms of which are set forth in a second letter agreement between the Company and SBN entered into in connection with the Indenture.

The 2029 Indenture includes customary “events of default,” which may result in the acceleration of the maturity of the 2029 Notes under the 2029 Indenture. The 2029 Indenture also includes customary covenants for convertible notes of this type.

To the extent we elect, the sole remedy for an event of default relating to our failure to comply with certain of our reporting obligations shall, for the first 360 calendar days after the occurrence of such an event of default, consist exclusively of the right to receive additional interest on the 2029 Notes at a rate equal to (i) 0.25% per annum of the principal amount of the 2029 Notes outstanding for each day during the first 180 calendar days of the 360-day period after the occurrence of such an event of default during which such event of default is continuing (or, if earlier, the date on which such event of default is cured or waived) and (ii) 0.50% per annum of the principal amount of the 2029 Notes outstanding for each day from, and including, the 181st calendar day to, and including, the 360th calendar day after the occurrence of such an event of default during which such event of default is continuing (or, if earlier, the date on which such event of default is cured or waived as provided for in the 2029 Indenture). On the 361st day after such event of default (if the event of default relating to our failure to comply with its obligations is not cured or waived prior to such 361st day), the 2029 Notes shall be subject to acceleration as provided for in the 2029 Indenture.

The 2029 Notes are accounted for in accordance with the authoritative guidance for convertible debt instruments that may be settled in cash upon conversion. Under ASU 2020-06, the guidance requires that debt with an embedded conversion feature is accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument is accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a substantial premium. The conversion feature of the 2029 Notes is not accounted for as an embedded derivative because it is considered to be indexed to our common stock, and the 2029 Notes were not issued at a substantial premium; therefore, the 2029 Notes are accounted for in their entirety as a liability. Because we may elect to settle any conversions entirely in shares, and because settlement in shares is the default settlement method, the liability is classified as non-current.

The requirement to repurchase the 2029 Notes, including unpaid interest to the maturity date in the event of a Fundamental Change, is considered a put option for certain periods requiring bifurcation under ASC 815 – Derivatives and Hedging. However, given the low probability of such a Fundamental Change occurring during the applicable periods, the value of the embedded derivative is immaterial.

The additional interest feature in the event of our failure to comply with certain reporting obligations is also considered an embedded derivative requiring bifurcation under ASC 815. However, due to the nature and terms of the reporting obligations, the value of the embedded derivative is immaterial.

The exchange qualified as a troubled debt restructuring under ASC 470-60 – Troubled Debt Restructurings by Debtors. Since the undiscounted cash flows of the 2029 Notes were less than the carrying amount of the exchanged 2028 Notes, the carrying value of the 2029 Notes was determined based on the total undiscounted cash flows. As a result, no interest expense will be recognized for the 2029 Notes. The Company recorded a gain on debt restructuring of $154.4 million, which resulted in a decrease of basic net loss per share of $0.56, during the year ended December 31, 2024 on our consolidated statements of operations and comprehensive loss. The gain was calculated as the difference between the carrying amount of the old debt and the carrying amount of the new debt, adjusted for debt issuance costs.

We incurred issuance costs related to the 2029 Notes of approximately $3.1 million, including $0.2 million of lender fees, which were recorded as a reduction to the gain on debt restructuring on our consolidated statements of operations and comprehensive loss. We also paid accrued but unpaid interest of $1.8 million on the 2028 Notes in connection with the 2024 Exchange Transaction.

We did not receive any cash proceeds from the 2024 Exchange Transaction. In exchange for issuing the 2029 Notes, Exchange Shares and paying $50.0 million of cash pursuant to the 2024 Exchange Transaction, we received and cancelled the exchanged 2028 Notes. Following the closing of the 2024 Exchange Transaction, no amounts were outstanding on the 2028 Notes.

The carrying amount of the liability for the 2029 Notes as of December 31, 2024 is $214.2 million, of which $212.0 million is included as convertible senior notes, net, non-current, and $2.2 million is included as accrued expenses on our consolidated balance sheets.

As of December 31, 2024, the estimated fair value (Level 2) of the 2029 Notes was $175.0 million. The fair value of the 2029 Notes is estimated using a binomial lattice model that is primarily affected by the trading price of our common stock, market interest rates and volatility.


2030 Convertible Senior Notes

In June 2023, we entered into a privately negotiated exchange agreement with a holder of our outstanding 1.50% Convertible Senior Notes due 2028 (the “2028 Notes”), pursuant to which we issued $441.0 million in aggregate principal amount of our 1.375% Convertible Senior Notes due 2030 (the “2030 Notes” and together with the 2029 Notes, the “Notes”) in exchange for $441.0 million principal amount of the 2028 Notes (the “2023 Exchange Transaction”), pursuant to exemptions from registration under the Securities Act of 1933, as amended, and the rules and regulations thereunder. The 2030 Notes were issued on June 30, 2023.

The 2030 Notes are governed by an indenture (the “2030 Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes bear interest at a rate of 1.375% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15, commencing on December 15, 2023. The 2030 Notes will mature on December 15, 2030, subject to earlier conversion, redemption or repurchase.

The 2030 Notes are convertible at the option of the holder at any time until the second scheduled trading day prior to the maturity date, including in connection with a redemption by the Company. The 2030 Notes are convertible into shares of our common stock based on an initial conversion rate of 46.5116 shares of common stock per $1,000 principal amount of the 2030 Notes (which is equal to an initial conversion price of approximately $21.50 per share of common stock), in each case subject to customary anti-dilution and other adjustments as a result of certain extraordinary transactions. Upon conversion of the 2030 Notes, we may elect to settle such conversion obligation in cash, shares of our common stock, or a combination of cash and shares of our common stock.

On or after June 20, 2028, and prior to the 31st scheduled trading day immediately preceding the maturity date, the 2030 Notes will be redeemable by the Company in the event that the closing sale price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the redemption notice at a redemption price of 100% of the principal amount of such 2030 Notes, plus accrued and unpaid interest up to, but excluding, the redemption date.

Upon the occurrence of a Fundamental Change (as defined in the 2030 Indenture), the holders of the 2030 Notes may require that we repurchase all or part of the principal amount of the 2030 Notes at a purchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest up to, but excluding, the fundamental change repurchase date, and all unpaid interest from the fundamental change repurchase date thereon, but excluding, the maturity date.

The 2030 Indenture includes customary “events of default,” which may result in the acceleration of the maturity of the 2030 Notes under the 2030 Indenture. The 2030 Indenture also includes customary covenants for convertible notes of this type.

To the extent we elect, the sole remedy for an event of default relating to our failure to comply with certain of our reporting obligations shall, for the first 360 calendar days after the occurrence of such an event of default, consist exclusively of the right to receive additional interest on the 2030 Notes at a rate equal to (i) 0.25% per annum of the principal amount of the 2030 Notes outstanding for each day during the first 180 calendar days of the 360-day period after the occurrence of such an event of default during which such event of default is continuing (or, if earlier, the date on which such event of default is cured or waived) and (ii) 0.50% per annum of the principal amount of the 2030 Notes outstanding for each day from, and including, the 181st calendar day to, and including, the 360th calendar day after the occurrence of such an event of default during which such event of default is continuing (or, if earlier, the date on which such event of default is cured or waived as provided for in the 2030 Indenture). On the 361st day after such event of default (if the event of default relating to our failure to comply with its obligations is not cured or waived prior to such 361st day), the 2030 Notes shall be subject to acceleration as provided for in the 2030 Indenture.

The 2030 Notes are accounted for in accordance with the authoritative guidance for convertible debt instruments that may be settled in cash upon conversion. Under ASU 2020-06, the guidance requires that debt with an embedded conversion feature is accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument is accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a substantial premium. The conversion feature of the 2030 Notes is not accounted for as an embedded derivative because it is considered to be indexed to our common stock, and the 2030 Notes were not issued at a substantial premium; therefore, the 2030 Notes are accounted for in their entirety as a liability. Because we may elect to settle any conversions entirely in shares, and because settlement in shares is the default settlement method, the liability is classified as non-current.

The requirement to repurchase the 2030 Notes, including unpaid interest to the maturity date in the event of a Fundamental Change, is considered a put option for certain periods requiring bifurcation under ASC 815 – Derivatives and Hedging. However, given the low probability of such a Fundamental Change occurring during the applicable periods, the value of the embedded derivative is immaterial.

The 2023 Exchange Transaction was accounted for as an extinguishment driven by the change in fair value of the embedded conversion option. We recorded a loss on extinguishment of debt of approximately $2.0 million in connection with the 2023 Exchange Transaction during the year ended December 31, 2023, which represents the difference between the fair value and the principal amount of the 2030 Notes of the debt at the modification date, plus unamortized debt issuance costs of $1.5 million related to the respective portion of the 2028 Notes.

We incurred issuance costs related to the 2030 Notes of approximately $7.3 million, which were recorded as debt issuance costs and are presented as a reduction to the 2030 Notes on our consolidated balance sheets. The debt issuance costs are amortized to interest expense using the effective interest method over the term of the 2030 Notes, resulting in an effective interest rate of 1.6%. We also paid accrued but unpaid interest of $2.5 million on the 2028 Notes in connection with the 2023 Exchange Transaction on June 30, 2023.

We did not receive any cash proceeds from the 2023 Exchange Transaction. In exchange for issuing the 2030 Notes pursuant to the 2023 Exchange Transaction, we received and cancelled the exchanged 2028 Notes. Following the closing of the 2023 Exchange Transaction, $459.0 million in aggregate principal amount of 2028 Notes remained outstanding with terms unchanged.

The net carrying amount of the liability for the 2030 Notes is included as convertible senior notes, net, non-current on our consolidated balance sheets as follows:


	December 31,
(in thousands)	2024		2023
Principal amount	$	441,000	$	441,000
Unamortized debt premium	453		524
Unamortized debt issuance costs	(5,959)		(6,907)
Net carrying amount	$	435,494	$	434,617

Interest expense for the 2030 Notes for the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Contractual interest expense	$	6,081	$	3,032	$	—
Amortization of debt issuance costs	950		463		—
Total interest expense	$	7,031	$	3,495	$	—

As of December 31, 2024, the estimated fair value (Level 2) of the 2030 Notes was $293.9 million. The fair value of the 2030 Notes is estimated using a binomial lattice model that is primarily affected by the trading price of our common stock, market interest rates and volatility.


2028 Convertible Senior Notes

On February 9, 2021, we entered into an investment agreement with SBN relating to the issuance and sale to SBN of $900.0 million in aggregate principal amount of the 2028 Notes. The 2028 Notes were issued on February 16, 2021 and bore interest at a rate of 1.50% per annum. As discussed above, in June 2023 we completed an exchange of $441.0 million in aggregate principal amount of our 2028 Notes for $441.0 million aggregate principal amount of the 2030 Notes, leaving approximately $459.0 million in aggregate principal amount of 2028 Notes outstanding. Also as discussed above, in November 2024 we completed an exchange of the remaining $459.0 million in aggregate principal amount of the 2028 Notes outstanding for (i) $200.0 million aggregate principal amount of the 2029 Notes, (ii) the Exchange Shares and (iii) $50.0 million of cash. As of December 31, 2024 no amounts were outstanding on the 2028 Notes.

We incurred issuance costs related to the 2028 Notes of approximately $4.5 million, which were recorded as debt issuance costs and are presented as a reduction to the 2028 Notes on our consolidated balance sheets. The debt issuance costs were amortized to interest expense using the effective interest method over the term of the 2028 Notes, resulting in an effective interest rate of 1.6%. In connection with the 2024 Exchange Transaction, the remaining unamortized debt issuance costs related to the 2028 Notes of $1.1 million were extinguished by offsetting the carrying amount of the convertible senior notes.

The net carrying amount of the liability for the 2028 Notes is included as convertible senior notes, net, non-current on our consolidated balance sheets as follows:


	December 31,
(in thousands)	2024		2023
Principal amount	$	—	$	459,000
Unamortized debt issuance costs	—		(1,374)
Net carrying amount	$	—	$	457,626

Interest expense for the 2028 Notes was as follows for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Contractual interest expense	$	6,139	$	10,133	$	13,500
Amortization of debt issuance costs	289		472		617
Total interest expense	$	6,428	$	10,605	$	14,117

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 154,014	$ 200,521	$ 128,304
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	78,711	105,410	69,561
Europe, Middle East, and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	34,594	40,658	22,598
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	40,709	54,453	36,145
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 75,300	$ 100,500	$ 66,800

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

BALANCE SHEET COMPONENTS - Schedule of Changes in Reserve for Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 4,681	$ 1,651
Additions charged to cost of product revenue	6,144	8,227
Repairs and replacements	(7,725)	(5,197)
Balance at end of period	$ 3,100	$ 4,681

RESTRUCTURING - Schedule of Pre-Tax Restructuring Charges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 12,824
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenue
San Diego Office
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 25,222
Cumulative amount incurred to date	25,222
Sales, general and administrative \| San Diego Office
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	14,900
Research and development \| San Diego Office
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	5,900
Cost of revenue \| San Diego Office
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	4,400
Employee separation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10,008
Employee separation costs \| San Diego Office
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10,008
Cumulative amount incurred to date	10,008
Other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,816
Other costs \| San Diego Office
Restructuring Cost and Reserve [Line Items]
Restructuring charges	15,214
Cumulative amount incurred to date	$ 15,214

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California
Auditor Firm ID	42

BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Combination

As of December 31, 2023, the major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred were as follows (in thousands):


Cash and cash equivalents	$	97
In-process research and development	55,000
Goodwill	52,287
Other assets, current	153
Deferred income tax liability	(11,338)
Liabilities assumed	(2,191)
Total consideration transferred	$	94,008

STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY


NOTE 9. STOCKHOLDERS' EQUITY


Common and Preferred Stock

Our Certificate of Incorporation, as amended and restated in October 2010 in connection with the closing of our initial public offering, authorizes us to issue 1,000,000,000 shares of $0.001 par value common stock and 50,000,000 shares of $0.001 par value preferred stock. As of December 31, 2024 and 2023, there were no shares of preferred stock issued or outstanding.

Common stockholders are entitled to dividends when and if declared by our board of directors. There have been no dividends declared to date. The holder of each share of common stock is entitled to one vote.


Underwritten Public Equity Offerings

In January 2023, we entered into an underwriting agreement, relating to the public offering of 17.5 million shares of our common stock, $0.001 par value per share, at a price to the public of $10.00 per share. Under the terms of the underwriting agreement, we also granted the underwriters a 30-day option to purchase up to an additional 2.6 million shares of our common stock, which was subsequently exercised in full, and the offering, including the sale of shares of common stock subject to the underwriters' option, closed in January 2023. In total, we sold 20.1 million shares of our common stock. We paid a commission equal to 5.75% of the gross proceeds from the sale of shares of our common stock. The total net proceeds to us from the offering after deducting the underwriting discount were approximately $189.7 million, excluding approximately $0.5 million of offering expenses.


Equity Plans

The 2020 Equity Incentive Plan (the “2020 Plan”), the 2020 Inducement Equity Incentive Plan (the “Inducement Plan”), and the 2021 adopted Omniome Equity Incentive Plan of Pacific Biosciences of California, Inc. (the “Omniome Plan”) allow for the issuance of stock options, restricted units and awards, and performance-based awards. The 2010 Employee Stock Purchase Plan (the “ESPP”) allows eligible employees to acquire common stock at a discounted price through payroll deductions during designated offering periods.

On May 25, 2022, stockholders approved an amendment to the 2020 Plan, and we reserved an additional 18.0 million shares of our common stock for issuance pursuant to equity awards granted under the 2020 Plan.

On June 18, 2024, stockholders approved an amendment to the 2020 Plan, and we reserved an additional 20.0 million shares of our common stock for issuance pursuant to equity awards granted under the 2020 Plan.

As of December 31, 2024, we had 28.4 million shares remaining and available for future issuance under the 2020 Plan, Inducement Plan, and the Omniome Plan. Shares remaining and available for future issuance reflect shares that may become eligible to vest upon the achievement of maximum targets for certain equity awards.


Stock Options

The following table summarizes stock option activity for time-based awards:


(shares in thousands)	Number of shares	Weighted-average exercise price
Outstanding at December 31, 2023	13,011	$	10.63
Granted	493	$	1.99
Exercised	(515)	$	3.15
Canceled	(2,153)	$	8.89
Expired	(327)	$	5.81
Outstanding at December 31, 2024	10,509	$	11.09

The aggregate intrinsic value of the outstanding options presented in the table above as of December 31, 2024, totaled $0.1 million, and had a weighted-average remaining contractual life of 5.4 years.

The aggregate intrinsic value of outstanding options represents the total pre-tax intrinsic value (i.e. the difference between $1.83, our closing stock price on the last trading day of our fourth quarter of 2024, and the option exercise price multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2024. The aggregate intrinsic value changes at each reporting date based on the fair market value of our common stock.

The vested and exercisable options as of December 31, 2024, totaled 9,429,082 shares, had an aggregate intrinsic value that was not significant, a weighted-average exercise price per share of $11.26, and a weighted-average remaining contractual life of 5.1 years.

The vested and expected to vest options as of December 31, 2024, totaled 10,957,644 shares, had an aggregate intrinsic value of $0.1 million, a weighted-average exercise price per share of $11.13, and a weighted-average remaining contractual life of 5.4 years.

The total intrinsic value of stock options exercised during the years ended December 31, 2024, 2023, and 2022 was $0.8 million, $8.8 million, and $5.0 million, respectively. The total intrinsic value of options exercised represents the difference between our closing stock price on the exercise date and the option exercise price, multiplied by the number of in-the-money options exercised.

The weighted-average grant-date fair value of all options granted was $1.40 in 2024, $7.32 in 2023, and $5.93 in 2022, each determined by the Black-Scholes option valuation method.


Restricted Stock Units ("RSU") and Performance Stock Units ("PSU")

We have awarded both Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). Each RSU represents the right to receive one share of our common stock upon meeting the required service-based vesting conditions. RSUs typically vest over four years, with equal annual installments.

In 2023, PSUs were granted and are based on performance against predefined revenue targets and require continued employment throughout the vesting period. These shares become issuable after the third year of the performance period. Achieving the maximum revenue goal allows up to 200% of the target PSU shares to become eligible for vesting, while failing to meet the minimum revenue goal results in no shares vesting.

The following table summarizes the time-based RSU and PSU activity:


			Weighted-average grant date fair value
(shares in thousands)	Restricted Stock Units (RSUs)	Performance Stock Units (PSUs)	RSU		PSU
Outstanding at December 31, 2023	11,308	541	$	12.06	$	9.43
Granted	12,722	—	5.02		—
Vested	(3,801)	—	12.43		—
Forfeited	(6,018)	(149)	7.90		9.43
Outstanding at December 31, 2024	14,211	392	$	7.41	$	9.43

The total fair value of shares vested related to RSUs during the years ended December 31, 2024, 2023, and 2022 was $47.2 million, $39.3 million, and $39.2 million, respectively.

The weighted-average grant-date fair value of all RSUs granted was $5.02 in 2024, $9.65 in 2023, and $10.15 in 2022.


Employee Stock Purchase Plan

As of December 31, 2024, a total of 33.5 million shares of our common stock have been reserved for issuance under the ESPP, which allows eligible employees to acquire common stock at a discounted price through payroll deductions during designated offering periods. Each offering period typically consists of four purchase periods, each lasting approximately six months. Shares are purchased at the lower of 85% of the fair market value of the common stock at either the beginning of the offering period or the end of the purchase period. If the stock price at the end of a purchase period is lower than at the start of the offering period, the existing offering period will be reset, and a new offering period will begin. The ESPP provides for an annual increase to the shares available for issuance at the beginning of each fiscal year equal to the lesser of 2% of the common shares then outstanding, 4,000,000 shares, or an amount determined by the ESPP’s administrator.

For the years ended December 31, 2024, 2023, and 2022, 1,906,529 shares, 1,735,058 shares, and 1,878,168 shares of common stock were purchased under the ESPP, respectively. As of December 31, 2024, 14.3 million shares of our common stock remain available for issuance under our ESPP.


Share-based Compensation

The following table summarizes share-based compensation expense:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cost of revenue	$	5,691	$	5,399	$	4,802
Research and development	19,172		22,435		30,676
Sales, general and administrative	46,173		44,284		43,135
Total share-based compensation	71,036		72,118		78,613

As of December 31, 2024 and 2023, $0.6 million and $0.6 million of share-based compensation cost was capitalized in inventory, net, on our consolidated balance sheets, respectively.

We estimate forfeitures related to our share-based compensation plans. The estimated forfeiture rate is based on historical data, trends, and other relevant factors, such as employee turnover rates and expectations about future forfeitures. The estimated forfeiture rate is reviewed periodically and adjusted as necessary to reflect changes in these factors.

The tax benefit of share-based compensation expense was immaterial for the years ended December 31, 2024, 2023, and 2022 due to a valuation allowance on the net deferred tax assets of our U.S. entities, for which we have concluded that it is more likely than not that we will not realize our deferred tax assets.


Determining Fair Value

We estimate the fair value of share options granted using the Black-Scholes valuation method and a single option award approach. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. The fair market value of RSU awards granted is the closing price of our shares on the date of grant and is generally recognized as compensation expense on a straight-line basis over the respective vesting period. For shares purchased under the ESPP, we estimate the grant-date fair value, and the resulting share-based compensation expense, using the Black-Scholes option-pricing model.

•Expected Term – The expected term used in the Black-Scholes valuation method represents the period that the stock options are expected to be outstanding and is determined based on historical experience of similar awards, considering the contractual terms of the stock options and vesting schedules.

•Expected Volatility – The expected volatility used in the Black-Scholes valuation method is derived from the implied volatility related to our share price over the expected term.

•Expected Dividend – We have never paid dividends on our shares and, accordingly, the dividend yield percentage is zero for all periods.

•Risk-Free Interest Rate – The risk-free interest rate used in the Black-Scholes valuation method is the implied yield currently available on U.S. Treasury constant maturities issued with a term equivalent to the expected terms.

Stock Options

When determining the current share prices underlying the stock options for calculating the grant-date fair value, we reference observable market prices of similar or identical instruments in active markets.

The fair value of employee stock options was estimated using the following weighted-average assumptions:


	Years Ended December 31,
	2024		2023		2022
Expected term in years	4.9		4.9		4.6
Expected volatility	81% - 93%		77% - 78%		70% - 76%
Risk-free interest rate	3.48% – 4.32%		3.73% – 4.60%		0.41% – 3.66%
Dividend yield	—		—		—
Weighted-average grant date fair value per share	$	1.40	$	7.32	$	5.93

Cash received from option exercises for the years ended December 31, 2024, 2023, and 2022 was $1.6 million, $6.5 million and $3.4 million, respectively.

ESPP

The fair value of shares to be issued under the ESPP was estimated using the following assumptions:


	Years Ended December 31,
	2024		2023		2022
Expected term in years	0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility	81% - 118%		79% - 97%		70% - 97%
Risk-free interest rate	3.9% - 5.3%		4.9% - 5.5%		0.6% - 3.5%
Dividend yield	—		—		—
Weighted-average grant date fair value per share	$	1.53	$	5.34	$	4.28

Cash received through the ESPP for the years ended December 31, 2024, 2023, and 2022 was $6.1 million, $8.8 million, and $7.8 million, respectively.

As of December 31, 2024, $80.1 million of total unrecognized compensation expense related to stock options, restricted stock, and ESPP shares was expected to be recognized over a weighted-average period of 2.2 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2023	Oct. 31, 2010
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000		50,000,000
Preferred stock, shares issued (in share)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)	294,418,000	267,744,000
Common stock, shares outstanding (in shares)	294,418,000	267,744,000

BALANCE SHEET COMPONENTS - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Purchased materials	$ 45,270	$ 32,434
Work in process	22,172	27,653
Finished goods	14,081	15,746
Inventory, gross	81,523	75,833
Inventory reserve	(22,768)	(19,157)
Inventory, net	$ 58,755	$ 56,676

BUSINESS ACQUISITIONS - Schedule of Business Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Aug. 02, 2023
Business Acquisition [Line Items]
Goodwill	$ 317,761	$ 462,261
Apton
Business Acquisition [Line Items]
Cash and cash equivalents		97
In-process research and development		55,000	$ 55,000
Goodwill		52,287
Other assets, current		153
Deferred income tax liability		(11,338)
Liabilities assumed		(2,191)
Total consideration transferred		$ 94,008

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

INCOME TAXES - Schedule of Reconciliation of Federal Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%	21.00%	21.00%
State tax rate, net of federal benefit	1.90%	3.00%	4.40%
Change in valuation allowance	(10.80%)	(20.00%)	(25.10%)
Tax credits	1.50%	2.00%	2.20%
Share-based compensation	(3.70%)	(2.10%)	(2.20%)
Merger Expenses	0	(0.001)	0
Goodwill impairment	(9.80%)	0.00%	0.00%
Other	(0.20%)	(0.20%)	(0.40%)
Total	(0.10%)	3.60%	(0.10%)

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis:


	December 31, 2024								December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Cash and money market funds	$	55,370	$	—	$	—	$	55,370	$	70,172	$	—	$	—	$	70,172
Commercial paper	—		—		—		—		—		—		—		—
U.S. government & agency securities	—		—		—		—		—		109,739		—		109,739
Total cash and cash equivalents	55,370		—		—		55,370		70,172		109,739		—		179,911
Investments:
Commercial paper	—		—		—		—		—		9,947		—		9,947
Corporate debt securities	—		46,905		—		46,905		—		88,579		—		88,579
U.S. government & agency securities	—		287,656		—		287,656		—		352,979		—		352,979
Total investments	—		334,561		—		334,561		—		451,505		—		451,505

Short-term restricted cash	690		—		—		690		300		—		—		300
Long-term restricted cash	1,532		—		—		1,532		2,422		—		—		2,422
Total assets measured at fair value	$	57,592	$	334,561	$	—	$	392,153	$	72,894	$	561,244	$	—	$	634,138

Liabilities
Contingent consideration - Apton acquisition	$	—	$	—	$	18,700	$	18,700	$	—	$	—	$	19,550	$	19,550
Total liabilities measured at fair value	$	—	$	—	$	18,700	$	18,700	$	—	$	—	$	19,550	$	19,550

Schedule of Changes in the Estimated Fair Value of Contingent Consideration Liability

Changes in the estimated fair value of the contingent consideration liability related to the Apton acquisition for the year ended December 31, 2024 were as follows:


(in thousands)	Level 3
Beginning balance as of December 31, 2023	$	19,550

Change in estimated fair value	(850)

Ending balance as of December 31, 2024	$	18,700

Schedule of Cash, Cash Equivalents and Investments

The following table summarizes our cash, cash equivalents, restricted cash, and investments:


	December 31, 2024
(in thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents:
Cash and money market funds	$	55,370	$	—	$	—	$	55,370

U.S. government & agency securities	—		—		—		—
Total cash and cash equivalents	55,370		—		—		55,370
Investments:
Commercial paper	—		—		—		—
Corporate debt securities	46,746		184		(25)		46,905
U.S. government & agency securities	287,393		418		(155)		287,656
Total investments	334,139		602		(180)		334,561
Total cash, cash equivalents, and investments	$	389,509	$	602	$	(180)	$	389,931

Short-term restricted cash	$	690	$	—	$	—	$	690
Long-term restricted cash	$	1,532	$	—	$	—	$	1,532

	December 31, 2023
(in thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents:
Cash and money market funds	$	70,172	$	—	$	—	$	70,172
Commercial paper	—		—		—		—
U.S. government & agency securities	109,786		13		(60)		109,739
Total cash and cash equivalents	179,958		13		(60)		179,911
Investments:
Commercial paper	9,947		—		—		9,947
Corporate debt securities	88,263		373		(57)		88,579
U.S. government & agency securities	353,029		478		(528)		352,979
Total investments	451,239		851		(585)		451,505
Total cash, cash equivalents, and investments	$	631,197	$	864	$	(645)	$	631,416

Short-term restricted cash	$	300	$	—	$	—	$	300
Long-term restricted cash	$	2,422	$	—	$	—	$	2,422

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of December 31, 2024:


(in thousands)	Fair Value
Due in one year or less	$	238,957
Due after one year through 5 years	95,604
Total investments	$	334,561

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 154,014	$ 200,521	$ 128,304
Product revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	136,149	183,872	108,699
Instrument revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	65,776	120,451	48,719
Consumable revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	70,373	63,421	59,980
Service and other revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 17,865	$ 16,649	$ 19,605

- Definition

+ References

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


NOTE 8. INCOME TAXES

We are subject to income taxes both in the United States and certain foreign jurisdictions in which we operate, and we use estimates in determining our provisions for income taxes. Significant management judgement is required in determining our provision for income taxes, deferred tax assets and liabilities, and valuation allowances recorded against net deferred tax assets in accordance with U.S. GAAP. These estimates and judgements occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes to these estimates may result in an increase or decrease to our tax provision in the current or subsequent period.

We assess all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and we will determine whether the factors underlying the sustainability assertion have changed and the amount of the recognized tax benefit is still appropriate.

We account for Global Intangible Low-taxed Income as a period cost.

During the years ended December 31, 2024, 2023, and 2022 income/(loss) before taxes from U.S. operations were ($311.0) million, ($318.9) million, and ($315.7) million, respectively, and income/(loss) before taxes from foreign operations was $1.5 million, $0.7 million, and $1.8 million, respectively.


Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following:


	Years ended December 31,
(in thousands)	2024		2023		2022
Total current	$	521	$	—	$	—

Deferred:
Federal	(8)		(9,956)		—
State	(197)		(1,468)		—
Foreign	—		—		—
Total deferred	(205)		(11,424)		—
Income tax provision (benefit)	$	316	$	(11,424)	$	—

Income tax provision (benefit) related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:


	Years ended December 31,
	2024		2023		2022
Statutory tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net of federal benefit	1.9		3.0		4.4
Change in valuation allowance	(10.8)		(20.0)		(25.1)
Tax credits	1.5		2.0		2.2
Share-based compensation	(3.7)		(2.1)		(2.2)
Merger Expenses	—		(0.1)		—
Goodwill impairment	(9.8)		—		—
Other	(0.2)		(0.2)		(0.4)
Total	(0.1)	%	3.6	%	(0.1)	%

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets for federal and state income taxes are as follows:


	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	434,122	$	435,488
Research and development credits	91,416		83,922
Capitalized research and experimental expenses	73,281		63,196
Accruals and reserves	10,506		16,872
Cancellation of indebtedness income and interest expense	20,424		14,907
Share-based compensation	18,195		18,584
Operating lease liability	5,618		9,510
Total deferred tax assets	653,562		642,479
Less: Valuation allowance	(558,794)		(525,703)
Total deferred tax assets:	94,768		116,776
Intangibles	(91,504)		(109,488)
Fixed assets	(261)		(548)
Operating lease right-of-use assets	(3,549)		(7,491)
Total deferred tax liabilities	(95,314)		(117,527)
Deferred tax liabilities, net	$	(546)	$	(751)

At December 31, 2024, we maintained a valuation allowance against our net deferred tax assets which totaled $558.8 million, including net operating loss carryforwards and research and development credits of $434.1 million and $91.4 million, respectively.

A valuation allowance is recorded when it is more likely than not that all or some portion of the deferred income tax assets will not be realized. We regularly assess the need for a valuation allowance against our deferred income tax assets by considering both positive and negative evidence related to whether it is more likely than not that our deferred income tax assets will be realized. In evaluating our ability to recover our deferred income tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred income tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. We maintain a valuation allowance on the net deferred tax assets of our U.S. entities as we have concluded that it is more likely than not that we will not realize our deferred tax assets.

For the year ended December 31, 2024, the Company's valuation allowance increased to $558.8 million, primarily because of an increase in our credits and capitalized research & experimental expenses that were fully offset by a valuation allowance. For the year ended December 31, 2023, the Company's valuation allowance increased to $525.7 million, primarily because of an increase in our net operating losses, credits, and capitalized research and experimental expenses that were fully offset by a valuation allowance.

As of December 31, 2024, we had a net operating loss carryforward for federal income tax purposes of approximately $1,704.2 million, of which $783.2 million is subject to expiration beginning in 2025. We had a total state net operating loss carryforward of approximately $1,170.6 million, which is subject to annual expirations. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization.

We have federal credits of approximately $64.4 million, a portion of which will begin to expire in 2025 if not utilized and state research credits of approximately $54.6 million, which have no expiration date. These tax credits are subject to the same limitations discussed above.

As of December 31, 2024, our total unrecognized tax benefit was $17.7 million. A reconciliation of the beginning and ending unrecognized tax benefit balance is as follows:


(in thousands)
Balance as of December 31, 2021	$	8,335
Decrease in balance related to tax positions taken in prior year	(10)
Increase in balance related to tax positions taken during current year	2,085
Balance as of December 31, 2022	10,410
Increase in balance related to tax positions taken in prior year	2,044
Increase in balance related to tax positions taken during current year	2,100
Balance as of December 31, 2023	14,554
Decrease in balance related to tax positions taken in prior year	(6)
Increase in balance related to tax positions taken during current year	3,128
Balance as of December 31, 2024	$	17,676

Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2024 and 2023, we had no accrued interest or penalties due to our net operating losses available to offset any tax adjustment. If total unrecognized tax benefits were realized in the future, it would not result in any tax benefit as we currently have a full valuation allowance. We file U.S. federal and various state income tax returns. For U.S. federal and state income tax purposes, the statute of limitations currently remains open for the years ending December 31, 2021 to present and December 31, 2020 to present, respectively. In addition, all of the net operating losses and research and development credit carryforwards that may be utilized in future years may be subject to examination. We are not currently under examination by income tax authorities in any jurisdiction.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		220,978,000
Beginning balance at Dec. 31, 2021	$ 790,987	$ 221	$ 2,009,945	$ (1,087)	$ (1,218,092)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Basic net loss	(314,248)				(314,248)
Other comprehensive (loss) income	(3,678)			(3,678)
Issuance of common stock in conjunction with equity plans (in shares)		5,527,000
Issuance of common stock in conjunction with equity plans	11,230	$ 6	11,224
Share-based compensation expense	78,613		78,613
Ending balance at Dec. 31, 2022	562,904	$ 227	2,099,782	(4,765)	(1,532,340)
Ending balance (in shares) at Dec. 31, 2022		226,505,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Basic net loss	(306,735)				(306,735)
Other comprehensive (loss) income	$ 4,984			4,984
Issuance of common stock following milestone achievement (in shares)	8,988,391	8,988,000
Issuance of common stock following milestone achievement	$ 84,761	$ 9	84,752
Issuance of common stock in acquisition of Apton (in shares)		6,121,000
Issuance of common stock in acquisition of Apton	76,642	$ 6	76,636
Issuance of common stock in connection with Apton liquidity event bonus plan (in shares)		169,000
Issuance of common stock in connection with Apton liquidity event bonus plan	2,111		2,111
Issuance of common stock from Underwritten Public Equity Offering, net of issuance costs (in shares)		20,125,000
Issuance of common stock from Underwritten Public Equity Offering, net of issuance costs	189,200	$ 20	189,180
Issuance of common stock in conjunction with equity plans (in shares)		5,836,000
Issuance of common stock in conjunction with equity plans	15,319	$ 6	15,313
Share-based compensation expense	72,118		72,118
Ending balance at Dec. 31, 2023	$ 701,304	$ 268	2,539,892	219	(1,839,075)
Ending balance (in shares) at Dec. 31, 2023	267,744,000	267,744,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Basic net loss	$ (309,851)				(309,851)
Other comprehensive (loss) income	203			203
Issuance of common stock in conjunction with equity plans (in shares)		6,222,000
Issuance of common stock in conjunction with equity plans	7,703	$ 6	7,697
Issuance of common stock in conjunction with convertible notes exchange (in shares)		20,452,000
Issuance of common stock in conjunction with convertible notes exchange	36,199	$ 20	36,179
Share-based compensation expense	71,036		71,036
Ending balance at Dec. 31, 2024	$ 506,594	$ 294	$ 2,654,804	$ 422	$ (2,148,926)
Ending balance (in shares) at Dec. 31, 2024	294,418,000	294,418,000

STOCKHOLDERS’ EQUITY - Schedule of Stock Option Activity (Details) - Time-Based Stock Option shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	13,011
Granted (in shares) \| shares	493
Exercised (in shares) \| shares	(515)
Canceled (in shares) \| shares	(2,153)
Expired (in shares) \| shares	(327)
Ending balance (in shares) \| shares	10,509
Weighted-average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 10.63
Granted (in usd per share) \| $ / shares	1.99
Exercised (in usd per share) \| $ / shares	3.15
Canceled (in usd per share) \| $ / shares	8.89
Expired (in usd per share) \| $ / shares	5.81
Ending balance (in usd per share) \| $ / shares	$ 11.09

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Components [Abstract]

Schedule of Inventory

Inventory, net, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Purchased materials	$	45,270	$	32,434
Work in process	22,172		27,653
Finished goods	14,081		15,746
Inventory, gross	81,523		75,833
Inventory reserve	(22,768)		(19,157)
Inventory, net	$	58,755	$	56,676

Schedule of Property and Equipment, Net

Estimated useful lives of the major classes of property and equipment are as follows:


			Estimated Useful Lives
Leasehold improvements			3 to 10 years
Lab equipment			3 to 5 years
Computer equipment			3 to 5 years
Computer software			3 years
Furniture and fixtures			3 to 5 years

Property and equipment, net, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Laboratory equipment and machinery	$	47,273	$	44,907
Leasehold improvements	33,770		35,226
Computer equipment	18,882		19,528
Software	7,280		6,628
Furniture and fixtures	2,972		3,594
Construction in progress	2,276		1,343
Total	112,453		111,226
Less: Accumulated depreciation	(81,948)		(74,794)
Property and equipment, net	$	30,505	$	36,432

Schedule of Goodwill

Changes to goodwill during the year ended December 31, 2024 were as follows:


(in thousands)
Balance as of December 31, 2023	$	462,261
Impairment charges	(144,500)
Balance as of December 31, 2024	$	317,761

Schedule of Impaired Intangible Assets

Changes to IPR&D during the year ended December 31, 2024 were as follows:


(in thousands)
Balance as of December 31, 2023	$	55,000
Impairment charge	(40,000)
Balance as of December 31, 2024	$	15,000

Schedule of Finite-Lived Intangible Assets From Business Acquisitions

In addition to IPR&D, we had the following acquired finite-lived intangible assets as of December 31, 2024:


(in thousands, except years)	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	15	$	411,179	$	(36,607)	$	374,572
Customer relationships	2	360		(360)		—
Total		$	411,539	$	(36,967)	$	374,572

Schedule of Estimated Future Amortization Expense of Acquisition-Related Intangible Assets with Finite Lives

The estimated future amortization expense of acquisition-related intangible assets with finite lives is estimated as follows:


(in thousands)
2025	$	27,412
2026	27,412
2027	27,412
2028	27,412
2029	27,412
2030 and thereafter	237,512
Total	$	374,572

Schedule of Accrued Expenses

Accrued expenses consisted of the following components:


	December 31,
(in thousands)	2024		2023
Salaries and benefits	$	11,706	$	29,337
Accrued interest payable	2,470		2,834
Accrued purchase commitments	—		2,613
Accrued product development costs	1,111		1,033
Accrued professional services and legal fees	824		2,641
Inventory accrual	1,237		353
Warranty accrual	3,100		4,681
Other	2,147		2,216
Accrued expenses	$	22,595	$	45,708

Schedule of Changes in Reserve for Product Warranties

Changes in the reserve for product warranties were as follows:


	Years Ended December 31,
(in thousands)	2024		2023
Balance at beginning of period	$	4,681	$	1,651
Additions charged to cost of product revenue	6,144		8,227
Repairs and replacements	(7,725)		(5,197)
Balance at end of period	$	3,100	$	4,681

Schedule of Other Liabilities, Current

Other liabilities, current, consisted of the following components:


	December 31,
(in thousands)	2024		2023
Accrued Employee Stock Purchase Plan	$	2,014	$	3,715
Short-term loan	—		490
Other	1,210		4,121
Other liabilities, current	$	3,224	$	8,326

INCOME TAXES - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Total current	$ 521	$ 0	$ 0
Deferred:
Federal	(8)	(9,956)	0
State	(197)	(1,468)	0
Foreign	0	0	0
Deferred income taxes	(205)	(11,424)	0
Income tax provision (benefit)	$ 316	$ (11,424)	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

BALANCE SHEET COMPONENTS - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Salaries and benefits	$ 11,706	$ 29,337
Accrued interest payable	2,470	2,834
Accrued purchase commitments	0	2,613
Accrued product development costs	1,111	1,033
Accrued professional services and legal fees	824	2,641
Inventory accrual	1,237	353
Warranty accrual	3,100	4,681
Other	2,147	2,216
Accrued expenses	$ 22,595	$ 45,708

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Probability of benefit realized upon settlement uncertain tax position	50.00%
(Loss) income before taxes from U.S. operations	$ (311,000)	$ (318,900)	$ (315,700)
Income before taxes from foreign operations	1,500	700	1,800
Valuation allowance	558,794	525,703
Net operating loss carryforwards	434,100
Research and development credit carryforward	91,400
Unrecognized tax benefits	17,676	14,554	$ 10,410	$ 8,335
Accrued interest or penalties	0	$ 0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	1,704,200
Research and development credit carryforward	64,400
Operating loss carryforwards, subject to expiration	783,200
State
Income Taxes [Line Items]
Net operating loss carryforwards	1,170,600
Research and development credit carryforward	$ 54,600

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended		14 Months Ended
	Nov. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Weighted average discount rate		7.70%
Weighted average remaining lease term		2 years 8 months 12 days
Rent payments		$ 14,200,000	$ 12,100,000
Operating lease cost		14,500,000	10,400,000
Additional liability associated with indemnification obligations		0
Purchase obligation		57,600,000
Loss on purchase commitment		1,000,000.0
Payments for deposits to supplier	$ 9,000,000.0		$ 6,000,000.0	$ 15,000,000.0
Refund from deposits		3,000,000.0
Deposits, current		4,000,000.0
Deposits		$ 8,000,000.0

BALANCE SHEET COMPONENTS - Schedule of Intangible Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Roll Forward]
Balance as of December 31, 2023	$ 456,984
Balance as of December 31, 2024	$ 389,572
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges
In Process Research and Development
Finite-Lived Intangible Assets [Roll Forward]
Balance as of December 31, 2023	$ 55,000
Impairment charge	(40,000)
Balance as of December 31, 2024	$ 15,000

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Segment Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 154,014	$ 200,521	$ 128,304
Less:
Cost of revenue	116,732	147,741	79,269
Research and development	134,922	187,170	193,000
Impairment charges	184,500	0	0
Merger-related expenses	0	9,042	0
Change in fair value of contingent consideration	(850)	15,060	2,377
Amortization of acquired intangible assets	27,412	8,261	913
Loss on extinguishment of debt	0	2,033	0
Gain on debt restructuring	(154,407)	0	0
Other income (expense), net	23,783	32,684	7,638
Income tax provision (benefit)	316	(11,424)	0
Net loss	(309,851)	(306,735)	(314,248)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenue	154,014	200,521	128,304
Less:
Cost of revenue	116,732	147,741	79,269
Research and development	134,922	187,170	193,000
Sales and marketing	87,244	79,287	84,465
General and administrative	87,773	90,531	76,389
Impairment charges	184,500	0	0
Merger-related expenses	0	9,042	0
Change in fair value of contingent consideration	(850)	15,060	2,377
Amortization of acquired intangible assets	18,006	6,157	0
Loss on extinguishment of debt	0	2,033	0
Gain on debt restructuring	(154,407)	0	0
Other income (expense), net	10,371	18,341	(7,052)
Income tax provision (benefit)	316	(11,424)	0
Net loss	$ (309,851)	$ (306,735)	$ (314,248)

FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands			12 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	Sep. 20, 2023 USD ($) shares	Aug. 02, 2023 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) shares
Financial Instruments [Line Items]
Issuance of common stock in acquisition of Apton				$ 76,642
Issuance of common stock following milestone achievement (in shares) \| shares				8,988,391
Issuance of common stock following milestone achievement				$ 84,761
Investment income, net			$ 24,900	32,800
Omniome, Inc
Financial Instruments [Line Items]
Total cash paid	$ 100,900
Issuance of common stock in acquisition (in shares) \| shares	9,000,000
Issuance of common stock in acquisition of Apton	$ 95,900
Milestone revenue				$ 101,300
Omniome, Inc \| Common Stock
Financial Instruments [Line Items]
Issuance of common stock in acquisition of Apton	100,000
Omniome, Inc \| Employee Stock Option
Financial Instruments [Line Items]
Issuance of common stock in acquisition of Apton	$ 4,100
Apton
Financial Instruments [Line Items]
Business acquisition, anniversary		5 years
Total cash paid		$ 200
Issuance of common stock in acquisition (in shares) \| shares		6,121,571		6,300,000
Average trading period		20 days
Omniome
Financial Instruments [Line Items]
Average trading period	20 days
Minimum \| Valuation, Income Approach \| Measurement Input, Risk Free Interest Rate
Financial Instruments [Line Items]
Discount rates			0.094
Maximum \| Valuation, Income Approach \| Measurement Input, Risk Free Interest Rate
Financial Instruments [Line Items]
Discount rates			0.096

NET LOSS PER SHARE - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic
Basic net loss	$ (309,851)	$ (306,735)	$ (314,248)
Diluted
Basic net loss	(309,851)	(306,735)	(314,248)
Less: Gain on debt restructuring (2029 Notes)	(154,407)	0	0
Diluted net loss	$ (457,830)	$ (306,735)	$ (314,248)
Basic
Weighted-average shares used in computing basic net (loss) income per share (in shares)	274,488,000	253,629,000	224,550,000
Basic net (loss) income per share (in usd per share)	$ (1.13)	$ (1.21)	$ (1.40)
Diluted
Weighted-average shares used in computing basic net (loss) income per share (in shares)	274,488,000	253,629,000	224,550,000
Weighted-average shares used in computing diluted net (loss) income per share (in shares)	288,366,000	253,629,000	224,550,000
Diluted net (loss) income per share (in usd per share)	$ (1.59)	$ (1.21)	$ (1.40)
2028 Convertible Senior Notes
Diluted
Add: Interest charges applicable to convertible notes (2028 Notes)	$ 6,428	$ 0	$ 0
Diluted
Add: Weighted average shares issuable upon conversion of convertible notes (in shares)	9,395,000	0	0
2029 Convertible Senior Notes
Diluted
Less: Gain on debt restructuring (2029 Notes)	$ (154,407)	$ 0	$ 0
Diluted
Add: Weighted average shares issuable upon conversion of convertible notes (in shares)	4,483,000	0	0

RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expense recorded in YTD 2024	$ 12,824
Cash paid during YTD 2024	(12,654)
Amount recorded in current liabilities as of December 31, 2024	170
Estimated total restructuring costs to still be incurred	946
Employee separation costs
Restructuring Cost and Reserve [Line Items]
Expense recorded in YTD 2024	10,008
Cash paid during YTD 2024	(10,008)
Amount recorded in current liabilities as of December 31, 2024	0
Estimated total restructuring costs to still be incurred	0
Other costs
Restructuring Cost and Reserve [Line Items]
Expense recorded in YTD 2024	2,816
Cash paid during YTD 2024	(2,646)
Amount recorded in current liabilities as of December 31, 2024	170
Estimated total restructuring costs to still be incurred	$ 946

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BALANCE SHEET COMPONENTS - Schedule of Other Liabilities, Current (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Accrued Employee Stock Purchase Plan	$ 2,014	$ 3,715
Short-term loan	0	490
Other	1,210	4,121
Other liabilities, current	$ 3,224	$ 8,326

CONVERTIBLE SENIOR NOTES - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
2030 Convertible Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 6,081	$ 3,032	$ 0
Amortization of debt issuance costs	950	463	0
Total interest expense	7,031	3,495	0
2028 Convertible Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	6,139	10,133	13,500
Amortization of debt issuance costs	289	472	617
Total interest expense	$ 6,428	$ 10,605	$ 14,117

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BALANCE SHEET COMPONENTS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024
Goodwill [Roll Forward]
Balance as of December 31, 2023			$ 462,261	$ 462,261
Impairment charges	$ (51,300)	$ (93,200)	$ 0	(144,500)
Balance as of December 31, 2024	$ 317,761			$ 317,761

- Definition

+ References

+ Details

NET LOSS PER SHARE - Schedule of Antidilutive Shares Excluded From Computation of Diluted Net Loss per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares issuable upon conversion of convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	20,512	31,063	20,690
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	34,136	27,246	27,291

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Pre-Tax Restructuring Charges

A summary of the pre-tax restructuring charges are as follows:


(in thousands)	Year Ended December 31, 2024		Cumulative amount incurred to date
Employee separation costs	$	10,008	$	10,008
Other costs	15,214		15,214
Total restructuring charges(1)	$	25,222	$	25,222

Schedule of Restructuring Reserve by Type of Cost

A summary of the liabilities related to the restructuring is as follows:


(in thousands)	Employee Separation Costs		Other Costs		Total
Expense recorded in YTD 2024	$	10,008	$	2,816	$	12,824
Cash paid during YTD 2024	(10,008)		(2,646)		(12,654)
Amount recorded in current liabilities as of December 31, 2024	$	—	$	170	$	170

Estimated total restructuring costs to still be incurred	$	—	$	946	$	946

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
WARN act and other employee benefits	$ 5,500
Severance costs	4,500
Inventory provision	4,618	$ 10,584	$ 6,027
Decrease in operating lease liability	11,920	$ 8,759	$ 7,724
Operating lease, liability	24,940
San Diego Office
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	8,100
Inventory provision	3,600
Decrease in operating lease liability	4,400
Operating lease, liability	$ 2,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (309,851)	$ (306,735)	$ (314,248)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	13,774	11,463	9,480
Amortization of intangible assets	27,412	8,261	913
Amortization of right-of-use assets	12,165	6,810	6,925
Share-based compensation expense	71,036	72,118	78,613
Impairment charges	184,500	0	0
Merger-related compensation expense	0	3,395	0
Loss on extinguishment of debt	0	2,033	0
Gain on debt restructuring	(154,407)	0	0
Accretion of discount and amortization of premium on marketable securities, net	(13,044)	(12,840)	(244)
Change in the estimated fair value of contingent consideration	(850)	15,060	2,377
Inventory provision	4,618	10,584	6,027
Deferred income taxes	(205)	(11,424)	0
Other	(628)	1,059	918
Changes in assets and liabilities
Accounts receivable, net	9,091	(17,829)	5,455
Inventory, net	(8,320)	(13,841)	(33,906)
Prepaid expenses and other assets	2,228	(8,984)	(12,324)
Accounts payable	1,405	206	1,025
Accrued expenses	(26,342)	13,103	(3,651)
Deferred revenue	(2,108)	(10,420)	(3,734)
Operating lease liabilities	(11,920)	(8,759)	(7,724)
Contingent consideration liability	0	(14,882)	0
Other liabilities	(4,612)	2,449	887
Net cash used in operating activities	(206,058)	(259,173)	(263,211)
Cash flows from investing activities
Purchase of property and equipment	(6,188)	(8,843)	(16,750)
Purchase of intangible assets	0	0	(179)
Cash paid for purchases of acquired entities, net of cash acquired	0	(102)	0
Purchase of investments	(498,635)	(756,567)	(442,788)
Sales of investments	34,856	595	0
Maturities of investments	593,971	769,521	575,800
Net cash provided by investing activities	124,004	4,604	116,083
Cash flows from financing activities
Proceeds from issuance of common stock under equity offerings, net of issuance costs	0	189,200	0
Proceeds from issuance of common stock from equity plans	7,703	15,319	11,230
Payment of debt issuance costs	0	(7,375)	0
Payment of contingent consideration	0	(86,411)	0
Payments made in conjunction with convertible notes exchange	50,200	0	0
Notes payable principal payoff	(490)	(1,842)	(1,608)
Net cash (used in) provided by financing activities	(42,987)	108,891	9,622
Net decrease in cash, cash equivalents, and restricted cash	(125,041)	(145,678)	(137,506)
Cash, cash equivalents, and restricted cash at beginning of period	182,633	328,311	465,817
Cash, cash equivalents, and restricted cash at end of period	57,592	182,633	328,311
Cash and cash equivalents at end of period	55,370	179,911	325,089
Restricted cash at end of period	2,222	2,722	3,222
Cash, cash equivalents, and restricted cash at end of period	57,592	182,633	328,311
Supplemental disclosure of cash flow information
Interest paid	14,805	15,687	14,049
Supplemental disclosure of non-cash investing and financing activities
Convertible notes exchange	0	441,000	0
Note Exchange
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock	36,199	0	0
Liquidity Bonus Event
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock	0	2,111	0
Milestone Achievement
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock	0	84,761	0
Apton And Omniome
Supplemental disclosure of non-cash investing and financing activities
Inventory transferred to property and equipment	4,194	3,984	2,812
Property and equipment transferred to inventory	(2,572)	(7,022)	(715)
Right-of-use asset and liability additions and modifications	18,253	0	0
Apton And Omniome \| Business Combination
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock	$ 0	$ 76,642	$ 0

BALANCE SHEET COMPONENTS - Schedule of Finite-Lived Intangible Assets From Business Acquisitions (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 411,539
Accumulated Amortization	(36,967)
Total	$ 374,572
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Gross Carrying Amount	$ 411,179
Accumulated Amortization	(36,607)
Total	$ 374,572
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	2 years
Gross Carrying Amount	$ 360
Accumulated Amortization	(360)
Total	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details