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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2020	Jul. 31, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		154,408,829
Amendment Flag	false
Entity Central Index Key	0001299130
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 43,342	$ 29,627
Investments	76,621	19,472
Accounts receivable	11,346	15,266
Inventory	16,768	13,312
Prepaid expenses and other current assets	2,862	3,369
Total current assets	150,939	81,046
Property and equipment, net	27,733	30,070
Operating lease right-of-use assets, net	31,435	32,827
Long-term restricted cash	3,500	4,000
Other long-term assets	41	42
Total assets	213,648	147,985
Current liabilities
Accounts payable	7,436	8,368
Accrued expenses	12,203	13,242
Deferred revenue, current	6,932	7,610
Operating lease liabilities, current	4,103	3,837
Notes payable, current		15,871
Deferred gain from Reverse Termination Fee	98,000
Other liabilities, current	2,188	225
Total current liabilities	130,862	49,153
Deferred revenue, non-current	1,531	1,951
Operating lease liabilities, non-current	39,863	41,964
Total liabilities	172,256	93,068
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value: Authorized 50,000 shares; No shares issued or outstanding
Common stock, $0.001 par value: Authorized 1,000,000 shares; issued and outstanding 154,318 shares and 153,119 shares at June 30, 2020 and December 31, 2019, respectively	154	153
Additional paid-in capital	1,129,091	1,120,999
Accumulated other comprehensive income	243	5
Accumulated deficit	(1,088,096)	(1,066,240)
Total stockholders' equity	41,392	54,917
Total liabilities and stockholders' equity	$ 213,648	$ 147,985

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets [Abstract]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	1,000,000,000	1,000,000,000
Common Stock, shares issued	154,318,000	153,119,000
Common Stock, shares outstanding	154,318,000	153,119,000

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Revenue	$ 17,077	$ 24,621	$ 32,675	$ 41,046
Cost of revenue:
Cost of revenue	10,464	15,008	18,574	26,316
Gross profit	6,613	9,613	14,101	14,730
Operating expense:
Research and development	15,010	14,910	30,260	30,395
Sales, general and administrative	15,127	19,083	40,074	38,849
Total operating expense	30,137	33,993	70,334	69,244
Operating loss	(23,524)	(24,380)	(56,233)	(54,514)
Gain from Continuation Advances			34,000
Interest expense		(644)	(267)	(1,269)
Other income, net	438	428	676	863
Net loss	(23,086)	(24,596)	(21,824)	(54,920)
Other comprehensive income (loss):
Unrealized income on investments	213	11	238	53
Comprehensive loss	$ (22,873)	$ (24,585)	$ (21,586)	$ (54,867)
Net loss per share:
Basic and diluted net loss per share	$ (0.15)	$ (0.16)	$ (0.14)	$ (0.36)
Shares used in computing basic and diluted net loss per share	154,172	152,776	153,229	152,029
Product [Member]
Revenue:
Revenue	$ 13,756	$ 21,250	$ 26,049	$ 34,707
Cost of revenue:
Cost of revenue	8,225	11,980	13,646	20,598
Service and Other [Member]
Revenue:
Revenue	3,321	3,371	6,626	6,339
Cost of revenue:
Cost of revenue	$ 2,239	$ 3,028	$ 4,928	$ 5,718

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member] Revision of Prior Period, Accounting Standards Update, Adjustment [Member]	Accumulated Deficit [Member]	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]	Total
Balance at Dec. 31, 2018	$ 150	$ 1,096,053	$ (36)		$ (982,106)		$ 114,061
Balance, shares at Dec. 31, 2018	150,244
Net loss					(54,920)		(54,920)
Other comprehensive income			53				53
Issuance of common stock in conjunction with equity plans	$ 3	8,087					8,090
Issuance of common stock in conjunction with equity plans, shares	2,715
Stock-based compensation expense		8,470					8,470
Balance at Jun. 30, 2019	$ 153	1,112,610	17		(1,037,026)		75,754
Balance, shares at Jun. 30, 2019	152,959
Balance at Mar. 31, 2019	$ 153	1,107,121	6		(1,012,430)		94,850
Balance, shares at Mar. 31, 2019	152,672
Net loss					(24,596)		(24,596)
Other comprehensive income			11				11
Issuance of common stock in conjunction with equity plans		1,400					1,400
Issuance of common stock in conjunction with equity plans, shares	287
Stock-based compensation expense		4,089					4,089
Balance at Jun. 30, 2019	$ 153	1,112,610	17		(1,037,026)		75,754
Balance, shares at Jun. 30, 2019	152,959
Balance at Dec. 31, 2019	$ 153	1,120,999	5	$ (32)	(1,066,240)	$ (32)	$ 54,917
Balance, shares at Dec. 31, 2019	153,119						153,119
Net loss					(21,824)		$ (21,824)
Other comprehensive income			238				238
Issuance of common stock in conjunction with equity plans	$ 1	826					827
Issuance of common stock in conjunction with equity plans, shares	1,199
Stock-based compensation expense		7,266					7,266
Balance at Jun. 30, 2020	$ 154	1,129,091	243		(1,088,096)		$ 41,392
Balance, shares at Jun. 30, 2020	154,318						154,318
Balance at Mar. 31, 2020	$ 154	1,125,229	30		(1,065,010)		$ 60,403
Balance, shares at Mar. 31, 2020	153,953
Net loss					(23,086)		(23,086)
Other comprehensive income			213				213
Issuance of common stock in conjunction with equity plans		628					628
Issuance of common stock in conjunction with equity plans, shares	365
Stock-based compensation expense		3,234					3,234
Balance at Jun. 30, 2020	$ 154	$ 1,129,091	$ 243		$ (1,088,096)		$ 41,392
Balance, shares at Jun. 30, 2020	154,318						154,318

- Definition

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

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (23,086)			$ (24,596)	$ (21,824)	$ (54,920)
Adjustments to reconcile net loss to net cash used in operating activities
Gain from Continuation Advances		$ (34,000)			(34,000)		$ (18,000)
Depreciation					3,246	3,586
Amortization of operating lease right-of-use assets					1,392	1,289
Amortization of debt discount and financing costs					129	574
Gain on derivative						(16)
Stock-based compensation					7,266	8,470
Amortization (accretion) from investment premium (discount)					(177)	(677)
Changes in assets and liabilities
Accounts receivable					3,888	(3,528)
Inventory					(3,822)	(40)
Prepaid expenses and other assets					524	388
Accounts payable					(1,039)	685
Accrued expenses					(1,039)	3,198
Deferred revenue					(1,098)	734
Operating lease liabilities					(1,835)	(1,677)
Other liabilities					1,963	(938)
Deferred gain from Reverse Termination fee					98,000
Net cash provided by (used in) operating activities					51,574	(42,872)
Cash flows from investing activities
Purchase of property and equipment					(436)	(1,866)
Purchase of investments					(119,200)	(36,748)
Maturities of investments					62,450	84,410
Net cash provided by (used in) investing activities					(57,186)	45,796
Cash flows from financing activities
Continuation Advances		34,000	$ 18,000		34,000
Notes payable principal payoff					(16,000)
Proceeds from issuance of common stock from equity plans					827	8,090
Net cash provided by financing activities					18,827	8,090
Net increase in cash and cash equivalents and restricted cash					13,215	11,014
Cash and cash equivalents and restricted cash at beginning of period		$ 33,627			33,627	23,344	23,344
Cash and cash equivalents and restricted cash at end of period	46,842		33,627	34,358	46,842	34,358	33,627
Cash and cash equivalents at end of period	43,342		$ 29,627	30,358	43,342	30,358	$ 29,627
Restricted cash at end of period	$ 3,500			$ 4,000	3,500	4,000
Supplemental disclosure of cash flow information
Inventory transferred to property and equipment					$ 366	$ 1,427

Overview

6 Months Ended

Jun. 30, 2020

Overview [Abstract]

Overview

NOTE 1. OVERVIEW

We design, develop and manufacture sequencing systems to help scientists resolve genetically complex problems. Based on our novel Single Molecule, Real-Time (SMRT®) sequencing technology, our products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Our technology provides high accuracy, ultra-long reads, uniform coverage and the ability to simultaneously detect epigenetic changes. PacBio® sequencing systems, including consumables and software, provide a simple and fast end-to-end workflow for SMRT sequencing.

Our current products include the Sequel II instrument and SMRT Cell 8M, which together are capable of sequencing up to approximately eight million DNA molecules simultaneously, and the previous generation Sequel instrument and Sequel SMRT Cell 1M, which together are capable of sequencing up to approximately one million DNA molecules simultaneously.

Our customers and our scientific collaborators have published numerous peer-reviewed articles in journals including Nature, Science, Cell, PNAS and The New England Journal of Medicine highlighting the power and applications of SMRT sequencing in projects such as finishing genomes, structural variation discovery, isoform transcriptome characterization, rare mutation discovery and the identification of chemical modifications of DNA related to virulence and pathogenicity. Our research and development efforts are focused on developing new products and further improving our existing products including continuing chemistry and sample preparation improvements to increase throughput and expand our supported applications. By providing access to genetic information that was previously inaccessible, we enable scientists to confidently increase their understanding of biological systems.

The names “Pacific Biosciences,” “PacBio,” “SMRT,” “SMRTbell,” “Sequel” and our logo are our trademarks.

Termination of Merger with Illumina

6 Months Ended

Jun. 30, 2020

Termination of Merger with Illumina [Abstract]

Termination of Merger with Illumina

NOTE 2 TERMINATION OF MERGER WITH ILLUMINA

On November 1, 2018, we entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Illumina, Inc. (“Illumina”) and FC Ops Corp., a wholly owned subsidiary of Illumina (“Merger Subsidiary”). On January 2, 2020, we, Illumina and Merger Subsidiary, entered into an agreement to terminate the Merger Agreement (the “Termination Agreement”). As part of the Termination Agreement, Illumina paid us a $98.0 million termination fee (the “Reverse Termination Fee”), from which we paid our financial advisor associated fees of $6.0 million in April 2020, which is less than the amount we initially expected. In addition, Illumina paid us cash payments (“Continuation Advances”) of $34.0 million during the first quarter of 2020.

However, pursuant to the Termination Agreement, in the event that, on or prior to September 30, 2020, we enter into a definitive agreement providing for, or consummate, a Change of Control Transaction (as defined in the Termination Agreement) (“Change of Control Transaction”), then we may be required to repay the Reverse Termination Fee (without interest) to Illumina in connection with the consummation of such Change of Control Transaction. If such Change of Control Transaction is not consummated by the two-year anniversary of the execution of the definitive agreement for such Change of Control Transaction, then we will not be required to repay the Reverse Termination Fee. Please refer to “Note 5. Balance Sheet Components” for the accounting treatment of the Reverse Termination Fee.

In addition, up to the $52.0 million of the Continuation Advances paid to us are repayable without interest to Illumina if, within two years of March 31, 2020, we enter into, or consummate a Change of Control Transaction or raise at least $100 million in equity in a single transaction or debt financing (that may have multiple closings), with the amount repayable dependent on the amount raised by us. Please refer to “Note 3. Summary of Significant Accounting Policies” for the accounting treatment of the Continuation Advances.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

In the opinion of management, our accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared on a consistent basis with our December 31, 2019 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, as permitted by such rules and regulations, omit certain information and footnote disclosures necessary to present the statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the entire year or any future periods.

The condensed consolidated financial statements include the accounts of Pacific Biosciences and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

COVID-19

We are subject to risks and uncertainties as a result of the novel coronavirus pandemic (COVID-19). The extent of the impact of the COVID-19 pandemic on our business is highly uncertain as responses to the pandemic can change quickly and information is rapidly evolving. We considered the impact of COVID-19 on the assumptions and estimates used to determine the results reported and asset valuations as of June 30, 2020.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Our estimates include, but are not limited to, the valuation of inventory, the determination of stand-alone selling prices for revenue recognition, the valuation of a financing derivative and long-term notes, the probability of repaying the Continuation Advances and Reverse Termination Fee to Illumina, the valuation and recognition of share-based compensation, the expected renewal period for service contracts to derive the amortization period for capitalized commissions, the useful lives assigned to long-lived assets, the computation of provisions for income taxes and the determination of the internal borrowing rate used in calculating the operating lease right-of-use assets and operating lease liabilities. Actual results could differ materially from these estimates.

Fair Value of Financial Instruments

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.

The fair value hierarchy established under U.S. 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.

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.

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 as of June 30, 2020 and December 31, 2019 respectively:



	June 30, 2020								December 31, 2019
(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	$	33,294	$	—	$	—	$	33,294	$	18,644	$	—	$	—	$	18,644
Commercial paper		—		10,048		—		10,048		—		10,983		—		10,983
Total cash and cash equivalents		33,294		10,048		—		43,342		18,644		10,983		—		29,627
Investments:
Commercial paper		—		51,929		—		51,929		—		16,971		—		16,971
Corporate debt securities		—		14,662		—		14,662		—		2,501		—		2,501
US government & agency securities		—		10,030		—		10,030		—		—		—		—
Total investments		—		76,621		—		76,621		—		19,472		—		19,472
Long-term restricted cash:
Cash		3,500		—		—		3,500		4,000		—		—		4,000
Total assets measured at fair value	$	36,794	$	86,669	$	—	$	123,463	$	22,644	$	30,455	$	—	$	53,099

Liabilities
Financing Derivative	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Continuation Advances		—		—		—		—		—		—		—		—
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Estimated fair value of the financing derivative liability

The estimated fair value of the Financing Derivative liability (as defined in the “Notes payable, current” section in “Note 5. Balance Sheet Components”) was determined using Level 3 inputs, or significant unobservable inputs. Changes to the estimated fair value of the Financing Derivative are recorded in “Other income, net” in the consolidated statements of operations and comprehensive loss.

The estimated fair value of the Financing Derivative was determined by comparing the difference between the fair value of the Notes from the debt facility that we entered into during the first quarter of 2013 (the “Notes”) with and without the Financing Derivative by calculating the respective present values from future cash flows using a 6.5% discount rate at December 31, 2019. The estimated fair value of the Financing Derivative as of December 31, 2019 was $0.

In February 2020, upon maturity of the Notes, the Financing Derivative was extinguished. Refer to the “Notes payable, current” section in “Note 5. Balance Sheet Components” for a detailed description and valuation approach.

Estimated fair value of the Continuation Advances liability

In accordance with the terms of the Merger Agreement, we received Continuation Advances of $18.0 million and $34.0 million from Illumina during the fourth quarter of 2019 and the first quarter of 2020, respectively.

We determined that the Continuation Advances, which are subject to repayment under certain circumstances as discussed below, constitute a financial liability.

The fair value option was elected for the financial liability because management believes that among all measurement methods allowed by Accounting Standards Codification, or ASC, 825, Financial Instruments, the fair value option would most fairly represent the value of such a financial liability. Management applied the income approach to estimate the fair value of this financial liability. The estimated fair value of the liability related to the Continuation Advances was determined using Level 3 inputs, or significant unobservable inputs. Management estimated that there would be no future cash outflows associated with this financial instrument because the probabilities of either of the following events occurring and requiring repayment to Illumina were evaluated as being remote as of June 30 2020:

we enter into a Change of Control Transaction within two years following March 31, 2020; or

we raise $100 million or more in a single equity or debt financing (that may have multiple closings) within two years following March 31, 2020.

As a result, the estimated fair value of the liability associated with the contingent repayment of the Continuation Advances received in the first quarter of 2020 was assessed to be zero as of both March 31, 2020 and June 30, 2020, with a resulting non-operating gain of $34.0 million recorded as “Gain from Continuation Advances from Illumina” for the quarter ended March 31, 2020. We recorded a similar gain of $18.0 million in 2019 for the Continuation Advances received during the fourth quarter of 2019.

For the quarter ended June 30, 2020, 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.

Net Loss per Share

The following outstanding common stock options, restricted stock units (“RSUs”), with time-based vesting and RSUs with performance-based vesting, were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect. See Note 7. Stockholders’ Equity for detailed information on RSUs with time-based vesting and RSUs with performance-based vesting.


	Six Months Ended June 30,
(in thousands)	2020	2019
Options to purchase common stock	20,485	23,414
RSUs with time-based vesting	5,109	1,121
RSUs with performance-based vesting	138	138

Concentration and Other Risks

For the three and six months ended June 30, 2020, Gene Company Limited accounted for approximately 15% and 11%, respectively, of our total revenue during the period with no other customer exceeding 10% during those periods. For the three and six months ended June 30, 2019, Gene Company Limited accounted for approximately 23% and 20% of our total revenue, respectively, with no other customer exceeding 10% during those periods. Gene Company Limited is our primary distributor in China.

Recent Accounting Pronouncements

Recently Issued Accounting Standards

In December 2019, the Financial Accounting Standards Board, or FASB issued Accounting Standards Update, or ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, which is fiscal 2021 for us, with early adoption permitted. We do not expect adoption of the new guidance to have a material impact on our financial statements.

Recently Adopted Accounting Standards

Adoption of Topic 326

In June 2016, FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”), which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. We adopted Topic 326 on January 1, 2020, using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. The cumulative-effect adjustment recorded on January 1, 2020, is shown below (in thousands):


Balance Sheets	Balance at December 31, 2019		Adjustments Due to Topic 326		Balance at January 1, 2020
Assets
Accounts receivable	$	15,266	$	(32)	$	15,234
Liabilities and Stockholders' Equity
Accumulated deficit		(1,066,240)		(32)		(1,066,272)

The adoption of Topic 326 did not have a material impact on our financial statements and our bad debt expense was immaterial as of June 30 2020. Please see the description of our “Credit Losses” accounting policy in the “Significant Accounting Policies” section below.

Significant Accounting Policies

With the exception of the change for the accounting of credit losses as a result of the adoption of Topic 326, there have been no new or material changes to the significant accounting policies discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, that are of significance, or potential significance, to us.

Credit Losses

Trade accounts receivable. The allowance for doubtful accounts 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.

Available-for-sale debt securities. Our investment portfolio at any point in time contains investments in cash deposits, money market funds, commercial paper, corporate debt securities and US government and agency securities. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as significance of loss, historical experience, market data, issuer-specific factors, and current economic conditions and concluded that an allowance for credit losses was not required as of June 30 2020.

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, disruption associated with the current COVID-19 pandemic, or other customer-specific factors.

Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2020

Cash, Cash Equivalents and Investments [Abstract]

Cash, Cash Equivalents and Investments

NOTE 4. CASH, CASH EQUIVALENTS AND INVESTMENTS

The following tables summarize our cash, cash equivalents and investments as of June 30, 2020 and December 31, 2019 (in thousands):



	As of June 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	Cost		gains		losses		Value
Cash and cash equivalents:
Cash and money market funds	$	33,294	$	—	$	—	$	33,294
Commercial paper		10,048		—		—		10,048
Total cash and cash equivalents		43,342		—		—		43,342
Investments:
Commercial paper		51,892		37		—		51,929
Corporate debt securities		14,483		179		—		14,662
US government & agency securities		10,003		27		—		10,030
Total investments		76,378		243		—		76,621
Total cash, cash equivalents and investments	$	119,720	$	243	$	—	$	119,963
Long-term restricted cash:
Cash	$	3,500	$	—	$	—	$	3,500


	As of December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	Cost		gains		losses		Value
Cash and cash equivalents:
Cash and money market funds	$	18,644	$	—	$	—	$	18,644
Commercial paper		10,983		—		—		10,983
Total cash and cash equivalents		29,627		—		—		29,627
Investments:
Commercial paper		16,971		1		(1)		16,971
Corporate debt securities		2,496		5		—		2,501
Total investments		19,467		6		(1)		19,472
Total cash, cash equivalents and investments	$	49,094	$	6	$	(1)	$	49,099
Long-term restricted cash:
Cash	$	4,000	$	—	$	—	$	4,000

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of June 30, 2020 (in thousands):



	Fair Value
Due in one year or less	$	81,034
Due after one year through 5 years		5,635
Total investments	$	86,669

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

Balance Sheet Components

6 Months Ended

Jun. 30, 2020

Balance Sheet Components [Abstract]

Balance Sheet Components

NOTE 5. BALANCE SHEET COMPONENTS

Inventory

As of June 30, 2020 and December 31, 2019, our inventory consisted of the following components:



	June 30,		December 31,
(in thousands)	2020		2019
Purchased materials	$	5,289	$	3,966
Work in process		5,795		4,594
Finished goods		5,684		4,752
Inventory	$	16,768	$	13,312

Long-term restricted cash

For our facility located at 1305 O’Brien Drive, Menlo Park, California (the “O’Brien Lease”), we were required to establish a letter of credit for the benefit of the landlord and to submit $4.5 million as a deposit for the letter of credit in October 2015. Subsequently, pursuant to the terms of the O’Brien Lease, on May 1, 2019, the amount of the letter of credit was reduced from $4.5 million to $4.0 million. As such, $4.0 million was recorded in “Long-term restricted cash” in the condensed consolidated balance sheet as of December 31, 2019. Pursuant to the terms of the O’Brien Lease, the letter of credit balance of $4.0 million was reduced again in May 2020 by $500,000. As such, $3.5 million was recorded in “Long-term restricted cash” in the condensed consolidated balance sheet as of June 30, 2020.

Deferred gain from Reverse Termination Fee

As part of the Termination Agreement, Illumina paid us a Reverse Termination Fee of $98.0 million, from which we owed our financial advisor associated fees of $6.0 million.

Pursuant to the Termination Agreement, in the event that, on or prior to September 30, 2020, we enter into a definitive agreement providing for, or consummate, a Change of Control Transaction, then we may need to repay the Reverse Termination Fee (without interest) to Illumina in connection with the consummation of such Change of Control Transaction. If such Change of Control Transaction is not consummated by the two year anniversary of the execution of the definitive agreement for such Change of Control Transaction, then we will not be required to repay the Reverse Termination Fee. As indicated in ASC 450, Contingencies, a gain contingency usually is not recognized in the financial statements until the period in which all contingencies are resolved and the gain is realizable. As such we have deferred the gain from the Reverse Termination Fee from Illumina until the date when the associated contingency is resolved and accordingly, we recorded the $98.0 million as “Deferred Gain from Reverse Termination Fee” in the condensed consolidated balance sheet as of June 30, 2020.

We recorded the $6.0 million of associated fees owed to our financial advisor in the “Sales, general and administrative” expense line in the condensed consolidated statements of operations and comprehensive income for the six months ended June 30, 2020.

Notes payable, current

As of December 31, 2019, a balance of $16.0 million aggregate principal amount of debt remained outstanding under the debt agreement with Deerfield entered into in February 2013 (the “Facility Agreement”) and was presented as “Notes payable, current” on the condensed consolidated balance sheet as of December 31, 2019.

In February 2020, upon the maturity of the Facility Agreement, we repaid the remaining outstanding principal of $16.0 million and interest.

Financing Derivative

A number of features embedded in the Notes required accounting for them as a derivative, including the indemnification of certain withholding taxes and the acceleration of debt upon (i) a qualified financing, (ii) an event of default, (iii) a Major Transaction (as such term is defined in the Facility Agreement), and (iv) the exercise of the warrant via offset to the debt principal. These features represent a single derivative (the “Financing Derivative”) that was bifurcated from the debt instrument and accounted for as a liability at fair value, with changes in fair value between reporting periods recorded in other income (expense), net.

The estimated fair value of the Financing Derivative was determined by comparing the difference between the fair value of the Notes with and without the Financing Derivative by calculating the respective present values from future cash flows using a 6.5% discount rate at December 31, 2019. The estimated fair value of the Financing Derivative as of December 31, 2019 was $0.

In February 2020, after we repaid the remaining outstanding principal of $16.0 million and interest to Deerfield, the Financing Derivative balance was reduced to $0.

Deferred revenue

As of June 30, 2020, we had a total of $8.4 million of deferred revenue from our service contracts, $6.9 million of which was recorded as “Deferred revenue, current” to be recognized over the next year and the remaining $1.5 million was recorded as “Deferred revenue, non-current” to be recognized in the next 3 years. Revenue recorded in the three months ended June 30, 2020 includes $2.1 million of previously deferred revenue that was included in “Deferred revenue, current” as of December 31, 2019. Contract assets as of June 30, 2020 and December 31, 2019 were not material.

As of June 30, 2020, we had a total of $0.6 million of deferred commissions included in “Prepaid expenses and other current assets” which is recognized as the related revenue is recognized. Additionally, as a practical expedient, we expense costs to obtain a contract as incurred if the amortization period would have been a year or less.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies

NOTE 6. COMMITMENTS AND CONTINGENCIES

Leases

As of June 30, 2020, we leased approximately 180,000 square feet in 1305 O’Brien Drive, Menlo Park, California, where we house our headquarters, research and development, service and support functions. We also leased a sales office facility in Singapore and engineering support facilities in Allen, Texas.

On July 22, 2015, we entered into a lease agreement with respect to our facility located at 1305 O’Brien Drive, Menlo Park, California. The term of the O’Brien Lease is one hundred thirty-two (132) months. In December 2016, we entered into an amendment to the O’Brien Lease which defined the commencement date of the lease to be October 25, 2016, notwithstanding that such substantial completion did not occur until the first quarter of 2017. Base monthly rent was abated for the first six (6) months of the lease term and thereafter was $540,000 per month during the first year of the lease term, with specified annual increases thereafter until reaching $711,000 per month during the last twelve (12) months of the lease term. If the rent is not received within five days of the due date, there will be an additional sum equal to 5% of the amount overdue as a late charge. Any amount not paid within 10 days after receipt of landlord’s written notice will bear interest from the date due until paid, at the lesser rate of (1) the prime rate of interest as published in the Wall Street Journal, plus 2% or (2) the maximum rate allowed by law, in addition to the late payment charge. We were required to establish a letter of credit for the benefits of the landlord and to submit $4.5 million as a deposit for the letter of credit in October 2015. Subsequently pursuant to the terms of the O’Brien Lease, at May 1, 2019 the $4.5 million in restricted cash was reduced to $4.0 million and at May 1, 2020 the $4.0 million in restricted cash was reduced to $3.5 million.

All of our leases are operating leases. Operating lease assets and liabilities are reflected within “Operating lease right-of-use assets, net”, “Operating lease liabilities, current” and “Operating lease liabilities, non-current” on the condensed consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining minimum lease payments over the lease term using our estimated secured incremental borrowing rates at the effective date of January 1, 2019. Lease payments included in the measurement of the lease liability 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. For the O’Brien Lease, the renewal option is 5 years and the rent will be based on fair market value at the time of renewal and was not included in the lease term. 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. The weighted average remaining lease term for our operating leases as of June 30, 2020 was 7.3 years.

The discount rate implicit within our leases is generally not determinable and therefore we determine the discount rate based on our incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure our operating lease liabilities as of June 30, 2020 was 7.9%.

The following table presents information as to the amount and timing of cash flows arising from our operating leases as of June 30, 2020:


Maturity of Lease Liabilities	Amount
Years ending December 31,	(in thousands)
Remaining of 2020	$	3,597
2021		7,328
2022		7,502
2023		7,704
2024		7,920
Thereafter		23,598
Total undiscounted operating lease payments		57,649
Less: imputed interest		(13,683)
Present value of operating lease liabilities		43,966

Balance Sheet Classification
Operating lease liabilities, current		4,103
Operating lease liabilities, non-current		39,863
Total operating lease liabilities		43,966

Cash Flows

Cash paid for amounts included in the present value of operating lease liabilities was $1.8 million and $3.6 million, respectively, for the three and six months ended June 30, 2020 and included in operating cash flow.

Operating Lease Costs

Operating lease costs were $1.6 million and $3.1 million for the three and six months ended June 30, 2020, respectively. Operating lease costs were $1.6 million and $3.1 million for the three and six months ended June 30, 2019, respectively. For both 2020 and 2019 the operating lease costs primarily related to our operating leases, but also included immaterial amounts for variable leases.

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.

Legal

U.S. District Court Proceedings

On March 15, 2017, we filed a complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-275 (“275 Action”)). The complaint is based on our U.S. Patent No. 9,546,400 (the “’400 Patent”), entitled “Nanopore sequencing using n-mers” which covers novel methods for nanopore sequencing of nucleic acid molecules using the signals from multiple monomeric units. This patent was granted on January 17, 2017. We are seeking remedies including injunctive relief, damages and costs. On August 23, 2018, we filed an amended complaint, adding ONT Ltd. as a defendant in the 275 Action. On August 15, 2019, the judge granted our motion to amend the complaint in the 275 Action to add allegations of willful infringement by ONT Inc. and ONT Ltd.

On September 25, 2017, we filed a second complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-1353 (“1353 Action”)). The complaint is based on our U.S. Patent No. 9,678,056 (the “’056 Patent”) entitled “Control of Enzyme Translation in Nanopore Sequencing”, granted June 13, 2017, and U.S. Patent No. 9,738,929 (the “’929 Patent”) entitled “Nucleic Acid Sequence Analysis”, granted August 22, 2017. We are seeking remedies including injunctive relief, damages and costs. On March 28, 2018, we added a claim for infringement of our U.S. Patent No. 9,772,323 (the “’323 Patent”), entitled “Nanopore sequencing using n-mers.” On August 23, 2018 we filed an amended complaint, adding ONT Ltd. as a defendant in the 1353 Action. On August 15, 2019, the judge granted our motion to amend the complaint in the 1353 Action to add allegations of willful infringement by ONT Inc. and ONT Ltd.

A trial for the U.S. District Court matters was held from March 9 through March 18, 2020. The jury determined that ONT Inc. and ONT Ltd. infringed the ‘056 Patent, the ‘400 Patent, and the ‘323 Patent, but the jury declined to find these patents valid based on enablement and, in the case of claim one of the ’056 Patent, written description and indefiniteness. The jury declined to find valid or infringed U.S. Patent No. 9,738,929. We plan to appeal the decision to the U.S. Court of Appeals for the Federal Circuit.

Unrelated to the preceding matters, on September 26, 2019, Personal Genomics of Taiwan, Inc. (“PGI”) filed a complaint in the U.S. District Court for the District of Delaware against us for patent infringement (C.A. No. 19-cv-1810). The complaint is based on PGI’s U.S. Patent No. 7,767,441 (the “441 Patent”). We plan to vigorously defend in this matter. On November 20, 2019, we filed our answer to the complaint, denying infringement and seeking a declaratory judgement of invalidity of the ‘441 Patent. A trial for this matter is scheduled to begin on March 14, 2022.

On June 22, 2020, we filed a petition requesting institution of an inter-partes review (IPR) to the Patent Trial and Appeals Board (the “Board”) at the United States Patent Office requesting the Board to find a set of claims in the ‘441 invalid. On June 27, 2020, we filed a second petition requesting institution of an IPR requesting the Board to find another set of claims in the ‘441 invalid. The two petitions requesting IPRs assert that all of the claims relevant to the PGI complaint are invalid.

On May 19, 2020, PGI filed a complaint in the Wuhan People’s Court alleging infringement of one or more claims of China patent No. CN101743321B, which is related to the ‘441 Patent. We have not received service. We plan to vigorously defend in this matter.

Other Proceedings

From time to time, we may also be involved in a variety of other claims, lawsuits, investigations and proceedings relating to securities laws, product liability, patent infringement, contract disputes, employment and other matters that arise in the normal course of our business. In addition, third parties may, from time to time, assert claims against us in the form of letters and other communications. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We currently do not believe that the ultimate outcome of any of the matters described above 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.

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 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 at June 30, 2020.

Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 7. STOCKHOLDERS’ EQUITY

Equity Plans

As of June 30, 2020, in total, we had three active equity compensation plans: the 2010 Equity Incentive Plan (“2010 Plan”), the 2010 Outside Director Equity Incentive Plan (“2010 Director Plan”) and the 2010 Employee Stock Purchase Plan (“ESPP”). Pursuant to the terms of the then-in-process Merger Agreement, the ESPP was terminated after the completion of the purchase period ended March 1, 2019. After the merger with Illumina was terminated in January 2020, we began offerings under the ESPP again starting with the offering period beginning on March 1, 2020. Our 2010 Equity Incentive Plan (“2010 Plan”) and 2010 Outside Director Equity Incentive Plan (“2010 Director Plan”) expired on July 29, 2020.

On August 4, 2020, stockholders at the 2020 Annual Meeting approved a new 2020 Equity Incentive Plan and the 2010 Equity Incentive Plan and 2010 Outside Director Equity Incentive Plan were terminated. A description of the 2020 Equity Incentive Plan can be found in the Company’s Proxy Statement for the 2020 Annual Meeting of Stockholders, dated June 24, 2020.

Stock Options

The following table summarizes stock option activity for all our stock option plans for the six months ended June 30, 2020 (in thousands, except per share amounts):



	Stock Options Outstanding
				Weighted
	Number			average
	of shares	Exercise price		exercise price
Balances, December 31, 2019	22,697	$	1.16 – 16.00	$	5.57
Options granted	35		2.45		2.45
Options exercised	(341)		1.16 – 4.25		2.43
Options canceled	(1,906)		2.54 – 15.77		7.39
Balances, June 30, 2020	20,485	$	1.16 – 16.00	$	5.45

For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $1.1 million and $2.9 million, respectively, related to options.

Restricted Stock Units, or “RSUs”

Time-based RSUs

The following table summarizes the time-based RSUs activity for the six months ended June 30, 2020 (in thousands, except per share amounts):


		Weighted average
	Number	grant date
	of shares	fair value
RSUs outstanding at December 31, 2019	1,086	$	6.12
RSUs granted	5,280		4.34
RSUs released	(858)		6.78
RSUs forfeited	(399)		4.47
Unvested RSUs outstanding at June 30, 2020	5,109	$	4.30

For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $1.6 million and $3.8 million, respectively, related to time-based RSUs.

Performance-based RSUs

The following table summarizes the performance-based RSUs activity for the six months ended June 30, 2020 (in thousands, except per share amounts):


		Weighted average
	Number	grant date
	of shares	fair value
PSUs outstanding at December 31, 2019	138	$	2.63
PSUs granted	—		—
PSUs released	—		—
PSUs forfeited	—		—
Unvested PSUs outstanding at June 30, 2020	138	$	2.63

For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $0 related to the performance-based RSUs.

In January 2020, an additional 7.7 million shares and 1.5 million shares, respectively, were reserved under the 2010 Plan and the 2010 Director Plan. As of June 30, 2020, we had an aggregate of 27.2 million shares of common stock reserved and available for future issuance under the 2010 Plan and 2010 Director Plan.

ESPP shares

Shares issued under our ESPP were none and 1,306,329 during the six months ended June 30, 2020 and 2019, respectively. In January 2020, an additional 3.1 million shares were reserved under the ESPP. As of June 30, 2020, 6,713,447 shares of our common stock remain available for issuance under our ESPP.

For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $408,000 and $537,000, respectively, related to the ESPP shares.

Stock-Based Compensation

The following table summarizes the stock-based compensation expense for the three and six months ended June 30, 2020 and 2019, respectively (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cost of revenue	$	452	$	444	$	979	$	956
Research and development		1,433		1,918		3,192		3,930
Sales, general and administrative		1,349		1,727		3,095		3,584
Total stock-based compensation expense	$	3,234	$	4,089	$	7,266	$	8,470

We estimated the fair value of employee stock options on the grant date using the Black-Scholes option pricing model. The estimated fair value of employee stock options is amortized on a straight-line basis over the requisite service period of the awards. We did not grant any stock options for the three months ended June 30, 2020. We did not grant any stock options for the year ended December 31, 2019 due to the then-in-process merger with Illumina.



	Three Months Ended June 30,		Six Months Ended June 30,
Stock Option	2020	2019	2020	2019
Expected term in years	—	—	5.1	—
Expected volatility	—	—	57%	—
Risk-free interest rate	—	—	1.2%	—
Dividend yield	—	—	—	—

We estimate the value of employee stock purchase rights on the grant date using the Black-Scholes option pricing model. Pursuant to the terms of the then-in-process merger with Illumina, the ESPP was terminated after the completion of the purchase period ended March 1, 2019 and there were no offerings after March 1, 2019. As such there were no new Black-Scholes calculations performed to calculate the fair value of new purchase rights granted for the year ended December 31, 2019. After the merger with Illumina was terminated in January 2020, we began offerings under the ESPP again starting with the offering period on March 1, 2020.



	Three Months Ended June 30,		Six Months Ended June 30,
ESPP	2020	2019	2020	2019
Expected term in years	0.5-2.0	—	0.5-2.0	—
Expected volatility	0.6	—	0.6	—
Risk-free interest rate	0.8% -1.0%	—	0.8% -1.0%	—
Dividend yield	—	—	—	—

Revenue

6 Months Ended

Jun. 30, 2020

Revenue [Abstract]

Revenue

NOTE 8. REVENUE

A summary of our revenue by geographic location for the three and six months ended June 30, 2020 and 2019 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
North America	$	8,457	$	14,222	$	16,218	$	23,209
Europe (including the Middle East and Africa)		4,191		3,414		7,586		6,478
Asia Pacific		4,429		6,985		8,871		11,359
Total	$	17,077	$	24,621	$	32,675	$	41,046

A summary of our revenue by category for the three and six months ended June 30, 2020 and 2019 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Instrument revenue	$	8,934	$	12,664	$	12,958	$	18,287
Consumable revenue		4,822		8,586		13,091		16,420
Product revenue		13,756		21,250		26,049		34,707
Service and other revenue		3,321		3,371		6,626		6,339
Total revenue	$	17,077	$	24,621	$	32,675	$	41,046

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies (Policy)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Consolidation

The condensed consolidated financial statements include the accounts of Pacific Biosciences and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

COVID-19

COVID-19We are subject to risks and uncertainties as a result of the novel coronavirus pandemic (COVID-19). The extent of the impact of the COVID-19 pandemic on our business is highly uncertain as responses to the pandemic can change quickly and information is rapidly evolving. We considered the impact of COVID-19 on the assumptions and estimates used to determine the results reported and asset valuations as of June 30, 2020.

Use of Estimates

Fair Value of Financial Instruments

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

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 as of June 30, 2020 and December 31, 2019 respectively:



	June 30, 2020								December 31, 2019
(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	$	33,294	$	—	$	—	$	33,294	$	18,644	$	—	$	—	$	18,644
Commercial paper		—		10,048		—		10,048		—		10,983		—		10,983
Total cash and cash equivalents		33,294		10,048		—		43,342		18,644		10,983		—		29,627
Investments:
Commercial paper		—		51,929		—		51,929		—		16,971		—		16,971
Corporate debt securities		—		14,662		—		14,662		—		2,501		—		2,501
US government & agency securities		—		10,030		—		10,030		—		—		—		—
Total investments		—		76,621		—		76,621		—		19,472		—		19,472
Long-term restricted cash:
Cash		3,500		—		—		3,500		4,000		—		—		4,000
Total assets measured at fair value	$	36,794	$	86,669	$	—	$	123,463	$	22,644	$	30,455	$	—	$	53,099

Liabilities
Financing Derivative	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Continuation Advances		—		—		—		—		—		—		—		—
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Estimated fair value of the financing derivative liability

Estimated fair value of the Continuation Advances liability

We determined that the Continuation Advances, which are subject to repayment under certain circumstances as discussed below, constitute a financial liability.

we enter into a Change of Control Transaction within two years following March 31, 2020; or

we raise $100 million or more in a single equity or debt financing (that may have multiple closings) within two years following March 31, 2020.

Net Loss per Share


	Six Months Ended June 30,
(in thousands)	2020	2019
Options to purchase common stock	20,485	23,414
RSUs with time-based vesting	5,109	1,121
RSUs with performance-based vesting	138	138

Concentration and Other Risks

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Adoption of Topic 326


Balance Sheets	Balance at December 31, 2019		Adjustments Due to Topic 326		Balance at January 1, 2020
Assets
Accounts receivable	$	15,266	$	(32)	$	15,234
Liabilities and Stockholders' Equity
Accumulated deficit		(1,066,240)		(32)		(1,066,272)

Significant Accounting Policies

Credit Losses

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

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



	June 30, 2020								December 31, 2019
(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	$	33,294	$	—	$	—	$	33,294	$	18,644	$	—	$	—	$	18,644
Commercial paper		—		10,048		—		10,048		—		10,983		—		10,983
Total cash and cash equivalents		33,294		10,048		—		43,342		18,644		10,983		—		29,627
Investments:
Commercial paper		—		51,929		—		51,929		—		16,971		—		16,971
Corporate debt securities		—		14,662		—		14,662		—		2,501		—		2,501
US government & agency securities		—		10,030		—		10,030		—		—		—		—
Total investments		—		76,621		—		76,621		—		19,472		—		19,472
Long-term restricted cash:
Cash		3,500		—		—		3,500		4,000		—		—		4,000
Total assets measured at fair value	$	36,794	$	86,669	$	—	$	123,463	$	22,644	$	30,455	$	—	$	53,099

Liabilities
Financing Derivative	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Continuation Advances		—		—		—		—		—		—		—		—
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Anti-dilutive Shares Excluded from Computation of Diluted Net Income (Loss) per Share


	Six Months Ended June 30,
(in thousands)	2020	2019
Options to purchase common stock	20,485	23,414
RSUs with time-based vesting	5,109	1,121
RSUs with performance-based vesting	138	138

Schedule of Cumulative Effect on Consolidated Balance Sheet for Adoption of ASU 2016-13


Balance Sheets	Balance at December 31, 2019		Adjustments Due to Topic 326		Balance at January 1, 2020
Assets
Accounts receivable	$	15,266	$	(32)	$	15,234
Liabilities and Stockholders' Equity
Accumulated deficit		(1,066,240)		(32)		(1,066,272)

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Cash, Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2020

Cash, Cash Equivalents and Investments [Abstract]

Summary of Cash, Cash Equivalents and Investments



	As of June 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	Cost		gains		losses		Value
Cash and cash equivalents:
Cash and money market funds	$	33,294	$	—	$	—	$	33,294
Commercial paper		10,048		—		—		10,048
Total cash and cash equivalents		43,342		—		—		43,342
Investments:
Commercial paper		51,892		37		—		51,929
Corporate debt securities		14,483		179		—		14,662
US government & agency securities		10,003		27		—		10,030
Total investments		76,378		243		—		76,621
Total cash, cash equivalents and investments	$	119,720	$	243	$	—	$	119,963
Long-term restricted cash:
Cash	$	3,500	$	—	$	—	$	3,500


	As of December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	Cost		gains		losses		Value
Cash and cash equivalents:
Cash and money market funds	$	18,644	$	—	$	—	$	18,644
Commercial paper		10,983		—		—		10,983
Total cash and cash equivalents		29,627		—		—		29,627
Investments:
Commercial paper		16,971		1		(1)		16,971
Corporate debt securities		2,496		5		—		2,501
Total investments		19,467		6		(1)		19,472
Total cash, cash equivalents and investments	$	49,094	$	6	$	(1)	$	49,099
Long-term restricted cash:
Cash	$	4,000	$	—	$	—	$	4,000

Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments



	Fair Value
Due in one year or less	$	81,034
Due after one year through 5 years		5,635
Total investments	$	86,669

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2020

Balance Sheet Components [Abstract]

Components of Inventory



	June 30,		December 31,
(in thousands)	2020		2019
Purchased materials	$	5,289	$	3,966
Work in process		5,795		4,594
Finished goods		5,684		4,752
Inventory	$	16,768	$	13,312

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies [Abstract]

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


Maturity of Lease Liabilities	Amount
Years ending December 31,	(in thousands)
Remaining of 2020	$	3,597
2021		7,328
2022		7,502
2023		7,704
2024		7,920
Thereafter		23,598
Total undiscounted operating lease payments		57,649
Less: imputed interest		(13,683)
Present value of operating lease liabilities		43,966

Balance Sheet Classification
Operating lease liabilities, current		4,103
Operating lease liabilities, non-current		39,863
Total operating lease liabilities		43,966

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity [Abstract]

Summary of Stock Option Activity



	Stock Options Outstanding
				Weighted
	Number			average
	of shares	Exercise price		exercise price
Balances, December 31, 2019	22,697	$	1.16 – 16.00	$	5.57
Options granted	35		2.45		2.45
Options exercised	(341)		1.16 – 4.25		2.43
Options canceled	(1,906)		2.54 – 15.77		7.39
Balances, June 30, 2020	20,485	$	1.16 – 16.00	$	5.45

Summary of Time-Based RSUs Activity


		Weighted average
	Number	grant date
	of shares	fair value
RSUs outstanding at December 31, 2019	1,086	$	6.12
RSUs granted	5,280		4.34
RSUs released	(858)		6.78
RSUs forfeited	(399)		4.47
Unvested RSUs outstanding at June 30, 2020	5,109	$	4.30

Summary of Performance-Based RSUs Activity


		Weighted average
	Number	grant date
	of shares	fair value
PSUs outstanding at December 31, 2019	138	$	2.63
PSUs granted	—		—
PSUs released	—		—
PSUs forfeited	—		—
Unvested PSUs outstanding at June 30, 2020	138	$	2.63

Schedule of Stock-Based Compensation Expense



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cost of revenue	$	452	$	444	$	979	$	956
Research and development		1,433		1,918		3,192		3,930
Sales, general and administrative		1,349		1,727		3,095		3,584
Total stock-based compensation expense	$	3,234	$	4,089	$	7,266	$	8,470

Schedule of Fair Value of Employee Stock Options



	Three Months Ended June 30,		Six Months Ended June 30,
Stock Option	2020	2019	2020	2019
Expected term in years	—	—	5.1	—
Expected volatility	—	—	57%	—
Risk-free interest rate	—	—	1.2%	—
Dividend yield	—	—	—	—

Schedule of Fair Value of Employee Stock Purchase Plan



	Three Months Ended June 30,		Six Months Ended June 30,
ESPP	2020	2019	2020	2019
Expected term in years	0.5-2.0	—	0.5-2.0	—
Expected volatility	0.6	—	0.6	—
Risk-free interest rate	0.8% -1.0%	—	0.8% -1.0%	—
Dividend yield	—	—	—	—

Revenue (Tables)

6 Months Ended

Jun. 30, 2020

Revenue [Abstract]

Schedule of Revenue by Geographic Location


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
North America	$	8,457	$	14,222	$	16,218	$	23,209
Europe (including the Middle East and Africa)		4,191		3,414		7,586		6,478
Asia Pacific		4,429		6,985		8,871		11,359
Total	$	17,077	$	24,621	$	32,675	$	41,046

Summary of Revenue by Category


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Instrument revenue	$	8,934	$	12,664	$	12,958	$	18,287
Consumable revenue		4,822		8,586		13,091		16,420
Product revenue		13,756		21,250		26,049		34,707
Service and other revenue		3,321		3,371		6,626		6,339
Total revenue	$	17,077	$	24,621	$	32,675	$	41,046

Termination of Merger with Illumina (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 02, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Termination of Merger with Illumina [Abstract]
Gain from Continuation Advances			$ 34,000		$ 34,000		$ 18,000
Termination fee received	$ 98,000
Advisor fees paid		$ 6,000
Continuation Advances			$ 34,000	$ 18,000	$ 34,000	$ 52,000
Period in which company must repay continuation advances if change-of-control transaction is entered into with third party					2 years
Equity or debt financing that must be raised in a single transaction					$ 100,000

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended				6 Months Ended			12 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) item	Jun. 30, 2019	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019	Dec. 31, 2019 USD ($) item	Feb. 29, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Fair value of the financing derivative			$ 0					$ 0
Financing derivative									$ 0
Continuation Advances		$ 34,000,000.0	$ 18,000,000.0		34,000,000	$ 52,000,000.0
Deferred gain from Reverse Termination Fee	98,000,000				$ 98,000,000
Period in which company must repay continuation advances if change-of-control transaction is entered into with third party					2 years
Equity or debt financing that must be raised in a single transaction					$ 100,000,000
Period in which company must raise equity or debt financing in a single transaction					2 years
Contingent repayment liability	$ 0	0			$ 0	$ 0
Gain from Continuation Advances		$ 34,000,000.0			34,000,000			$ 18,000,000.0
Fair value assets/liabilities transfer between levels					$ 0
Measurement Input, Discount Rate [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative liability, measurement input \| item			0.065					0.065
Sales Revenue, Net [Member] \| TOMY Digital Biology Co. [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	15.00%			23.00%	11.00%		20.00%

Summary of Significant Accounting Policies (Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)	Jun. 30, 2020	Feb. 29, 2020	Dec. 31, 2019
Assets
Total cash and cash equivalents	$ 43,342,000		$ 29,627,000
Total investments	76,621,000		19,472,000
Long-term restricted cash	3,500,000		4,000,000
Total assets measured at fair value	123,463,000		53,099,000
Liabilities
Financing derivative		$ 0
Continuation Advances
Total liabilities measured at fair value
Cash and money market funds [Member]
Assets
Total cash and cash equivalents	33,294,000		18,644,000
Commercial paper [Member]
Assets
Total cash and cash equivalents	10,048,000		10,983,000
Commercial paper, not included with cash and cash equivalents [Member]
Assets
Total investments	51,929,000		16,971,000
Corporate debt securities [Member]
Assets
Total investments	14,662,000		2,501,000
U.S. government & agency securities, not included with cash and cash equivalents [Member]
Assets
Total investments	10,030,000
Level 1 [Member]
Assets
Total cash and cash equivalents	33,294,000		18,644,000
Long-term restricted cash	3,500,000		4,000,000
Total assets measured at fair value	36,794,000		22,644,000
Liabilities
Financing derivative
Continuation Advances
Total liabilities measured at fair value
Level 1 [Member] \| Cash and money market funds [Member]
Assets
Total cash and cash equivalents	33,294,000		18,644,000
Level 2 [Member]
Assets
Total cash and cash equivalents	10,048,000		10,983,000
Total investments	76,621,000		19,472,000
Total assets measured at fair value	86,669,000		30,455,000
Liabilities
Financing derivative
Continuation Advances
Total liabilities measured at fair value
Level 2 [Member] \| Commercial paper [Member]
Assets
Total cash and cash equivalents	10,048,000		10,983,000
Level 2 [Member] \| Commercial paper, not included with cash and cash equivalents [Member]
Assets
Total investments	51,929,000		16,971,000
Level 2 [Member] \| Corporate debt securities [Member]
Assets
Total investments	14,662,000		2,501,000
Level 2 [Member] \| U.S. government & agency securities, not included with cash and cash equivalents [Member]
Assets
Total investments	10,030,000
Level 3 [Member]
Liabilities
Financing derivative
Continuation Advances
Total liabilities measured at fair value

Summary of Significant Accounting Policies (Anti-dilutive Shares Excluded from Computation of Diluted Net Income (Loss) per Share) (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	20,485	23,414
Time-Based Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	5,109	1,121
Performance-Based Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	138	138

Summary of Significant Accounting Policies (Schedule of Cumulative Effect on Consolidated Balance Sheet for Adoption of ASU 2016-13) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Assets
Accounts receivable	$ 11,346	$ 15,234	$ 15,266
Liabilities and Stockholders’ Equity
Accumulated deficit	$ (1,088,096)	$ (1,066,272)	(1,066,240)
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Assets
Accounts receivable			(32)
Liabilities and Stockholders’ Equity
Accumulated deficit			$ (32)

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 119,720	$ 49,094
Gross unrealized gains	243	6
Gross unrealized losses		(1)
Fair value	119,963	49,099
Cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	43,342	29,627
Gross unrealized gains
Gross unrealized losses
Fair value	43,342	29,627
Cash and money market funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	33,294	18,644
Gross unrealized gains
Gross unrealized losses
Fair value	33,294	18,644
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	10,048	10,983
Gross unrealized gains
Gross unrealized losses
Fair value	10,048	10,983
U.S. government and agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	10,003
Gross unrealized gains	27
Gross unrealized losses
Fair value	10,030
Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	76,378	19,467
Gross unrealized gains	243	6
Gross unrealized losses		(1)
Fair value	76,621	19,472
Commercial paper, not included with cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	51,892	16,971
Gross unrealized gains	37	1
Gross unrealized losses		(1)
Fair value	51,929	16,971
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	14,483	2,496
Gross unrealized gains	179	5
Gross unrealized losses
Fair value	14,662	2,501
Long-term restricted cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	3,500	4,000
Gross unrealized gains
Gross unrealized losses
Fair value	$ 3,500	$ 4,000

Cash, Cash Equivalents and Investments (Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments) (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Cash, Cash Equivalents and Investments [Abstract]
Due in one year or less	$ 81,034
Due after one year through 5 years	5,635
Total investments	$ 86,669

Balance Sheet Components (Narrative) (Details)		1 Months Ended		3 Months Ended		6 Months Ended
Balance Sheet Components (Narrative) (Details)	Jan. 02, 2020 USD ($)	May 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	May 01, 2020 USD ($)	Dec. 31, 2019 USD ($) item	May 01, 2019 USD ($)	Mar. 31, 2019 USD ($)	Oct. 31, 2015 USD ($)
Balance Sheet Components [Line Items]
Long-term restricted cash				$ 3,500,000		$ 3,500,000		$ 3,500,000	$ 4,000,000	$ 4,000,000.0	$ 4,500,000	$ 4,500,000
Decrease in Long-term restricted cash		$ 500,000
Termination fee received	$ 98,000,000.0
Accrued advisor fees				6,000,000.0		$ 6,000,000.0
Period in which company must repay continuation advances if change-of-control transaction is entered into with third party						2 years
Deferred gain from Reverse Termination Fee				98,000,000		$ 98,000,000
Sales, general and administrative				15,127,000	$ 19,083,000	40,074,000	$ 38,849,000
Notes payable, current									16,000,000.0
Repayment of notes payable			$ 16,000,000.0			16,000,000
Fair value of the financing derivative									0
Financing derivative			$ 0
Deferred revenue, current				6,932,000		6,932,000			7,610,000
Deferred revenue, non-current				1,531,000		1,531,000			1,951,000
Prepaid expenses and other current assets				2,862,000		2,862,000			3,369,000
Service [Member]
Balance Sheet Components [Line Items]
Deferred revenue				8,400,000		8,400,000
Deferred revenue, current				6,900,000		6,900,000			$ 2,100,000
Deferred revenue, non-current				1,500,000		1,500,000
Prepaid expenses and other current assets				$ 600,000		$ 600,000
Service [Member] \| Minimum [Member]
Balance Sheet Components [Line Items]
Deferred service revenue, noncurrent, recognition period						3 years
Termination Agreement [Member]
Balance Sheet Components [Line Items]
Sales, general and administrative						$ 6,000,000.0
Measurement Input, Discount Rate [Member]
Balance Sheet Components [Line Items]
Derivative liability, measurement input \| item									0.065

Balance Sheet Components (Components of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Balance Sheet Components [Abstract]
Purchased materials	$ 5,289	$ 3,966
Work in process	5,795	4,594
Finished goods	5,684	4,752
Inventory	$ 16,768	$ 13,312

Commitments and Contingencies (Narrative) (Details) ft² in Thousands		3 Months Ended		6 Months Ended
	Jul. 22, 2015 USD ($)	Jun. 30, 2020 USD ($) ft²	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) ft²	Jun. 30, 2019 USD ($)	May 01, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 01, 2019 USD ($)	Mar. 31, 2019 USD ($)	Oct. 31, 2015 USD ($)
Commitments and Contingencies [Line Items]
Long-term restricted cash		$ 3,500,000		$ 3,500,000		$ 3,500,000	$ 4,000,000	$ 4,000,000.0	$ 4,500,000	$ 4,500,000
Rent payments		1,800,000		3,600,000
Operating lease cost		1,600,000	$ 1,600,000	3,100,000	$ 3,100,000
Additional liability associated with indemnification obligations		$ 0		$ 0
1305 O’Brien Drive, Menlo Park, California [Member]
Commitments and Contingencies [Line Items]
Net rentable area \| ft²		180		180
Renewal term		5 years		5 years
Weighted average remaining lease term		7 years 3 months 18 days		7 years 3 months 18 days
Weighted average discount rate		7.90%		7.90%
O’Brien Lease Agreement [Member]
Commitments and Contingencies [Line Items]
Lease term	132 months
Rent expense first twelve months	$ 540,000
Rent expense last twelve months	$ 711,000
Period in which payment must be received without incurring late charge	5 days
Late charge, percent	5.00%
Amount not paid after written notice, bear interest from date due until date paid, period	10 days
O’Brien Lease Agreement [Member] \| Prime Rate [Member]
Commitments and Contingencies [Line Items]
Basis spread on variable rate	2.00%

Commitments and Contingencies (Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Maturity of Lease Liabilities
Remaining of 2020	$ 3,597
2021	7,328
2022	7,502
2023	7,704
2024	7,920
Thereafter	23,598
Total undiscounted operating lease payments	57,649
Less: imputed interest	(13,683)
Present value of operating lease liabilities	43,966
Balance Sheet Classification
Operating lease liabilities, current	4,103	$ 3,837
Operating lease liabilities, non-current	39,863	$ 41,964
Total operating lease liabilities	$ 43,966

Stockholders' Equity (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
Stockholders' Equity (Narrative) (Details) $ in Thousands	Jan. 31, 2020 shares	Jun. 30, 2020 USD ($) item shares	Jun. 30, 2020 USD ($) item shares	Jun. 30, 2019 USD ($) shares	Dec. 31, 2019 shares
Stockholders' Equity [Line Items]
Number of equity compensation plans \| item		3	3
Stock-based compensation \| $			$ 7,266	$ 8,470
2010 Plan [Member]
Stockholders' Equity [Line Items]
Additional common stock reserved for issuance	7,700,000
2010 Director Plan [Member]
Stockholders' Equity [Line Items]
Additional common stock reserved for issuance	1,500,000
2010 Plan and 2010 Director Plan [Member]
Stockholders' Equity [Line Items]
Common stock reserved for issuance		27,200,000	27,200,000
ESPP [Member]
Stockholders' Equity [Line Items]
Shares issued			1,306,329	1,306,329
Additional common stock reserved for issuance	3,100,000
Common stock reserved for issuance		6,713,447	6,713,447
Stock-based compensation \| $		$ 408	$ 537
Employee stock purchase rights offered			0
Stock Options [Member]
Stockholders' Equity [Line Items]
Stock-based compensation \| $		1,100	$ 2,900
Options granted			0		0
Time-Based Restricted Stock Units (RSUs) [Member]
Stockholders' Equity [Line Items]
Stock-based compensation \| $		1,600	$ 3,800
Performance-Based Restricted Stock Units (RSUs) [Member]
Stockholders' Equity [Line Items]
Stock-based compensation \| $		$ 0	$ 0

Stockholders' Equity (Summary of Stock Option Activity) (Details) - Stock Options [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Options granted	0	0
$1.16 – 16.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Balances, December 31, 2019	22,697,000
Number of shares, Balances, June 30, 2020	20,485,000	22,697,000
Exercise price, lower range	$ 1.16	$ 1.16
Exercise price, upper range	16.00	16.00
Weighted average exercise price, Balances, December 31, 2019	5.57
Weighted average exercise price, Balances, June 30, 2020	$ 5.45	$ 5.57
$2.45 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Options granted	35,000
Exercise price	$ 2.45
Weighted average exercise price, Options granted	$ 2.45
$1.16 – 4.25 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Options exercised	(341,000)
Exercise price, lower range	$ 1.16
Exercise price, upper range	4.25
Weighted average exercise price, Options exercised	$ 2.43
$2.54 – 15.77 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Options canceled	(1,906,000)
Exercise price, lower range	$ 2.54
Exercise price, upper range	15.77
Weighted average exercise price, Options canceled	$ 7.39

Stockholders' Equity (Summary of Time-Based RSUs Activity) (Details) - Time-Based Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, outstanding at December 31, 2019 \| shares	1,086
Number of shares, granted \| shares	5,280
Number of shares, released \| shares	(858)
Number of shares, forfeited \| shares	(399)
Number of shares, Unvested outstanding at June 30, 2020 \| shares	5,109
Weighted average grant date fair value, outstanding at December 31, 2019 \| $ / shares	$ 6.12
Weighted average grant date fair value, granted \| $ / shares	4.34
Weighted average grant date fair value, released \| $ / shares	6.78
Weighted average grant date fair value, forfeited \| $ / shares	4.47
Weighted average grant date fair value, Unvested outstanding at June 30, 2020 \| $ / shares	$ 4.30

Stockholders' Equity (Summary of Performance-Based RSUs Activity) (Details) - Performance-Based Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, outstanding at December 31, 2019 \| shares	138
Number of shares, granted \| shares
Number of shares, released \| shares
Number of shares, forfeited \| shares
Number of shares, Unvested outstanding at June 30, 2020 \| shares	138
Weighted average grant date fair value, outstanding at December 31, 2019 \| $ / shares	$ 2.63
Weighted average grant date fair value, granted \| $ / shares
Weighted average grant date fair value, released \| $ / shares
Weighted average grant date fair value, forfeited \| $ / shares
Weighted average grant date fair value, Unvested outstanding at June 30, 2020 \| $ / shares	$ 2.63

Stockholders' Equity (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,234	$ 4,089	$ 7,266	$ 8,470
Cost of revenue [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	452	444	979	956
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,433	1,918	3,192	3,930
Sales, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,349	$ 1,727	$ 3,095	$ 3,584

Stockholders' Equity (Schedule of Fair Value of Employee Stock Options) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years			5 years 1 month 6 days
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility			57.00%
Risk-free interest rate			1.20%
Dividend yield

Stockholders' Equity (Schedule of Fair Value of Employee Stock Purchase Plan) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years			5 years 1 month 6 days
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	0.60%		0.60%
Risk-free interest rate
Risk-free interest rate, minimum	0.80%		0.80%
Risk-free interest rate, maximum	1.00%		1.00%
Dividend yield
ESPP [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years	6 months		6 months
ESPP [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years	2 years		2 years

Revenue (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 17,077	$ 24,621	$ 32,675	$ 41,046
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	8,457	14,222	16,218	23,209
Europe (including the Middle East and Africa) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	4,191	3,414	7,586	6,478
Asia Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 4,429	$ 6,985	$ 8,871	$ 11,359

- Definition

Amount, excluding 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue (Summary of Revenue by Category) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Product Information [Line Items]
Total revenue	$ 17,077	$ 24,621	$ 32,675	$ 41,046
Product [Member]
Product Information [Line Items]
Total revenue	13,756	21,250	26,049	34,707
Instrument [Member]
Product Information [Line Items]
Total revenue	8,934	12,664	12,958	18,287
Consumable [Member]
Product Information [Line Items]
Total revenue	4,822	8,586	13,091	16,420
Service and Other [Member]
Product Information [Line Items]
Total revenue	$ 3,321	$ 3,371	$ 6,626	$ 6,339

- Definition

+ References

+ Details

Stockholders' Equity (Summary of Performance-Based RSUs Activity) (Details) - Performance-Based Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, outstanding at December 31, 2019 \| shares	138
Number of shares, granted \| shares
Number of shares, released \| shares
Number of shares, forfeited \| shares
Number of shares, Unvested outstanding at June 30, 2020 \| shares	138
Weighted average grant date fair value, outstanding at December 31, 2019 \| $ / shares	$ 2.63
Weighted average grant date fair value, granted \| $ / shares
Weighted average grant date fair value, released \| $ / shares
Weighted average grant date fair value, forfeited \| $ / shares
Weighted average grant date fair value, Unvested outstanding at June 30, 2020 \| $ / shares	$ 2.63