0001299130-25-000102 | 10-Q | XBRL Viewer | Pacific Biosciences OF California INC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]


Basis of Presentation and Consolidation

Our unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, as set forth in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. The unaudited condensed consolidated financial statements include the accounts of Pacific Biosciences and our wholly owned subsidiaries. Certain information and footnote disclosures typically included in our audited financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the December 31, 2024 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state our financial position, results of operations, comprehensive loss, and cash flows for the period, but are not necessarily indicative of the results to be expected for the entire year or any future periods. All intercompany transactions and balances have been eliminated.

Use of Estimates


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. On an ongoing basis, we evaluate our significant estimates, including those relating to the valuation of inventory, fair value of contingent consideration, valuation of acquired intangible assets, useful lives assigned to finite-lived assets, asset impairment assessments, computation of provisions for income taxes, and valuations related to our convertible senior notes. While the extent of the potential impact of current macroeconomic conditions on our business is highly uncertain, we considered information available related to assumptions and estimates used to determine the results reported and asset valuations as of March 31, 2025. Actual results could differ materially from these estimates.

Cash, Cash Equivalents, Restricted Cash and Investments


Cash, Cash Equivalents, Restricted Cash, and Investments

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

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

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

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

Recent Accounting Pronouncements


Recent Accounting Pronouncements

Accounting Pronouncements Pending Adoption

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

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

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

Fair Value of Financial Instruments

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

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

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

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

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES


NOTE 6. COMMITMENTS AND CONTINGENCIES


Leases

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

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

On March 7, 2025, we amended our existing lease covering our corporate headquarters, as well as our research and development, manufacturing, and distribution facilities in Menlo Park, California. The lease amendment extends the term to April 30, 2034. We will pay approximately $97.7 million in base rent over the life of the amended lease and receive base rent abatement of approximately $11.6 million for the period beginning on March 1, 2025 and ending on July 31, 2026. We are also entitled to a tenant improvement allowance of $7.2 million. The lease amendment increased our operating lease right-of-use assets and operating lease liabilities by $29.6 million on our condensed consolidated balance sheets.

As of March 31, 2025, the maturities of our operating lease liabilities were as follows:


(in thousands)
2025	$	2,327
2026	3,941
2027	9,165
2028	12,389
2029	12,761
Thereafter	59,897
Total undiscounted operating lease payments	100,480
Less: imputed interest	(47,583)
Present value of operating lease liabilities	$	52,897

Balance Sheet Classification
Operating lease liabilities, current	$	2,417
Operating lease liabilities, non-current	50,480
Total operating lease liabilities	$	52,897

We use our incremental borrowing rate to determine the present value of lease payments, as the implicit rates in our leases are not readily determinable. The weighted-average discount rate used to measure our operating lease liabilities was 10.1%. The weighted-average remaining lease term for our operating leases as of March 31, 2025 was 9.0 years.

Cash Flows

Cash paid for amounts included in the present value of operating lease liabilities was $2.4 million and $3.0 million for the three months ended March 31, 2025 and 2024, respectively, and were included in operating cash flows.

Operating Lease Costs

Operating lease costs were $2.0 million and $2.6 million for the three months ended March 31, 2025 and 2024, respectively.


Contingencies

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

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

Please see subsection titled Legal Proceedings, in Part II, Item 1 of this Quarterly Report on Form 10-Q.


Indemnification

Pursuant to Delaware law and agreements entered into with each of our directors and officers, we may have obligations, under certain circumstances, to hold harmless and indemnify each of our directors and officers against losses suffered or incurred by the indemnified party in connection with their service to us, and judgements, fines, settlements and expenses related to claims arising against such directors and officers to the fullest extent permitted under Delaware law, our bylaws and our certificate of incorporation. We also enter and have entered into indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. In addition, we may have obligations to hold harmless and indemnify third parties involved with our fundraising efforts and their respective affiliates, directors, officers, employees, agents or other representatives against any and all losses, claims, damages and liabilities related to claims arising against such parties pursuant to the terms of agreements entered into between such third parties and us in connection with such fundraising efforts. To the extent that any such indemnification obligations apply to the lawsuits described above, any associated expenses incurred are included within the related accrued litigation expense amounts. No additional liability associated with such indemnification obligations has been recorded as of March 31, 2025 and December 31, 2024.

- Definition

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

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EQUITY PLANS AND SHARE-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - Time-based stock option shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	10,509
Granted (in shares) \| shares	7,562
Canceled (in shares) \| shares	(1,287)
Expired (in shares) \| shares	(236)
Ending balance (in shares) \| shares	16,548
Weighted average exercise price
Beginning balance (in dollars per share) \| $ / shares	$ 11.09
Granted (in dollars per share) \| $ / shares	1.24
Canceled (in dollars per share) \| $ / shares	9.20
Expired (in dollars per share) \| $ / shares	6.91
Ending balance (in dollars per share) \| $ / shares	$ 6.80

SEGMENT AND GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION


NOTE 9. SEGMENT AND GEOGRAPHIC INFORMATION

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

On a regular basis, our CODM reviews:

•total revenues by category

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

•net loss per share

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

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


	Three Months Ended March 31,
(In thousands)	2025	2024
Total revenue	37,153	38,810
Less:
Cost of revenue	38,524	27,528
Research and development	29,053	43,455
Sales and marketing	20,076	22,537
General and administrative	20,092	21,216
Impairment charges	15,000	—
Change in fair value of contingent consideration	(18,700)	(70)
Amortization of acquired intangible assets	362,042	5,506
Other income, net	2,557	3,184
Income tax provision	(302)	—
Consolidated net loss	(426,075)	(78,178)

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


	Three Months Ended March 31,
(In thousands)	2025		2024
Americas	$	16,303	$	17,678
Europe, Middle East and Africa	9,240		8,356
Asia-Pacific	11,610		12,776
Total	$	37,153	$	38,810

A summary of our revenue by category is as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Instrument revenue	$	11,016	$	19,025
Consumable revenue	20,097		15,984
Product revenue	31,113		35,009
Service and other revenue	6,040		3,801
Total revenue	$	37,153	$	38,810

- Definition

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

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+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Maturities of our Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Maturity of Lease Liabilities
2025	$ 2,327
2026	3,941
2027	9,165
2028	12,389
2029	12,761
Thereafter	59,897
Total undiscounted operating lease payments	100,480
Less: imputed interest	(47,583)
Present value of operating lease liabilities	52,897
Balance Sheet Classification
Operating lease liabilities, current	2,417	$ 10,026
Operating lease liabilities, non-current	50,480	$ 14,914
Total operating lease liabilities	$ 52,897

CONVERTIBLE SENIOR NOTES - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
2030 Convertible Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 1,516	$ 1,533
Amortization of debt issuance costs	239	239
Total interest expense	1,755	1,772
2028 Convertible Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	1,721
Amortization of debt issuance costs	0	81
Total interest expense	$ 0	$ 1,802

- Definition

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-Topic 835
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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+ Details

FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 342,729	$ 389,509
Gross unrealized gains	453	602
Gross unrealized losses	(72)	(180)
Fair Value	343,110	389,931
Short-term restricted cash	690	690
Long-term restricted cash	1,532	1,532
Cash and cash equivalents
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	58,507	55,370
Gross unrealized gains	1	0
Gross unrealized losses	(1)	0
Fair Value	58,507	55,370
Total investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	284,222	334,139
Gross unrealized gains	452	602
Gross unrealized losses	(71)	(180)
Fair Value	284,603	334,561
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	38,635	46,746
Gross unrealized gains	169	184
Gross unrealized losses	(14)	(25)
Fair Value	38,790	46,905
U.S. government & agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	245,587	287,393
Gross unrealized gains	283	418
Gross unrealized losses	(57)	(155)
Fair Value	$ 245,813	$ 287,656

EQUITY PLANS AND SHARE-BASED COMPENSATION - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock purchased under plan (in shares)	1,752,417	1,194,436
Dividend yield	0.00%	0.00%
Time Based Restricted Stock Units PSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amount eligible to vest upon achievement of goal	200.00%
2020 Plan, Inducement Plan, And The Omniome Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock remain available for issuance (in shares)	11,300,000
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock remain available for issuance (in shares)	16,500,000
Additional common stock purchased under plan (in shares)	4,000,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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+ Details

FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 58,507	$ 55,370
Short-term restricted cash	690	690
Long-term restricted cash	1,532	1,532
Total assets measured at fair value	345,332	392,153
Liabilities
Contingent consideration	0	18,700
Total liabilities measured at fair value	0	18,700
Investments:
Assets
Investments:	284,603	334,561
Corporate debt securities
Assets
Investments:	38,790	46,905
U.S. government & agency securities
Assets
Investments:	245,813	287,656
Level 1
Assets
Cash and cash equivalents	42,952	55,370
Short-term restricted cash	690	690
Long-term restricted cash	1,532	1,532
Total assets measured at fair value	45,174	57,592
Liabilities
Contingent consideration	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Investments:
Assets
Investments:	0	0
Level 1 \| Corporate debt securities
Assets
Investments:	0	0
Level 1 \| U.S. government & agency securities
Assets
Investments:	0	0
Level 2
Assets
Cash and cash equivalents	15,555	0
Short-term restricted cash	0	0
Long-term restricted cash	0	0
Total assets measured at fair value	300,158	334,561
Liabilities
Contingent consideration	0	0
Total liabilities measured at fair value	0	0
Level 2 \| Investments:
Assets
Investments:	284,603	334,561
Level 2 \| Corporate debt securities
Assets
Investments:	38,790	46,905
Level 2 \| U.S. government & agency securities
Assets
Investments:	245,813	287,656
Level 3
Assets
Cash and cash equivalents	0	0
Short-term restricted cash	0	0
Long-term restricted cash	0	0
Total assets measured at fair value	0	0
Liabilities
Contingent consideration	0	18,700
Total liabilities measured at fair value	0	18,700
Level 3 \| Investments:
Assets
Investments:	0	0
Level 3 \| Corporate debt securities
Assets
Investments:	0	0
Level 3 \| U.S. government & agency securities
Assets
Investments:	$ 0	$ 0

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 37,153	$ 38,810
Product revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	31,113	35,009
Instrument revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	11,016	19,025
Consumable revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	20,097	15,984
Service and other revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 6,040	$ 3,801

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

BALANCE SHEET COMPONENTS - Schedule of Changes in Reserve for Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 3,100	$ 4,681
Additions charged to cost of product revenue	1,311	1,600
Repairs and replacements	(1,552)	(2,161)
Ending balance	$ 2,859	$ 4,120

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 02, 2023	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Business Acquisition [Line Items]
Contingent consideration		$ 0		$ 18,700
Investment income, net		3,900	$ 7,200
Apton
Business Acquisition [Line Items]
Contingent consideration		$ 0
Milestone revenue	$ 50,000
Business acquisition, anniversary	5 years	5 years
Average trading period	20 days
Apton \| Maximum
Business Acquisition [Line Items]
Percentage of outstanding shares of common to be issued in merger	19.90%
Apton \| Achievement of milestone
Business Acquisition [Line Items]
Contingent consideration	$ 25,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss	$ (426,075)	$ (78,178)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	5,131	3,240
Amortization of intangible assets	366,390	6,853
Amortization of right-of-use assets	1,258	1,921
Share-based compensation expense	9,201	19,525
Impairment charges	15,000	0
Accretion of discount and amortization of premium on marketable securities, net	(1,706)	(4,031)
Change in the estimated fair value of contingent consideration	(18,700)	(70)
Inventory provision	7,659	3
Deferred income taxes	(546)	0
Other	719	403
Changes in assets and liabilities
Accounts receivable, net	(4,121)	6,292
Inventory, net	(2,538)	(11,655)
Prepaid expenses and other assets	3,426	3,051
Accounts payable	(1,525)	6,644
Accrued expenses	311	(23,753)
Deferred revenue	1,332	1,601
Operating lease liabilities	(1,618)	(2,376)
Other liabilities	2,346	(5,152)
Net cash used in operating activities	(44,056)	(75,682)
Cash flows from investing activities
Purchases of property and equipment	(1,389)	(3,879)
Purchases of intangible assets	(5,000)	0
Purchases of investments	(61,820)	(191,907)
Maturities of investments	113,443	161,650
Net cash provided by (used in) investing activities	45,234	(34,136)
Cash flows from financing activities
Proceeds from issuance of common stock from equity plans	1,959	6,891
Notes payable principal payoff	0	(338)
Net cash provided by financing activities	1,959	6,553
Net increase (decrease) in cash, cash equivalents, and restricted cash	3,137	(103,265)
Cash, cash equivalents, and restricted cash at beginning of period	57,592	182,633
Cash, cash equivalents, and restricted cash at end of period	60,729	79,368
Cash and cash equivalents at end of period	58,507	76,646
Restricted cash at end of period	2,222	2,722
Cash, cash equivalents, and restricted cash at end of period	60,729	79,368
Supplemental disclosure of non-cash investing and financing activities
Right-of-use asset and lease liability recognized due to lease extension	$ 29,575	$ 0

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Segment Profit or Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Total revenue	$ 37,153	$ 38,810
Less:
Cost of revenue	38,524	27,528
Research and development	29,053	43,455
Impairment charges	15,000	0
Change in fair value of contingent consideration	(18,700)	(70)
Amortization of intangible assets	366,390	6,853
Other income, net	4,294	6,759
Income tax provision	(302)	0
Consolidated net loss	(426,075)	(78,178)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenue	37,153	38,810
Less:
Cost of revenue	38,524	27,528
Research and development	29,053	43,455
Sales and marketing	20,076	22,537
General and administrative	20,092	21,216
Impairment charges	15,000	0
Change in fair value of contingent consideration	(18,700)	(70)
Amortization of intangible assets	362,042	5,506
Other income, net	2,557	3,184
Income tax provision	(302)	0
Consolidated net loss	$ (426,075)	$ (78,178)

BALANCE SHEET COMPONENTS - Schedule of Estimated Future Amortization Expense of Acquisition-Related Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Balance Sheet Components [Abstract]
Remainder of 2025	$ 3,059
2026	4,078
2027	4,078
2028	1,301
2029	745
2030 and thereafter	4,921
Total	$ 18,182	$ 374,572

BALANCE SHEET COMPONENTS - Schedule of Finite-Lived Intangible Assets From Business Acquisitions (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 421,539	$ 411,539
Accumulated Amortization	(403,357)	(36,967)
Total	18,182	374,572
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	421,179	411,179
Accumulated Amortization	(402,997)	(36,607)
Total	$ 18,182	374,572
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	3 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	2 years
Gross Carrying Amount	$ 360	360
Accumulated Amortization	(360)	(360)
Total	$ 0	$ 0

- Definition

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

+ References + Details

BALANCE SHEET COMPONENTS - Schedule of Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 389,572
Ending balance	$ 18,182
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges
In Process Research and Development
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 15,000
Impairment charge	(15,000)
Ending balance	$ 0

BALANCE SHEET COMPONENTS - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Balance Sheet Components [Abstract]
Purchased materials	$ 44,479	$ 45,270
Work in process	24,914	22,172
Finished goods	13,429	14,081
Inventory, gross	82,822	81,523
Inventory reserve	(28,815)	(22,768)
Inventory, net	$ 54,007	$ 58,755

BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2025

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS


NOTE 3. BALANCE SHEET COMPONENTS


Inventory, Net

Our inventory, net, consisted of the following components:


(In thousands)	March 31, 2025		December 31, 2024
Purchased materials	$	44,479	$	45,270
Work in process	24,914		22,172
Finished goods	13,429		14,081
Inventory, gross	82,822		81,523
Inventory reserve	(28,815)		(22,768)
Inventory, net	$	54,007	$	58,755


Goodwill and Intangible Assets

Goodwill

Goodwill is reviewed for impairment at least annually during the second quarter, or more frequently if an event occurs indicating the potential for impairment. We performed our annual assessment for goodwill impairment in the second quarter of 2024, as of the beginning of April 2024, noting no impairment. We recognized a $93.2 million and $51.3 million impairment charge in the second and fourth quarter of 2024, respectively, as a result of quantitative interim impairment tests.

Based primarily on the decline in our stock price and overall market capitalization during the first quarter of 2025, driven in part by macroeconomic uncertainties, as well as our updated strategic plans and restructuring initiatives that prioritize accelerating adoption of HiFi sequencing and ceasing development of our high-throughput short-read platform, we concluded that changes to the timing and amount of expected future cash flows, among other factors, indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, requiring an interim goodwill impairment assessment. As a result of the quantitative interim impairment test performed as of March 31, 2025, we concluded that there was no impairment, as the estimated fair value of the entity-level reporting unit exceeded the carrying value.

To determine the fair value of the entity-level reporting unit as of March 31, 2025, we performed our impairment test using a combination of an income approach and a market approach to determine the fair value of the reporting unit. The income approach utilized estimated discounted cash flows, while the market approach utilized comparable company information. Significant assumptions used in the income approach included revenue growth expectations and a selected discount rate of 12.0%. The discount rate was based on the weighted average cost of capital, determined using market, industry data, and related risk factors. The assessment is a level 3 measurement due to its reliance on certain unobservable inputs and significant management judgment. The assumptions used were inherently subject to uncertainty and small changes in these assumptions could have had a significant impact on the concluded value. An increase of 100 basis points to the discount rate used in our assessment would have resulted in a change in the fair value of the reporting unit of approximately $75 million. The assessed fair value was deemed reasonable based on a market capitalization reconciliation and a supportable control premium.

Changes in our future operating results, cash flows, share price, market capitalization or discount rates used when conducting future goodwill impairment tests could affect the implied fair value of goodwill and may result in additional impairment charges in the future.

Intangible Assets

Intangible assets include developed technology, customer relationships, and acquired in-process research and development ("IPR&D"). In connection with the Apton acquisition in August 2023, we allocated $55.0 million of the purchase price to IPR&D. This asset is considered indefinite-lived until the associated research and development activities are either completed or abandoned, and is tested for impairment annually and more

frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

We recognized a $40.0 million impairment charge in the fourth quarter of 2024 as a result of a quantitative interim impairment test.

Based on our decision to cease development of the high-throughput short-read sequencing platform, which would utilize the IPR&D, and the resulting changes to the expected future cash flows, among other factors, we concluded that it was more likely than not that the fair value of the IPR&D was less than its carrying amount, requiring an interim impairment assessment. Using a discounted cash flow model under the income approach, we determined the fair value was below carrying value and recorded a $15.0 million impairment charge. The decline in the fair value of the IPR&D below its carrying amount as of March 31, 2025 resulted primarily from changes in the timing of expected future cash flows as compared to the fair value as of December 31, 2024, driven by the restructuring initiatives that prioritize accelerating adoption of HiFi sequencing and resulted in ceasing development of our high-throughput short-read sequencing platform. The impairment charge is included on our consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025.

Significant estimates and assumptions used in the income approach include timing of future cash flows, revenue growth assumptions, a selected discount rate of 14.0%, and a selected obsolescence factor of 11 years. The discount rate was based primarily on the weighted average cost of capital, determined using market, peer company, industry data, and related risk factors. The assessment is a level 3 measurement due to its reliance on certain unobservable inputs and significant management judgment. The assumptions used were inherently subject to uncertainty and small changes in these assumptions could have had a significant impact on the concluded value. A decrease of 200 basis points to the discount rate used in our analysis would have resulted in an increase in the estimated fair value of the IPR&D of approximately $3 million, and an increase of one year to the obsolescence factor used in our analysis would have resulted in an increase in the estimated fair value of the IPR&D of approximately $3 million.

Changes to IPR&D during the three months ended March 31, 2025 were as follows:


(In thousands)
Balance as of December 31, 2024	$	15,000
Impairment charge	(15,000)
Balance as of March 31, 2025	$	—

See Note 5 . Restructuring for additional information on costs incurred in connection with our current year restructuring activities.

In addition to IPR&D, we had the following acquired finite-lived intangible assets:


		As of March 31, 2025						As of December 31, 2024
(In thousands, except years)	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	3 — 15	$	421,179	$	(402,997)	$	18,182	$	411,179	$	(36,607)	$	374,572
Customer relationships	2	360		(360)		—		360		(360)		—
Total		$	421,539	$	(403,357)	$	18,182	$	411,539	$	(36,967)	$	374,572

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


(In thousands)
Remainder of 2025	$	3,059
2026	4,078
2027	4,078
2028	1,301
2029	745
2030 and thereafter	4,921
Total	$	18,182

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

We review finite-lived intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets.

During the three months ended March 31, 2025, we revised the estimated useful life of the developed technology acquired in the 2021 Omniome, Inc. ("Omniome") acquisition. This change reflects updated strategic plans and restructuring initiatives focused on accelerating HiFi sequencing adoption, leading to ceased development of our high-throughput short-read platform and revised expectations for the timing and amount of future cash flows from short-read sequencing products and services. As a result of the change in estimate, during the three months ended March 31, 2025 we recognized accelerated amortization of $359.3 million within amortization of acquired intangible assets in operating expenses, reflecting our revised estimate that the asset will no longer generate economic benefit beyond March 31, 2025. This expense reduced basic and diluted net loss per share by $1.21.

On March 7, 2025, the Company entered into an agreement to acquire certain developed technology and related intellectual property from The Chinese University of Hong Kong for total consideration of $9.7 million. In addition, the Company entered into a license agreement for complementary developed technology during the three months ended March 31, 2025. Both the acquired technology and license are classified as intangible assets and are being amortized over an estimated useful life of three years. As of March 31, 2025, $5.0 million of intangible assets acquired during the first quarter of 2025 remained unpaid, is included in accrued liabilities on the condensed consolidated balance sheets, and is expected to be paid in 2026.

In the first quarter of 2025, as part of our interim goodwill impairment test, we also performed a recoverability test for the definite-lived asset group noting no impairment.

See Note 5 . Restructuring for additional information on costs incurred in connection with our current year restructuring activities.


Deferred Revenue

As of March 31, 2025, we had a total of $21.1 million of deferred revenue, $15.2 million of which was recorded as deferred revenue, current, and $5.9 million of which was recorded as deferred revenue, non-current, which primarily relates to deferred service contract revenues and is scheduled to be recognized in the next five years. Revenue recorded in the three months ended March 31, 2025 includes $4.6 million that was included in deferred revenue as of December 31, 2024.

Performance Obligations

We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date. However, we may allow customers to make product substitutions or certain modifications at our discretion. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within a year of the contract execution date. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $58.7 million, of which approximately 70% is expected to be converted to revenue over the next twelve months, approximately 23% in the following twelve months, and the remainder thereafter.


Product Warranties

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

Changes in the reserve for product warranties were as follows for the periods indicated:


	Three Months Ended March 31,
(In thousands)	2025		2024
Balance at beginning of period	$	3,100	$	4,681
Additions charged to cost of product revenue	1,311		1,600
Repairs and replacements	(1,552)		(2,161)
Balance at end of period	$	2,859	$	4,120

EQUITY PLANS AND SHARE-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 1,165	$ 2,106
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,607	5,788
Sales, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	5,429	11,631
Total share-based compensation expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 9,201	$ 19,525

EQUITY PLANS AND SHARE-BASED COMPENSATION - Schedule of Fair Value of Employee Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	4 years 10 months 24 days	4 years 10 months 24 days
Expected volatility, minimum	95.00%
Expected volatility, maximum	96.00%
Expected volatility		81.00%
Risk-free interest rate, minimum	3.92%
Risk-free interest rate, maximum	4.29%
Risk-free interest rate		4.32%
Dividend yield	0.00%	0.00%
Weighted average grant date fair value per share (in dollars per share)	$ 0.91	$ 2.45

RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	$ 4,649
2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Beginning Balance	170
Additional expense recorded	975
Cash payments	(581)
Ending Balance	564
Estimated total restructuring costs to still be incurred	0
Employee separation costs \| 2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	4,649
Cash payments	0
Ending Balance	4,649
Estimated total restructuring costs to still be incurred	0
Employee separation costs \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	0
Other costs \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Beginning Balance	170
Additional expense recorded	975
Cash payments	(581)
Ending Balance	564
Estimated total restructuring costs to still be incurred	$ 0

- Definition

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

+ References + Details

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES


NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES


Business Overview

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

Our products and technology, which include our HiFi long-read sequencing technology, address solutions across a broad set of applications including human genetics, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications.

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

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

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


Basis of Presentation and Consolidation

The financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report").


Use of Estimates


Cash, Cash Equivalents, Restricted Cash, and Investments

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


Concentration and Other Risks

For the three months ended March 31, 2025 and 2024, no customer accounted for 10% or more of total revenue during the period.

As of March 31, 2025, 36% of our accounts receivable were from domestic customers, compared to 36% as of December 31, 2024. As of March 31, 2025, one customer exceeded 10% of our net accounts receivable, while no customer represented 10% or more of our net accounts receivable as of December 31, 2024.


Recent Accounting Pronouncements

Accounting Pronouncements Pending Adoption

Significant Accounting Policies

There have been no changes to our significant accounting policies as disclosed in our 2024 Annual Report.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in share)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	300,041,000	294,418,000
Common stock, shares outstanding (in shares)	300,041,000	294,418,000

FINANCIAL INSTRUMENTS - Schedule of Changes in Estimated Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 18,700
Change in fair value of contingent consideration	(18,700)	$ (70)
Ending balance	0
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	18,700
Change in fair value of contingent consideration	(18,700)
Ending balance	$ 0

SEQUITY PLANS AND SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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


(shares in thousands)	Number of shares	Weighted average exercise price
Outstanding at December 31, 2024	10,509	$	11.09
Granted	7,562	1.24

Canceled	(1,287)	9.20
Expired	(236)	6.91
Outstanding at March 31, 2025	16,548	$	6.80

Schedule of Time-Based RSUs and PSUs Activity

The following table summarizes the time-based RSUs and PSUs activity:


	Restricted Stock Units (RSU)	Performance Stock Units (PSU)	Weighted average grant date fair value
(shares in thousands)			RSU		PSU
Outstanding at December 31, 2024	14,211	392	$	7.41	$	9.43
Granted	11,618	—	1.25		—
Vested	(3,870)	—	9.51		—
Forfeited	(552)	—	5.79		—
Outstanding at March 31, 2025	21,407	392	$	3.73	$	9.43

Schedule of Stock-Based Compensation Expense

The following table summarizes share-based compensation expense:


	Three Months Ended March 31,
(In thousands)	2025		2024
Cost of revenue	$	1,165	$	2,106
Research and development	2,607		5,788
Sales, general and administrative	5,429		11,631
Total share-based compensation expense	$	9,201	$	19,525

Schedule of Fair Value of Employee Stock Options

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


	Three Months Ended March 31,
		2025	2024
Expected term in years		4.9	4.9
Expected volatility		95% — 96%	81%
Risk-free interest rate		3.92% — 4.29%	4.32%
Dividend yield		—	—
Weighted average grant date fair value per share		$0.91	$2.45

Schedule of Fair Value of Employee Stock Purchase Plan

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


	Three Months Ended March 31,
		2025	2024
Expected term in years		0.5 — 2.0	0.5 — 2.0
Expected volatility		113%	81%
Risk-free interest rate		3.96% — 4.31%	4.54% — 5.27%
Dividend yield		—	—
Weighted average grant date fair value per share		$0.93	$2.78

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 07, 2025	Apr. 01, 2024	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Aug. 02, 2023
Schedule of Balance Sheet Components [Line Items]
Impairment charges		$ 0	$ 0	$ 51,300	$ 93,200
Goodwill impairment, discount rate			12.00%
Increase in basis point discount rate			0.0100
Additional goodwill impairment			$ 75,000
Impairment of intangible assets				40,000
Intangible asset impairment, discounted cash flow model, discount rate			14.00%
Intangible asset impairment, discounted cash flow model, term (in years)			11 years
Intangible asset impairment, increase in basis point discount rate			200
Additional intangible asset impairment, change in discount rate			$ 3,000
Intangible asset impairment, increase in term (in years)			1 year
Additional intangible asset impairment, change in term			$ 3,000
Deferred revenue, current			15,241	13,864
Deferred revenue, non-current			5,855	$ 5,900
Deferred revenue, non-current			$ 58,700
Standard product warranty, period			1 year
Developed Technology and Intellectual Property
Schedule of Balance Sheet Components [Line Items]
Asset acquisition, consideration transferred	$ 9,700
Asset acquisition amount unpaid			$ 5,000
2025 Restructuring
Schedule of Balance Sheet Components [Line Items]
Restructuring and related cost, accelerated amortization			$ 359,300
Reduction in net loss, basic (in dollars per share)						$ 1.21
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Schedule of Balance Sheet Components [Line Items]
Revenue, remaining performance obligation, percentage			70.00%
Remaining performance obligation period			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Schedule of Balance Sheet Components [Line Items]
Revenue, remaining performance obligation, percentage			23.00%
Remaining performance obligation period			12 months
Service
Schedule of Balance Sheet Components [Line Items]
Contract with customer, liability			$ 21,100
Deferred revenue, current			15,200
Deferred revenue, non-current			$ 5,900
Contract with customer, liability, noncurrent, recognition (in years)			5 years
Revenue recognized			$ 4,600
Customer relationships
Schedule of Balance Sheet Components [Line Items]
Estimated Useful Life (in years)			2 years
Technology-Based Intangible Assets
Schedule of Balance Sheet Components [Line Items]
Estimated Useful Life (in years)			3 years
License
Schedule of Balance Sheet Components [Line Items]
Estimated Useful Life (in years)			3 years
In Process Research and Development
Schedule of Balance Sheet Components [Line Items]
Impairment charge			$ 15,000
Apton
Schedule of Balance Sheet Components [Line Items]
Allocation of purchase price							$ 55,000

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - Accounts Receivable - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Domestic Customers
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	36.00%	36.00%
Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%

NET LOSS PER SHARE - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net loss	$ (426,075)	$ (78,178)
Basic
Weighted average shares used in computing basic net loss per share (in shares)	296,858	269,578
Basic net loss per share (in dollars per share)	$ (1.44)	$ (0.29)
Diluted
Weighted average shares used in computing diluted net loss per share (in shares)	296,858	269,578
Diluted net loss per share (in dollars per share)	$ (1.44)	$ (0.29)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 37,153	$ 38,810
Cost of Revenue:
Amortization of acquired intangible assets	4,345	1,343
Loss on purchase commitment	4,068	0
Total cost of revenue	38,524	27,528
Gross (loss) profit	(1,371)	11,282
Operating Expense:
Research and development	29,053	43,455
Sales, general and administrative	40,168	43,753
Impairment charges	15,000	0
Amortization of acquired intangible assets	362,042	5,506
Change in fair value of contingent consideration	(18,700)	(70)
Total operating expense	427,563	92,644
Operating loss	(428,934)	(81,362)
Interest expense	(1,737)	(3,575)
Other income, net	4,294	6,759
Loss before benefit from income taxes	(426,377)	(78,178)
Income tax provision	(302)	0
Consolidated net loss	(426,075)	(78,178)
Other comprehensive income:
Unrealized loss on investments	(41)	(525)
Comprehensive loss	$ (426,116)	$ (78,703)
Net loss per share:
Basic (in dollars per share)	$ (1.44)	$ (0.29)
Diluted (in dollars per share)	$ (1.44)	$ (0.29)
Weighted average shares outstanding used in calculating net loss per share:
Basic (in shares)	296,858	269,578
Diluted (in shares)	296,858	269,578
Product revenue
Revenue:
Total revenue	$ 31,113	$ 35,009
Cost of Revenue:
Cost of revenue	26,333	22,447
Service and other revenue
Revenue:
Total revenue	6,040	3,801
Cost of Revenue:
Cost of revenue	$ 3,778	$ 3,738

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Liabilities

As of March 31, 2025, the maturities of our operating lease liabilities were as follows:


(in thousands)
2025	$	2,327
2026	3,941
2027	9,165
2028	12,389
2029	12,761
Thereafter	59,897
Total undiscounted operating lease payments	100,480
Less: imputed interest	(47,583)
Present value of operating lease liabilities	$	52,897

Balance Sheet Classification
Operating lease liabilities, current	$	2,417
Operating lease liabilities, non-current	50,480
Total operating lease liabilities	$	52,897

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended March 31,
(In thousands, except per share amounts)	2025		2024
Numerator:
Net loss	$	(426,075)	$	(78,178)

Denominator:
Basic
Weighted average shares used in computing basic net loss per share	296,858		269,578
Basic net loss per share	$	(1.44)	$	(0.29)

Diluted




Weighted average shares used in computing diluted net loss per share	296,858		269,578
Diluted net loss per share	$	(1.44)	$	(0.29)

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

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


	Three Months Ended March 31,
(In thousands)	2025	2024
Shares issuable upon conversion of convertible senior notes	61,415	31,063




Equity Awards	47,133	36,924

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		267,744
Beginning balance at Dec. 31, 2023	$ 701,304	$ 268	$ 2,539,892	$ 219	$ (1,839,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(78,178)				(78,178)
Other comprehensive loss	(525)			(525)
Issuance of common stock in conjunction with equity plans (in shares)		4,536
Issuance of common stock in conjunction with equity plans	6,891	$ 4	6,887
Share-based compensation expense	19,525		19,525
Ending balance (in shares) at Mar. 31, 2024		272,280
Ending balance at Mar. 31, 2024	$ 649,017	$ 272	2,566,304	(306)	(1,917,253)
Beginning balance (in shares) at Dec. 31, 2024	294,418	294,418
Beginning balance at Dec. 31, 2024	$ 506,594	$ 294	2,654,804	422	(2,148,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(426,075)				(426,075)
Other comprehensive loss	(41)			(41)
Issuance of common stock in conjunction with equity plans (in shares)		5,623
Issuance of common stock in conjunction with equity plans	1,959	$ 6	1,953
Share-based compensation expense	$ 9,201		9,201
Ending balance (in shares) at Mar. 31, 2025	300,041	300,041
Ending balance at Mar. 31, 2025	$ 91,638	$ 300	$ 2,665,958	$ 381	$ (2,575,001)

- 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

CONVERTIBLE SENIOR NOTES (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Interest Expense

Changes to the 2029 Notes during the three months ended March 31, 2025 were as follows:


(In thousands)
Carrying amount as of December 31, 2024	$	214,200
Contractual interest expense	(700)
Carrying amount as of March 31, 2025	$	213,500

Interest expense for the 2030 Notes was as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Contractual interest expense	$	1,516	$	1,533
Amortization of debt issuance costs	239		239
Total interest expense	$	1,755	$	1,772

Interest expense for the 2028 Notes was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Contractual interest expense	$	—	$	1,721
Amortization of debt issuance costs	—		81
Total interest expense	$	—	$	1,802

Schedule of Net Carrying Amount

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


(In thousands)	March 31, 2025		December 31, 2024
Principal amount	$	441,000	$	441,000
Unamortized debt premium	434		453
Unamortized debt issuance costs	(5,720)		(5,959)
Net carrying amount	$	435,714	$	435,494

- Definition

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

+ References

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+ Details

RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Pre-Tax Restructuring Charges

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


(In thousands)	Three Months Ended March 31, 2025		Cumulative amount incurred to date
Employee separation costs (1)	$	4,649	$	4,649

Total restructuring charges	$	4,649	$	4,649

(1) $2.5 million was recorded in sales, general and administrative expense and $2.1 million in research and development expense.

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


(In thousands)	Three Months Ended March 31, 2025		Cumulative amount incurred to date
Employee separation costs	$	—	$	10,008
Other costs	975		16,189
Total restructuring charges(1)	$	975	$	26,197

(1) For the three months ended March 31, 2025, $1.0 million was recorded in sales, general and administrative expense.

Cumulative charges incurred to date include $15.9 million in sales, general and administrative expense; $5.9 million in research and development expense; and $4.4 million in cost of revenue.

Schedule of Restructuring Reserve by Type of Cost

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


(In thousands, excluding non-cash activities)	Employee Separation Costs		Total
Expense recorded in Q1 2025	$	4,649	$	4,649
Cash paid in Q1 2025	—		—
Amount recorded in current liabilities as of March 31, 2025	$	4,649	$	4,649

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

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


(In thousands)	Other Costs		Total
Amount recorded in current liabilities as of December 31, 2024	$	170	$	170
Additional expense recorded	$	975	$	975
Cash payments	(581)		(581)
Amount recorded in current liabilities as of March 31, 2025	$	564	$	564

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

EQUITY PLANS AND SHARE-BASED COMPENSATION - Schedule of Time-Based RSUs and PSUs Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Restricted Stock Units (RSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	14,211
Granted (in shares) \| shares	11,618
Vested (in shares) \| shares	(3,870)
Forfeited (in shares) \| shares	(552)
Ending balance (in shares) \| shares	21,407
Weighted average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 7.41
Granted (in dollars per share) \| $ / shares	1.25
Vested (in dollars per share) \| $ / shares	9.51
Forfeited (in dollars per share) \| $ / shares	5.79
Ending balance (in dollars per share) \| $ / shares	$ 3.73
Performance Stock Units (PSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	392
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	392
Weighted average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 9.43
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 9.43

CONVERTIBLE SENIOR NOTES - Schedule of Changes to the 2029 Notes (Details) - 2029 Convertible Senior Notes $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
Beginning balance	$ 214,200
Contractual interest expense	(700)
Ending balance	$ 213,500

- Definition

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

+ References

+ Details

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

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

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


	March 31, 2025								December 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	$	42,952	$	15,555	$	—	$	58,507	$	55,370	$	—	$	—	$	55,370
Investments:

Corporate debt securities	—		38,790		—		38,790		—		46,905		—		46,905
U.S. government & agency securities	—		245,813		—		245,813		—		287,656		—		287,656
Total investments	—		284,603		—		284,603		—		334,561		—		334,561

Short-term restricted cash	690		—		—		690		690		—		—		690
Long-term restricted cash	1,532		—		—		1,532		1,532		—		—		1,532
Total assets measured at fair value	$	45,174	$	300,158	$	—	$	345,332	$	57,592	$	334,561	$	—	$	392,153

Liabilities
Contingent consideration	$	—	$	—	$	—	$	—	$	—	$	—	$	18,700	$	18,700
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	18,700	$	18,700

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

Changes in the estimated fair value of the contingent consideration liability for the three months ended March 31, 2025 were as follows:


(In thousands)	Level 3
Beginning balance as of December 31, 2024	$	18,700

Change in estimated fair value	(18,700)

Ending balance as of March 31, 2025	$	—

Schedule of Cash, Cash Equivalents, Restricted Cash and Investments

The following tables summarize our cash, cash equivalents, restricted cash, and investments:


	As of March 31, 2025
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents	$	58,507	$	1	$	(1)	$	58,507
Investments:

Corporate debt securities	38,635		169		(14)		38,790
U.S. government & agency securities	245,587		283		(57)		245,813
Total investments	284,222		452		(71)		284,603
Total cash, cash equivalents and investments	$	342,729	$	453	$	(72)	$	343,110

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

	As of December 31, 2024
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents	$	55,370	$	—	$	—	$	55,370
Investments:

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

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

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of March 31, 2025:


(In thousands)	Fair Value
Due in one year or less	$	227,680
Due after one year through five years	72,478
Total	$	300,158

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE


NOTE 8. NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding and potential shares assuming the dilutive effect of the Notes, using the if-converted method, and outstanding equity awards using the treasury stock method.

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


	Three Months Ended March 31,
(In thousands, except per share amounts)	2025		2024
Numerator:
Net loss	$	(426,075)	$	(78,178)

Denominator:
Basic
Weighted average shares used in computing basic net loss per share	296,858		269,578
Basic net loss per share	$	(1.44)	$	(0.29)

Diluted




Weighted average shares used in computing diluted net loss per share	296,858		269,578
Diluted net loss per share	$	(1.44)	$	(0.29)


	Three Months Ended March 31,
(In thousands)	2025	2024
Shares issuable upon conversion of convertible senior notes	61,415	31,063




Equity Awards	47,133	36,924

See Note 7 . Equity Plans and Sha re-Based Compensation for detailed information on equity awards.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		300,084,685
Entity Central Index Key	0001299130
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 58,507	$ 55,370
Investments	284,603	334,561
Accounts receivable, net	31,645	27,524
Inventory, net	54,007	58,755
Prepaid expenses and other current assets	15,471	18,781
Short-term restricted cash	690	690
Total current assets	444,923	495,681
Property and equipment, net	24,794	30,505
Operating lease right-of-use assets, net	44,408	16,091
Long-term restricted cash	1,532	1,532
Intangible assets, net	18,182	389,572
Goodwill	317,761	317,761
Other long-term assets	9,189	9,305
Total assets	860,789	1,260,447
Current liabilities
Accounts payable	14,037	16,590
Accrued expenses	29,337	22,595
Deferred revenue, current	15,241	13,864
Operating lease liabilities, current	2,417	10,026
Other liabilities, current	5,570	3,224
Total current liabilities	66,602	66,299
Deferred revenue, non-current	5,855	5,900
Contingent consideration liability, non-current	0	18,700
Operating lease liabilities, non-current	50,480	14,914
Convertible senior notes, net, non-current	646,214	647,494
Other liabilities, non-current	0	546
Total liabilities	769,151	753,853
Commitments and contingencies
Stockholders’ equity
Preferred stock	0	0
Common stock	300	294
Additional paid-in capital	2,665,958	2,654,804
Accumulated other comprehensive income	381	422
Accumulated deficit	(2,575,001)	(2,148,926)
Total stockholders’ equity	91,638	506,594
Total liabilities and stockholders’ equity	$ 860,789	$ 1,260,447

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)		3 Months Ended
	Mar. 07, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease, base rent expense	$ 97,700,000
Lease base rent abatement	11,600,000
Tenant improvement allowance	$ 7,200,000
Right-of-use asset and lease liability recognized due to lease extension		$ 29,575,000	$ 0
Weighted average discount rate		10.10%
Weighted average remaining lease term		9 years
Rent payments		$ 2,400,000	3,000,000
Operating lease cost		2,000,000	$ 2,600,000
Additional liability associated with indemnification obligations		$ 0		$ 0

EQUITY PLANS AND SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY PLANS AND SHARE-BASED COMPENSATION


NOTE 7. EQUITY PLANS AND SHARE-BASED COMPENSATION


Equity Plans

As of March 31, 2025, the Company had share-based compensation awards outstanding under the 2020 Equity Incentive Plan (the “2020 Plan”), the 2020 Inducement Equity Incentive Plan (the “Inducement Plan”), the 2021 adopted Omniome Equity Incentive Plan of Pacific Biosciences of California, Inc. (the “Omniome Plan”) and the 2010 Employee Stock Purchase Plan, from which we issued equity awards and employee stock.

As of March 31, 2025, we had 11.3 million shares remaining and available for future issuance under the 2020 Plan, Inducement Plan, and the Omniome Plan. Shares remaining and available for future issuance reflect shares that may become eligible to vest upon the achievement of maximum targets for certain equity awards.

Refer to Note 9 – Stockholders' Equity, in Part II, Item 8 of our 2024 Annual Report for more information on the Company's equity plans.


Stock Options

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


(shares in thousands)	Number of shares	Weighted average exercise price
Outstanding at December 31, 2024	10,509	$	11.09
Granted	7,562	1.24

Canceled	(1,287)	9.20
Expired	(236)	6.91
Outstanding at March 31, 2025	16,548	$	6.80


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

We issue RSUs for which the respective shares vest when the requisite service period is achieved. We issue PSUs for which the number of shares issuable is based on performance relative to specified revenue targets and continued employment through the vesting period. The PSUs are issuable following the third year of the performance period. Maximum achievement of the revenue goal under the PSUs will result in up to 200% of the target number of shares subject to the PSUs to become eligible to vest, while not meeting the minimum achievement of the revenue goal under the PSUs will result in no shares subject to the PSUs becoming eligible to vest. The following table summarizes the time-based RSUs and PSUs activity:


	Restricted Stock Units (RSU)	Performance Stock Units (PSU)	Weighted average grant date fair value
(shares in thousands)			RSU		PSU
Outstanding at December 31, 2024	14,211	392	$	7.41	$	9.43
Granted	11,618	—	1.25		—
Vested	(3,870)	—	9.51		—
Forfeited	(552)	—	5.79		—
Outstanding at March 31, 2025	21,407	392	$	3.73	$	9.43


Employee Stock Purchase Plan ("ESPP")

Shares issued under our ESPP were 1,752,417 and 1,194,436 during the three months ended March 31, 2025 and 2024, respectively. In the first quarter of 2025, an additional 4.0 million shares were reserved under the ESPP. As of March 31, 2025, 16.5 million shares of our common stock remain available for issuance under our ESPP.


Share-based Compensation

The following table summarizes share-based compensation expense:


	Three Months Ended March 31,
(In thousands)	2025		2024
Cost of revenue	$	1,165	$	2,106
Research and development	2,607		5,788
Sales, general and administrative	5,429		11,631
Total share-based compensation expense	$	9,201	$	19,525


Determining Fair Value

We estimate the fair value of stock options granted using the Black-Scholes valuation method and a single option award approach. When determining the current share prices underlying the stock options for calculating the grant-date fair value, we reference the observable market prices of our stock. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. The fair market value of RSUs and PSUs granted is the closing price of our shares on the date of grant and is generally recognized as compensation expense on a straight-line basis over the respective vesting period. For shares purchased under our ESPP, we estimate the grant-date fair value, and the resulting share-based compensation expense, using the Black-Scholes option-pricing model. We estimate forfeitures of stock options, RSUs and shares purchased under our ESPP which is utilized to determine the compensation expense to be recorded over the requisite service period.

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

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

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

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

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


	Three Months Ended March 31,
		2025	2024
Expected term in years		4.9	4.9
Expected volatility		95% — 96%	81%
Risk-free interest rate		3.92% — 4.29%	4.32%
Dividend yield		—	—
Weighted average grant date fair value per share		$0.91	$2.45

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


	Three Months Ended March 31,
		2025	2024
Expected term in years		0.5 — 2.0	0.5 — 2.0
Expected volatility		113%	81%
Risk-free interest rate		3.96% — 4.31%	4.54% — 5.27%
Dividend yield		—	—
Weighted average grant date fair value per share		$0.93	$2.78

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY PLANS AND SHARE-BASED COMPENSATION - Schedule of Fair Value of Employee Stock Purchase Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	113.00%	81.00%
Risk-free interest rate, minimum	3.96%	4.54%
Risk-free interest rate, maximum	4.31%	5.27%
Dividend yield	0.00%	0.00%
Weighted average grant date fair value per share (in shares)	$ 0.93	$ 2.78
Minimum \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	6 months	6 months
Maximum \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	2 years	2 years

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Profit or Loss

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


	Three Months Ended March 31,
(In thousands)	2025	2024
Total revenue	37,153	38,810
Less:
Cost of revenue	38,524	27,528
Research and development	29,053	43,455
Sales and marketing	20,076	22,537
General and administrative	20,092	21,216
Impairment charges	15,000	—
Change in fair value of contingent consideration	(18,700)	(70)
Amortization of acquired intangible assets	362,042	5,506
Other income, net	2,557	3,184
Income tax provision	(302)	—
Consolidated net loss	(426,075)	(78,178)

Schedule of Revenue by Geographic Location

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


	Three Months Ended March 31,
(In thousands)	2025		2024
Americas	$	16,303	$	17,678
Europe, Middle East and Africa	9,240		8,356
Asia-Pacific	11,610		12,776
Total	$	37,153	$	38,810

Schedule of Revenue by Category

A summary of our revenue by category is as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Instrument revenue	$	11,016	$	19,025
Consumable revenue	20,097		15,984
Product revenue	31,113		35,009
Service and other revenue	6,040		3,801
Total revenue	$	37,153	$	38,810

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets		$ 40,000
Inventory provision	$ 7,659			$ 3
Decrease in operating lease liability	1,618			$ 2,376
Operating lease, liability	52,897
2025 Restructuring
Restructuring Cost and Reserve [Line Items]
WARN act and other employee benefits	2,400
Severance costs	2,200
Additional costs incurred	388,200
Restructuring and related cost, accelerated amortization	359,300
Inventory provision	7,700
Loss on purchase commitments	3,800
Accelerated depreciation	2,400
2025 Restructuring \| In Process Research And Development Indefinite Lived
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets	15,000
2024 Restructuring
Restructuring Cost and Reserve [Line Items]
WARN act and other employee benefits	5,500
Severance costs	4,500
San Diego Office
Restructuring Cost and Reserve [Line Items]
Inventory provision	3,600
Accelerated depreciation	8,100
Decrease in operating lease liability			$ 4,400
Operating lease, liability	$ 1,800

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 37,153	$ 38,810
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	16,303	17,678
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	9,240	8,356
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 11,610	$ 12,776

- Definition

+ References

+ Details

CONVERTIBLE SENIOR NOTES

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES


NOTE 4. CONVERTIBLE SENIOR NOTES


2029 Convertible Senior Notes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The carrying amount of the liability for the 2029 Notes as of March 31, 2025 is $213.5 million, of which $210.5 million is included as convertible senior notes, net, non-current, and $3.0 million is included as accrued expenses on our consolidated balance sheets.

Changes to the 2029 Notes during the three months ended March 31, 2025 were as follows:


(In thousands)
Carrying amount as of December 31, 2024	$	214,200
Contractual interest expense	(700)
Carrying amount as of March 31, 2025	$	213,500

As of March 31, 2025, the estimated fair value (Level 2) of the 2029 Notes was $154.0 million. The fair value of the 2029 Notes is estimated using a binomial lattice model that is primarily affected by the trading price of our common stock, market interest rates and volatility.


2030 Convertible Senior Notes

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

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

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

On or after June 20, 2028, and prior to the 31st scheduled trading day immediately preceding the maturity date, the 2030 Notes will be redeemable by the Company in the event that the closing sale price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days (whether or not

consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the redemption notice at a redemption price of 100% of the principal amount of such 2030 Notes, plus accrued and unpaid interest up to, but excluding, the redemption date.

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

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

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

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

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

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

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

We did not receive any cash proceeds from the 2023 Exchange Transaction. In exchange for issuing the 2030 Notes pursuant to the 2023 Exchange Transaction, we received and cancelled the exchanged 2028 Notes.

Following the closing of the 2023 Exchange Transaction, $459.0 million in aggregate principal amount of 2028 Notes remained outstanding with terms unchanged.

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


(In thousands)	March 31, 2025		December 31, 2024
Principal amount	$	441,000	$	441,000
Unamortized debt premium	434		453
Unamortized debt issuance costs	(5,720)		(5,959)
Net carrying amount	$	435,714	$	435,494

Interest expense for the 2030 Notes was as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Contractual interest expense	$	1,516	$	1,533
Amortization of debt issuance costs	239		239
Total interest expense	$	1,755	$	1,772

As of March 31, 2025, the estimated fair value (Level 2) of the 2030 Notes was $276.6 million. The fair value of the 2030 Notes is estimated using a binomial lattice model that is primarily affected by the trading price of our common stock, market interest rates and volatility.


2028 Convertible Senior Notes

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

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

Interest expense for the 2028 Notes was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Contractual interest expense	$	—	$	1,721
Amortization of debt issuance costs	—		81
Total interest expense	$	—	$	1,802

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

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

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

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

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

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

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

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

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

+ Details

NET LOSS PER SHARE - Schedule of Antidilutive Shares Excluded From Computation of Diluted Net Loss per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Shares issuable upon conversion of convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	61,415	31,063
Equity Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	47,133	36,924

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss	$ (426,075)	$ (78,178)

- Definition

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

+ References

+ Details

CONVERTIBLE SENIOR NOTES - Schedule of Net Carrying Amount (Details) - 2030 Convertible Senior Notes - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal amount	$ 441,000	$ 441,000
Unamortized debt premium	434	453
Unamortized debt issuance costs	(5,720)	(5,959)
Net carrying amount	$ 435,714	$ 435,494

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


NOTE 2. FINANCIAL INSTRUMENTS


Fair Value of Financial Instruments

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

The fair value hierarchy established under 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.

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:


	March 31, 2025								December 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	$	42,952	$	15,555	$	—	$	58,507	$	55,370	$	—	$	—	$	55,370
Investments:

Corporate debt securities	—		38,790		—		38,790		—		46,905		—		46,905
U.S. government & agency securities	—		245,813		—		245,813		—		287,656		—		287,656
Total investments	—		284,603		—		284,603		—		334,561		—		334,561

Short-term restricted cash	690		—		—		690		690		—		—		690
Long-term restricted cash	1,532		—		—		1,532		1,532		—		—		1,532
Total assets measured at fair value	$	45,174	$	300,158	$	—	$	345,332	$	57,592	$	334,561	$	—	$	392,153

Liabilities
Contingent consideration	$	—	$	—	$	—	$	—	$	—	$	—	$	18,700	$	18,700
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	18,700	$	18,700

For the three months ended March 31, 2025, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis, and our valuation techniques did not change compared to the prior year.

Contingent Consideration

In connection with the August 2023 Apton Biosystems, Inc. (“Apton”) acquisition, contingent consideration of $25.0 million, which we may elect to pay in cash, shares of our common stock or a combination of cash and shares of our common stock, is due upon the achievement of a milestone, defined as the achievement of $50.0 million in revenue associated with Apton's technology, provided that the milestone event occurs prior to the five-year anniversary of the closing date of the acquisition. At this time, the number of shares, if any, to be issued in connection with the achievement of the specified milestone is not known and will be calculated based on the daily volume-weighted average price of our common stock for the twenty trading days ending on and including the fifth trading day immediately prior to the occurrence of the specified milestone. Upon achievement of the milestone, we may pay cash in lieu of our common stock to ensure that the issuance of our common stock does not exceed 19.9% of our outstanding shares of common stock then outstanding.

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

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

We estimate the fair value of the contingent consideration liability based on the simulated revenue of the Company through the five-year anniversary of the closing date of the acquisition. The key input used in the determination of the fair value included projected revenues of the high-throughput short-read products and services leveraging Apton's technology. As of March 31, 2025, primarily due to management's decision to cease development of the high-throughput short-read system, and the resulting changes in the expected future revenues, among other factors, and as the milestone event must occur prior to the five-year anniversary of the closing date of the acquisition, the estimated fair value of the contingent consideration liability was $0. An acceleration in the timing of projected revenues or an increase in the projected revenues may result in an increase in the fair value of the liability. A decrease in the discount rates, which include the risk-free rate and estimated subordinated credit spread for CCC credit rating, may result in an increase in the fair value of the liability.

Changes in the estimated fair value of the contingent consideration liability for the three months ended March 31, 2025 were as follows:


(In thousands)	Level 3
Beginning balance as of December 31, 2024	$	18,700

Change in estimated fair value	(18,700)

Ending balance as of March 31, 2025	$	—

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


Cash, Cash Equivalents, Restricted Cash, and Investments

The following tables summarize our cash, cash equivalents, restricted cash, and investments:


	As of March 31, 2025
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents	$	58,507	$	1	$	(1)	$	58,507
Investments:

Corporate debt securities	38,635		169		(14)		38,790
U.S. government & agency securities	245,587		283		(57)		245,813
Total investments	284,222		452		(71)		284,603
Total cash, cash equivalents and investments	$	342,729	$	453	$	(72)	$	343,110

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

	As of December 31, 2024
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Cash and cash equivalents	$	55,370	$	—	$	—	$	55,370
Investments:

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

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

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of March 31, 2025:


(In thousands)	Fair Value
Due in one year or less	$	227,680
Due after one year through five years	72,478
Total	$	300,158

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

Investment income included in other income, net on the condensed consolidated statements of operations and comprehensive loss was $3.9 million for the three months ended March 31, 2025 and $7.2 million for the three months ended March 31, 2024.

FINANCIAL INSTRUMENTS - Schedule of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Investments, All Other Investments [Abstract]
Due in one year or less	$ 227,680
Due after one year through five years	72,478
Total	$ 300,158

BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2025

Balance Sheet Components [Abstract]

Schedule of Inventory

Our inventory, net, consisted of the following components:


(In thousands)	March 31, 2025		December 31, 2024
Purchased materials	$	44,479	$	45,270
Work in process	24,914		22,172
Finished goods	13,429		14,081
Inventory, gross	82,822		81,523
Inventory reserve	(28,815)		(22,768)
Inventory, net	$	54,007	$	58,755

Schedule of Impaired Intangible Assets

Changes to IPR&D during the three months ended March 31, 2025 were as follows:


(In thousands)
Balance as of December 31, 2024	$	15,000
Impairment charge	(15,000)
Balance as of March 31, 2025	$	—

Schedule of Finite-Lived Intangible Assets From Business Acquisitions

In addition to IPR&D, we had the following acquired finite-lived intangible assets:


		As of March 31, 2025						As of December 31, 2024
(In thousands, except years)	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	3 — 15	$	421,179	$	(402,997)	$	18,182	$	411,179	$	(36,607)	$	374,572
Customer relationships	2	360		(360)		—		360		(360)		—
Total		$	421,539	$	(403,357)	$	18,182	$	411,539	$	(36,967)	$	374,572

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

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


(In thousands)
Remainder of 2025	$	3,059
2026	4,078
2027	4,078
2028	1,301
2029	745
2030 and thereafter	4,921
Total	$	18,182

Schedule of Changes in Reserve for Product Warranties

Changes in the reserve for product warranties were as follows for the periods indicated:


	Three Months Ended March 31,
(In thousands)	2025		2024
Balance at beginning of period	$	3,100	$	4,681
Additions charged to cost of product revenue	1,311		1,600
Repairs and replacements	(1,552)		(2,161)
Balance at end of period	$	2,859	$	4,120

SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 customer
Segment Reporting [Abstract]
Number of Reportable Segments	1

RESTRUCTURING

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING


NOTE 5. RESTRUCTURING


2025 Restructuring

In the first quarter of 2025, we implemented an expense reduction initiative aimed at lowering our annualized run-rate operating expenses. These actions, which included workforce reductions and other cost-saving measures, were part of a broader strategic shift to prioritize the adoption of HiFi sequencing.

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


(In thousands)	Three Months Ended March 31, 2025		Cumulative amount incurred to date
Employee separation costs (1)	$	4,649	$	4,649

Total restructuring charges	$	4,649	$	4,649

(1) $2.5 million was recorded in sales, general and administrative expense and $2.1 million in research and development expense.

Charges included employee separation costs comprised of approximately $2.4 million related to salaries, wages and other employee benefits paid to terminated employees pursuant to the Worker Adjustment and Retraining Notification (WARN) Act and approximately $2.2 million of severance costs.

In connection with the restructuring and strategic shift, we incurred an additional $388.2 million in costs. These include $359.3 million of accelerated amortization of certain intangible assets, $15.0 million of IPR&D impairment charges, $7.7 million related to excess inventory due to decreased external demand and $3.8 million for estimated losses on purchase commitments tied to anticipated future excess inventory included in cost of revenue, and $2.4 million of accelerated depreciation of fixed assets. See Note 3. Balance Sheet Components for additional information on the IPR&D impairment assessment and the change in estimated useful life of the intangible asset and accelerated amortization.

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


(In thousands, excluding non-cash activities)	Employee Separation Costs		Total
Expense recorded in Q1 2025	$	4,649	$	4,649
Cash paid in Q1 2025	—		—
Amount recorded in current liabilities as of March 31, 2025	$	4,649	$	4,649

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


2024 Restructuring

In the second quarter of 2024, we implemented an expense reduction initiative that included workforce reductions, the closing of our San Diego office, and other actions to reduce annualized run-rate operating expenses.

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


(In thousands)	Three Months Ended March 31, 2025		Cumulative amount incurred to date
Employee separation costs	$	—	$	10,008
Other costs	975		16,189
Total restructuring charges(1)	$	975	$	26,197

(1) For the three months ended March 31, 2025, $1.0 million was recorded in sales, general and administrative expense.

Cumulative charges incurred to date include $15.9 million in sales, general and administrative expense; $5.9 million in research and development expense; and $4.4 million in cost of revenue.

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

Other costs in the three months ended March 31, 2025 are primarily related to a lease termination fee and other costs related to our exit of the San Diego office. Other costs in cumulative charges incurred to date are primarily related to accelerated amortization and depreciation of $8.1 million for the right-of-use asset, leasehold improvements, and furniture and fixtures relating to the abandonment of the San Diego office. We also incurred cumulative charges to date for excess inventory of $3.6 million primarily relating to a decrease in internal demand resulting from the expense reduction initiatives which were recognized in cost of product revenues. The accelerated amortization and depreciation, which was recognized in sales, general and administrative expense, was determined as a result of the Company's change in estimate pertaining to its remaining useful life of the San Diego office utilizing the estimated date on which it planned to abandon the San Diego office. The lease liability pertaining to the San Diego office was also remeasured during the three months ended June 30, 2024 resulting in a reduction in the operating lease liability balance of $4.4 million, which was offset against the right-of-use asset on the condensed consolidated balance sheets. We fully exited our San Diego office in September 2024.

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


(In thousands)	Other Costs		Total
Amount recorded in current liabilities as of December 31, 2024	$	170	$	170
Additional expense recorded	$	975	$	975
Cash payments	(581)		(581)
Amount recorded in current liabilities as of March 31, 2025	$	564	$	564

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

The table above excludes noncash activities and amounts incurred relating to the San Diego office lease liability. The ending balance of the San Diego office lease liability as of March 31, 2025 is $1.8 million, and is included in operating lease liabilities, current on the condensed consolidated balance sheets.

CONVERTIBLE SENIOR NOTES - Narrative (Details)				3 Months Ended		12 Months Ended
CONVERTIBLE SENIOR NOTES - Narrative (Details)	Nov. 21, 2024 USD ($) d $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Feb. 16, 2021 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Nov. 07, 2024 USD ($)
Debt Instrument [Line Items]
Lock-up period restriction (in months)	6 months
Gain on debt restructuring						$ 154,400,000
Restructuring of debt (in dollar per share) \| $ / shares						$ 0.56
Convertible senior notes, net, non-current				$ 646,214,000		$ 647,494,000
Accrued expenses				29,337,000		22,595,000
2028 Convertible Senior Notes
Debt Instrument [Line Items]
Debt issuance costs		$ 1,500,000
Amortization of debt issuance costs				0	$ 81,000
2028 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 459,000,000
Debt instrument, stated interest rate	1.50%		1.50%
Principal amount of notes		441,000,000	$ 900,000,000
Payments made in conjunction with convertible notes exchange	$ 50,000,000
Threshold percentage of stock price trigger	9.90%
Debt instrument, convertible, conversion ratio			0.0229885
Debt issuance costs			$ 4,500,000
Aggregate outstanding balance	$ 0	459,000,000				0		$ 459,000,000
Fair value of convertible debt				154,000,000
Debt instrument, effective interest rate			1.60%
Amortization of debt issuance costs			$ 1,100,000
2030 Convertible Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross				441,000,000		441,000,000
Debt issuance costs		$ 7,300,000
Aggregate outstanding balance				435,714,000		435,494,000
Amortization of debt issuance costs				239,000	$ 239,000
2030 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, stated interest rate		1.375%
Principal amount of notes		$ 441,000,000
Debt instrument, convertible, conversion ratio		0.0465116
Conversion price per share (in dollars per share) \| $ / shares		$ 21.50
Redemption price, percentage		100.00%
Debt instrument, debt default, calendar days		360 days
Debt instrument, interest in the event of default (as a percent)		0.25%
Additional interest in the event of default (as a percent)		0.50%
Fair value of convertible debt				276,600,000
Debt redemption, percentage of conversion price		150.00%
Debt redemption, trading days		20 days
Debt redemption, consecutive trading days		30 days
Debt instrument, effective interest rate		1.60%
2030 Convertible Senior Notes \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days		181 days
2030 Convertible Senior Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days		360 days
2030 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days		180 days
2030 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days		361 days
2029 Convertible Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	3,100,000
Debt issuance cost, lender fees	$ 200,000
Convertible notes payable				213,500,000		$ 214,200,000
Convertible senior notes, net, non-current				210,500,000
Accrued expenses				$ 3,000,000
2029 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, stated interest rate	1.50%
Principal amount of notes	$ 200,000,000							$ 200,000,000
Debt conversion, shares issued (in shares) \| shares	20,451,570
Threshold percentage of stock price trigger	150.00%
Debt instrument, convertible, conversion ratio	0.02045157
Conversion price per share (in dollars per share) \| $ / shares	$ 4.89
Threshold trading days \| d	20
Threshold consecutive trading days \| d	30
Redemption price, percentage	100.00%
Debt instrument, debt default, calendar days	360 days
2029 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	180 days
Debt instrument, interest in the event of default (as a percent)	0.25%
2029 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	361 days
Additional interest in the event of default (as a percent)	0.50%
2029 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two \| Minimum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	181 days
2029 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two \| Maximum
Debt Instrument [Line Items]
Debt instrument, debt default, calendar days	360 days
Exchange Transaction
Debt Instrument [Line Items]
Loss on extinguishment of debt							$ 2,000,000
Exchange Transaction \| Convertible Debt
Debt Instrument [Line Items]
Paid accrued but unpaid interest	$ 1,800,000	$ 2,500,000

RESTRUCTURING - Schedule of Pre-Tax Restructuring Charges (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenue
2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	$ 4,649
Cumulative amount incurred to date	4,649
2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	975
Cumulative amount incurred to date	26,197
Restructuring charges, excluding adjustments	1,000
Sales, general and administrative \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	15,900
Research and development \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	5,900
Cost of revenue \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	4,400
Employee separation costs \| 2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	4,649
Cumulative amount incurred to date	4,649
Employee separation costs \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	0
Cumulative amount incurred to date	10,008
Employee separation costs \| Sales, general and administrative \| 2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	2,500
Employee separation costs \| Research and development \| 2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	2,100
Other costs \| 2024 Restructuring
Restructuring Cost and Reserve [Line Items]
Additional expense recorded	975
Cumulative amount incurred to date	$ 16,189