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Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

Property and Equipment, Net

The following summarizes property and equipment, net as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025			December 31, 2024
Equipment	$	128,902		$	110,011
Leasehold improvements		59,913			46,809
Furniture and fixtures		6,917			6,633
Building		1,234			—
Land		9,850			—
Total property and equipment, gross		206,816			163,453
Less: accumulated depreciation		(113,280	)		(105,397	)
Property and equipment, net	$	93,536		$	58,056

Depreciation expense on property and equipment is classified as follows in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of revenue, genomics	$	3,641	$	3,381
Cost of revenue, data and services		172		—
Selling, general and administrative costs		4,070		2,888
Total depreciation	$	7,883	$	6,269

Accrued Expenses

Accrued expenses as of March 31, 2025 and December 31, 2024, consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Accrued compensation and employee benefits	$	35,008	$	24,767
Accrued expenses		61,292		51,147
Accrued employer payroll tax related to stock-based compensation		7,401		24,439
Accrued cloud storage costs		17,203		21,394
Interest payable		8,334		8,660
Total accrued expenses	$	129,238	$	130,407