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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases office and laboratory facilities in the U.S., including in South San Francisco and San Diego, California and Austin, Texas, and, prior to the liquidation of Veracyte SAS assets, in Marseille, France, and leases certain equipment under various non-cancelable lease agreements. The lease terms extend to March 2040 and contain extension of lease terms and expansion options. The leases have a weighted average remaining lease term of 11.3 years as of June 30, 2025. The Company had deposits of $1.7 million and $1.5 million included in long-term assets as of June 30, 2025 and December 31, 2024, respectively, restricted from withdrawal and held by banks in the form of collateral for irrevocable standby letters of credit held as security for the leases. The Company determined its operating lease liabilities using payments through their current expiration dates and a weighted average discount rate of 11.4% based on the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment. Operating lease liabilities along with the associated right-of-use assets are disclosed in the accompanying condensed consolidated balance sheets. After the adoption of ASC 842, Leases, or ASC 842, the Company classified its deferred rent for tenant improvements with its operating lease right-of-use assets on the consolidated balance sheets. Future minimum lease payments under non-cancelable operating leases as of June 30, 2025 are as follows (in thousands of dollars):
Year Ending December 31, | Amounts
Remainder of 2025 | $ | 4,263 |
2026 | 5,903 |
2027 | 8,503 |
2028 | 8,677 |
2029 | 8,362 |
Thereafter | 56,821 |
Total future minimum lease payments | 92,529 |
Less: amount representing interest | 41,883 |
Present value of future lease payments | 50,646 |
Less: short-term lease liabilities | 6,414 |
Long-term lease liabilities | $ | 44,232 |
The Company recognizes operating lease expense on a straight-line basis over the non-cancelable lease period. The following table summarizes operating lease expense and cash paid for amounts included in the measurement of lease liabilities (in thousands of dollars):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense | $ | 2,182 |  |  | $ | 1,422 |  |  | $ | 4,362 |  |  | $ | 2,964 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 1,977 |  |  | $ | 1,534 |  |  | $ | 3,899 |  |  | $ | 3,163 |
Contingencies From time to time, the Company may be involved in various legal proceedings and claims arising in the ordinary course of business. Although the outcomes of such matters cannot be predicted with certainty, the Company believes there is no litigation pending that could have, either individually or in the aggregate, a material adverse impact on the Company's consolidated financial statements. On May 1, 2025, the Company filed a complaint in federal court in the Eastern District of Texas alleging that Sonic Healthcare USA, Inc., the healthcare company that is believed to offer ThyroSeq v3, is infringing three of the Company’s patents related to molecular testing of thyroid nodules. The complaint seeks treble damages, attorneys’ fees and costs as well as injunctive relief. On June 4, 2025, the Company filed an amended complaint asserting two additional patents. On July 21, 2025, Sonic Healthcare USA, Inc. filed an answer and a motion to dismiss. The jury trial is currently scheduled for January 25, 2027.

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