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Other Financial Statement Information | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Financial Statement Information | Other Financial Statement Information Available-for-sale Securities Available-for-sale securities consisted of the following (in thousands):
| March 31, 2025 |  |  | December 31, 2024 |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Fair Value Measurement
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 352,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 352,478 |  |  |  | $ | 322,012 |  |  | $ | — |  |  | $ | — |  |  | $ | 322,012 |  |  | Level 1
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | Level 2
Government debt securities | 49,846 |  |  | — |  |  | (2) |  |  | 49,844 |  |  |  | 49,317 |  |  | 18 |  |  | — |  |  | 49,335 |  |  | Level 2
Asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | Level 2
Total available-for-sale securities | $ | 402,324 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 402,322 |  |  |  | $ | 371,329 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 371,347 |  |  |
The contractual maturities of marketable securities as of March 31, 2025 were all less than one year. The Company incurred no material gross realized gains or losses from available-for-sales debt securities during the three months ended March 31, 2025 or March 31, 2024. The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and unrealized losses not related to credit losses are recognized in “Accumulated other comprehensive loss.” There are no allowances for credit losses for the periods presented. Inventory Inventory was comprised of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Purchased materials | $ | 36,180 |  |  | $ | 38,930 |
Work in progress | 23,238 |  |  | 27,441 |
Finished goods | 15,292 |  |  | 16,736 |
Inventory | $ | 74,710 |  |  | $ | 83,107 |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Land | $ | 36,765 |  |  | $ | 36,765 |
Building | 147,235 |  |  | 147,094 |
Laboratory equipment and machinery | 73,792 |  |  | 72,498 |
Computer equipment and software | 15,008 |  |  | 14,953 |
Furniture and fixtures | 9,745 |  |  | 9,586 |
Leasehold improvements | 90,180 |  |  | 89,567 |
Construction in progress | 4,475 |  |  | 5,152 |
Total property and equipment | 377,200 |  |  | 375,615 |
Less: accumulated depreciation and amortization | (131,113) |  |  | (122,967) |
Property and equipment, net | $ | 246,087 |  |  | $ | 252,648 |
During the three months ended March 31, 2025, the Company recorded impairment charges of $0.1 million related to equipment. The impairment charge was triggered by a decision to discontinue an engineering project. During the three months ended March 31, 2024, the Company recorded impairment charges of $2.1 million related to computer equipment and software of which $0.3 million, $0.7 million and $1.1 million was classified in cost of revenue, research and development, and selling, general and administrative expenses, respectively, in the condensed consolidated statement of operations. The impairment charge was triggered by a decision to discontinue a productivity engineering project. Compensation and Related Benefits Accrued compensation and related benefits were comprised of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Accrued payroll and related costs | $ | 6,303 |  |  | $ | 2,970 |
Accrued bonus | 7,648 |  |  | 21,859 |
Accrued commissions | 3,281 |  |  | 5,938 |
Other | 4,725 |  |  | 2,848 |
Accrued compensation and related benefits | $ | 21,957 |  |  | $ | 33,615 |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities were comprised of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Legal and related costs | $ | 10,563 |  |  | $ | 6,100 |
Royalties for licensed technologies | 4,191 |  |  | 7,042 |
Professional services | 4,201 |  |  | 5,315 |
Product warranties | 9,453 |  |  | 8,615 |
Taxes payable | 4,775 |  |  | 4,936 |
Other | 12,300 |  |  | 9,157 |
Accrued expenses and other current liabilities | $ | 45,483 |  |  | $ | 41,165 |
Product Warranties Changes in the reserve for product warranties were as follows (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Beginning of period | $ | 8,615 |  |  | $ | 8,116 |
Amounts charged to cost of revenue | 3,965 |  |  | 2,355 |
Repairs and replacements | (3,127) |  |  | (764) |
End of period | $ | 9,453 |  |  | $ | 9,707 |
Revenue and Deferred Revenue As of March 31, 2025, the aggregate amount of remaining performance obligations related to separately sold extended warranty service agreements or allocated amounts for extended warranty service agreements bundled with sales of instruments was $33.5 million, of which approximately $20.9 million is expected to be recognized to revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $33.5 million and $24.1 million as of March 31, 2025 and 2024, respectively, consisted of deferred revenue related to extended warranty service agreements. The following revenue recognized for the periods indicated were included in deferred revenue as of December 31, 2024 and 2023, respectively (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Deferred revenue recognized | $ | 5,857 |  |  | $ | 3,595 |  |  |  |  |
The following table represents revenue by source for the periods indicated (in thousands). Spatial products include the Company’s Visium and Xenium products:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Instruments |  |  |  |  |  |  |
Chromium | $ | 5,913 |  |  | $ | 7,850 |  |  |  |  |
Spatial | 8,902 |  |  | 17,603 |  |  |  |  |
Total instruments revenue | 14,815 |  |  | 25,453 |  |  |  |  |
Consumables |  |  |  |  |  |  |
Chromium | 84,109 |  |  | 83,927 |  |  |  |  |
Spatial | 31,247 |  |  | 26,408 |  |  |  |  |
Total consumables revenue | 115,356 |  |  | 110,335 |  |  |  |  |
Services | 7,652 |  |  | 5,217 |  |  |  |  |
Products and services revenue | 137,823 |  |  | 141,005 |  |  |  |  |
License and royalty revenue | 17,060 |  |  | 1 |  |  |  |  |
Total revenue | $ | 154,883 |  |  | $ | 141,006 |  |  |  |  |
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Americas |  |  |  |  |  |  |  |
United States(1) |  | $ | 86,818 |  |  | $ | 75,637 |  |  |  |  |
Americas (excluding United States) |  | 3,752 |  |  | 3,993 |  |  |  |  |
Total Americas |  | 90,570 |  |  | 79,630 |  |  |  |  |
Europe, Middle East and Africa |  | 31,895 |  |  | 34,721 |  |  |  |  |
Asia-Pacific |  |  |  |  |  |  |  |
China |  | 16,883 |  |  | 13,924 |  |  |  |  |
Asia-Pacific (excluding China) |  | 15,535 |  |  | 12,731 |  |  |  |  |
Total Asia-Pacific |  | 32,418 |  |  | 26,655 |  |  |  |  |
Total revenue |  | $ | 154,883 |  |  | $ | 141,006 |  |  |  |  |
(1) Includes license and royalty revenue. License and Royalty Revenue During the three months ended March 31, 2025, the Company settled its worldwide patent litigation with Vizgen, Inc. As part of that settlement, Vizgen has limited rights to certain intellectual property owned or exclusively licensed by the Company. As one part of the settlement, the Company received an upfront payment of $26.0 million and will receive royalties on Vizgen’s sales of products covered by the license. The $26.0 million upfront payment was recorded as a $9.2 million gain on settlement and $16.8 million of license and royalty revenue. The amount attributed to the gain on settlement was determined by applying a royalty rate to the Vizgen historical revenues prior to the settlement. Other Income (Expense), Net Gains or losses from foreign currency remeasurement are included in “Other income (expense), net” in the consolidated statements of operations. The Company recognized foreign currency transaction losses of $1.5 million for the three months ended March 31, 2025, and foreign currency transaction income of $1.0 million for the three months ended March 31, 2024, respectively.

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