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Other Financial Statement Information
 3 Months Ended
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, 2025December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair 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 securities49,846 — (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 progress23,238 27,441 
Finished goods15,292 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 
Building147,235 147,094 
Laboratory equipment and machinery 73,792 72,498 
Computer equipment and software15,008 14,953 
Furniture and fixtures9,745 9,586 
Leasehold improvements90,180 89,567 
Construction in progress4,475 5,152 
Total property and equipment377,200 375,615 
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 bonus7,648 21,859 
Accrued commissions3,281 5,938 
Other4,725 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 technologies4,191 7,042 
Professional services4,201 5,315 
Product warranties9,453 8,615 
Taxes payable4,775 4,936 
Other12,300 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,
20252024
Beginning of period$8,615 $8,116 
Amounts charged to cost of revenue3,965 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,
20252024
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,
20252024
Instruments
Chromium$5,913 $7,850 
Spatial8,902 17,603 
Total instruments revenue14,815 25,453 
Consumables
Chromium84,109 83,927 
Spatial31,247 26,408 
Total consumables revenue115,356 110,335 
Services7,652 5,217 
Products and services revenue137,823 141,005 
License and royalty revenue17,060 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,
20252024
Americas
United States(1)
$86,818 $75,637 
Americas (excluding United States)3,752 3,993 
Total Americas90,570 79,630 
Europe, Middle East and Africa31,895 34,721 
Asia-Pacific
China16,883 13,924 
Asia-Pacific (excluding China)15,535 12,731 
Total Asia-Pacific32,418 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.