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Other Financial Statement Information | 9 Months Ended
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Sep. 30, 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):
| September 30, 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 | $ | 399,256 |  |  | $ | — |  |  | $ | — |  |  | $ | 399,256 |  |  |  | $ | 322,012 |  |  | $ | — |  |  | $ | — |  |  | $ | 322,012 |  |  | Level 1
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government debt securities | 49,576 |  |  | 3 |  |  | (3) |  |  | 49,576 |  |  |  | 49,317 |  |  | 18 |  |  | — |  |  | 49,335 |  |  | Level 2
Total available-for-sale securities | $ | 448,832 |  |  | $ | 3 |  |  | $ | (3) |  |  | $ | 448,832 |  |  |  | $ | 371,329 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 371,347 |  |  |
The contractual maturities of marketable securities as of September 30, 2025 were all less than one year. The Company incurred no material gross realized gains or losses from available-for-sale debt securities during the three and nine months ended September 30, 2025 or September 30, 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 income (expense), net,” and unrealized losses not related to credit losses are recognized in “Accumulated other comprehensive income (loss).” There are no allowances for credit losses for the periods presented. Inventory Inventory was comprised of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Purchased materials | $ | 18,934 |  |  | $ | 38,930 |
Work in progress | 23,990 |  |  | 27,441 |
Finished goods | 19,032 |  |  | 16,736 |
Inventory | $ | 61,956 |  |  | $ | 83,107 |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Land | $ | 36,765 |  |  | $ | 36,765 |
Building | 147,493 |  |  | 147,094 |
Laboratory equipment and machinery | 77,145 |  |  | 72,498 |
Computer equipment and software | 15,195 |  |  | 14,953 |
Furniture and fixtures | 9,848 |  |  | 9,586 |
Leasehold improvements | 89,370 |  |  | 89,567 |
Construction in progress | 2,527 |  |  | 5,152 |
Total property and equipment | 378,343 |  |  | 375,615 |
Less: accumulated depreciation and amortization | (145,809) |  |  | (122,967) |
Property and equipment, net | $ | 232,534 |  |  | $ | 252,648 |
Intangible Assets, Net
| September 30, 2025 |  | December 31, 2024
| Remaining Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Intangibles, Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Intangibles, Net
Technology licenses | 9.0 |  | $ | 22,504 |  |  | $ | (9,124) |  |  | $ | 13,380 |  |  | $ | 22,504 |  |  | $ | (8,016) |  |  | $ | 14,488 |
Developed technology | 6.3 |  | 52,639 |  |  | (1,326) |  |  | 51,313 |  |  | 1,000 |  |  | (92) |  |  | 908 |
Customer relationships | 0.2 |  | 945 |  |  | (940) |  |  | 5 |  |  | 945 |  |  | (918) |  |  | 27 |
Assembled workforce | 0.7 |  | 1,328 |  |  | (1,267) |  |  | 61 |  |  | 1,328 |  |  | (1,080) |  |  | 248 |
Intangible assets, net |  |  | $ | 77,416 |  |  | $ | (12,657) |  |  | $ | 64,759 |  |  | $ | 25,777 |  |  | $ | (10,106) |  |  | $ | 15,671 |
During the three months ended September 30, 2025, the Company recorded developed technology of $51.6 million and assembled workforce of $0.7 million in connection with the Scale acquisition. Subsequently, the Company recorded an impairment charge of $0.7 million related to the assembled workforce during the same period. The amortization of developed technology is recorded in cost of revenue. See Note 3, Asset Acquisition, for details related to intangibles acquired. Compensation and Related Benefits Accrued compensation and related benefits were comprised of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Accrued payroll and related costs | $ | 6,420 |  |  | $ | 2,970 |
Accrued bonus | 22,495 |  |  | 21,859 |
Accrued commissions | 3,779 |  |  | 5,938 |
Other | 4,390 |  |  | 2,848 |
Accrued compensation and related benefits | $ | 37,084 |  |  | $ | 33,615 |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities were comprised of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Legal and related costs | $ | 3,811 |  |  | $ | 6,100 |
Royalties for licensed technologies | 4,527 |  |  | 7,042 |
Professional services | 2,765 |  |  | 5,315 |
Product warranties | 6,685 |  |  | 8,615 |
Taxes payable | 5,587 |  |  | 4,936 |
Other | 12,391 |  |  | 9,157 |
Accrued expenses and other current liabilities | $ | 35,766 |  |  | $ | 41,165 |
Product Warranties Changes in the reserve for product warranties were as follows (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Beginning of period | $ | 8,615 |  |  | $ | 8,116 |
Amounts charged to cost of revenue | 6,605 |  |  | 4,033 |
Repairs and replacements | (8,535) |  |  | (3,704) |
End of period | $ | 6,685 |  |  | $ | 8,445 |
Revenue and Deferred Revenue As of September 30, 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 $33.0 million, of which approximately $22.1 million is expected to be recognized to revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $33.0 million and $33.2 million as of September 30, 2025 and December 31, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Deferred revenue recognized | $ | 4,134 |  |  | $ | 2,713 |  |  | $ | 15,038 |  |  | $ | 9,454 |
The following table represents revenue by source for the periods indicated (in thousands). Chromium products include the Company’s single cell products and spatial products include the Company’s Visium and Xenium products:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Instruments |  |  |  |  |  |  |
Chromium | $ | 4,927 |  |  | $ | 7,641 |  |  | $ | 16,567 |  |  | $ | 24,283 |
Spatial | 7,072 |  |  | 11,415 |  |  | 24,744 |  |  | 44,078 |
Total instruments revenue | 11,999 |  |  | 19,056 |  |  | 41,311 |  |  | 68,361 |
Consumables |  |  |  |  |  |  |
Chromium | 92,519 |  |  | 96,536 |  |  | 262,416 |  |  | 274,571 |
Spatial | 35,373 |  |  | 29,668 |  |  | 103,017 |  |  | 85,330 |
Total consumables revenue | 127,892 |  |  | 126,204 |  |  | 365,433 |  |  | 359,901 |
Services | 8,128 |  |  | 6,299 |  |  | 24,255 |  |  | 17,292 |
Products and services revenue | 148,019 |  |  | 151,559 |  |  | 430,999 |  |  | 445,554 |
License and royalty revenue | 983 |  |  | 95 |  |  | 45,794 |  |  | 210 |
Total revenue | $ | 149,002 |  |  | $ | 151,654 |  |  | $ | 476,793 |  |  | $ | 445,764 |
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Americas |  |  |  |  |  |  |  |
United States(1) |  | $ | 77,246 |  |  | $ | 84,723 |  |  | $ | 267,555 |  |  | $ | 250,032 |
Americas (excluding United States) |  | 2,625 |  |  | 3,099 |  |  | 9,044 |  |  | 10,511 |
Total Americas |  | 79,871 |  |  | 87,822 |  |  | 276,599 |  |  | 260,543 |
Europe, Middle East and Africa |  | 41,624 |  |  | 37,851 |  |  | 108,253 |  |  | 109,934 |
Asia-Pacific |  |  |  |  |  |  |  |
China |  | 15,189 |  |  | 15,030 |  |  | 55,242 |  |  | 42,692 |
Asia-Pacific (excluding China) |  | 12,318 |  |  | 10,951 |  |  | 36,699 |  |  | 32,595 |
Total Asia-Pacific |  | 27,507 |  |  | 25,981 |  |  | 91,941 |  |  | 75,287 |
Total revenue |  | $ | 149,002 |  |  | $ | 151,654 |  |  | $ | 476,793 |  |  | $ | 445,764 |
(1) Includes license and royalty revenue. License and Royalty Revenue In February 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. In May 2025, the Company entered into a settlement agreement and license agreements with Bruker Corporation resolving all outstanding litigation and other proceedings between the parties across all jurisdictions around the world. Under the agreements, the Company has the right to receive four quarterly installment payments beginning in the third quarter of 2025, which total $68.0 million, and applicable interest. The Company will also receive royalties on Bruker’s sales of products and services covered by the license. The $68.0 million was recorded as a $40.7 million gain on settlement and $27.3 million of license and royalty revenue. The amount attributed to the gain on settlement was determined by applying a royalty rate to the historical revenues prior to the settlement. As of September 30, 2025, the Company had received one quarterly payment, and the remaining balance was recognized under other receivables which is presented separately on the Company’s condensed consolidated balance sheets. Other Income (Expense), Net Gains or losses from foreign currency remeasurement are included in “Other income (expense), net” in the condensed consolidated statements of operations. The Company recognized foreign currency transaction loss of $0.6 million for the three months ended September 30, 2025, and foreign currency transaction income of $3.1 million for the nine months ended September 30, 2025. The Company recognized foreign currency transaction income of $1.3 million and $0.3 million for the three and nine months ended September 30, 2024, respectively. The change in fair value of contingent consideration are included in “Other income (expense), net” in the condensed consolidated statements of operations. The company recognized the $1.1 million loss due to change in fair value of contingent consideration for the three and nine months ended September 30, 2025.

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