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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Schedule of the Acquisition-date Fair Value of Consideration Transferred | The acquisition-date fair value of consideration transferred in the Merger totaled approximately $444.2 million, comprising the following:
SomaLogic Common Stock issued and outstanding as of January 5, 2024 |  |  | 188,808 |
Fixed exchange ratio |  |  | 1.11 |
Shares of Standard BioTools common stock issued to SomaLogic stockholders |  |  | 209,577 |
Standard BioTools common stock price at close of Merger |  | $ | 2.00 |
Fair value of Standard BioTools common stock issued to SomaLogic stockholders |  | $ | 419,154 |
Fair value of Standard BioTools replacement equity awards attributable to pre-combination service |  |  | 26,923 |
Less: Fair value of restricted shares subject to service conditions |  |  | (1,858 | )
Total consideration transferred |  | $ | 444,219 |
Schedule of Preliminary Allocation of Consideration Transferred to the Identifiable Assets Acquired and Liabilities Assumed | The following table reflects the preliminary allocation of consideration transferred to the identifiable assets acquired and liabilities assumed based on the estimated fair values as of the Closing Date:
Total consideration |  | $ | 444,219 |
Assets acquired |  |  |
Cash and cash equivalents |  |  | 278,857 |
Short-term investments |  |  | 148,305 |
Accounts receivable |  |  | 16,430 |
Inventory |  |  | 14,642 |
Prepaid expenses and other current assets |  |  | 4,835 |
Property and equipment |  |  | 22,455 |
Non-current inventory |  |  | 12,208 |
Royalty receivable |  |  | 4,669 |
Operating lease right-of-use assets |  |  | 3,796 |
Other non-current assets |  |  | 1,590 |
Intangible Assets |  |  | 25,500 |
Total assets acquired |  |  | 533,287 |
Liabilities assumed |  |  |
Accounts payable and accrued liabilities |  |  | 20,660 |
Operating lease liabilities, current |  |  | 1,601 |
Deferred revenue, current |  |  | 3,522 |
Operating lease liabilities, non-current |  |  | 2,193 |
Deferred revenue, non-current |  |  | 30,667 |
Warrant liabilities |  |  | 906 |
Other non-current liabilities |  |  | 4,306 |
Total Liabilities |  |  | 63,855 |
Total fair value of net assets acquired |  | $ | 469,432 |
Gain on bargain purchase |  | $ | (25,213 | )
Schedule of Valuation of the Intangible Assets Acquired in Connection with the Merger | The valuation of the intangible assets acquired in connection with the Merger, along with their estimated useful lives, is as follows (in thousands):
|  | Fair Value |  |  | Useful Life
Developed technology |  | $ | 20,000 |  |  | 9 years
Trade name |  |  | 2,750 |  |  | 7 years
Customer relationships |  |  | 2,750 |  |  | 11 years
Total fair value of intangible assets acquired |  | $ | 25,500 |  |  |
Schedule of Unaudited Pro Forma Financial Information | The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2023.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue |  | $ | 44,969 |  |  | $ | 47,415 |  |  | $ | 128,359 |  |  | $ | 141,047 |
Net loss |  | $ | (26,938 | ) |  | $ | (41,204 | ) |  | $ | (134,607 | ) |  | $ | (109,000 | )

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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