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Balance Sheet Details | 12 Months Ended
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Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Details | 6. Balance Sheet Details Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Cash and cash equivalents |  | $ | 166,728 |  |  | $ | 51,704 |
Restricted cash |  |  | 2,090 |  |  |  | 795 |
Total cash, cash equivalents and restricted cash |  | $ | 168,818 |  |  | $ | 52,499 |
Restricted cash of $2.1 million and $0.8 million is included in other non-current assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Accounts Receivable, net Accounts receivable, net consisted of the following (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Trade receivables |  | $ | 29,890 |  |  | $ | 19,972 |
Royalty receivable, current |  |  | 4,725 |  |  |  | — |
Other receivables |  |  | 197 |  |  |  | — |
Less: allowance for expected credit losses |  |  | (1,204 | ) |  |  | (312 | )
Accounts receivable, net |  | $ | 33,608 |  |  | $ | 19,660 |
Inventory Inventory consisted of the following (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 21,304 |  |  | $ | 12,140 |
Work-in-process |  |  | 28,199 |  |  |  | 282 |
Finished goods |  |  | 9,762 |  |  |  | 8,111 |
Total inventory |  | $ | 59,265 |  |  | $ | 20,533 |
Inventory, current |  | $ | 40,737 |  |  | $ | 20,533 |
Inventory, non-current (1) |  | $ | 18,528 |  |  | $ | — |
(1) The value of inventory that is not expected to be used within 12 months of the balance sheet date is classified as non-current inventory on the consolidated balance sheets. The Company recorded charges for excess and obsolete inventory of $2.5 million, $1.5 million, and $7.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. Property and Equipment, net Property and equipment, net consisted of the following (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Laboratory and manufacturing equipment |  | $ | 60,638 |  |  | $ | 35,563 |
Leasehold improvements |  |  | 17,445 |  |  |  | 13,785 |
Computer equipment |  |  | 7,909 |  |  |  | 6,232 |
Internal-use software |  |  | 16,870 |  |  |  | — |
Office furniture and fixtures |  |  | 3,478 |  |  |  | 1,762 |
Property and equipment, gross |  |  | 106,340 |  |  |  | 57,342 |
Less accumulated depreciation and amortization |  |  | (73,244 | ) |  |  | (35,489 | )
Construction-in-progress |  |  | 9,460 |  |  |  | 2,334 |
Property and equipment, net |  | $ | 42,556 |  |  | $ | 24,187 |
Depreciation and amortization expense related to property and equipment was $12.3 million, $3.4 million, and $2.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. Accrued Liabilities Accrued liabilities, which are included in current liabilities on the consolidated balance sheets consisted of the following (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Accrued compensation and related benefits |  | $ | 14,706 |  |  | $ | 12,052 |
Loss contingency accruals (1) |  |  | 4,262 |  |  |  | — |
Accrued warranties |  |  | 1,348 |  |  |  | 2,593 |
Accrued restructuring |  |  | 1,581 |  |  |  | 825 |
Uninvoiced receipts |  |  | 1,940 |  |  |  | 1,516 |
Other |  |  | 6,902 |  |  |  | 4,033 |
Accrued liabilities |  | $ | 30,739 |  |  | $ | 21,019 |
(1) This amount primarily relates to a historical contingent consideration arrangement with former shareholders of SomaLogic, which remains recorded due to ongoing litigation; however, based on current assessments, the Company does not believe the loss will be realized. Refer to Note 17, Restructuring and Related Charges for additional information on restructuring. Deferred Grant Income In September 2020, the Company executed a contract with the NIH under the NIH’s Rapid Acceleration of Diagnostics program to support the expansion of the Company’s production capacity for its COVID-19 test products. Under the now-completed contract, the Company received $34.0 million of funding from the NIH and used $22.2 million on capital expenditures for its Singapore manufacturing facility. The amortization of the deferred income, which is offset against depreciation, was $3.6 million, $3.6 million, and $3.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. Cumulative amounts applied against depreciation expense for these assets placed in service were $11.4 million and $7.8 million as of December 31, 2024 and 2023, respectively, and the carrying values of these assets were $10.8 million and $14.4 million, respectively, as of these same dates, respectively. The current portion of deferred grant income on the Company’s consolidated balance sheets represents amounts expected to be offset against depreciation expense over the next twelve months. The non-current portion of deferred grant income includes amounts expected to be offset against depreciation expense in later periods.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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