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Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Standard BioTools  
Business Acquisition [Line Items]  
Schedule of the Acquisition-date Fair Value of Consideration Transferred

Purchase consideration also included replacement of equity awards attributable to pre-combination services. 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

 

 

Weighted Average Useful Life (years)

 

Developed technology

 

$

20,000

 

 

 

9.0

 

Trade name

 

 

2,750

 

 

 

7.0

 

Customer relationships

 

 

2,750

 

 

 

11.0

 

Total intangible assets

 

$

25,500

 

 

 

9.0

 
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.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Revenue

 

$

175,077

 

 

$

192,465

 

Net loss

 

 

(168,654

)

 

 

(164,280

)
Sengenics  
Business Acquisition [Line Items]  
Schedule of Consideration Transferred to Sellers ended December 31, 2024.

The consideration transferred to the sellers of Sengenics comprised the following:

 

Standard BioTools Common Stock

 

$

5,878

 

Cash

 

 

2,212

 

Contingent consideration

 

 

5,600

 

Total consideration transferred

 

$

13,690

 
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 November 21, 2024:

 

Total consideration

 

$

13,690

 

 

 

 

 

Assets acquired

 

 

 

Cash and cash equivalents

 

$

828

 

Accounts receivable

 

 

282

 

Inventory

 

 

847

 

Property and equipment

 

 

583

 

Intangible assets

 

 

6,400

 

Prepaid expenses and other assets

 

 

766

 

Total assets acquired

 

 

9,706

 

Liabilities assumed

 

 

 

Accounts payable and accrued liabilities

 

 

658

 

Operating lease liabilities

 

 

24

 

Deferred revenue

 

 

419

 

Other liabilities

 

 

25

 

Total Liabilities

 

 

1,126

 

Total fair value of net assets acquired

 

$

8,580

 

Goodwill

 

$

5,110

 
Schedule of Valuation of the Intangible Assets Acquired in Connection with the Merger The valuation of the intangible assets acquired, along with their estimated useful lives, is as follows (in thousands):

 

 

 

Fair Value

 

 

Weighted Average Useful Life (years)

 

Developed technology

 

$

5,800

 

 

 

9.0

 

Trade name

 

 

500

 

 

 

7.0

 

Customer relationships

 

 

100

 

 

 

11.0

 

Total intangible assets

 

$

6,400

 

 

 

8.9