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BALANCE SHEET COMPONENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Balance Sheet Components [Abstract] |
Schedule of Inventory | Inventory, net, consisted of the following components:
| December 31,
(in thousands) | 2024 |  | 2023
Purchased materials | $ | 45,270 |  |  | $ | 32,434 |
Work in process | 22,172 |  |  | 27,653 |
Finished goods | 14,081 |  |  | 15,746 |
Inventory, gross | 81,523 |  |  | 75,833 |
Inventory reserve | (22,768) |  |  | (19,157) |
Inventory, net | $ | 58,755 |  |  | $ | 56,676 |
Schedule of Property and Equipment, Net | Estimated useful lives of the major classes of property and equipment are as follows:
| Estimated Useful Lives
Leasehold improvements | 3 to 10 years
Lab equipment | 3 to 5 years
Computer equipment | 3 to 5 years
Computer software | 3 years
Furniture and fixtures | 3 to 5 years
Property and equipment, net, consisted of the following components:
| December 31,
(in thousands) | 2024 |  | 2023
Laboratory equipment and machinery | $ | 47,273 |  |  | $ | 44,907 |
Leasehold improvements | 33,770 |  |  | 35,226 |
Computer equipment | 18,882 |  |  | 19,528 |
Software | 7,280 |  |  | 6,628 |
Furniture and fixtures | 2,972 |  |  | 3,594 |
Construction in progress | 2,276 |  |  | 1,343 |
Total | 112,453 |  |  | 111,226 |
Less: Accumulated depreciation | (81,948) |  |  | (74,794) |
Property and equipment, net | $ | 30,505 |  |  | $ | 36,432 |
Schedule of Goodwill | Changes to goodwill during the year ended December 31, 2024 were as follows:
(in thousands) |  |
Balance as of December 31, 2023 |  | $ | 462,261 |
Impairment charges |  | (144,500) |
Balance as of December 31, 2024 |  | $ | 317,761 |
Schedule of Impaired Intangible Assets | Changes to IPR&D during the year ended December 31, 2024 were as follows:
(in thousands) |  |
Balance as of December 31, 2023 |  | $ | 55,000 |
Impairment charge |  | (40,000) |
Balance as of December 31, 2024 |  | $ | 15,000 |
Schedule of Finite-Lived Intangible Assets From Business Acquisitions | In addition to IPR&D, we had the following acquired finite-lived intangible assets as of December 31, 2024:
(in thousands, except years) | Estimated Useful Life (in years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed technology | 15 |  | $ | 411,179 |  |  | $ | (36,607) |  |  | $ | 374,572 |
Customer relationships | 2 |  | 360 |  |  | (360) |  |  | — |
Total |  |  | $ | 411,539 |  |  | $ | (36,967) |  |  | $ | 374,572 |
Schedule of Estimated Future Amortization Expense of Acquisition-Related Intangible Assets with Finite Lives | The estimated future amortization expense of acquisition-related intangible assets with finite lives is estimated as follows:
(in thousands) |
2025 | $ | 27,412 |
2026 | 27,412 |
2027 | 27,412 |
2028 | 27,412 |
2029 | 27,412 |
2030 and thereafter | 237,512 |
Total | $ | 374,572 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following components:
| December 31,
(in thousands) | 2024 |  | 2023
Salaries and benefits | $ | 11,706 |  |  | $ | 29,337 |
Accrued interest payable | 2,470 |  |  | 2,834 |
Accrued purchase commitments | — |  |  | 2,613 |
Accrued product development costs | 1,111 |  |  | 1,033 |
Accrued professional services and legal fees | 824 |  |  | 2,641 |
Inventory accrual | 1,237 |  |  | 353 |
Warranty accrual | 3,100 |  |  | 4,681 |
Other | 2,147 |  |  | 2,216 |
Accrued expenses | $ | 22,595 |  |  | $ | 45,708 |
Schedule of Changes in Reserve for Product Warranties | Changes in the reserve for product warranties were as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023
Balance at beginning of period | $ | 4,681 |  |  | $ | 1,651 |
Additions charged to cost of product revenue | 6,144 |  |  | 8,227 |
Repairs and replacements | (7,725) |  |  | (5,197) |
Balance at end of period | $ | 3,100 |  |  | $ | 4,681 |
Schedule of Other Liabilities, Current | Other liabilities, current, consisted of the following components:
| December 31,
(in thousands) | 2024 |  | 2023
Accrued Employee Stock Purchase Plan | $ | 2,014 |  |  | $ | 3,715 |
Short-term loan | — |  |  | 490 |
Other | 1,210 |  |  | 4,121 |
Other liabilities, current | $ | 3,224 |  |  | $ | 8,326 |

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