Impinj (PI) 10-Q 24 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	IMPINJ, INC.
Entity Central Index Key	0001114995
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Incorporation, State or Country Code	DE
Entity Common Stock Shares Outstanding		28,116,027
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Transition Report	false
Document Quarterly Report	true
Trading Symbol	PI
Entity Address, State or Province	WA
Entity File Number	001-37824
Entity Tax Identification Number	91-2041398
Entity Address, Address Line One	400 Fairview Avenue North
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Seattle
Entity Address, Postal Zip Code	98109
City Area Code	206
Local Phone Number	517-5300
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 214,653	$ 94,793
Short-term investments	5,563	18,440
Accounts receivable, net	54,181	54,919
Inventory	80,773	97,172
Prepaid expenses and other current assets	3,148	4,372
Total current assets	358,318	269,696
Property and equipment, net	47,209	44,891
Intangible assets, net	11,645	13,913
Operating lease right-of-use assets	8,424	9,735
Other non-current assets	1,235	1,478
Goodwill	19,256	19,696
Total assets	446,087	359,409
Current liabilities:
Accounts payable	15,305	8,661
Accrued compensation and employee related benefits	12,549	8,519
Accrued and other current liabilities	2,848	8,614
Current portion of operating lease liabilities	3,462	3,373
Current portion of long-term debt	282,671
Current portion of deferred revenue	2,087	1,713
Total current liabilities	318,922	30,880
Long-term debt	0	281,855
Operating lease liabilities, net of current portion	7,546	9,360
Deferred tax liabilities, net	2,466	2,911
Deferred revenue, net of current portion	181	272
Total liabilities	329,115	325,278
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.001 par value - 5,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023
Common stock, $0.001 par value - 495,000 shares authorized, 28,073 and 27,166 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	28	27
Additional paid-in capital	504,206	463,900
Accumulated other comprehensive income (loss)	(418)	355
Accumulated deficit	(386,844)	(430,151)
Total stockholders' equity	116,972	34,131
Total liabilities and stockholders' equity	$ 446,087	$ 359,409

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	495,000,000	495,000,000
Common stock, shares issued	28,073,000	27,166,000
Common stock, shares outstanding	28,073,000	27,166,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 102,495	$ 85,986	$ 179,320	$ 171,883
Cost of revenue	44,979	42,172	84,256	84,539
Gross profit	57,516	43,814	95,064	87,344
Operating expenses:
Research and development	24,924	23,403	47,443	45,838
Sales and marketing	9,827	10,632	20,003	20,605
General and administrative	13,223	16,002	26,588	31,566
Amortization of intangibles	496	2,146	1,905	2,146
Restructuring costs			1,812
Total operating expenses	48,470	52,183	97,751	100,155
Income (loss) from operations	9,046	(8,369)	(2,687)	(12,811)
Other income, net	2,122	1,165	3,414	2,530
Income from settlement of litigation			45,000
Interest expense	(1,217)	(1,211)	(2,433)	(2,420)
Income (loss) before income taxes	9,951	(8,415)	43,294	(12,701)
Income tax benefit	12	349	13	277
Net income (loss)	$ 9,963	$ (8,066)	$ 43,307	$ (12,424)
Net income (loss) per share - basic	$ 0.36	$ (0.30)	$ 1.57	$ (0.47)
Net income (loss) per share - diluted	$ 0.34	$ (0.30)	$ 1.44	$ (0.47)
Weighted-average shares outstanding basic	27,889	26,713	27,623	26,499
Weighted-average shares outstanding diluted	29,422	26,713	31,718	26,499

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,963	$ (8,066)	$ 43,307	$ (12,424)
Other comprehensive income (loss), net of tax:
Unrealized loss on investments	13	193	47	837
Foreign currency translation adjustment	(161)	87	(820)	87
Total other comprehensive income (loss)	(148)	280	(773)	924
Comprehensive income (loss)	$ 9,815	$ (7,786)	$ 42,534	$ (11,500)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net Income (Loss)	$ 43,307	$ (12,424)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,908	6,066
Stock-based compensation	26,495	23,372
Restructuring equity modification expense	366
Accretion of discount or amortization of premium on investments	(109)	(1,285)
Amortization of debt issuance costs	815	802
Deferred tax expense	(372)	(399)
Revaluation of acquisition-related contingent consideration liability	986
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	699	(7,755)
Inventory	16,378	(64,733)
Prepaid expenses and other assets	1,461	2,277
Accounts payable	6,996	6,113
Accrued compensation and employee related benefits	4,056	(1,879)
Accrued and other liabilities	290	2,043
Acquisition-related contingent consideration liability	(2,556)
Operating lease right-of-use assets	1,293	1,331
Operating lease liabilities	(1,706)	(1,661)
Deferred revenue	312	(972)
Net cash provided by (used in) operating activities	105,619	(49,104)
Investing activities:
Proceeds from sales of investments		13,372
Proceeds from maturities of investments	13,033	92,424
Purchases of intangible assets		(250)
Purchases of property and equipment	(7,568)	(13,198)
Business acquisitions, net of cash acquired		(23,357)
Net cash provided by investing activities	5,465	68,991
Financing activities:
Proceeds from exercise of stock options and employee stock purchase plan	13,446	5,753
Payment of acquisition-related contingent consideration	(4,602)
Net cash provided by financing activities	8,844	5,753
Effect of exchange rate changes on cash and cash equivalents	(68)	7
Net increase in cash and cash equivalents	119,860	25,647
Cash and cash equivalents
Beginning of period	94,793	19,597
End of period	214,653	45,244
Supplemental disclosure of cashflow information:
Cash paid for interest	1,617	1,617
Purchases of property and equipment not yet paid	$ 1,198	1,973
Operating lease liabilities arising from obtaining ROU assets		979
Lease liabilities arising from remeasurement of ROU assets		159
26,396 shares of common stock issued for Voyantic Oy acquisition		3,579
Acquisition-related contingent consideration liability		$ 4,602

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical)	Jun. 30, 2024 shares
Common stock, shares issued	28,073,000
Voyantic Oy [Member]
Common stock, shares issued	26,396

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In-Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (loss)
Beginning balance at Dec. 31, 2022	$ 15,591	$ 26	$ 403,599	$ (386,785)	$ (1,249)
Beginning balance, shares at Dec. 31, 2022		26,098
Issuance of common stock	4,520	$ 1	4,519
Issuance of common stock, shares		483
Stock-based compensation	10,224		10,224
Net income (loss)	(4,358)			(4,358)
Other comprehensive income (loss)	644				644
Ending balance at Mar. 31, 2023	26,621	$ 27	418,342	(391,143)	(605)
Ending balance, shares at Mar. 31, 2023		26,581
Beginning balance at Dec. 31, 2022	15,591	$ 26	403,599	(386,785)	(1,249)
Beginning balance, shares at Dec. 31, 2022		26,098
Net income (loss)	(12,424)
Other comprehensive income (loss)	924
Ending balance at Jun. 30, 2023	36,795	$ 27	436,302	(399,209)	(325)
Ending balance, shares at Jun. 30, 2023		26,819
Beginning balance at Mar. 31, 2023	26,621	$ 27	418,342	(391,143)	(605)
Beginning balance, shares at Mar. 31, 2023		26,581
Issuance of common stock	1,233		1,233
Issuance of common stock, shares		211
Stock-based compensation	13,148		13,148
Net income (loss)	(8,066)			(8,066)
Common stock issued for Voyantic acquisition	3,579		3,579
Common stock issued for Voyantic acquisition, shares		27
Other comprehensive income (loss)	280				280
Ending balance at Jun. 30, 2023	36,795	$ 27	436,302	(399,209)	(325)
Ending balance, shares at Jun. 30, 2023		26,819
Beginning balance at Dec. 31, 2023	34,131	$ 27	463,900	(430,151)	355
Beginning balance, shares at Dec. 31, 2023		27,166
Issuance of common stock	6,917	$ 1	6,916
Issuance of common stock, shares		494
Stock-based compensation	11,790		11,790
Restructuring equity modification expense	366		366
Net income (loss)	33,344			33,344
Other comprehensive income (loss)	(625)				(625)
Ending balance at Mar. 31, 2024	85,923	$ 28	482,972	(396,807)	(270)
Ending balance, shares at Mar. 31, 2024		27,660
Beginning balance at Dec. 31, 2023	34,131	$ 27	463,900	(430,151)	355
Beginning balance, shares at Dec. 31, 2023		27,166
Net income (loss)	43,307
Other comprehensive income (loss)	(773)
Ending balance at Jun. 30, 2024	116,972	$ 28	504,206	(386,844)	(418)
Ending balance, shares at Jun. 30, 2024		28,073
Beginning balance at Mar. 31, 2024	85,923	$ 28	482,972	(396,807)	(270)
Beginning balance, shares at Mar. 31, 2024		27,660
Issuance of common stock	6,529		6,529
Issuance of common stock, shares		413
Stock-based compensation	14,705		14,705
Net income (loss)	9,963			9,963
Other comprehensive income (loss)	(148)				(148)
Ending balance at Jun. 30, 2024	$ 116,972	$ 28	$ 504,206	$ (386,844)	$ (418)
Ending balance, shares at Jun. 30, 2024		28,073

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,963	$ 33,344	$ (8,066)	$ (4,358)	$ 43,307	$ (12,424)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During our last fiscal quarter, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K, except as follows: Name and Title Character of Trading Arrangement (1) Date Adopted Date Terminated Duration (2) Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement Jeff Dossett , Chief Revenue Officer Rule 10b5-1 Trading Arrangement May 1, 2024 - January 31, 2025 Up to 30,000 (1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”). (2) Except as indicated by footnote, each trading arrangement permits transactions through and including the earlier of (a) the execution or expiration of all trades specified under the trading arrangement or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.
Name	Jeff Dossett
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 1, 2024
Expiration Date	January 31, 2025
Aggregate Available	30,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly owned subsidiaries. We have eliminated intercompany balances and transactions in consolidation. We have prepared these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"), and applicable rules and regulations of the Securities and Exchange Commission ("SEC"), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2023 included in Impinj, Inc.’s Annual Report on Form 10-K, which was filed with the SEC on February 12, 2024. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, comprising normal recurring adjustments, necessary to state fairly our financial position, results of operations and our cash flows for the periods presented. Interim results are not necessarily indicative of the results for a full year or for any other future period. Use of Estimates Preparing financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements, as well as the reported revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, sales incentives, percentage completion of development contracts, inventory excess and obsolescence, income taxes and fair value of stock awards. To the extent there are material differences between our estimates, judgments, or assumptions and actual results, our financial statements will be affected. Licensing of Intellectual Property On March 13, 2024, we and NXP Semiconductors N.V. ("NXP") entered into a Settlement and Patent Cross-License Agreement (the “Settlement Agreement”). Under the Settlement Agreement, NXP made a one-time payment of $ 45 million and agreed to make annual license fee payments on April 1 of each year, starting on April 1, 2024, until the termination of the Settlement Agreement. The annual license fee payment for 2024 was $ 15 million and will increase each subsequent year by a fixed percentage. We allocated the consideration from the Settlement Agreement to the related components of the agreement. During the first quarter of 2024, we recorded the $ 45 million payment in income from settlement of litigation in the condensed consolidated statements of operations upon receipt. We will recognize the license fee, which relates to annual usage of the license from April 1 to March 31 of each applicable year, as revenue in the second quarter of each until the Settlement Agreement terminates. The license fee for the first annual usage period was recognized in the second quarter of 2024. We recognize revenue from licensing the right to use functional intellectual property, such as the Settlement Agreement discussed above, at the point in time the control of the license transfers to the customer, which is generally upon delivery, or as usage occurs. See Note 6 Commitments and Contingencies for additional details of the Settlement Agreement with NXP. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB released ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends reportable segment requirements, primarily through enhanced disclosures about significant segment expenses, including for public entities that have a single reportable segment. The standard is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 31, 2024. We are currently evaluating the impact of this standard, if any, on our financial statement disclosures. In December 2023, the FASB released ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends income tax disclosure requirements to enhance the transparency and decision usefulness for users of the financial statements. The standard is effective for fiscal years beginning after December 31, 2024. We are currently evaluating impact of this standard, if any, on our financial statement disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 2. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. We do not have any financial assets or liabilities in Level 3 as of June 30, 2024, and only had the liability for the earnout consideration related to the Voyantic Oy acquisition in Level 3 as of December 31, 2023. We classified this liability as Level 3 because we determined the fair value using significant unobservable inputs. We applied the following methods and assumptions in estimating our fair value measurements: Cash Equivalents — Cash equivalents comprise highly liquid investments, including money market funds with original maturities of less than three months at the acquisition date. We record the fair value measurement of these assets based on quoted market prices in active markets. Investments — Our investments comprise fixed income securities, which include U.S. government agency securities, corporate notes and bonds, commercial paper, treasury bills and asset-backed securities. The fair value measurement of these assets is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Long-term Debt — See Note 7 for the carrying amount and estimated fair value of the Notes. Contingent Consideration — The contingent consideration liability is related to our acquisition of Voyantic Oy (see Note 4: Goodwill and Intangible Assets). We paid the contingent consideration amount of $ 7.2 million in second-quarter 2024 . The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 181,391 $ — $ — $ 181,391 $ 78,661 $ — $ — $ 78,661 Total cash equivalents 181,391 — — 181,391 78,661 — — 78,661 Short-term investments: U.S. government agency securities — 3,493 — 3,493 — 11,893 — 11,893 Yankee bonds — 1,998 — 1,998 — 1,951 — 1,951 Agency bonds — — — — — 2,994 — 2,994 Asset-backed securities — 72 — 72 — 1,602 — 1,602 Total short-term investments — 5,563 — 5,563 — 18,440 — 18,440 Total $ 181,391 $ 5,563 $ — $ 186,954 $ 78,661 $ 18,440 $ — $ 97,101 Acquisition related contingent consideration liability — — — — — — 6,180 6,180 Total liabilities at fair value $ — $ — $ — $ — $ — $ — $ 6,180 $ 6,180 The following table presents additional information about liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value as of June 30, 2024 (in thousands): Six Months Ended June 30, 2024 Balance as of January 1 $ 6,180 Change in fair value of contingent consideration liability due to remeasurement 986 Contingent consideration payment made ( 7,166 ) Balance as of June 30 $ — At the acquisition date, we recorded the contingent consideration related to the Voyantic Oy acquisition at its fair value using unobservable inputs and used the Monte Carlo simulation option pricing framework, incorporating contractual terms and assumptions regarding financial forecasts, discount rates and volatility of forecasted revenue and gross margins. Developing and determining the unobservable inputs for Level 3 fair-value measurements and fair-value calculations is management's responsibility with assistance from a third-party valuation specialist. During the quarter ended June 30, 2024, we made the payment for contingent consideration and as of June 30, 2024 , the contingent consideration liability is $ 0 . As of December 31, 2023, the contingent consideration liability was $ 6.2 million. We expect short-term investments to mature within 1 year of the reporting date. See Note 7 for the carrying amount and estimated fair value of our convertible senior notes due 2027 . Investments The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands): June 30, 2024 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 181,391 $ — $ — $ 181,391 U.S. government agency securities 3,496 — ( 3 ) 3,493 Yankee bonds 1,998 — — 1,998 Asset-backed securities 72 — — 72 Total $ 186,957 $ — $ ( 3 ) $ 186,954 December 31, 2023 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 78,661 $ — $ — $ 78,661 U.S. government agency securities 11,932 — ( 39 ) 11,893 Yankee bonds 1,956 — ( 5 ) 1,951 Agency bond 2,998 — ( 4 ) 2,994 Asset-backed securities 1,604 — ( 2 ) 1,602 Total $ 97,151 $ — $ ( 50 ) $ 97,101 Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $ 2.0 million and immaterial unrealized losses as of June 30, 2024, and an estimated fair value of $ 10.2 million and $ 25,000 in unrealized losses as of December 31, 2023. Marketable securities in a continuous loss position for greater than 12 months had an estimated fair value of $ 3.6 million and immaterial unrealized losses as of June 30, 2024, and an estimated fair value of $ 8.2 million $ 26,000 in unrealized losses as of December 31, 2023.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	N ote 3. Inventory The following table presents the detail of inventories as of the dates presented (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 18,972 $ 21,773 Work-in-process 37,633 42,217 Finished goods 24,168 33,182 Total inventory $ 80,773 $ 97,172

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 4. Goodwill and Intangible Assets On April 3, 2023, we acquired all outstanding equity of Voyantic Oy for an aggregate purchase price of $ 32.7 million. Our acquisition of Voyantic Oy adds label design, manufacturing and testing to our systems offerings, to advance the quality, reliability and readability of partner inlays. The consideration comprised (i) $ 3.6 million in shares of our common stock valued using the market price on the date of the acquisition, (ii) $ 4.6 million in deferred payments contingent upon revenue and gross margin performance over a one-year period from the acquisition date and (iii) the remainder in cash paid at closing. We recorded the assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. We recorded the excess of the purchase price over the assets acquired and liabilities assumed as goodwill. The fair value of net assets acquired, goodwill, intangible assets and deferred tax liability were $ 2.4 million, $ 15.6 million, $ 18.4 million and $ 3.7 million, respectively. The goodwill amount represents synergies we expect to realize from the business combination and assembled workforce. We allocated the goodwill to our one reporting unit and reportable segment. The acquired goodwill and intangible assets were not deductible for tax purposes. The transaction-related costs for the acquisition were $ 0.1 million and $ 1.0 million for the three and six months ended June 30, 2024. These costs are related to the revaluation of the contingent consideration subsequent to the acquisition date and are included in general and administrative expenses in the condensed consolidated statements of operations. See Note 2. Fair Value Measures for additional information on the contingent consideration. This acquisition did not have a material impact on our reported revenue or net loss amounts for any period presented; therefore, we have not presented historical and pro forma disclosures. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The following table presents goodwill as of June 30, 2024 (in thousands): Six Months Ended June 30, 2024 2023 Balance at beginning of period $ 19,696 $ 3,881 Additions from acquisition — 15,590 Foreign currency translation adjustment ( 440 ) 45 Total $ 19,256 $ 19,516 As of June 30, 2024, intangible assets comprised the following (in thousands): Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Definite-lived intangible assets: Backlog 0.25 $ 751 $ ( 751 ) $ — Customer Relationships 1 3,595 ( 3,595 ) — Developed Technology 7.25 12,662 ( 2,183 ) 10,479 Patent 3 250 ( 80 ) 170 Tradename 8 1,180 ( 184 ) 996 Total definite-lived intangible assets (1) 18,438 ( 6,793 ) 11,645 (1) Foreign intangible asset carrying amounts are affected by foreign currency translation We amortize identifiable intangible assets with finite lives over their useful lives on a straight-line basis. The weighted average life of our intangible assets is approximately six years . Amortization of intangible assets was $ 0.5 million and $ 1.9 million for the three and six months ended June 30, 2024 , respectively and $ 2.1 million for the three and six months ended June 30, 2023. As of June 30, 2024, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated Amortization (in thousands) 2024 989 2025 1,977 2026 1,939 2027 1,894 2028 1,894 Thereafter 2,952 Total $ 11,645

Stock-Based Awards

Stock-Based Awards	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Awards	Note 5. Stock-Based Awards Restricted Stock Units We grant restricted stock units ("RSUs") with a service condition, and RSUs with market and service conditions ("MSUs"). The following table summarizes activity for RSUs and MSUs for the six months ended June 30, 2024 (in thousands): Number of Underlying Shares RSUs MSUs Outstanding at December 31, 2023 1,078 174 Granted 397 161 Vested ( 313 ) ( 98 ) Forfeited ( 97 ) ( 2 ) Outstanding at June 30, 2024 1,065 235 Stock-Based Compensation Expense The following table presents the detail of stock-based compensation expense amounts included in our condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 534 $ 472 $ 987 $ 889 Research and development expense 6,543 5,879 11,805 10,448 Sales and marketing expense 2,802 2,790 5,211 4,929 General and administrative expense 4,826 4,007 8,492 7,106 Total stock-based compensation expense $ 14,705 $ 13,148 $ 26,495 $ 23,372

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies For information on our commitments and contingencies, see Part II, Item 8 (Financial Statements and Supplementary Data, Note 12, Commitments and Contingencies) of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our commitments and contingencies as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, except for “Obligations with Third Parties” and “Litigation” as discussed below. Obligations with Third Parties We manufacture products with third-party manufacturers. We are committed to purchase $ 27.8 million of inventory as of June 30, 2024. Litigation From time to time, we are subject to various legal proceedings or claims that arise in the ordinary course of business. We accrue a liability when management believes that it is both probable that we have incurred a liability and we can reasonably estimate the amount of loss. As of June 30, 2024 and December 31, 2023 , we did no t have accrued contingency liabilities. The following is a description of our significant legal proceedings. Patent Infringement Claims and Counterclaims Impinj Patent Infringement Claims Against NXP From 2019 to 2023, we engaged in active patent litigation against our primary endpoint IC competitor, NXP Semiconductors N.V., or NXP. During this time, we filed three patent infringement lawsuits against subsidiaries of NXP in federal courts in California and Texas. Our complaints alleged that certain NXP endpoint ICs infringed a number of our U.S. patents. In response, NXP filed a suit against us in federal court in Delaware, later transferred to Washington, countersued us in Texas, and filed three lawsuits against our subsidiary in China. NXP’s complaints alleged that certain of our endpoint ICs infringed a number of their own U.S. or Chinese patents or U.S. patents that they exclusively licensed from a third-party to assert against us. Through 2023, we prevailed in these lawsuits. In three U.S. trials held in 2023, juries in California and Texas returned verdicts that NXP endpoint ICs infringed five of our patents that made it to trial, and juries in Washington and Texas ruled that we did not infringe any of the three patents NXP accused us in court of infringing. Also in 2023, NXP withdrew all three cases it filed against us in China. On March 13, 2024, while additional trials were pending in China and Texas, and post-trial motions and appeals were pending in China and the U.S., we and NXP entered into the Settlement Agreement. Under the agreement we and NXP agreed to terminate and withdraw all pending proceedings and release one another for all patent infringement claims preceding March 31, 2024 and grant to each other non-exclusive, worldwide patent licenses to make, have made, import, use, offer for sale, and sell their respective products and services, subject to the terms of the agreement. The Settlement Agreement will remain in force until all the valid claims of a specified set of Impinj patents (the “Indicator Patents”) expire in about ten years. Either party can terminate the Settlement Agreement if the other party materially breaches the terms of the Agreement and NXP can terminate the Settlement Agreement if it successfully designs out all valid claims of the Indicator Patents. Under the Settlement Agreement, NXP paid us a one-time amount of $ 45 million and agreed to make annual license fee payments, if the specified set of Indicator Patents are still in use, on April 1 of each year, effective April 1, 2024. The annual license fee will increase by a fixed percentage each year after 2024 for the remaining term of the Settlement Agreement. We have no obligation to pay NXP under the Settlement Agreement. We allocated the consideration from the Settlement Agreement to the components of the Settlement Agreement. We recorded the $ 45 million payment in income from settlement of litigation in the condensed consolidated statements of operations in the first quarter of 2024, upon receipt. Licensing of our intellectual property is part of our ongoing operations and therefore, we will recognize the license fee, which relates to annual usage of the license from April 1 to March 31 of each applicable year, as revenue in the second quarter of each year until the Settlement Agreement terminates. We recognized the first annual license fee of $ 15 million in revenue in the second quarter of 2024.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	Note 7. Long-term debt Convertible Senior Notes In November 2021, we issued $ 287.5 million aggregate principal amount of convertible promissory notes due May 15, 2027 (the “2021 Notes”). The following table presents the outstanding principal amount and carrying value of the 2021 Notes as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 Principal Amount Unamortized debt issuance costs Net Carrying Amount Principal Amount Unamortized debt issuance costs Net Carrying Amount 2021 Notes 287,500 ( 4,830 ) 282,670 287,500 ( 5,645 ) 281,855 Further details of the 2021 Notes are as follows: Issuance Maturity Date Interest Rate First Interest Payment Date Effective Interest Rate Semi-Annual Interest Payment Dates Initial Conversion Rate per $1,000 Principal Initial Conversion Price Number of Shares (in millions) 2021 Notes May 15, 2027 1.125 % May 15, 2022 1.72 % May 15; November 15 9.0061 $ 111.04 2.6 The 2021 Notes are senior unsecured obligations, do not contain any financial covenants and are governed by indentures (the Indentures). The total net proceeds from the 2021 Notes, after deducting initial debt issuance costs, fees and expenses, was $ 278.4 million. We used approximately $ 183.6 million of the 2021 Notes net proceeds, excluding accrued intere st, to repurchase approximately $ 76.4 million aggregate principal amount of convertible notes due 2026 (the “2019 Notes” and, together with the 2021 Notes, the “Notes”) through individual privately negotiated transactions concurrent with us offering the 2021 Notes. We used approximately $ 17.6 million, excluding accrued interest, to repurchase the remaining $ 9.9 million aggregate principal amount of the 2019 Notes in June 2022. We w ill use the remainder of the net proceeds from the 2021 Notes for general corporate purposes. Terms of the 2021 Notes The holders of the 2021 Notes may convert their respective 2021 Notes at their option at any time prior to the close of business on the business day immediately preceding the respective conversion dates under the following circumstances: • during any fiscal quarter commencing after the fiscal quarter ending on March 31, 2022 (and only during such fiscal quarter), if the last reported sale price of our common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130 % of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2021 Notes for each trading day was less than 98 % of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; • prior to the close of business on the second scheduled trading day immediately preceding the redemption date if we call the 2021 Notes for redemption; or • upon the occurrence of specified corporate events, as described in the indenture. Regardless of the foregoing circumstances, holders may convert all or any portion of the 2021 Notes, in increments of $1,000 principal amount, on or after February 15, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date. We may redeem all or a portion of the 2021 Notes for cash, at our option, on or after November 20, 2024, if the last reported sale price of our common stock has been at least 130 % of the conversion price at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period at a redemption price equal to 100% of the principal amount of the 2021 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. Holders who convert their 2021 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the indenture), holders of the 2021 Notes may require us to repurchase all or a portion of their 2021 Notes at a repurchase price equal to 100 % of the principal amount of the 2021 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. Our common stock exceeded 130 % of the conversion price of the 2021 Notes for more than 20 trading days during the 30 consecutive trading days ended June 30, 2024. Accordingly, the 2021 Notes are convertible at the option of the holders as of June 30, 2024 and have been reclassified to current portion of long-term debt on the condensed consolidated balance sheet as of June 30, 2024. The “if-converted val ue” exceeded the principal amounts by $ 118.4 million based on the closing price of our common stock of $ 156.77 as of June 30, 2024. Interest expense related to the Notes was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 2021 Notes 2021 Notes 2021 Notes 2021 Notes Amortization of debt issuance costs 409 402 816 802 Cash interest expense 808 809 1,617 1,618 Total interest expense $ 1,217 $ 1,211 $ 2,433 $ 2,420 Accrued interest related to the 2021 Notes as of June 30, 2024 and December 31, 2023 wa s $ 0.4 million, for both periods . We record accrued interest in accrued liabilities in our consolidated balance sheet. We estimate the fair value of the 2021 Notes to be $ 446.2 million and $ 314.0 million as of June 30, 2024 and December 31, 2023, respectively, which we determined through consideration of quoted market prices. The fair value for the 2021 Notes is classified as Level 2, as defined in Note 2. Capped Calls In connection with the issuance of the 2019 Notes, we entered into privately negotiated capped-call transactions with certain financial counterparties. The capped call transactions are generally designed to reduce the potential dilution to our common stock upon any conversion or settlement of the 2019 Notes, or to offset any cash payments we are required to make in excess of the principal amount upon conversion of the 2019 Notes, as the case may be, with the reduction or offset subject to a cap based on the cap price. If, however, the market price per share of our common stock exceeds the cap price of the capped-call transactions, then our stock would experience some dilution and/or the capped call would not fully offset the potential cash payments, in each case, to the extent then-market price per share of our common stock exceeds the cap price. The capped call remains outstanding even though we have repurchased the 2019 Notes. The initial cap price of the capped call transactions is $ 54.20 per share, subject to certain adjustments under the terms of the capped call transactions. The capped call transactions expire over 40 consecutive scheduled trading days ending on December 11, 2026 . The capped call transactions meet the criteria for classification in equity, are not accounted for as derivatives and are not remeasured each reporting period.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	Note 8. Net Earnings (Loss) Per Share For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net earnings (loss) per share (in thousands, except per share amounts): Three months ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 9,963 $ ( 8,066 ) $ 43,307 $ ( 12,424 ) Interest add back — — 2,433 — Net income (loss) attributable to common stock holders $ 9,963 $ ( 8,066 ) $ 45,740 $ ( 12,424 ) Denominator: Weighted average common shares outstanding, basic 27,889 26,713 27,623 26,499 Dilutive effect of: Stock plans 1,533 — 1,506 — 2021 Notes — — 2,589 — Weighted average common shares outstanding, diluted 29,422 26,713 31,718 26,499 Net earnings (loss) per share — basic $ 0.36 $ ( 0.30 ) $ 1.57 $ ( 0.47 ) Net earnings (loss) per share — diluted $ 0.34 $ ( 0.30 ) $ 1.44 $ ( 0.47 ) Basic net earnings (loss) per share is calculated using our net income (loss) and our weighted average outstanding common shares. Diluted net earnings (loss) per share is calculated using our net income (loss) attributable to common stockholders with interest charges applicable to our convertible debt added back under the if converted method, if dilutive, and our weighted average outstanding common shares including the dilutive effect of stock awards and employee stock purchase plan shares as determined under the treasury stock method and of our convertible notes using the if converted method, if dilutive. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards and the potential share settlement impact related to our convertible notes from the diluted loss per share calculation as their inclusion would have an antidilutive effect. The following table presents the outstanding shares of our common stock equivalents excluded from the computation of diluted net earnings (loss) per share as of the dates presented because their effect would have been antidilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options — 1,543 — 1,543 RSUs, MSUs and PSUs 114 1,475 737 1,475 Employee stock purchase plan shares — 23 — 23 2021 Notes 2,589 2,589 — 2,589

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Note 9. Segment Information We have one reportable and operating segment: developing and selling of our RAIN products and services. We identified our operating segment based on how our chief operating decision-maker manages our business, makes operating decisions and evaluates our operating performance. Our chief executive officer acts as the chief operating decision-maker and reviews financial and operational information on an entity-wide basis. Accordingly, we have determined we have a single reportable and operating segment. Our chief executive officer reviews information about our revenue categories, endpoint ICs, including licensing revenue, and systems, defined as reader ICs, readers, gateways, test and measurement solutions and software and cloud services. The following table presents our revenue categories for the indicated periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Endpoint ICs $ 89,392 $ 64,905 $ 150,898 $ 131,954 Systems 13,103 21,081 28,422 39,929 Total revenue $ 102,495 $ 85,986 $ 179,320 $ 171,883

Deferred Revenue

Deferred Revenue	6 Months Ended
	Jun. 30, 2024
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	N ote 10. Deferred Revenue Deferred revenue, comprising individually immaterial amounts for extended warranty, enhanced product maintenance and advance payments on nonrecurring engineering ("NRE") services contracts, represents contracted revenue that has not yet been recognized. We recognized $ 1.1 million of revenue related to amounts included in deferred revenue as of December 31, 2023 for the six months ended June 30, 2024. We recognized $ 2.0 million of reven ue related to amounts included in deferred revenue as of December 31, 2022 for the six months ended June 30, 2023. The following table presents the changes in deferred revenue for the indicated periods (in thousands): Six Months Ended June 30, 2024 2023 Balance at beginning of period $ 1,985 $ 2,599 Opening balance from Voyantic acquisition — 1,233 Deferral of revenue 1,630 1,672 Recognition of deferred revenue ( 1,347 ) ( 2,640 ) Balance at end of period $ 2,268 $ 2,864

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Note 11. Related-Party Transactions On June 23, 2023, we a cquired a patent from a related party in which a member of our board of directors holds an executive leadership position. The patent pertains to our endpoint IC products and the acquisition price was $ 250,000 . The patent is included in the Indicator Patents, expires on July 17, 2026 and does not have renewal rights. This patent is included in our intangible assets on our condensed consolidated balance sheet as of June 30, 2024.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Note 12. Restructuring On February 7, 2024, we initiated a strategic restructuring to align financial, business and research and development objectives for long-term growth, including a reduction-in-force affecting approximately 10 % of our employees. We incurred restructuring charges of $ 1.8 million for employee terminations benefits, including equity modification expense for the three and six months ended June 30, 2024. Restructuring payments were complete as of June 30, 2024. A summary of accrued restructuring costs as of June 30, 2024 is shown in the table below (in thousands): Six months ended June 30, 2024 Restructuring costs 1,812 Non cash payments ( 366 ) Cash payments ( 1,446 ) Accrued restructuring costs as of June 30, 2024 $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly owned subsidiaries. We have eliminated intercompany balances and transactions in consolidation. We have prepared these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"), and applicable rules and regulations of the Securities and Exchange Commission ("SEC"), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2023 included in Impinj, Inc.’s Annual Report on Form 10-K, which was filed with the SEC on February 12, 2024. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, comprising normal recurring adjustments, necessary to state fairly our financial position, results of operations and our cash flows for the periods presented. Interim results are not necessarily indicative of the results for a full year or for any other future period.
Use of Estimates	Use of Estimates Preparing financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements, as well as the reported revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, sales incentives, percentage completion of development contracts, inventory excess and obsolescence, income taxes and fair value of stock awards. To the extent there are material differences between our estimates, judgments, or assumptions and actual results, our financial statements will be affected.
Licensing of Intellectual Property	Licensing of Intellectual Property On March 13, 2024, we and NXP Semiconductors N.V. ("NXP") entered into a Settlement and Patent Cross-License Agreement (the “Settlement Agreement”). Under the Settlement Agreement, NXP made a one-time payment of $ 45 million and agreed to make annual license fee payments on April 1 of each year, starting on April 1, 2024, until the termination of the Settlement Agreement. The annual license fee payment for 2024 was $ 15 million and will increase each subsequent year by a fixed percentage. We allocated the consideration from the Settlement Agreement to the related components of the agreement. During the first quarter of 2024, we recorded the $ 45 million payment in income from settlement of litigation in the condensed consolidated statements of operations upon receipt. We will recognize the license fee, which relates to annual usage of the license from April 1 to March 31 of each applicable year, as revenue in the second quarter of each until the Settlement Agreement terminates. The license fee for the first annual usage period was recognized in the second quarter of 2024. We recognize revenue from licensing the right to use functional intellectual property, such as the Settlement Agreement discussed above, at the point in time the control of the license transfers to the customer, which is generally upon delivery, or as usage occurs. See Note 6 Commitments and Contingencies for additional details of the Settlement Agreement with NXP.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB released ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends reportable segment requirements, primarily through enhanced disclosures about significant segment expenses, including for public entities that have a single reportable segment. The standard is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 31, 2024. We are currently evaluating the impact of this standard, if any, on our financial statement disclosures. In December 2023, the FASB released ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends income tax disclosure requirements to enhance the transparency and decision usefulness for users of the financial statements. The standard is effective for fiscal years beginning after December 31, 2024. We are currently evaluating impact of this standard, if any, on our financial statement disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 181,391 $ — $ — $ 181,391 $ 78,661 $ — $ — $ 78,661 Total cash equivalents 181,391 — — 181,391 78,661 — — 78,661 Short-term investments: U.S. government agency securities — 3,493 — 3,493 — 11,893 — 11,893 Yankee bonds — 1,998 — 1,998 — 1,951 — 1,951 Agency bonds — — — — — 2,994 — 2,994 Asset-backed securities — 72 — 72 — 1,602 — 1,602 Total short-term investments — 5,563 — 5,563 — 18,440 — 18,440 Total $ 181,391 $ 5,563 $ — $ 186,954 $ 78,661 $ 18,440 $ — $ 97,101 Acquisition related contingent consideration liability — — — — — — 6,180 6,180 Total liabilities at fair value $ — $ — $ — $ — $ — $ — $ 6,180 $ 6,180
Schedule of Additional Information of Liabilities Measured at Fair Value for Company Utilized Level 3 Inputs to Determine Fair Value	The following table presents additional information about liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value as of June 30, 2024 (in thousands): Six Months Ended June 30, 2024 Balance as of January 1 $ 6,180 Change in fair value of contingent consideration liability due to remeasurement 986 Contingent consideration payment made ( 7,166 ) Balance as of June 30 $ —
Schedule of Cost Or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Total Estimated Fair Value Of Financial Assets	The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands): June 30, 2024 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 181,391 $ — $ — $ 181,391 U.S. government agency securities 3,496 — ( 3 ) 3,493 Yankee bonds 1,998 — — 1,998 Asset-backed securities 72 — — 72 Total $ 186,957 $ — $ ( 3 ) $ 186,954 December 31, 2023 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 78,661 $ — $ — $ 78,661 U.S. government agency securities 11,932 — ( 39 ) 11,893 Yankee bonds 1,956 — ( 5 ) 1,951 Agency bond 2,998 — ( 4 ) 2,994 Asset-backed securities 1,604 — ( 2 ) 1,602 Total $ 97,151 $ — $ ( 50 ) $ 97,101

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	The following table presents the detail of inventories as of the dates presented (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 18,972 $ 21,773 Work-in-process 37,633 42,217 Finished goods 24,168 33,182 Total inventory $ 80,773 $ 97,172

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents goodwill as of June 30, 2024 (in thousands): Six Months Ended June 30, 2024 2023 Balance at beginning of period $ 19,696 $ 3,881 Additions from acquisition — 15,590 Foreign currency translation adjustment ( 440 ) 45 Total $ 19,256 $ 19,516
Schedule of Intangible Assets	As of June 30, 2024, intangible assets comprised the following (in thousands): Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Definite-lived intangible assets: Backlog 0.25 $ 751 $ ( 751 ) $ — Customer Relationships 1 3,595 ( 3,595 ) — Developed Technology 7.25 12,662 ( 2,183 ) 10,479 Patent 3 250 ( 80 ) 170 Tradename 8 1,180 ( 184 ) 996 Total definite-lived intangible assets (1) 18,438 ( 6,793 ) 11,645 (1) Foreign intangible asset carrying amounts are affected by foreign currency translation
Schedule of Estimated Intangible Asset Amortization Expense	As of June 30, 2024, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated Amortization (in thousands) 2024 989 2025 1,977 2026 1,939 2027 1,894 2028 1,894 Thereafter 2,952 Total $ 11,645

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Units	The following table summarizes activity for RSUs and MSUs for the six months ended June 30, 2024 (in thousands): Number of Underlying Shares RSUs MSUs Outstanding at December 31, 2023 1,078 174 Granted 397 161 Vested ( 313 ) ( 98 ) Forfeited ( 97 ) ( 2 ) Outstanding at June 30, 2024 1,065 235
Summary of Stock-Based Compensation Expense	The following table presents the detail of stock-based compensation expense amounts included in our condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 534 $ 472 $ 987 $ 889 Research and development expense 6,543 5,879 11,805 10,448 Sales and marketing expense 2,802 2,790 5,211 4,929 General and administrative expense 4,826 4,007 8,492 7,106 Total stock-based compensation expense $ 14,705 $ 13,148 $ 26,495 $ 23,372

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Principal Amount and Carrying Value	The following table presents the outstanding principal amount and carrying value of the 2021 Notes as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 Principal Amount Unamortized debt issuance costs Net Carrying Amount Principal Amount Unamortized debt issuance costs Net Carrying Amount 2021 Notes 287,500 ( 4,830 ) 282,670 287,500 ( 5,645 ) 281,855
Schedule of Notes	Further details of the 2021 Notes are as follows: Issuance Maturity Date Interest Rate First Interest Payment Date Effective Interest Rate Semi-Annual Interest Payment Dates Initial Conversion Rate per $1,000 Principal Initial Conversion Price Number of Shares (in millions) 2021 Notes May 15, 2027 1.125 % May 15, 2022 1.72 % May 15; November 15 9.0061 $ 111.04 2.6
Schedule of Interest Expense	Interest expense related to the Notes was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 2021 Notes 2021 Notes 2021 Notes 2021 Notes Amortization of debt issuance costs 409 402 816 802 Cash interest expense 808 809 1,617 1,618 Total interest expense $ 1,217 $ 1,211 $ 2,433 $ 2,420

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Earnings (Loss) Per Share	For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net earnings (loss) per share (in thousands, except per share amounts): Three months ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 9,963 $ ( 8,066 ) $ 43,307 $ ( 12,424 ) Interest add back — — 2,433 — Net income (loss) attributable to common stock holders $ 9,963 $ ( 8,066 ) $ 45,740 $ ( 12,424 ) Denominator: Weighted average common shares outstanding, basic 27,889 26,713 27,623 26,499 Dilutive effect of: Stock plans 1,533 — 1,506 — 2021 Notes — — 2,589 — Weighted average common shares outstanding, diluted 29,422 26,713 31,718 26,499 Net earnings (loss) per share — basic $ 0.36 $ ( 0.30 ) $ 1.57 $ ( 0.47 ) Net earnings (loss) per share — diluted $ 0.34 $ ( 0.30 ) $ 1.44 $ ( 0.47 )
Computation of Diluted Net Earnings (Loss) Per Share Effect in Antidilutive	The following table presents the outstanding shares of our common stock equivalents excluded from the computation of diluted net earnings (loss) per share as of the dates presented because their effect would have been antidilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options — 1,543 — 1,543 RSUs, MSUs and PSUs 114 1,475 737 1,475 Employee stock purchase plan shares — 23 — 23 2021 Notes 2,589 2,589 — 2,589

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Revenue Categories	The following table presents our revenue categories for the indicated periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Endpoint ICs $ 89,392 $ 64,905 $ 150,898 $ 131,954 Systems 13,103 21,081 28,422 39,929 Total revenue $ 102,495 $ 85,986 $ 179,320 $ 171,883

Deferred Revenue (Tables)

Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Revenue Disclosure [Abstract]
Summary of Changes in Deferred Revenue	The following table presents the changes in deferred revenue for the indicated periods (in thousands): Six Months Ended June 30, 2024 2023 Balance at beginning of period $ 1,985 $ 2,599 Opening balance from Voyantic acquisition — 1,233 Deferral of revenue 1,630 1,672 Recognition of deferred revenue ( 1,347 ) ( 2,640 ) Balance at end of period $ 2,268 $ 2,864

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Summary of Accrued Restructuring Costs	A summary of accrued restructuring costs as of June 30, 2024 is shown in the table below (in thousands): Six months ended June 30, 2024 Restructuring costs 1,812 Non cash payments ( 366 ) Cash payments ( 1,446 ) Accrued restructuring costs as of June 30, 2024 $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 13, 2024	Jun. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Annual license fee payment	$ 45
Additional annual license fee payment	$ 15	$ 15
Litigation settlement expense			$ 45

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 0	$ 0	$ 6,200,000
Contingent consideration amount paid		4,602,000
Marketable securities continuous loss position for less than 12 months, estimated fair value	2,000,000	2,000,000	10,200,000
Marketable securities continuous loss position for less than 12 months, unrealized losses	2,000,000	2,000,000	25,000
Marketable securities continuous loss position for greater than 12 months, estimated fair value	3,600,000	3,600,000	8,200,000
Marketable securities continuous loss position for greater than 12 months, unrealized losses	3,600,000	$ 3,600,000	26,000
Voyantic Oy
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration amount paid	7,200,000
2021 Convertible Senior Notes due 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity year		2027
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability			6,180,000
Assets measured at fair value	$ 186,954,000	$ 186,954,000	97,101,000
Fair Value Measurements Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability			6,180,000
Liabilities measured at fair value			$ 6,180,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquisition-related contingent consideration liability	$ 0	$ 6,200
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	186,954	97,101
Acquisition-related contingent consideration liability		6,180
Cash Equivalents | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	181,391	78,661
Cash Equivalents | Money Market Funds | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	181,391	78,661
Short-term Investments | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,563	18,440
Short-term Investments | U.S. Government Agency Securities | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	3,493	11,893
Short-term Investments | Yankee Bonds | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	1,998	1,951
Short-term Investments | Agency Bonds | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value		2,994
Short-term Investments | Asset-backed Securities | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	72	1,602
Level 1 | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,563	18,440
Level 1 | Cash Equivalents | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	181,391	78,661
Level 1 | Cash Equivalents | Money Market Funds | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	181,391	78,661
Level 2 | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	181,391	78,661
Level 2 | Short-term Investments | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,563	18,440
Level 2 | Short-term Investments | U.S. Government Agency Securities | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	3,493	11,893
Level 2 | Short-term Investments | Yankee Bonds | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	1,998	1,951
Level 2 | Short-term Investments | Agency Bonds | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value		2,994
Level 2 | Short-term Investments | Asset-backed Securities | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 72	1,602
Level 3 | Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquisition-related contingent consideration liability		6,180
Total liabilities at fair value		$ 6,180

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Additional Information of Liabilities Measured at Fair Value for Company Utilized Level 3 Inputs to Determine Fair Value (Details) - Contingent Consideration Liability $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 6,180
Change in fair value of contingent consideration liability due to remeasurement	986
Contingent consideration payment made	(7,166)
Balance at end of period	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Cost Or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Total Estimated Fair Value Of Financial Assets (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	$ 186,957	$ 97,151
Gross Unrealized Losses	(3)	(50)
Total Estimated Fair Value	186,954	97,101
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	181,391	78,661
Total Estimated Fair Value	181,391	78,661
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	3,496	11,932
Gross Unrealized Losses	(3)	(39)
Total Estimated Fair Value	3,493	11,893
Yankee Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	1,998	1,956
Gross Unrealized Losses		(5)
Total Estimated Fair Value	1,998	1,951
Agency Bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost		2,998
Gross Unrealized Losses		(4)
Total Estimated Fair Value		2,994
Asset-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	72	1,604
Gross Unrealized Losses		(2)
Total Estimated Fair Value	$ 72	$ 1,602

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 18,972	$ 21,773
Work-in-process	37,633	42,217
Finished goods	24,168	33,182
Total inventory	$ 80,773	$ 97,172

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 03, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill		$ 19,256	$ 19,516	$ 19,256	$ 19,516	$ 19,696	$ 3,881
Weighted average life of intangible assets		6 years		6 years
Amortization of intangible assets		$ 496	$ 2,146	$ 1,905	$ 2,146
Voyantic Oy
Goodwill [Line Items]
Purchase price	$ 32,700
Consideration value of common stock	3,600
Deferred payments	4,600
Fair value of net assets acquired	2,400
Goodwill	15,600
Intangible assets	18,400
Deferred tax liability	$ 3,700
Voyantic Oy | General and Administrative Expense
Goodwill [Line Items]
Transaction-related costs for acquisition		$ 100		$ 1,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of period	$ 19,696	$ 3,881
Additions from acquisition		15,590
Foreign currency translation adjustment	(440)	45
Total	$ 19,256	$ 19,516

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life in Years	6 years
Gross Carrying Amount	$ 18,438
Accumulated Amortization	(6,793)
Net Total	$ 11,645
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life in Years	3 months
Gross Carrying Amount	$ 751
Accumulated Amortization	$ (751)
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life in Years	1 year
Gross Carrying Amount	$ 3,595
Accumulated Amortization	$ (3,595)
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life in Years	7 years 3 months
Gross Carrying Amount	$ 12,662
Accumulated Amortization	(2,183)
Net Total	$ 10,479
Patent
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life in Years	3 years
Gross Carrying Amount	$ 250
Accumulated Amortization	(80)
Net Total	$ 170
Tradename
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life in Years	8 years
Gross Carrying Amount	$ 1,180
Accumulated Amortization	(184)
Net Total	$ 996

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Estimated Intangible Asset Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	$ 989
2025	1,977
2026	1,939
2027	1,894
2028	1,894
Thereafter	2,952
Net Total	$ 11,645

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Restricted Stock Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Underlying Shares Outstanding, Balance	1,078
Number of Underlying Shares, Granted	397
Number of Underlying Shares, Vested	(313)
Number of Underlying Shares, Forfeited	(97)
Number of Underlying Shares Outstanding, Balance	1,065
Market and Service Conditions Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Underlying Shares Outstanding, Balance	174
Number of Underlying Shares, Granted	161
Number of Underlying Shares, Vested	(98)
Number of Underlying Shares, Forfeited	(2)
Number of Underlying Shares Outstanding, Balance	235

Stock-Based Awards - Summary _2

Stock-Based Awards - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 14,705	$ 13,148	$ 26,495	$ 23,372
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	534	472	987	889
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	6,543	5,879	11,805	10,448
Sales and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,802	2,790	5,211	4,929
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,826	$ 4,007	$ 8,492	$ 7,106

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)		3 Months Ended
	Mar. 13, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Commitments And Contingencies [Line Items]
Inventory purchase commitment, amount		$ 27,800,000
Annual license fee payment	$ 45,000,000
Additional annual license fee payment	$ 15,000,000	15,000,000
Litigation settlement expense			$ 45,000,000
Accrued Liabilities
Commitments And Contingencies [Line Items]
Contingent liabilities		$ 0		$ 0

Long-term Debt - Summary of Out

Long-term Debt - Summary of Outstanding Principal Amount and Carrying Value (Details) - 2021 Convertible Senior Notes due 2027 - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Amount	$ 287,500	$ 287,500
Unamortized debt issuance costs	(4,830)	(5,645)
Net Carrying Amount	$ 282,670	$ 281,855

Long-term Debt - Convertible Se

Long-term Debt - Convertible Senior Notes - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended			6 Months Ended
	Dec. 11, 2019	Jun. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Dec. 31, 2019 Days $ / shares	Jun. 30, 2024 USD ($) Days $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount					$ 118,400
Debt instrument, threshold trading days | Days					5
Number of business day | Days					5
Long-term debt					$ 0	$ 281,855
Additional paid in capital					(504,206)	(463,900)
Accumulated deficit					$ 386,844	430,151
Closing price of common stock | $ / shares					$ 156.77
2019 Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Cap price of the capped call transactions | $ / shares				$ 54.2
Capped call transactions expiration consecutive days | Days				40
Capped call transaction expiring date	Dec. 11, 2026
2019 Convertible Senior Notes due 2026 | 2019 Note Repurchase
Debt Instrument [Line Items]
Payment of 2019 Notes		$ 17,600	$ 183,600
Repurchase of debt principal amount		$ 9,900	$ 76,400
2021 Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument, maturity date			May 15, 2027
Net proceeds from issuing notes			$ 278,400
Accrued interest					$ 400	400
Unamortized debt issuance costs					4,830	5,645
2021 Convertible Promissory Notes due 2027
Debt Instrument [Line Items]
Aggregate principal amount			$ 287,500
Debt instrument, maturity date			May 15, 2027
2021 Convertible Promissory Notes due 2027 | Level 2
Debt Instrument [Line Items]
Estimated fair value					$ 446,200	$ 314,000
Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, threshold consecutive trading days | Days					30
Debt instrument, threshold percentage of stock price trigger					130%
Debt instrument, terms of conversion feature					Regardless of the foregoing circumstances, holders may convert all or any portion of the 2021 Notes, in increments of $1,000 principal amount, on or after February 15, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date.
Percentage of repurchase price of principal amount					100%
Convertible Senior Notes | Minimum
Debt Instrument [Line Items]
Debt instrument, threshold trading days | Days					20
Convertible Senior Notes | Maximum
Debt Instrument [Line Items]
Debt instrument, threshold percentage of stock price trigger					98%

Long-term Debt - Schedule of No

Long-term Debt - Schedule of Notes (Details) - 2021 Notes Unit in Millions	1 Months Ended
	Nov. 30, 2021 Unit $ / shares shares
Debt Instrument [Line Items]
Maturity Date	May 15, 2027
Interest Rate	1.125%
First Interest Payment Date	May 15, 2022
Effective Interest Rate	1.72%
Semi-Annual Interest Payment Dates	May 15; November 15
Initial Conversion Rate per $1,000 Principal | shares	9.0061
Initial Conversion Price | $ / shares	$ 111.04
Number of Shares (in millions) | Unit	2.6

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest Expense (Details) - 2021 Convertible Senior Notes due 2027 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 409	$ 402	$ 816	$ 802
Cash interest expense	808	809	1,617	1,618
Total interest expense	$ 1,217	$ 1,211	$ 2,433	$ 2,420

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ 9,963	$ (8,066)	$ 43,307	$ (12,424)
Interest add back	0	0	2,433	0
Net income (loss) attributable to common stock holders	$ 9,963	$ (8,066)	$ 45,740	$ (12,424)
Denominator:
Weighted-average shares outstanding - basic	27,889	26,713	27,623	26,499
Weighted-average shares outstanding - diluted	29,422	26,713	31,718	26,499
Net loss per share - basic	$ 0.36	$ (0.30)	$ 1.57	$ (0.47)
Net loss per share - diluted	$ 0.34	$ (0.30)	$ 1.44	$ (0.47)
Stock Plans
Denominator:
Weighted-average shares outstanding - diluted	1,533		1,506
2021 Notes
Denominator:
Weighted-average shares outstanding - diluted	0		2,589

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share - Computation of Diluted Net Earnings (Loss) Per Share Effect in Antidilutive (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	1,543	0	1,543
RSUs, MSUs, and PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	114	1,475	737	1,475
Employee Stock Purchase Plan Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	23	0	23
2021 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,589	2,589	0	2,589

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segment Information - Summary o

Segment Information - Summary of Revenue Categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 102,495	$ 85,986	$ 179,320	$ 171,883
Endpoint ICs
Segment Reporting Information [Line Items]
Total revenue	89,392	64,905	150,898	131,954
Systems
Segment Reporting Information [Line Items]
Total revenue	$ 13,103	$ 21,081	$ 28,422	$ 39,929

Deferred Revenue - Additional I

Deferred Revenue - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred Revenue Disclosure [Abstract]
Recognition of deferred revenue	$ 1.1	$ 2

Deferred Revenue - Summary of C

Deferred Revenue - Summary of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred Revenue Disclosure [Abstract]
Balance at beginning of period	$ 1,985	$ 2,599
Opening balance from Voyantic acquisition		1,233
Deferral of revenue	1,630	1,672
Recognition of deferred revenue	(1,347)	(2,640)
Balance at end of period	$ 2,268	$ 2,864

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details)	Jun. 23, 2023 USD ($)
Related Party | Endpoint ICs | Patent
Related Party Transaction [Line Items]
Patent acquired	$ 250,000

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Feb. 07, 2024	Jun. 30, 2024	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, percent	10%
Restructuring charges		$ 1,800	$ 1,812

Restructuring - Summary of Accr

Restructuring - Summary of Accrued Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 1,800	$ 1,812
Non cash payments		(366)
Cash payments		$ (1,446)