Cryoport (CYRX) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-34632
Entity Registrant Name	CRYOPORT, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	88-0313393
Entity Address, Address Line One	112 Westwood Place, Suite 350
Entity Address, City or Town	Brentwood
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37027
City Area Code	949
Local Phone Number	470-2300
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CYRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,257,444
Entity Central Index Key	0001124524
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 49,663	$ 46,346
Short-term investments	398,881	410,409
Accounts receivable, net	41,253	42,074
Inventories	25,020	26,206
Prepaid expenses and other current assets	10,887	10,077
Total current assets	525,704	535,112
Property and equipment, net	86,008	84,858
Operating lease right-of-use assets	31,029	32,653
Intangible assets, net	190,088	194,382
Goodwill	107,588	108,403
Deposits	1,674	1,680
Deferred tax assets	758	656
Total assets	942,849	957,744
Current Liabilities:
Accounts payable and other accrued expenses	27,376	26,995
Accrued compensation and related expenses	14,062	11,409
Deferred revenue	1,777	1,308
Current portion of operating lease liabilities	5,356	5,371
Current portion of finance lease liabilities	301	286
Current portion of notes payable	110	149
Current portion of contingent consideration		92
Total current liabilities	48,982	45,610
Convertible senior notes, net of discount of $6.4 million and $7.0 million, respectively	379,153	378,553
Notes payable	1,305	1,335
Operating lease liabilities, net of current portion	27,798	29,355
Finance lease liabilities, net of current portion	916	954
Deferred tax liabilities	2,414	2,816
Other long-term liabilities	312	601
Contingent consideration, net of current portion	9,779	9,497
Total liabilities	470,659	468,721
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.001 par value; 2,500,000 shares authorized:
Common stock, $0.001 par value; 100,000,000 shares authorized; 49,256,794 and 48,971,026 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	49	49
Additional paid-in capital	1,135,257	1,131,183
Accumulated deficit	(661,314)	(642,419)
Accumulated other comprehensive loss	(30,077)	(26,065)
Total stockholders' equity	472,190	489,023
Total liabilities and stockholders' equity	942,849	957,744
Class A convertible preferred stock
Stockholders' Equity:
Preferred stock, $0.001 par value; 2,500,000 shares authorized:
Class B convertible preferred stock
Stockholders' Equity:
Preferred stock, $0.001 par value; 2,500,000 shares authorized:
Class C convertible preferred stock
Stockholders' Equity:
Preferred stock, $0.001 par value; 2,500,000 shares authorized:	$ 28,275	$ 26,275

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Convertible senior notes, discount	$ 6.4	$ 7
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,500,000	2,500,000
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	49,256,794	48,971,026
Common stock, shares outstanding	49,256,794	48,971,026
Class A convertible preferred stock
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	800,000	800,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class B convertible preferred stock
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	585,000	585,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class C convertible preferred stock
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	250,000	250,000
Preferred stock, shares issued	200,000	200,000
Preferred stock, shares outstanding	200,000	200,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 54,592	$ 62,817
Total cost of revenue	32,817	35,745
Gross margin	21,775	27,072
Operating costs and expenses:
Selling, general and administrative	38,304	33,241
Engineering and development	4,752	3,876
Total operating costs and expenses	43,056	37,117
Loss from operations	(21,281)	(10,045)
Other income (expense):
Investment income	2,600	2,467
Interest expense	(1,338)	(1,509)
Other income, net	1,339	4,005
Total other income, net	2,601	4,963
Loss before provision for income taxes	(18,680)	(5,082)
Provision for income taxes	(215)	(492)
Net loss	(18,895)	(5,574)
Paid-in-kind dividend on Series C convertible preferred stock	(2,000)	(2,000)
Net loss attributable to common stockholders	$ (20,895)	$ (7,574)
Net loss per share - basic (in dollar per share)	$ (0.43)	$ (0.16)
Net loss per share - diluted (in dollar per share)	$ (0.43)	$ (0.16)
Weighted average shares outstanding - basic (in shares)	49,019,964	48,362,501
Weighted average shares outstanding - diluted (in shares)	49,019,964	48,362,501
Life Sciences Services
Total revenue	$ 36,786	$ 35,836
Total cost of revenue	21,602	19,076
Life Sciences Products
Total revenue	17,806	26,981
Total cost of revenue	$ 11,215	$ 16,669

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (18,895)	$ (5,574)
Other comprehensive income (loss), net of tax:
Net unrealized gain on available-for-sale debt securities	261	3,675
Reclassification of realized (gain) loss on available-for-sale debt securities to earnings	(2,314)	99
Foreign currency translation adjustments	(1,959)	1,204
Other comprehensive income (loss)	(4,012)	4,978
Total comprehensive loss	$ (22,907)	$ (596)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock Class C Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Other Comprehensive Loss	Total
Balance, Beginning at Dec. 31, 2022	$ 18,275	$ 48	$ 1,114,896	$ (542,832)	$ (34,549)	$ 555,838
Balance, Beginning (in shares) at Dec. 31, 2022	200,000	48,334,280
Net loss				(5,574)		(5,574)
Other comprehensive income (loss), net of taxes					4,978	4,978
Stock-based compensation expense			5,184			5,184
Paid-in-kind preferred stock dividend	$ 2,000		(2,000)
Vesting of restricted stock units (in shares)		156,588
Proceeds from exercise of stock options			92			92
Proceeds from exercise of stock options (in shares)		10,538
Balance, Ending at Mar. 31, 2023	$ 20,275	$ 48	1,118,172	(548,406)	(29,571)	560,518
Balance, Ending (in shares) at Mar. 31, 2023	200,000	48,501,406
Balance, Beginning at Dec. 31, 2023	$ 26,275	$ 49	1,131,183	(642,419)	(26,065)	489,023
Balance, Beginning (in shares) at Dec. 31, 2023	200,000	48,971,026
Net loss				(18,895)		(18,895)
Other comprehensive income (loss), net of taxes					(4,012)	(4,012)
Stock-based compensation expense			5,456			5,456
Paid-in-kind preferred stock dividend	$ 2,000		(2,000)
Vesting of restricted stock units (in shares)		169,904
Proceeds from exercise of stock options			618			$ 618
Proceeds from exercise of stock options (in shares)		115,864				115,864
Balance, Ending at Mar. 31, 2024	$ 28,275	$ 49	$ 1,135,257	$ (661,314)	$ (30,077)	$ 472,190
Balance, Ending (in shares) at Mar. 31, 2024	200,000	49,256,794

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net loss	$ (18,895)	$ (5,574)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,469	6,404
Amortization of debt discount	601	641
Non-cash operating lease expense	1,360	1,099
Unrealized (gain) loss on investments in equity securities	678	(1,510)
Realized (gain) loss on available-for-sale investments	(2,416)	86
Stock-based compensation expense	5,456	5,184
Loss on disposal of property and equipment	131	77
Gain on insurance settlement		(2,642)
Change in credit losses	99	(103)
Insurance proceeds for operations		1,212
Change in contingent consideration	293	46
Changes in operating assets and liabilities:
Accounts receivable	437	(1,414)
Inventories	1,113	1,239
Prepaid expenses and other current assets	(1,174)	(271)
Deposits	(9)	(198)
Operating lease liabilities	(1,302)	(1,004)
Accounts payable and other accrued expenses	264	(3,276)
Accrued compensation and related expenses	2,719	1,962
Deferred revenue	462	570
Net deferred tax liability	(551)	246
Net cash provided by (used in) operating activities	(3,265)	2,774
Cash Flows From Investing Activities:
Purchases of property and equipment	(4,006)	(9,569)
Insurance proceeds for loss of fixed assets		976
Software development costs	(443)	(463)
Purchases of short-term investments	(14,038)
Sales/maturities of short-term investments	25,250	7,850
Patent and trademark costs	(318)	(177)
Net cash provided by (used in) investing activities	6,445	(1,383)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	618	92
Repayment of notes payable	(36)	10
Repayment of finance lease liabilities	(70)	(31)
Net cash provided by financing activities	512	71
Effect of exchange rates on cash and cash equivalents	(375)	481
Net change in cash and cash equivalents	3,317	1,943
Cash and cash equivalents - beginning of period	46,346	36,595
Cash and cash equivalents - end of period	49,663	38,538
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	38
Cash paid for income taxes	417	433
Supplemental Disclosure of Non-Cash Financing Activities:
Operating lease right-of-use assets and operating lease liabilities		4,436
Net unrealized gain (loss) on available-for-sale debt securities	261	(3,675)
Reclassification of realized gain (loss) on available-for-sale debt securities to earnings	(2,314)	99
Paid-in-kind preferred stock dividend, including beneficial conversion feature	2,000	2,000
Fixed assets included in accounts payable and accrued liabilities	$ 542	$ 707

Management's Representation and

Management's Representation and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Management's Representation and Basis of Presentation
Management's Representation and Basis of Presentation	Note 1. Management’s Representation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Cryoport, Inc. (the “Company”, “Cryoport”, “our” or “we”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statement presentation. However, the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company has evaluated subsequent events through the date of this filing and determined that no subsequent events have occurred that would require recognition in the unaudited condensed consolidated financial statements or disclosure in the notes thereto other than as disclosed in the accompanying notes.

Nature of the Business

Nature of the Business	3 Months Ended
	Mar. 31, 2024
Nature of the Business
Nature of the Business	Note 2. Nature of the Business Cryoport is a leading global provider of innovative products and services supporting the life sciences. Our mission is to enable the future of medicine for a new era of life sciences. With over 50 strategic locations covering the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform provides mission-critical bio-logistics, bio-storage, bio-processing, and cryogenic systems to over 3,000 customers worldwide. Our platform of solutions and services, together with our global team of over 1,100 dedicated colleagues, delivers a unique combination of innovative supply chain technologies and services through our industry-leading brands, including Cryoport Systems, MVE Biological Solutions, CRYOPDP, and CRYOGENE. The Company is a Nevada corporation and its common stock is traded on the NASDAQ Capital Market exchange under the ticker symbol “CYRX.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2024, as compared to the significant accounting policies disclosed in Note 2 – Summary of Significant Accounting Policies to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Foreign Currency Transactions Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the period-end exchange rates. Income and expenses are translated at an average exchange rate for the period and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain (loss) adjustment totaled $(2.0) million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in earnings. Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which amends the guidance in Topic 820, Fair Value Measurement Accounting Guidance Issued but Not Adopted at March 31, 2024 In March 2024, the FASB issued ASU 2024-02 “Codification Improvements—Amendments to Remove References to the Concept Statements,” which amends the Codification to remove references to various FASB Concepts Statements and impacts a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and are not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective for the Company for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Entities may apply the guidance either retrospectively to the beginning of the earliest comparative period presented or prospectively to all new or modified transactions recognized on or after the date of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In March 2024, the FASB issued ASU 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” which clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718, or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 adds an example with multiple fact patterns and illustrates how an entity evaluates common terms and characteristics of profits interests and similar awards to reach a conclusion about whether an award meets the conditions in Topic 718. It also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for the Company for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Entities may apply the guidance either retrospectively to all periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency and decision usefulness of income tax disclosures. Notably, the ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, as well as disclosures of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application to each period presented in the financial statements is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires all public entities, including those that have a single reportable segment, to provide enhanced disclosures primarily about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied on a retrospective basis, with all required disclosures to be made for all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification by aligning them with the SEC’s regulations. The amendments to the various Topics should be applied prospectively, and the effective date for the Company for each amendment will be determined based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirement by June 30, 2027, then the related amendment in ASU 2023-06 will be removed from the Codification and will not become effective. Early adoption of this ASU is prohibited. We do not expect the amendments in this ASU to have a material impact on the disclosures or presentation in our consolidated financial statements.

Revenue, Concentrations and Geo

Revenue, Concentrations and Geographic Information	3 Months Ended
	Mar. 31, 2024
Revenue, Concentrations and Geographic Information
Revenue, Concentrations and Geographic Information	Note 4. Revenue, Concentrations and Geographic Information Customers The Company grants credit to customers within the U.S. and international customers and does not require collateral. Revenue from international customers is generally secured by advance payments except for established foreign customers. The Company generally requires advance or credit card payments for initial revenue from new customers. The Company’s ability to collect receivables can be affected by economic fluctuations in the geographic areas and industries served by the Company. The Company’s customers are in the biopharma, pharmaceutical, animal health, reproductive medicine, and other life science industries. Consequently, there is a concentration of accounts receivable within these industries, which is subject to normal credit risk. There were no customers that accounted for more than 10% of net accounts receivable at March 31, 2024 and December 31, 2023. The Company has revenue from foreign customers primarily in the United Kingdom, France, Germany, China and India. During the three months ended March 31, 2024 and 2023, the Company had revenue from foreign customers of approximately $24.7 million and $29.2 million, respectively, which constituted approximately 45.2% and 46.5%, respectively, of total revenue. No single customer generated over 10% of revenue during the three months ended March 31, 2024 and 2023. Revenue Disaggregation The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. As a result, the financial information disclosed herein represents all of the material financial information related to the Company. When disaggregating revenue, the Company considered all of the economic factors that may affect its revenue. Effective first quarter of 2024, we began reporting our services revenue in the following categories: BioLogistics Solutions and BioStorage/BioServices as Life Sciences Services, and our products revenue as Life Sciences Products. This change will better align our revenue categories with our strategic priorities. The following table disaggregates our revenue by category for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 BioLogistics Solutions ​ $ 33,258 ​ $ 32,604 ​ BioStorage/BioServices ​ 3,528 ​ 3,232 ​ Life Sciences Services ​ ​ 36,786 ​ ​ 35,836 ​ Life Sciences Products ​ ​ 17,806 ​ ​ 26,981 ​ Total revenue ​ $ 54,592 ​ $ 62,817 ​ ​ Given that the Company’s revenue is generated in different geographic regions, factors such as regulatory and geopolitical factors within those regions could impact the nature, timing and uncertainty of the Company’s revenue and cash flows. Our geographical revenue, by origin, for the three months ended March 31, 2024 and 2023, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 Americas ​ $ 29,904 ​ $ 33,617 ​ Europe, the Middle East, and Africa (EMEA) ​ 15,610 ​ 18,159 ​ Asia Pacific (APAC) ​ 9,078 ​ 11,041 ​ Total revenue ​ $ 54,592 ​ $ 62,817 ​ ​ Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.8 million and $1.3 million at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $0.4 million and $0.4 million, respectively, from the related contract liabilities outstanding as the services were performed. Credit Losses Accounts receivable at March 31, 2024 and December 31, 2023 are net of allowance for credit losses of $2.2 million and $2.0 million, respectively. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected at March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 Balance of allowance for credit losses, beginning of period ​ $ 1,992 ​ ​ 1,275 Change in expected credit losses ​ ​ 246 ​ ​ 812 Write-offs, net of recoveries ​ 2 ​ ​ (95) Balance of allowance for credit losses, end of period ​ $ 2,240 ​ ​ 1,992 ​

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Net Loss Per Share
Net Loss Per Share	Note 5. Net Loss Per Share We calculate basic and diluted net loss per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss position, basic and diluted weighted average common shares are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include dilutive stock options, unvested restricted stock units and shares associated with the conversion of the Company’s 0.75% Convertible Senior Notes due in 2026 (the “2026 Senior Notes”), the Company’s 3.0% Convertible Senior Notes due in 2025 (the “2025 Senior Notes”) together with the 2026 Senior Notes, the “Convertible Senior Notes”) and the Company’s 4.0% Series C Convertible Preferred Stock (“Series C Preferred stock”) outstanding during the periods, using the treasury stock method or the “if converted” method as applicable. ​ The following shows the amounts used in computing net loss per share (in thousands except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Net loss ​ $ (18,895) ​ $ (5,574) ​ Paid-in-kind dividend on Series C convertible preferred stock ​ (2,000) ​ (2,000) ​ Net loss attributable to common shareholders ​ $ (20,895) ​ $ (7,574) ​ Weighted average common shares issued and outstanding - basic and diluted ​ ​ 49,019,964 ​ ​ 48,362,501 ​ Basic and diluted net loss per share ​ $ (0.43) ​ $ (0.16) ​ ​ The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 Stock options 2,201,358 3,438,314 Restricted stock units ​ 1,207,323 ​ 665,110 ​ Series C convertible preferred stock ​ 5,953,481 ​ 5,721,177 ​ Conversion of 2026 Senior Notes ​ 3,156,483 ​ 3,422,780 ​ Conversion of 2025 Senior Notes ​ 599,954 ​ 599,954 ​ ​ 13,118,599 13,847,335 ​

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Acquisitions
Acquisitions	Note 6. Acquisitions 2022 Acquisitions In April 2022, we completed the acquisition of Cell&Co BioServices in Clermont-Ferrand, France with additional operations in Pont-du-Château, France to further enhance our existing global temperature-controlled supply chain capabilities. Cell&Co BioServices is a bioservices business providing biorepository, kitting, and logistics services to the life sciences industry. The purchase consideration was €5.7 million ($6.2 million), comprised of upfront consideration of €3.2 million ($3.5 million) in cash, 15,152 shares of the Company’s common stock with a fair value of $0.4 million, and an earn-out provision with a fair value of €2.0 million ($2.2 million) based on achieving annual EBITDA targets through 2025, as defined in the share purchase agreement. Through March 31, 2024, the Company has made $0.3 million in earn-out payments to the sellers. Of the purchase consideration, $2.7 million was allocated to goodwill and $3.4 million to identifiable intangible assets. The acquired goodwill and intangible assets are not deductible for tax purposes. In July 2022, the Company completed the acquisition of Polar Expres based in Madrid, Spain, which provides temperature-controlled logistics solutions dedicated to the life sciences industry. Polar Expres operates logistics centers in Madrid and Barcelona supporting the rapidly growing life science market. This acquisition further expands CRYOPDP’s footprint which enhances our existing global temperature-controlled supply chain capabilities and provides us with additional growth opportunities in the EMEA region. The purchase consideration was €2.8 million ($2.8 million), comprised of cash consideration of €1.4 million ($1.4 million) and an earn-out provision with a fair value of €1.4 million ($1.4 million) based on achieving 2024 and 2026 EBITDA targets as defined in the share purchase agreement. Of the purchase consideration, $1.7 million was allocated to goodwill and $1.0 million to identifiable intangible assets. The acquired goodwill and intangible assets are not deductible for tax purposes. In July 2022, the Company also completed the acquisition of Cell Matters based in Liège, Belgium, which provides cryo-process optimization, cryoprocessing, and cryopreservation solutions to the life sciences industry. The purchase consideration was €3.9 million ($4.0 million). The purchase consideration, including the reimbursement of financial indebtedness at the closing date, in the amount of €4.7 million ($4.7 million) in aggregate was allocated to goodwill. The value of this acquisition is assigned to Cell Matters’ assembled workforce which has significant expertise in cryo-process optimization and cryopreservation. Through September 30, 2023, the Company recorded a measurement period adjustment of $0.1 million comprised of a refund from the sellers following payments made from Cell Matters to the sellers between the locked box date and the closing date, in accordance with the locked box mechanism as defined in the share purchase agreement. The acquired goodwill is not deductible for tax purposes. ​ 2023 Acquisitions ​ In October 2023, the Company completed the asset acquisition of SCI JA8, consisting substantially of real estate property used as administrative offices and a Global Supply Chain Center located in Clermont Ferrand, France. The purchase consideration was €0.6 million ($0.6 million), comprised of property with a fair value of €1.8 million ($1.9 million) and note payable of €1.0 million ($1.1 million). ​ Tec4med Life Science Acquisition ​ In November 2023, the Company completed the acquisition of TEC4MED LifeScience GmbH (Tec4med) based in Darmstadt, Germany. Tec4med provides next generation pharmaceutical supply chain visibility by integrating condition monitoring, cloud and artificial intelligence (AI) solutions. ISO 9001-certified, Tec4med works with pharmaceutical-compliant, ready-to-use devices and software, offering customer-specific integrations. Tec4med broadens Cryoport’s portfolio of condition monitoring solutions and provides additional resources and capabilities to drive new product development and accelerate its European market expansion, particularly in the DACH region (Germany, Austria, Switzerland). The purchase consideration was €3.0 million ($3.2 million), of which €2.5 million ($2.7 million) was allocated to goodwill and €0.3 million ($0.4 million) to identifiable intangible assets. The valuation of the intangible assets and opening balance sheet are preliminary estimates subject to change as we complete our procedures. The acquired goodwill and intangible assets are not deductible for tax purposes. ​ Bluebird Express Acquisition ​ In November 2023, we also acquired Bluebird Express, LLC ("Bluebird Express"), a provider of time-sensitive domestic and international transportation services with key operations centers in Los Angeles (LAX) and New York (JFK). Bluebird Express has over 20 years of experience in providing these services, is a fully accredited cargo agent certified by the International Air Transport Association (IATA) and an indirect air carrier (IAC) authorized and regulated by the Transportation Security Administration (TSA). ​ The Bluebird Express acquisition was accounted for under the acquisition method of accounting in accordance with FASB ASC Topic 805, “Business Combinations,” and, therefore, the total purchase price was allocated to the identifiable tangible and intangible assets acquired and the liabilities assumed based on their respective fair values on the acquisition date. Fair values were determined by management based in part on an independent valuation performed by a third-party valuation specialist and required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenue and expenses, and the applicable discount rates. These estimates were based on assumptions that the Company believes to be reasonable; however, actual results may differ from these estimates. ​ The purchase consideration was $10.2 million, comprised of upfront consideration of $4.5 million and an earn-out provision with a fair value of $5.7 million, based on achieving certain revenue and EBITDA targets through 2026, as defined in the share purchase agreement. Of the purchase consideration, $4.4 million was allocated to goodwill and $3.7 million to identifiable intangible assets. The valuation of the intangible assets, contingent consideration liability and opening balance sheet are preliminary estimates subject to change as we complete our procedures. The acquired goodwill and intangible assets are deductible for tax purposes. ​ The following table summarizes the allocation of the purchase price as of the acquisition date (in thousands): ​ ​ ​ ​ ​ Total purchase consideration paid ​ $ 10,229 ​ ​ ​ ​ Purchase price allocation: ​ Cash and cash equivalents ​ 868 Accounts receivable ​ 2,299 Prepaid and other current assets ​ 38 Property and equipment ​ 89 Operating lease right-of-use assets ​ 709 Intangible assets ​ 3,650 Accounts payable and other accrued expenses ​ (1,160) Operating lease liabilities ​ (709) Total identifiable net assets ​ 5,784 Goodwill ​ 4,445 ​ ​ $ 10,229 ​ The following table summarizes the estimated fair values of Bluebird Express’ identifiable intangible assets at the date of acquisition and their estimated useful lives and amortization expense based on their respective useful lives (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Estimated ​ Estimated ​ Amortization ​ Amortization ​ ​ Fair Value ​ Useful Life ​ Method ​ Expense Customer relationships ​ $ 220 8.3 Straight-line ​ $ 27 Non-competition agreement ​ 420 5 Straight-line ​ 84 Agent network ​ 2,890 4 Straight-line ​ 723 Trade names/trademarks - finite-lived ​ 120 1.5 Straight-line ​ 80 Total ​ $ 3,650 ​ $ 914 ​ ​ Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, the expected synergies, and other benefits that we believe will result from combining the operations of Bluebird Express with our operations. The goodwill recognized of $4.4 million is deductible for income tax purposes. The valuation of the intangible assets, contingent consideration liability and opening balance sheet are preliminary estimates subject to change as we complete our procedures. ​ Acquisition-related transaction costs (included in selling, general and administrative expenses) totaled approximately $0.4 million.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments	3 Months Ended
	Mar. 31, 2024
Cash, Cash Equivalents and Short-Term Investments
Cash, Cash Equivalents and Short-Term Investments	Note 7. Cash, Cash Equivalents and Short-Term Investments Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Cash ​ $ 42,582 ​ $ 40,979 Cash equivalents: ​ ​ ​ ​ ​ Money market mutual fund ​ 7,081 ​ ​ 5,367 Total cash and cash equivalents ​ 49,663 ​ ​ 46,346 Short-term investments: ​ ​ ​ ​ ​ U.S. Treasury notes and bills ​ 126,738 ​ ​ 136,665 Mutual funds ​ 100,407 ​ ​ 101,085 Corporate debt securities ​ ​ 171,736 ​ ​ 172,658 Total short-term investments ​ 398,881 ​ ​ 410,409 Cash, cash equivalents and short-term investments ​ $ 448,544 ​ $ 456,755 ​ Available-for-sale investments The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value U.S. Treasury notes ​ $ 126,776 ​ $ 321 ​ $ (359) ​ $ 126,738 Corporate debt securities ​ ​ 171,437 ​ 572 ​ (273) ​ 171,736 Total available-for-sale investments ​ $ 298,213 ​ $ 893 ​ $ (632) ​ $ 298,474 ​ The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 102,367 ​ $ 102,975 Due after one year through five years ​ ​ 195,846 ​ ​ 195,499 Due after five years through ten years ​ — ​ — Total ​ $ 298,213 ​ $ 298,474 ​ The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value U.S. Treasury notes ​ $ 133,989 $ 2,697 ​ $ (21) ​ $ 136,665 Corporate debt securities ​ ​ 168,592 ​ 4,067 ​ (1) ​ ​ 172,658 Total available-for-sale investments ​ $ 302,581 $ 6,764 ​ $ (22) ​ $ 309,323 ​ The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 101,252 $ 103,802 Due after one year through five years ​ 201,329 205,521 Due after five years through ten years ​ ​ — ​ ​ — Total ​ $ 302,581 $ 309,323 ​ The primary objective of our investment portfolio is to enhance overall returns in an efficient manner while maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. We review our available-for-sale investments for other-than-temporary declines in fair value below our cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. The evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below our cost basis, as well as adverse conditions related specifically to the security such as any changes to the credit rating of the security and the intent to sell or whether we will more likely than not be required to sell the security before recovery of its amortized cost basis. Our assessment of whether a security is other-than-temporarily impaired could change in the future based on new developments or changes in assumptions related to that particular security. The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months 12 Months or More Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses U.S. Treasury notes ​ $ 54,463 ​ $ (298) ​ $ 72,275 ​ $ (61) ​ $ 126,738 ​ $ (359) Corporate debt securities ​ 24,244 ​ (20) ​ 147,492 ​ (254) ​ 171,736 ​ (274) Total ​ $ 78,707 ​ $ (318) ​ $ 219,767 ​ $ (315) ​ $ 298,474 ​ $ (633) ​ For U.S. Treasury notes, the unrealized losses were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider the U.S. Treasury notes to be other-than-temporarily impaired at March 31, 2024. For corporate debt securities, the unrealized losses were primarily caused by interest rate increases. The Company does not intend to sell these debt securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the debt securities, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company does not consider the corporate debt securities to be other-than-temporarily impaired at March 31, 2024. During the three months ended March 31, 2024 and 2023, we had realized gains (losses) of $2.4 million and ($0.09) million on available-for-sale investments, respectively. Equity Investments We held investments in equity securities with readily determinable fair values of $100.4 million at March 31, 2024. These investments consist of mutual funds that invest primarily in tax-free municipal bonds and treasury inflation protected securities. Unrealized gains (losses) during the three months ended March 31, 2024 and 2023 related to equity securities held at March 31, 2024 and 2023 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Net losses recognized during the three months on equity securities ​ $ (678) ​ $ — Less: net gains (losses) recognized during the year on equity securities sold during the period ​ — ​ 1,510 Unrealized gains (losses) recognized during the three months on equity securities still held at March 31, 2024 and 2023 ​ $ (678) ​ $ 1,510 ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Level 2: Level 3: In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in the assessment of fair value. We did not elect the fair value option, as allowed, to account for financial assets and liabilities that were not previously carried at fair value. Therefore, material financial assets and liabilities that are not carried at fair value, such as trade accounts receivable and payable, are reported at their historical carrying values. The carrying values of our assets that are required to be measured at fair value on a recurring basis as of March 31, 2024 and 2023 approximate fair value because of our ability to immediately convert these instruments into cash with minimal expected change in value which are classified in the table below in one of the three categories of the fair value hierarchy described above (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ Money market mutual fund ​ $ 7,081 ​ $ — ​ $ — ​ $ 7,081 Mutual funds ​ 100,407 ​ — ​ — ​ 100,407 U.S. Treasury notes ​ 126,738 ​ — ​ — ​ 126,738 Corporate debt securities ​ 171,736 ​ — ​ — ​ 171,736 ​ ​ $ 405,962 ​ $ — ​ $ — ​ $ 405,962 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Senior Notes ​ $ — ​ $ 379,153 ​ $ — ​ $ 379,153 Contingent consideration ​ — ​ — ​ ​ 9,779 ​ 9,779 ​ ​ $ — ​ $ 379,153 ​ $ 9,779 ​ $ 388,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ Money market mutual fund ​ $ 5,367 ​ $ — ​ $ — ​ $ 5,367 Mutual funds ​ 101,085 ​ — ​ — ​ 101,085 U.S. Treasury notes ​ 136,665 ​ — ​ — ​ 136,665 Corporate debt securities ​ 172,658 ​ — ​ — ​ 172,658 ​ ​ $ 415,775 ​ $ — ​ $ — ​ $ 415,775 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Senior Notes ​ $ — ​ $ 378,553 ​ $ — ​ $ 378,553 Contingent consideration ​ — ​ — ​ ​ 9,589 ​ 9,589 ​ ​ $ — ​ $ 378,553 ​ $ 9,589 ​ $ 388,142 ​ Our equity securities and available-for-sale debt securities, including U.S. Treasury notes and U.S. Treasury bills, are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy. We did not have any financial liabilities measured at fair value on a recurring basis as of March 31, 2024. We carry the Convertible Senior Notes (see Note 11) at face value less the unamortized discount and issuance costs on our consolidated balance sheets and present fair value for disclosure purposes only. We estimate the fair value of the Convertible Senior Notes using the net present value of the payments, discounted at an interest rate that is consistent with market and risk-adjusted interest rates, which is a Level 2 input. The following table presents the estimated fair values and the carrying values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ Carrying Value Fair Value Carrying Value Fair Value 2026 Senior Notes ​ $ 364,388 ​ $ 311,655 ​ $ 364,362 ​ $ 306,355 2025 Senior Notes ​ $ 14,765 ​ $ 13,709 ​ $ 14,191 ​ $ 13,495 ​ Under the terms of the Critical Transport Solutions Australia (CTSA) acquisition, contingent consideration may be payable in cash based on the achievement of a certain EBITDA target for 2024, with no maximum limit as to the contingent consideration achievable. Under the terms of the F-airGate, Cell&Co, Polar Expres, and Bluebird Express acquisitions, contingent consideration may be payable in cash based on the achievement of certain future revenue and/or EBITDA targets during each annual period following the acquisition dates for a total of four years, up to a maximum of $26.1 million (undiscounted) in the aggregate. The fair value of the contingent consideration was measured at the end of each reporting period using Level 3 inputs. The fair value of the contingent consideration for the F-airGate and Polar Expres acquisitions was determined using a probability-weighted discounted cash flow model. The fair value of the contingent consideration for the CTSA, Cell&Co and Bluebird Express acquisitions was valued based on unobservable inputs using a Monte Carlo simulation. These inputs included the estimated amount and timing of projected future revenue, a discount rate, a risk-free rate, asset volatility and revenue volatility. Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. The contingent consideration was determined to have an aggregate fair value of $9.8 million and $9.6 million which is reflected as contingent consideration liability in the accompanying consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. Certain assumptions used in estimating the fair value of the contingent consideration are uncertain by nature. Actual results may differ materially from estimates. ​ The losses recognized in earnings and the change in net assets related to the contingent consideration at March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Losses ​ ​ Foreign Fair Value ​ ​ December 31, ​ recognized in ​ ​ ​ ​ Currency ​ March 31, ​ ​ 2023 ​ earnings ​ Payments ​ Adjustment ​ 2024 2021 Acquisitions ​ $ 1,006 ​ $ 51 ​ $ — ​ $ (43) ​ $ 1,014 2022 Acquisitions ​ 2,596 ​ 37 ​ — ​ (59) ​ 2,574 2023 Acquisitions ​ ​ 5,987 ​ ​ 204 ​ ​ — ​ ​ — ​ ​ 6,191 ​ ​ $ 9,589 ​ $ 292 ​ $ — ​ $ (102) ​ $ 9,779 ​ The losses recognized in earnings have been reported in operating expenses in the consolidated statement of operations for the three months ended March 31, 2024.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory
Inventory	Note 9. Inventory Inventories consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Raw materials ​ $ 14,666 ​ $ 15,335 Work-in-process ​ ​ 887 ​ ​ 1,375 Finished goods ​ 9,467 ​ 9,496 Total ​ $ 25,020 ​ $ 26,206 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 10. Goodwill and Intangible Assets Goodwill The following table represents the changes in the carrying value of goodwill as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Balance at beginning of year ​ $ 108,403 ​ $ 151,117 Foreign currency adjustment ​ ​ (815) ​ ​ (284) Goodwill impairment ​ ​ — ​ ​ (49,569) Goodwill related to Tec4med acquisition ​ — ​ 2,694 Goodwill related to Bluebird acquisition ​ ​ — ​ ​ 4,445 Total ​ $ 107,588 ​ $ 108,403 ​ Intangible Assets The following table presents our intangible assets as of March 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ Carrying ​ Amortization ​ Amount Amortization Amount Period (years) Non-compete agreement ​ $ 810 ​ $ 409 ​ $ 401 5 Technology ​ ​ 50,997 ​ ​ 12,567 ​ ​ 38,430 ​ 9 Customer relationships ​ ​ 131,785 ​ ​ 32,667 ​ ​ 99,118 ​ 11 Trade name/trademark ​ ​ 947 ​ ​ 260 ​ ​ 687 ​ 10 Agent network ​ ​ 14,020 ​ ​ 9,330 ​ ​ 4,690 ​ 3 Order backlog ​ ​ 2,600 ​ ​ 2,600 ​ ​ — ​ — Land use rights ​ ​ 2,198 ​ ​ 244 ​ ​ 1,954 ​ 34 Patents and trademarks ​ ​ 45,029 ​ ​ 221 ​ ​ 44,808 ​ — Total ​ $ 248,386 ​ $ 58,298 ​ $ 190,088 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents our intangible assets as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ Carrying ​ Amortization ​ Amount Amortization Amount Period (years) Non-compete agreement ​ $ 810 ​ $ 368 ​ $ 442 5 Technology ​ ​ 50,376 ​ ​ 11,205 ​ ​ 39,171 ​ 9 Customer relationships ​ ​ 131,578 ​ ​ 29,964 ​ ​ 101,614 ​ 11 Trade name/trademark ​ ​ 938 ​ ​ 211 ​ ​ 727 ​ 10 Agent network ​ ​ 13,761 ​ ​ 8,148 ​ ​ 5,613 ​ 3 Order backlog ​ ​ 2,600 ​ ​ 2,600 ​ ​ — ​ — Land use rights ​ ​ 2,255 ​ ​ 247 ​ ​ 2,008 ​ 34 Patents and trademarks ​ ​ 44,932 ​ ​ 125 ​ ​ 44,807 — Total ​ $ 247,250 ​ $ 52,868 ​ $ 194,382 ​ ​ ​ Amortization expense for intangible assets for the three months ended March 31, 2024 and 2023 was $4.4 million and $3.8 million, respectively. Expected future amortization of intangible assets as of March 31, 2024 is as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount Remainder of 2024 (excluding the three months ended March 31, 2024) ​ $ 16,806 2025 ​ 14,788 2026 ​ 14,500 2027 ​ 14,155 2028 ​ 13,109 Thereafter ​ 70,747 ​ ​ $ 144,105 ​

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2024
Convertible Senior Notes
Convertible Senior Notes	Note 11. Convertible Senior Notes Convertible Senior Notes payable consisted of the following at March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Principal amount of 2025 Senior Notes ​ $ 14,344 ​ $ 14,344 Principal amount of 2026 Senior Notes ​ 371,185 ​ 371,185 Less: unamortized debt issuance costs ​ ​ (6,376) ​ ​ (6,976) Net carrying value of Convertible Senior Notes payable ​ $ 379,153 ​ $ 378,553 ​ Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 2023 Coupon interest ​ $ 804 ​ $ 862 ​ Amortization of debt issuance costs ​ ​ 601 ​ ​ 641 ​ Total interest expense on Convertible Senior Notes ​ $ 1,405 ​ $ 1,503 ​ ​ The Company’s 2025 Senior Notes and 2026 Senior Notes payable of $14.3 million and $371.2 million, respectively, are due and payable in 2025 and 2026, respectively. In September 2023, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Senior Notes to repurchase $31.3 million in aggregate principal amount of the 2026 Senior Notes for a repurchase price of $25.0 million in cash. The Company recorded $5.7 million as a gain on extinguishment of debt on its condensed consolidated statement of operations for the year ended December 31, 2023, which includes the write off of $0.6 million of unamortized debt issuance costs. Following these repurchases, approximately $371.2 million principal amount of the 2026 Senior Notes remain outstanding. See Note 10 – Convertible Senior Notes

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2024
Notes Payable
Notes Payable	Note 12. Notes Payable Notes payable consisted of the following at March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Principal amount of notes payable ​ $ 1,415 ​ $ 1,484 Less: current portion of notes payable ​ (110) ​ (149) Notes payable – long-term ​ $ 1,305 ​ $ 1,335 ​ Interest expense incurred in connection with the notes payable consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 Interest expense ​ $ 5 ​ $ 1 ​ Amortization of debt discount ​ — ​ — ​ Total interest expense on notes payable ​ $ 5 ​ $ 1 ​ ​ Cell&Co Notes In connection with the acquisition of Cell&Co, the Company assumed two notes payable totaling €0.4 million ($0.4 million) bearing interest rates of 0.6% and 1.06%, respectively, payable quarterly, maturing in July 2027 and September 2030, respectively. SCI JA8 Notes In connection with the acquisition of SCI JA8 in October 2023, the Company assumed three notes payable totaling €1.0 million ($1.1 million) bearing interest rates of 0.85%, 1.60% and 1.63%, respectively, payable monthly, maturing in September 2031, September 2038 and July 2035, respectively. Future note payments as of March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ Years Ending December 31, Amount 2024 (excluding the three months ended March 31, 2024) ​ $ 110 2025 ​ ​ 149 2026 ​ 151 2027 ​ 148 2028 ​ 135 Thereafter ​ 722 Total note maturities ​ $ 1,415 ​

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	Note 13. Leases The Company has operating and finance leases for corporate offices and certain equipment. These leases have remaining lease terms of less than one year to approximately twenty-one years, some of which include options to extend the leases for multiple renewal periods of one In October 2022, Cryoport Systems entered into a lease agreement commencing in 2025 for an administrative, global supply chain center and research and development center in Santa Ana, California, in the aggregate rental amount of $27.7 million spanning 10 years. This lease is not included in the balance sheet right-of-use asset and lease liability as it commences in 2025. The components of lease cost were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Operating lease cost ​ $ 2,047 ​ $ 1,782 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 80 ​ ​ 32 Interest on finance lease liabilities ​ ​ 26 ​ ​ 5 ​ ​ ​ 106 ​ ​ 37 Total lease cost ​ ​ 2,153 ​ ​ 1,819 ​ Other information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Cash Flows Information ​ Three Months Ended March 31, ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases $ 1,988 $ 1,639 Operating cash flows from finance leases $ 96 $ 37 Financing cash flows from finance leases ​ $ 70 ​ $ 31 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ Operating leases $ — $ 4,436 Finance leases ​ $ 63 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Weighted-Average Remaining Lease Term ​ ​ ​ Operating leases 10.9 years 10.8 years Finance leases 3.9 years 4.2 years ​ ​ ​ ​ ​ ​ Weighted-Average Discount Rate ​ Operating leases 8.8 % 8.7 % Finance leases 7.8 % 8.4 % ​ Future minimum lease payments under non-cancellable leases that have commenced as of March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Years Ending December 31 Leases Leases 2024 (excluding the three months ended March 31, 2024) $ 6,015 $ 291 2025 ​ 6,851 ​ 385 2026 ​ 5,683 ​ 357 2027 ​ 4,909 ​ 244 2028 ​ ​ 3,673 ​ ​ 121 Thereafter ​ 26,992 ​ 24 Total future minimum lease payments ​ 54,123 ​ 1,422 Less: imputed interest ​ (20,969) ​ (205) Total ​ $ 33,154 ​ $ 1,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Reported as of March 31, 2024 Leases Leases Current lease liabilities ​ $ 5,356 ​ $ 301 Noncurrent lease liabilities ​ 27,798 ​ 916 Total ​ $ 33,154 ​ $ 1,217 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 14. Commitments and Contingencies MVE Biological Solutions Fire On January 25, 2022, a fire occurred at the MVE Biological Solutions manufacturing facility (“New Prague fire”) located in New Prague, Minnesota. The New Prague facility manufactures aluminum dewars and is one of MVE Biological Solutions’ three global manufacturing facilities. There were no injuries reported and damage was limited to a portion of the facility. As a consequence of the fire damage, the New Prague manufacturing operations were curtailed on an interim basis until the necessary repairs were completed. Production was resumed at the facility during the week of February 14, 2022 and ramped up production toward the end of the first quarter of 2022. The Company estimated that the revenue impact of the New Prague fire was approximately $9.4 million and was primarily limited to the first quarter of 2022. The New Prague fire resulted in a loss of inventory, fixed assets, and other contents at the site. We have adequate property damage and business interruption insurance under which we filed a claim with the insurance carrier. The Company received a total of $15.1 million of insurance proceeds, of which the final payment of $2.2 million was received in the first quarter of 2023. For the three months ended March 31, 2023, the Company recognized a gain of $2.6 million related to business interruption. Proceeds from insurance settlements, except for those directly related to investing activities, were recognized as cash inflows from operating activities. The losses related to such an event are recognized as incurred. Insurance proceeds are recorded to the extent of the losses and then, only if recovery is realized or probable. Any gains in excess of losses are recognized only when the contingencies regarding the recovery are resolved, and the amount is fixed or determinable. Employment Agreements We have entered into employment agreements with certain of our officers under which payment and benefits would become payable in the event of termination by us for any reason other than cause, or upon a change in control of our Company, or by the employee for good reason. Litigation The Company may become a party to product litigation in the normal course of business. The Company accrues for open claims based on its historical experience and available insurance coverage. We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. The outcomes of our legal proceedings are inherently unpredictable, subject to significant uncertainties, and could be material to our financial condition, results of operations, and cash flows for a particular period. Indemnities and Guarantees The Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party, in relation to certain actions or transactions. The guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets. The Company indemnifies its directors, officers, employees and agents, as permitted under the laws of the States of California and Nevada. In connection with its facility and equipment leases, the Company has indemnified its lessors for certain claims arising from the use of the facilities and equipment. The duration of the guarantees and indemnities varies and is generally tied to the life of the agreements.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity
Stockholders' Equity	Note 15. Stockholders’ Equity Authorized Stock The Company has 100,000,000 authorized shares of common stock with a par value of $0.001 per share, and 2,500,000 undesignated or “blank check” preferred stock, with a par value of $0.001, of which, 800,000 shares have been designated as Class A Convertible Preferred Stock, 585,000 shares have been designated as Class B Convertible Preferred Stock and 250,000 shares have been designated as 4.0% Series C Convertible Preferred Stock. Repurchase Program In March 2022, the Company’s Board of Directors authorized a repurchase program (the “Repurchase Program”) through December 31, 2025, authorizing the repurchase of common stock and/or convertible senior notes in the amount of up to $100.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion. The size and timing of any repurchase will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements. No shares were purchased during the three months ended March 31, 2024 and 2023. In September 2023, the Company repurchased $31.3 million in aggregate principal amount of the 2026 Senior Notes for a repurchase price of $25.0 million in cash. The Company recorded $5.7 million as a gain on extinguishment of debt on its consolidated statement of operations for the year ended December 31, 2023, which includes the write off of $0.6 million of unamortized debt issuance costs. No convertible senior notes were purchased during the three months ended March 31, 2024. At March 31, 2024, the Company had $37.1 million of remaining repurchase authorization under the Repurchase Program through December 31, 2025. Common Stock Reserved for Future Issuance As of March 31, 2024, approximately 18.2 million shares of common stock were issuable upon vesting, conversion or exercise, as applicable, of stock options, restricted stock units, the Convertible Senior Notes and the Series C Preferred Stock, as follows: ​ ​ ​ ​ Exercise of stock options 7,239,928 Vesting of restricted stock units ​ 1,207,323 Conversion of Series C Preferred Stock ​ 5,953,481 Conversion of convertible 2026 Senior Notes ​ 3,156,483 Conversion of convertible 2025 Senior Notes ​ 599,954 Total shares of common stock reserved for future issuances 18,157,169 ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	Note 16. Stock-Based Compensation Stock Options During the three months ended March 31, 2024 and 2023, we granted stock options at exercise prices equal to or higher than the quoted market price of our common stock on the grant date. The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Expected life (years) ​ 3.8 - 4.9 ​ 4.2 - 5.2 ​ Risk-free interest rate 4.3% - 4.4% ​ 3.5% - 3.6% ​ Volatility ​ 69.5% - 69.5% ​ 73.0% ​ Dividend yield 0% ​ 0% ​ ​ The expected option life assumption is estimated based on the simplified method as the Company’s history is not indicative of future expected lives. Accordingly, the Company has utilized the average of the contractual term of the options and the weighted average vesting period for all options to calculate the expected option term. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of our employee stock options. The expected volatility is based on the average of the historical volatility and the implied volatility of our stock commensurate with the expected life of the stock-based award. We do not anticipate paying dividends on the common stock in the foreseeable future. We recognize stock-based compensation cost on a straight-line basis over the vesting period. Stock-based compensation expense is recognized only for those awards that ultimately vest. Forfeitures are recorded when recognized. Total stock-based compensation expense related to all of our share-based payment awards is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 Cost of revenue ​ $ 669 ​ $ 475 ​ Selling, general and administrative ​ 4,378 ​ ​ 4,304 ​ Engineering and development ​ 409 ​ ​ 405 ​ ​ ​ $ 5,456 ​ $ 5,184 ​ ​ A summary of stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price/Share Term (Years) Value (1) Outstanding — December 31, 2023 ​ 7,224,820 ​ $ 15.88 ​ — ​ ​ — Granted (weighted-average fair value of $8.72 per share) ​ 168,611 ​ ​ 15.88 ​ — ​ ​ — Exercised (115,864) ​ 5.34 — ​ ​ — Forfeited ​ (37,639) ​ ​ 36.91 ​ — ​ ​ — Outstanding — March 31, 2024 7,239,928 ​ $ 15.94 4.1 ​ $ 43,542 Vested (exercisable) — March 31, 2024 6,422,781 ​ $ 14.34 3.9 ​ $ 43,122 Expected to vest after March 31, 2024 (unexercisable) 817,147 ​ $ 28.49 4.1 ​ $ 419 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 28, 2024 (the last trading day of the quarter), which was $17.70 per share. Total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $1.1 million and $0.1 million, respectively. As of March 31, 2024, there was unrecognized compensation expense of $12.6 million related to unvested stock options, which we expect to recognize over a weighted average period of 2.0 years. As of March 31, 2024, the Company had 441,898 shares available for future awards under the Cryoport Inc. 2018 Omnibus Equity Incentive Plan. Restricted stock units A summary of our restricted stock unit activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Restricted ​ Fair Value per ​ ​ Stock Units ​ Share Outstanding – December 31, 2023 1,076,629 ​ $ 27.73 Granted 334,820 ​ 15.18 Share issuance (169,904) ​ 17.03 Forfeited (34,222) ​ 26.38 Outstanding – March 31, 2024 1,207,323 ​ $ 22.74 ​ For the three months ended March 31, 2024 and 2023, we recorded stock-based compensation expense on our issued restricted stock units of $2.6 million and $2.1 million, respectively. As of March 31, 2024, there was unrecognized compensation expense of $24.0 million related to unvested restricted stock units, which we expect to recognize over a weighted average period of 2.7 years.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events.
Subsequent Events	Note 17. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Foreign Currency Transactions	Foreign Currency Transactions Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the period-end exchange rates. Income and expenses are translated at an average exchange rate for the period and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain (loss) adjustment totaled $(2.0) million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in earnings.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which amends the guidance in Topic 820, Fair Value Measurement Accounting Guidance Issued but Not Adopted at March 31, 2024 In March 2024, the FASB issued ASU 2024-02 “Codification Improvements—Amendments to Remove References to the Concept Statements,” which amends the Codification to remove references to various FASB Concepts Statements and impacts a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and are not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective for the Company for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Entities may apply the guidance either retrospectively to the beginning of the earliest comparative period presented or prospectively to all new or modified transactions recognized on or after the date of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In March 2024, the FASB issued ASU 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” which clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718, or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 adds an example with multiple fact patterns and illustrates how an entity evaluates common terms and characteristics of profits interests and similar awards to reach a conclusion about whether an award meets the conditions in Topic 718. It also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for the Company for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Entities may apply the guidance either retrospectively to all periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency and decision usefulness of income tax disclosures. Notably, the ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, as well as disclosures of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application to each period presented in the financial statements is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires all public entities, including those that have a single reportable segment, to provide enhanced disclosures primarily about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied on a retrospective basis, with all required disclosures to be made for all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification by aligning them with the SEC’s regulations. The amendments to the various Topics should be applied prospectively, and the effective date for the Company for each amendment will be determined based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirement by June 30, 2027, then the related amendment in ASU 2023-06 will be removed from the Codification and will not become effective. Early adoption of this ASU is prohibited. We do not expect the amendments in this ASU to have a material impact on the disclosures or presentation in our consolidated financial statements.

Revenue, Concentrations and G_2

Revenue, Concentrations and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue, Concentrations and Geographic Information
Schedule of disaggregation of revenue by revenue type	Effective first quarter of 2024, we began reporting our services revenue in the following categories: BioLogistics Solutions and BioStorage/BioServices as Life Sciences Services, and our products revenue as Life Sciences Products. This change will better align our revenue categories with our strategic priorities. The following table disaggregates our revenue by category for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 BioLogistics Solutions ​ $ 33,258 ​ $ 32,604 ​ BioStorage/BioServices ​ 3,528 ​ 3,232 ​ Life Sciences Services ​ ​ 36,786 ​ ​ 35,836 ​ Life Sciences Products ​ ​ 17,806 ​ ​ 26,981 ​ Total revenue ​ $ 54,592 ​ $ 62,817 ​
Schedule of geographical revenues, by origin	Our geographical revenue, by origin, for the three months ended March 31, 2024 and 2023, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 Americas ​ $ 29,904 ​ $ 33,617 ​ Europe, the Middle East, and Africa (EMEA) ​ 15,610 ​ 18,159 ​ Asia Pacific (APAC) ​ 9,078 ​ 11,041 ​ Total revenue ​ $ 54,592 ​ $ 62,817 ​
Schedule of roll-forward of the allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 Balance of allowance for credit losses, beginning of period ​ $ 1,992 ​ ​ 1,275 Change in expected credit losses ​ ​ 246 ​ ​ 812 Write-offs, net of recoveries ​ 2 ​ ​ (95) Balance of allowance for credit losses, end of period ​ $ 2,240 ​ ​ 1,992

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Net Loss Per Share
Schedule of amounts used in computing net loss per share	The following shows the amounts used in computing net loss per share (in thousands except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Net loss ​ $ (18,895) ​ $ (5,574) ​ Paid-in-kind dividend on Series C convertible preferred stock ​ (2,000) ​ (2,000) ​ Net loss attributable to common shareholders ​ $ (20,895) ​ $ (7,574) ​ Weighted average common shares issued and outstanding - basic and diluted ​ ​ 49,019,964 ​ ​ 48,362,501 ​ Basic and diluted net loss per share ​ $ (0.43) ​ $ (0.16) ​
Schedule of the number of shares excluded from the computation of diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 Stock options 2,201,358 3,438,314 Restricted stock units ​ 1,207,323 ​ 665,110 ​ Series C convertible preferred stock ​ 5,953,481 ​ 5,721,177 ​ Conversion of 2026 Senior Notes ​ 3,156,483 ​ 3,422,780 ​ Conversion of 2025 Senior Notes ​ 599,954 ​ 599,954 ​ ​ 13,118,599 13,847,335

Acquisitions (Tables)

Acquisitions (Tables) - Bluebird Express LLC	3 Months Ended
	Mar. 31, 2024
Acquisitions
Schedule of summary of allocation of the purchase price as of the acquisition date	The following table summarizes the allocation of the purchase price as of the acquisition date (in thousands): ​ ​ ​ ​ ​ Total purchase consideration paid ​ $ 10,229 ​ ​ ​ ​ Purchase price allocation: ​ Cash and cash equivalents ​ 868 Accounts receivable ​ 2,299 Prepaid and other current assets ​ 38 Property and equipment ​ 89 Operating lease right-of-use assets ​ 709 Intangible assets ​ 3,650 Accounts payable and other accrued expenses ​ (1,160) Operating lease liabilities ​ (709) Total identifiable net assets ​ 5,784 Goodwill ​ 4,445 ​ ​ $ 10,229
Schedule of the preliminary fair value of intangible assets acquired at the date of acquisition and their estimated useful lives and amortization expense based on their respective useful lives	The following table summarizes the estimated fair values of Bluebird Express’ identifiable intangible assets at the date of acquisition and their estimated useful lives and amortization expense based on their respective useful lives (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Estimated ​ Estimated ​ Amortization ​ Amortization ​ ​ Fair Value ​ Useful Life ​ Method ​ Expense Customer relationships ​ $ 220 8.3 Straight-line ​ $ 27 Non-competition agreement ​ 420 5 Straight-line ​ 84 Agent network ​ 2,890 4 Straight-line ​ 723 Trade names/trademarks - finite-lived ​ 120 1.5 Straight-line ​ 80 Total ​ $ 3,650 ​ $ 914

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Cash, Cash Equivalents and Short-Term Investments
Schedule of cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Cash ​ $ 42,582 ​ $ 40,979 Cash equivalents: ​ ​ ​ ​ ​ Money market mutual fund ​ 7,081 ​ ​ 5,367 Total cash and cash equivalents ​ 49,663 ​ ​ 46,346 Short-term investments: ​ ​ ​ ​ ​ U.S. Treasury notes and bills ​ 126,738 ​ ​ 136,665 Mutual funds ​ 100,407 ​ ​ 101,085 Corporate debt securities ​ ​ 171,736 ​ ​ 172,658 Total short-term investments ​ 398,881 ​ ​ 410,409 Cash, cash equivalents and short-term investments ​ $ 448,544 ​ $ 456,755
Schedule of available-for-sale investments	The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value U.S. Treasury notes ​ $ 126,776 ​ $ 321 ​ $ (359) ​ $ 126,738 Corporate debt securities ​ ​ 171,437 ​ 572 ​ (273) ​ 171,736 Total available-for-sale investments ​ $ 298,213 ​ $ 893 ​ $ (632) ​ $ 298,474 The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value U.S. Treasury notes ​ $ 133,989 $ 2,697 ​ $ (21) ​ $ 136,665 Corporate debt securities ​ ​ 168,592 ​ 4,067 ​ (1) ​ ​ 172,658 Total available-for-sale investments ​ $ 302,581 $ 6,764 ​ $ (22) ​ $ 309,323
Schedule of investments based on stated contractual maturities	The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 102,367 ​ $ 102,975 Due after one year through five years ​ ​ 195,846 ​ ​ 195,499 Due after five years through ten years ​ — ​ — Total ​ $ 298,213 ​ $ 298,474 ​ The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 101,252 $ 103,802 Due after one year through five years ​ 201,329 205,521 Due after five years through ten years ​ ​ — ​ ​ — Total ​ $ 302,581 $ 309,323
Schedule of gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position	The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months 12 Months or More Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses U.S. Treasury notes ​ $ 54,463 ​ $ (298) ​ $ 72,275 ​ $ (61) ​ $ 126,738 ​ $ (359) Corporate debt securities ​ 24,244 ​ (20) ​ 147,492 ​ (254) ​ 171,736 ​ (274) Total ​ $ 78,707 ​ $ (318) ​ $ 219,767 ​ $ (315) ​ $ 298,474 ​ $ (633)
Schedule of unrealized gains (losses) related to equity securities held	Unrealized gains (losses) during the three months ended March 31, 2024 and 2023 related to equity securities held at March 31, 2024 and 2023 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Net losses recognized during the three months on equity securities ​ $ (678) ​ $ — Less: net gains (losses) recognized during the year on equity securities sold during the period ​ — ​ 1,510 Unrealized gains (losses) recognized during the three months on equity securities still held at March 31, 2024 and 2023 ​ $ (678) ​ $ 1,510

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Schedule of fair value hierarchy	The carrying values of our assets that are required to be measured at fair value on a recurring basis as of March 31, 2024 and 2023 approximate fair value because of our ability to immediately convert these instruments into cash with minimal expected change in value which are classified in the table below in one of the three categories of the fair value hierarchy described above (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ Money market mutual fund ​ $ 7,081 ​ $ — ​ $ — ​ $ 7,081 Mutual funds ​ 100,407 ​ — ​ — ​ 100,407 U.S. Treasury notes ​ 126,738 ​ — ​ — ​ 126,738 Corporate debt securities ​ 171,736 ​ — ​ — ​ 171,736 ​ ​ $ 405,962 ​ $ — ​ $ — ​ $ 405,962 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Senior Notes ​ $ — ​ $ 379,153 ​ $ — ​ $ 379,153 Contingent consideration ​ — ​ — ​ ​ 9,779 ​ 9,779 ​ ​ $ — ​ $ 379,153 ​ $ 9,779 ​ $ 388,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level 1 Level 2 Level 3 Total December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ Money market mutual fund ​ $ 5,367 ​ $ — ​ $ — ​ $ 5,367 Mutual funds ​ 101,085 ​ — ​ — ​ 101,085 U.S. Treasury notes ​ 136,665 ​ — ​ — ​ 136,665 Corporate debt securities ​ 172,658 ​ — ​ — ​ 172,658 ​ ​ $ 415,775 ​ $ — ​ $ — ​ $ 415,775 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Senior Notes ​ $ — ​ $ 378,553 ​ $ — ​ $ 378,553 Contingent consideration ​ — ​ — ​ ​ 9,589 ​ 9,589 ​ ​ $ — ​ $ 378,553 ​ $ 9,589 ​ $ 388,142
Schedule of estimated fair values and the carrying values	The following table presents the estimated fair values and the carrying values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ Carrying Value Fair Value Carrying Value Fair Value 2026 Senior Notes ​ $ 364,388 ​ $ 311,655 ​ $ 364,362 ​ $ 306,355 2025 Senior Notes ​ $ 14,765 ​ $ 13,709 ​ $ 14,191 ​ $ 13,495
Schedule of losses recognized in earnings and the change in net assets related to the contingent consideration	The losses recognized in earnings and the change in net assets related to the contingent consideration at March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Losses ​ ​ Foreign Fair Value ​ ​ December 31, ​ recognized in ​ ​ ​ ​ Currency ​ March 31, ​ ​ 2023 ​ earnings ​ Payments ​ Adjustment ​ 2024 2021 Acquisitions ​ $ 1,006 ​ $ 51 ​ $ — ​ $ (43) ​ $ 1,014 2022 Acquisitions ​ 2,596 ​ 37 ​ — ​ (59) ​ 2,574 2023 Acquisitions ​ ​ 5,987 ​ ​ 204 ​ ​ — ​ ​ — ​ ​ 6,191 ​ ​ $ 9,589 ​ $ 292 ​ $ — ​ $ (102) ​ $ 9,779

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory
Schedule of inventories	Inventories consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Raw materials ​ $ 14,666 ​ $ 15,335 Work-in-process ​ ​ 887 ​ ​ 1,375 Finished goods ​ 9,467 ​ 9,496 Total ​ $ 25,020 ​ $ 26,206 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets
Schedule of goodwill	The following table represents the changes in the carrying value of goodwill as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Balance at beginning of year ​ $ 108,403 ​ $ 151,117 Foreign currency adjustment ​ ​ (815) ​ ​ (284) Goodwill impairment ​ ​ — ​ ​ (49,569) Goodwill related to Tec4med acquisition ​ — ​ 2,694 Goodwill related to Bluebird acquisition ​ ​ — ​ ​ 4,445 Total ​ $ 107,588 ​ $ 108,403
Schedule of intangible assets	The following table presents our intangible assets as of March 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ Carrying ​ Amortization ​ Amount Amortization Amount Period (years) Non-compete agreement ​ $ 810 ​ $ 409 ​ $ 401 5 Technology ​ ​ 50,997 ​ ​ 12,567 ​ ​ 38,430 ​ 9 Customer relationships ​ ​ 131,785 ​ ​ 32,667 ​ ​ 99,118 ​ 11 Trade name/trademark ​ ​ 947 ​ ​ 260 ​ ​ 687 ​ 10 Agent network ​ ​ 14,020 ​ ​ 9,330 ​ ​ 4,690 ​ 3 Order backlog ​ ​ 2,600 ​ ​ 2,600 ​ ​ — ​ — Land use rights ​ ​ 2,198 ​ ​ 244 ​ ​ 1,954 ​ 34 Patents and trademarks ​ ​ 45,029 ​ ​ 221 ​ ​ 44,808 ​ — Total ​ $ 248,386 ​ $ 58,298 ​ $ 190,088 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents our intangible assets as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ Carrying ​ Amortization ​ Amount Amortization Amount Period (years) Non-compete agreement ​ $ 810 ​ $ 368 ​ $ 442 5 Technology ​ ​ 50,376 ​ ​ 11,205 ​ ​ 39,171 ​ 9 Customer relationships ​ ​ 131,578 ​ ​ 29,964 ​ ​ 101,614 ​ 11 Trade name/trademark ​ ​ 938 ​ ​ 211 ​ ​ 727 ​ 10 Agent network ​ ​ 13,761 ​ ​ 8,148 ​ ​ 5,613 ​ 3 Order backlog ​ ​ 2,600 ​ ​ 2,600 ​ ​ — ​ — Land use rights ​ ​ 2,255 ​ ​ 247 ​ ​ 2,008 ​ 34 Patents and trademarks ​ ​ 44,932 ​ ​ 125 ​ ​ 44,807 — Total ​ $ 247,250 ​ $ 52,868 ​ $ 194,382 ​ ​
Schedule of expected future amortization of intangible assets	Expected future amortization of intangible assets as of March 31, 2024 is as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount Remainder of 2024 (excluding the three months ended March 31, 2024) ​ $ 16,806 2025 ​ 14,788 2026 ​ 14,500 2027 ​ 14,155 2028 ​ 13,109 Thereafter ​ 70,747 ​ ​ $ 144,105 ​

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2024
Convertible Senior Notes
Schedule of convertible senior notes payable	Convertible Senior Notes payable consisted of the following at March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Principal amount of 2025 Senior Notes ​ $ 14,344 ​ $ 14,344 Principal amount of 2026 Senior Notes ​ 371,185 ​ 371,185 Less: unamortized debt issuance costs ​ ​ (6,376) ​ ​ (6,976) Net carrying value of Convertible Senior Notes payable ​ $ 379,153 ​ $ 378,553
Schedule of interest expenses incurred in connection with the convertible senior notes	Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 2023 Coupon interest ​ $ 804 ​ $ 862 ​ Amortization of debt issuance costs ​ ​ 601 ​ ​ 641 ​ Total interest expense on Convertible Senior Notes ​ $ 1,405 ​ $ 1,503 ​

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Payable
Schedule of notes payable	Notes payable consisted of the following at March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Principal amount of notes payable ​ $ 1,415 ​ $ 1,484 Less: current portion of notes payable ​ (110) ​ (149) Notes payable – long-term ​ $ 1,305 ​ $ 1,335 ​
Schedule of interest expense incurred in connection with the notes payable	Interest expense incurred in connection with the notes payable consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2024 2023 Interest expense ​ $ 5 ​ $ 1 ​ Amortization of debt discount ​ — ​ — ​ Total interest expense on notes payable ​ $ 5 ​ $ 1 ​
Schedule of future note payments	Future note payments as of March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ Years Ending December 31, Amount 2024 (excluding the three months ended March 31, 2024) ​ $ 110 2025 ​ ​ 149 2026 ​ 151 2027 ​ 148 2028 ​ 135 Thereafter ​ 722 Total note maturities ​ $ 1,415 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of components of lease cost	The components of lease cost were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Operating lease cost ​ $ 2,047 ​ $ 1,782 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 80 ​ ​ 32 Interest on finance lease liabilities ​ ​ 26 ​ ​ 5 ​ ​ ​ 106 ​ ​ 37 Total lease cost ​ ​ 2,153 ​ ​ 1,819
Schedule of other information related to leases	Other information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Cash Flows Information ​ Three Months Ended March 31, ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases $ 1,988 $ 1,639 Operating cash flows from finance leases $ 96 $ 37 Financing cash flows from finance leases ​ $ 70 ​ $ 31 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ Operating leases $ — $ 4,436 Finance leases ​ $ 63 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Weighted-Average Remaining Lease Term ​ ​ ​ Operating leases 10.9 years 10.8 years Finance leases 3.9 years 4.2 years ​ ​ ​ ​ ​ ​ Weighted-Average Discount Rate ​ Operating leases 8.8 % 8.7 % Finance leases 7.8 % 8.4 % ​
Schedule of future minimum lease payments under non-cancellable leases	Future minimum lease payments under non-cancellable leases that have commenced as of March 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Years Ending December 31 Leases Leases 2024 (excluding the three months ended March 31, 2024) $ 6,015 $ 291 2025 ​ 6,851 ​ 385 2026 ​ 5,683 ​ 357 2027 ​ 4,909 ​ 244 2028 ​ ​ 3,673 ​ ​ 121 Thereafter ​ 26,992 ​ 24 Total future minimum lease payments ​ 54,123 ​ 1,422 Less: imputed interest ​ (20,969) ​ (205) Total ​ $ 33,154 ​ $ 1,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Reported as of March 31, 2024 Leases Leases Current lease liabilities ​ $ 5,356 ​ $ 301 Noncurrent lease liabilities ​ 27,798 ​ 916 Total ​ $ 33,154 ​ $ 1,217 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity
Schedule of common stock were issuable upon exercise of stock options and the conversion of convertible senior notes and Series C Preferred stock	As of March 31, 2024, approximately 18.2 million shares of common stock were issuable upon vesting, conversion or exercise, as applicable, of stock options, restricted stock units, the Convertible Senior Notes and the Series C Preferred Stock, as follows: ​ ​ ​ ​ Exercise of stock options 7,239,928 Vesting of restricted stock units ​ 1,207,323 Conversion of Series C Preferred Stock ​ 5,953,481 Conversion of convertible 2026 Senior Notes ​ 3,156,483 Conversion of convertible 2025 Senior Notes ​ 599,954 Total shares of common stock reserved for future issuances 18,157,169 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation
Schedule of assumptions used in the fair value estimation of each option grant	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Expected life (years) ​ 3.8 - 4.9 ​ 4.2 - 5.2 ​ Risk-free interest rate 4.3% - 4.4% ​ 3.5% - 3.6% ​ Volatility ​ 69.5% - 69.5% ​ 73.0% ​ Dividend yield 0% ​ 0% ​
Schedule of stock-based compensation expense related to all of our share-based payment awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 Cost of revenue ​ $ 669 ​ $ 475 ​ Selling, general and administrative ​ 4,378 ​ ​ 4,304 ​ Engineering and development ​ 409 ​ ​ 405 ​ ​ ​ $ 5,456 ​ $ 5,184 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price/Share Term (Years) Value (1) Outstanding — December 31, 2023 ​ 7,224,820 ​ $ 15.88 ​ — ​ ​ — Granted (weighted-average fair value of $8.72 per share) ​ 168,611 ​ ​ 15.88 ​ — ​ ​ — Exercised (115,864) ​ 5.34 — ​ ​ — Forfeited ​ (37,639) ​ ​ 36.91 ​ — ​ ​ — Outstanding — March 31, 2024 7,239,928 ​ $ 15.94 4.1 ​ $ 43,542 Vested (exercisable) — March 31, 2024 6,422,781 ​ $ 14.34 3.9 ​ $ 43,122 Expected to vest after March 31, 2024 (unexercisable) 817,147 ​ $ 28.49 4.1 ​ $ 419 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 28, 2024 (the last trading day of the quarter), which was $17.70 per share.
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Restricted ​ Fair Value per ​ ​ Stock Units ​ Share Outstanding – December 31, 2023 1,076,629 ​ $ 27.73 Granted 334,820 ​ 15.18 Share issuance (169,904) ​ 17.03 Forfeited (34,222) ​ 26.38 Outstanding – March 31, 2024 1,207,323 ​ $ 22.74

Nature of the Business (Details

Nature of the Business (Details)	3 Months Ended
	Mar. 31, 2024 item customer USD ($)
Nature of the Business
Number of strategic locations | $	50
Number of customers | customer	3,000
Number of colleagues | item	1,100

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary of Significant Accounting Policies
Foreign currency translation gain (loss)	$ (2)	$ 1.2

Revenue, Concentrations and G_3

Revenue, Concentrations and Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue, Concentrations and Geographic Information
Accounts receivable, allowance for credit loss	$ 2,240		$ 1,992	$ 1,275
Total revenue	54,592	$ 62,817
Contract liabilities	1,800		$ 1,300
Contract with customer liability on revenue recognized	400	400
Foreign Customers
Revenue, Concentrations and Geographic Information
Total revenue	$ 24,700	$ 29,200
Sales Revenue, Net | Foreign Customers | Customer Concentration Risk
Revenue, Concentrations and Geographic Information
Concentration risk, percentage	45.20%	46.50%

Revenue, Concentrations and G_4

Revenue, Concentrations and Geographic Information - Disaggregates Our Revenues by Major Source (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Revenue, Concentrations and Geographic Information
Number of reportable segments | segment	1
Number of reporting units | segment	1
Total revenue	$ 54,592	$ 62,817
Life Sciences Services
Revenue, Concentrations and Geographic Information
Total revenue	36,786	35,836
BioLogistics Solutions
Revenue, Concentrations and Geographic Information
Total revenue	33,258
BioStorage/BioServices
Revenue, Concentrations and Geographic Information
Total revenue	3,528
Life Sciences Products
Revenue, Concentrations and Geographic Information
Total revenue	$ 17,806	$ 26,981

Revenue, Concentrations and G_5

Revenue, Concentrations and Geographic Information - Disaggregation Our Geographical Revenues by Origin (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Concentrations and Geographic Information
Total revenue	$ 54,592	$ 62,817
Americas
Revenue, Concentrations and Geographic Information
Total revenue	29,904
Europe, the Middle East, and Africa (EMEA)
Revenue, Concentrations and Geographic Information
Total revenue	15,610
Asia Pacific (APAC)
Revenue, Concentrations and Geographic Information
Total revenue	$ 9,078

Revenue, Concentrations and G_6

Revenue, Concentrations and Geographic Information - Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Concentrations and Geographic Information
Accounts receivable, allowance for credit loss	$ 2,240	$ 1,992
Balance at January 1, 2024	1,992	1,275
Change in expected credit losses	246	812
Write-offs, net of recoveries	2	(95)
Balance at March 31, 2024	$ 2,240	$ 1,992

Net Loss Per Share (Details)

Net Loss Per Share (Details)	3 Months Ended
	Mar. 31, 2024
Class C convertible preferred stock
Net Loss Per Share
Preferred stock, dividend rate (as a percent)	4%
2026 Senior Notes
Net Loss Per Share
Interest rate on convertible note (as a percent)	0.75%
2025 Senior Notes
Net Loss Per Share
Interest rate on convertible note (as a percent)	3%

Net Loss Per Share - Amounts us

Net Loss Per Share - Amounts used in computing net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Loss Per Share
Net loss	$ (18,895)	$ (5,574)
Paid-in-kind dividend on Series C convertible preferred stock	(2,000)	(2,000)
Net loss attributable to common stockholders	$ (20,895)	$ (7,574)
Weighted average common shares issued and outstanding - basic (in shares)	49,019,964	48,362,501
Weighted average common shares issued and outstanding - diluted (in shares)	49,019,964	48,362,501
Net loss per share attributable to common stockholders - basic (in dollar per share)	$ (0.43)	$ (0.16)
Net loss per share attributable to common stockholders - diluted (in dollar per share)	$ (0.43)	$ (0.16)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	13,118,599	13,847,335
Class C convertible preferred stock
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	5,953,481	5,721,177
Employee Stock Option
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	2,201,358	3,438,314
Restricted stock units
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	1,207,323	665,110
Conversion of 2026 Senior Notes
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	3,156,483	3,422,780
Conversion of 2025 Senior Notes
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	599,954	599,954

Acquisitions (Details)

Acquisitions (Details) $ in Thousands, € in Millions	1 Months Ended								3 Months Ended	15 Months Ended
	Nov. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	Jul. 31, 2022 USD ($)	Jul. 31, 2022 EUR (€)	Apr. 30, 2022 USD ($) shares	Apr. 30, 2022 EUR (€) shares	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Oct. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Jul. 31, 2022 EUR (€)	Apr. 30, 2022 EUR (€)
Acquisitions
Purchase consideration allocated to goodwill									$ 107,588		$ 108,403			$ 151,117
Cell & Co
Acquisitions
Total purchase consideration							$ 6,200	€ 5.7
Upfront cash consideration							$ 3,500	€ 3.2
Stock issued | shares							15,152	15,152
Business combination equity interest shares issuable | shares							400,000	400,000
Earn-out provision at fair value							$ 2,200									€ 2
Earn-out payment to the sellers									$ 300
Purchase consideration allocated to goodwill							2,700
Purchase consideration allocated to identifiable intangible assets							$ 3,400
Polar Express
Acquisitions
Earn-out provision at fair value					$ 1,400										€ 1.4
Purchase consideration allocated to goodwill	$ 4,400				1,700
Purchase consideration allocated to identifiable intangible assets					1,000
Purchase consideration					2,800										2.8
Cash consideration					1,400	€ 1.4
Cell Matters
Acquisitions
Total purchase consideration					4,000	€ 3.9
Purchase consideration allocated to goodwill					$ 4,700										€ 4.7
Measurement period adjustment										$ 100
Global Supply Chain Center
Acquisitions
Total purchase consideration			$ 600	€ 0.6
Acquisitions note payable			1,100	€ 1
Property and equipment			$ 1,900										€ 1.8
TEC4MED
Acquisitions
Total purchase consideration	3,200	€ 3
Purchase consideration allocated to goodwill	2,700											€ 2.5
Business combination identifiable intangible assets	400											€ 0.3
Bluebird Express LLC
Acquisitions
Total purchase consideration	10,229
Property and equipment	89
Upfront cash consideration	4,500
Earn-out provision at fair value	5,700
Purchase consideration allocated to goodwill	4,445
Purchase consideration allocated to identifiable intangible assets	$ 3,650
Years of industry experience	20 years	20 years
Goodwill expected to be deductible for income tax purposes	$ 4,400
Acquisition-related transaction costs	$ 400

Acquisitions - Allocation of pu

Acquisitions - Allocation of purchase price (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Purchase price allocation:
Goodwill		$ 107,588	$ 108,403	$ 151,117
Bluebird Express LLC
Acquisitions
Total purchase consideration paid	$ 10,229
Purchase price allocation:
Cash and cash equivalents	868
Accounts receivable	2,299
Prepaid and other current assets	38
Property and equipment	89
Operating lease right-of-use assets	709
Intangible assets	3,650
Accounts payable and other accrued expenses	(1,160)
Operating lease liabilities	(709)
Total identifiable net assets	5,784
Goodwill	4,445
Total purchase price as of acquisition	$ 10,229

Acquisition - Preliminary Fair

Acquisition - Preliminary Fair Value of Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Acquisitions
Annual Amortization Expense		$ 4,400	$ 3,800
Bluebird Express LLC
Acquisitions
Estimated Fair Value	$ 3,650
Annual Amortization Expense	914
Bluebird Express LLC | Customer relationships
Acquisitions
Estimated Fair Value	$ 220
Estimated Useful Life	8 years 3 months 18 days
Annual Amortization Expense	$ 27
Bluebird Express LLC | Non-competition agreement
Acquisitions
Estimated Fair Value	$ 420
Estimated Useful Life	5 years
Annual Amortization Expense	$ 84
Bluebird Express LLC | Agent network
Acquisitions
Estimated Fair Value	$ 2,890
Estimated Useful Life	4 years
Annual Amortization Expense	$ 723
Bluebird Express LLC | Trade names / trademarks - finite-lived
Acquisitions
Estimated Fair Value	$ 120
Estimated Useful Life	1 year 6 months
Annual Amortization Expense	$ 80

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-Term investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Cash	$ 42,582	$ 40,979
Cash equivalents:
Money market mutual fund	7,081	5,367
Total cash and cash equivalents	49,663	46,346
Short-term investments:
Total short-term investments	398,881	410,409
Cash, cash equivalents and short-term investments	448,544	456,755
U.S. Treasury notes and bills
Short-term investments:
Total short-term investments	126,738	136,665
Mutual funds
Short-term investments:
Total short-term investments	100,407	101,085
Corporate debt securities
Short-term investments:
Total short-term investments	$ 171,736	$ 172,658

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-Term Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Amortized Cost	$ 298,213	$ 302,581
Unrealized Gains	893	6,764
Unrealized Losses	(632)	(22)
Fair Value	298,474	309,323
U.S. Treasury notes
Cash, Cash Equivalents and Short-Term Investments
Amortized Cost	126,776	133,989
Unrealized Gains	321	2,697
Unrealized Losses	(359)	(21)
Fair Value	126,738	136,665
Corporate debt securities
Cash, Cash Equivalents and Short-Term Investments
Amortized Cost	171,437	168,592
Unrealized Gains	572	4,067
Unrealized Losses	(273)	(1)
Fair Value	$ 171,736	$ 172,658

Cash, Cash Equivalents and Sh_5

Cash, Cash Equivalents and Short-term Investments - Contractual maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Due within one year, Amortized Cost	$ 102,367	$ 101,252
Due after one year through five years, Amortized Cost	195,846	201,329
Total, Amortized Cost	298,213	302,581
Due within one year, Fair Value	102,975
Due after one year through five years, Fair Value	195,499
Total, Fair Value	$ 298,474	$ 309,323

Cash, Cash Equivalents and Sh_6

Cash, Cash Equivalents and Short-Term Investments - Company's gross unrealized losses and fair value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Less than 12 Months, Fair Value	$ 78,707
12 Months or more, Fair Value	219,767
Total, Fair Value	298,474
Less than 12 Months, Unrealized Losses	(318)
12 Months or more, Unrealized Losses	(315)
Total, Unrealized Losses	(633)
Realized gain (loss) on available-for-sale debt securities	2,400	$ (90)
U.S. Treasury notes
Cash, Cash Equivalents and Short-Term Investments
Less than 12 Months, Fair Value	54,463
12 Months or more, Fair Value	72,275
Total, Fair Value	126,738
Less than 12 Months, Unrealized Losses	(298)
12 Months or more, Unrealized Losses	(61)
Total, Unrealized Losses	(359)
Corporate debt securities
Cash, Cash Equivalents and Short-Term Investments
Less than 12 Months, Fair Value	24,244
12 Months or more, Fair Value	147,492
Total, Fair Value	171,736
Less than 12 Months, Unrealized Losses	(20)
12 Months or more, Unrealized Losses	(254)
Total, Unrealized Losses	$ (274)

Cash, Cash Equivalents and Sh_7

Cash, Cash Equivalents and Short-Term Investments - Equity investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Investments in equity securities	$ 100,400
Net losses recognized during the three months on equity securities	(678)
Less: net gains (losses) recognized during the year on equity securities sold during the period		$ 1,510
Unrealized gains (losses) recognized during the three months on equity securities still held at March 31, 2024 and 2023	$ (678)	$ 1,510

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Contingent consideration
Fair Value Measurements
Liabilities	$ 9,800	$ 9,600
Recurring
Fair Value Measurements
Assets	405,962	415,775
Liabilities	388,932	388,142
Recurring | Mutual funds
Fair Value Measurements
Assets	100,407	101,085
Recurring | U.S. Treasury notes
Fair Value Measurements
Assets	126,738	136,665
Recurring | Corporate debt securities
Fair Value Measurements
Assets	171,736	172,658
Recurring | Convertible Senior Notes
Fair Value Measurements
Liabilities	379,153	378,553
Recurring | Contingent consideration
Fair Value Measurements
Liabilities	9,779	9,589
Recurring | Money market mutual fund
Fair Value Measurements
Assets	7,081	5,367
Recurring | Level 1
Fair Value Measurements
Assets	405,962	415,775
Recurring | Level 1 | Mutual funds
Fair Value Measurements
Assets	100,407	101,085
Recurring | Level 1 | U.S. Treasury notes
Fair Value Measurements
Assets	126,738	136,665
Recurring | Level 1 | Corporate debt securities
Fair Value Measurements
Assets	171,736	172,658
Recurring | Level 1 | Money market mutual fund
Fair Value Measurements
Assets	7,081	5,367
Recurring | Level 2
Fair Value Measurements
Liabilities	379,153	378,553
Recurring | Level 2 | Convertible Senior Notes
Fair Value Measurements
Liabilities	379,153	378,553
Recurring | Level 3
Fair Value Measurements
Liabilities	9,779	9,589
Recurring | Level 3 | Contingent consideration
Fair Value Measurements
Liabilities	$ 9,779	$ 9,589

Fair Value Measurements - Estim

Fair Value Measurements - Estimated fair values and the carrying values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Carrying Value	$ 379,153	$ 378,553
2026 Senior Notes
Fair Value Measurements
Carrying Value	364,388	364,362
Fair Value	311,655	306,355
2025 Senior Notes
Fair Value Measurements
Carrying Value	14,765	14,191
Fair Value	$ 13,709	$ 13,495

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Contingent consideration - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Period of contingent consideration payable	4 years
Maximum contingent consideration payable in cash	$ 26.1
Fair value	$ 9.8	$ 9.6

Fair Value Measurements - Losse

Fair Value Measurements - Losses recognized in earnings and the change in net asset (Details) - Contingent consideration - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value Measurements
Fair Value December 31, 2023	$ 9,589
Losses recognized in earnings	292
Foreign Currency Adjustment	(102)
Fair Value March 31, 2024	9,779
2021 Acquisitions
Fair Value Measurements
Fair Value December 31, 2023	1,006
Losses recognized in earnings	51
Foreign Currency Adjustment	(43)
Fair Value March 31, 2024	1,014
2022 Acquisitions
Fair Value Measurements
Fair Value December 31, 2023	2,596
Losses recognized in earnings	$ 37
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses
Foreign Currency Adjustment	$ (59)
Fair Value March 31, 2024	2,574
2023 Acquisitions
Fair Value Measurements
Fair Value December 31, 2023	5,987
Losses recognized in earnings	204
Fair Value March 31, 2024	$ 6,191

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory
Raw materials	$ 14,666	$ 15,335
Work-in-process	887	1,375
Finished goods	9,467	9,496
Total	$ 25,020	$ 26,206

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill
Balance at beginning of year	$ 108,403	$ 151,117
Foreign currency adjustment	(815)	(284)
Goodwill impairment		(49,569)
Balance at end of year	$ 107,588	108,403
TEC4MED
Goodwill
Goodwill acquired during period		2,694
Bluebird Express LLC
Goodwill
Goodwill acquired during period		$ 4,445

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets
Gross Amount	$ 248,386	$ 247,250
Accumulated Amortization	58,298	52,868
Net Carrying Amount	190,088	194,382
Non-compete agreement
Goodwill and Intangible Assets
Gross Amount	810	810
Accumulated Amortization	409	368
Net Carrying Amount	$ 401	$ 442
Weighted Average Amortization Period (years)	5 years	5 years
Technology
Goodwill and Intangible Assets
Gross Amount	$ 50,997	$ 50,376
Accumulated Amortization	12,567	11,205
Net Carrying Amount	$ 38,430	$ 39,171
Weighted Average Amortization Period (years)	9 years	9 years
Customer relationships
Goodwill and Intangible Assets
Gross Amount	$ 131,785	$ 131,578
Accumulated Amortization	32,667	29,964
Net Carrying Amount	$ 99,118	$ 101,614
Weighted Average Amortization Period (years)	11 years	11 years
Trade name/trademark
Goodwill and Intangible Assets
Gross Amount	$ 947	$ 938
Accumulated Amortization	260	211
Net Carrying Amount	$ 687	$ 727
Weighted Average Amortization Period (years)	10 years	10 years
Agent network
Goodwill and Intangible Assets
Gross Amount	$ 14,020	$ 13,761
Accumulated Amortization	9,330	8,148
Net Carrying Amount	$ 4,690	$ 5,613
Weighted Average Amortization Period (years)	3 years	3 years
Order backlog
Goodwill and Intangible Assets
Gross Amount	$ 2,600	$ 2,600
Accumulated Amortization	2,600	2,600
Land use rights
Goodwill and Intangible Assets
Gross Amount	2,198	2,255
Accumulated Amortization	244	247
Net Carrying Amount	$ 1,954	$ 2,008
Weighted Average Amortization Period (years)	34 years	34 years
Patents and trademarks
Goodwill and Intangible Assets
Gross Amount	$ 45,029	$ 44,932
Accumulated Amortization	221	125
Net Carrying Amount	$ 44,808	$ 44,807

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets
Amortization expense for intangible assets	$ 4.4	$ 3.8

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expected Future Amortization (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Expected future amortization of intangible assets
Remainder of 2024 (excluding the three months ended March 31, 2024)	$ 16,806
2025	14,788
2026	14,500
2027	14,155
2028	13,109
Thereafter	70,747
Future amortization of intangible assets	$ 144,105

Convertible Senior Notes - Comp

Convertible Senior Notes - Components of Convertible notes payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Convertible Senior Notes
Less: unamortized debt issuance costs	$ (6,376)	$ (6,976)
Net carrying value of Convertible Senior Notes payable	379,153	378,553
2025 Senior Notes
Convertible Senior Notes
Principal amount of Senior Notes	14,344	14,344
2026 Senior Notes
Convertible Senior Notes
Principal amount of Senior Notes	$ 371,185	$ 371,185

Convertible Senior Notes - Inte

Convertible Senior Notes - Interest expenses incurred on Convertible notes payable (Details) - Convertible Senior Notes. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Convertible Senior Notes
Coupon interest	$ 804	$ 862
Amortization of debt issuance costs	601	641
Total interest expense	$ 1,405	$ 1,503

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2024
2026 Senior Notes
Convertible Senior Notes
Principal amount of notes payable		$ 371,185	$ 371,185
Aggregate principal amount			371,200
Repurchased debt	$ 31,300
Gain on extinguishment of debt, net		5,700
Cash repurchase price	$ 25,000
Write off of related deferred financing costs		600
2025 Senior Notes
Convertible Senior Notes
Principal amount of notes payable		$ 14,344	$ 14,344

Notes Payable (Details)

Notes Payable (Details) $ in Thousands, € in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Notes Payable
Less: current portion of notes payable	$ (110)		$ (149)
Notes payable - long term	1,305		1,335
Notes Payable
Notes Payable
Principal amount of notes payable	1,415		1,484
Less: current portion of notes payable	(110)		(149)
Notes payable - long term	1,305		$ 1,335
Cell & Co
Notes Payable
Notes payable - long term	$ 400	€ 0.4

Notes Payable - Interest expens

Notes Payable - Interest expense (Details) - Notes Payable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Notes Payable
Interest expense	$ 5	$ 1
Total interest expense	$ 5	$ 1

Notes Payable - Future note pay

Notes Payable - Future note payments (Details) - Notes Payable - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes Payable
2024 (excluding the three months ended March 31, 2024)	$ 110
2025	149
2026	151
2027	148
2028	135
Thereafter	722
Total note maturities	$ 1,415	$ 1,484

Note Payable - Additional Infor

Note Payable - Additional Information (Details) $ in Thousands, € in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)
Notes Payable
Notes payable - long term	$ 1,305		$ 1,335
SCI JA8
Notes Payable
Aggregate principal amount				$ 1,100	€ 1
Notes payable, September 2031 | SCI JA8
Notes Payable
Interest rate (as a percent)				0.85%	0.85%
Notes payable, September 2038 | SCI JA8
Notes Payable
Interest rate (as a percent)				1.60%	1.60%
Notes payable, July 2035 | SCI JA8
Notes Payable
Interest rate (as a percent)				1.63%	1.63%
Cell & Co
Notes Payable
Notes payable - long term	$ 400	€ 0.4
Cell & Co | Notes payable, July 2027
Notes Payable
Interest rate (as a percent)	0.60%	0.60%
Cell & Co | Notes payable, September 2030
Notes Payable
Interest rate (as a percent)	1.06%	1.06%

Leases (Details)

Leases (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2022	Mar. 31, 2024
Lease agreement commencing in 2025, for an administrative, global supply chain center and research and development center in Santa Ana, California
Leases
Aggregate rental amount	$ 27.7
Term of lease (in years)	10 years
Minimum
Leases
Operating and finance leases for corporate offices and certain equipment		1 year
Lessee option to extend		1 year
Maximum
Leases
Operating and finance leases for corporate offices and certain equipment		21 years
Lessee option to extend		15 years

Leases - Components Of Lease Co

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Operating lease cost	$ 2,047	$ 1,782
Finance lease cost:
Amortization of right-of-use assets	80	32
Interest on finance lease liabilities	26	5
Total finance lease cost	106	37
Total lease cost	$ 2,153	$ 1,819

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,988	$ 1,639
Operating cash flows from finance leases	96	37
Financing cash flows from finance leases	70	31
Right-of-use assets obtained in exchange for lease liabilities
Operating leases		$ 4,436
Finance leases	$ 63
Weighted-Average Remaining Lease Term
Operating leases	10 years 10 months 24 days		10 years 9 months 18 days
Finance leases	3 years 10 months 24 days		4 years 2 months 12 days
Weighted-Average Discount Rate
Operating leases	8.80%		8.70%
Finance leases	7.80%		8.40%

Leases - Future minimum lease p

Leases - Future minimum lease payments under non-cancellable leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
2024 (excluding the three months ended March 31, 2024)	$ 6,015
2025	6,851
2026	5,683
2027	4,909
2028	3,673
Thereafter	26,992
Total future minimum lease payments	54,123
Less imputed interest	(20,969)
Total	33,154
Finance Leases
2024 (excluding the three months ended March 31, 2024)	291
2025	385
2026	357
2027	244
2028	121
Thereafter	24
Total future minimum lease payments	1,422
Less imputed interest	(205)
Total	$ 1,217

Leases - Current and Noncurrent

Leases - Current and Noncurrent (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
Current lease liabilities	$ 5,356	$ 5,371
Noncurrent lease liabilities	27,798	29,355
Total	33,154
Finance Leases
Current lease liabilities	301	286
Noncurrent lease liabilities	916	$ 954
Total	$ 1,217

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended	15 Months Ended
	Jan. 25, 2022	Mar. 31, 2023	Mar. 31, 2023
Commitments and Contingencies
Estimated revenue impact of new prague fire	$ 9.4
Insurance proceeds received for new prague fire		$ 2.2	$ 15.1
Gain on insurance settlement for New Prague fire related to business interruption		$ 2.6	$ 2.6

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Class A Convertible Preferred Stock
Stockholders' Equity
Preferred stock, shares authorized	800,000	800,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Class B Convertible Preferred Stock
Stockholders' Equity
Preferred stock, shares authorized	585,000	585,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Class C convertible preferred stock
Stockholders' Equity
Preferred stock, shares authorized	250,000	250,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, dividend rate (as a percent)	4%

Stockholders' Equity - Repurcha

Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Authorized amount of share repurchases					$ 100
Aggregate purchase price (in shares)		0	0
Conversion of convertible 2026 Senior Notes
Equity, Class of Treasury Stock [Line Items]
Amount of remaining share repurchase authorization		$ 37.1
Repurchased debt	$ 31.3
Cash repurchase price	$ 25
Gain on extinguishment of debt, net				$ 5.7
Write off of related deferred financing costs				$ 0.6
Convertible Senior Notes
Equity, Class of Treasury Stock [Line Items]
Repurchased debt		$ 0

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details)	3 Months Ended
	Mar. 31, 2024 shares
Stockholders' Equity
Common stock reserved for future issuance	18,157,169
Common stock issued upon conversion of senior notes	18,200,000
Conversion of convertible 2026 Senior Notes
Stockholders' Equity
Common stock reserved for future issuance	3,156,483
Conversion of convertible 2025 Senior Notes
Stockholders' Equity
Common stock reserved for future issuance	599,954
Exercise of stock options
Stockholders' Equity
Common stock reserved for future issuance	7,239,928
Vesting of restricted stock units
Stockholders' Equity
Common stock reserved for future issuance	1,207,323
Conversion of Series C Preferred Stock
Stockholders' Equity
Common stock reserved for future issuance	5,953,481

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Stock Option (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation
Risk-free interest rate, minimum	4.30%	3.50%
Risk-free interest rate, maximum	4.40%	3.60%
Volatility		73%
Volatility, minimum	69.50%
Volatility, maximum	69.50%
Dividend yield	0%	0%
Minimum
Stock-Based Compensation
Expected life (years)	3 years 9 months 18 days	4 years 2 months 12 days
Maximum
Stock-Based Compensation
Expected life (years)	4 years 10 months 24 days	5 years 2 months 12 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation
Stock-based compensation expense	$ 5,456	$ 5,184
Cost of revenues
Stock-Based Compensation
Stock-based compensation expense	669	475
Selling, general and administrative
Stock-Based Compensation
Stock-based compensation expense	4,378	4,304
Engineering and development
Stock-Based Compensation
Stock-based compensation expense	$ 409	$ 405

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of Shares
Outstanding - Beginning Balance | shares	7,224,820
Granted | shares	168,611
Exercised | shares	(115,864)
Forfeited | shares	(37,639)
Outstanding - Ending Balance | shares	7,239,928
Vested (exercisable) | shares	6,422,781
Expected to vest (unexercisable) | shares	817,147
Weighted-average fair value per share	$ 8.72
Weighted- Average Exercise Price/Share
Outstanding - Beginning Balance	15.88
Granted	15.88
Exercised	5.34
Forfeited	36.91
Outstanding - Ending Balance	15.94
Vested (exercisable)	14.34
Expected to vest (unexercisable)	$ 28.49
Weighted- Average Remaining Contractual Term (Years)
Outstanding balance at end	4 years 1 month 6 days
Vested (exercisable)	3 years 10 months 24 days
Expected to vest (unexercisable)	4 years 1 month 6 days
Aggregated Intrinsic Value
Outstanding balance at end | $	$ 43,542
Vested (exercisable) | $	43,122
Expected to vest (unexercisable) | $	$ 419

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted stock unit (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding - Beginning Balance | shares	1,076,629
Granted | shares	334,820
Share issuance | shares	(169,904)
Forfeited | shares	(34,222)
Outstanding - Ending Balance | shares	1,207,323
Weighted Average Fair Value per Share
Outstanding - Beginning Balance | $ / shares	$ 27.73
Granted | $ / shares	15.18
Share issuance | $ / shares	17.03
Forfeited | $ / shares	26.38
Outstanding - Ending Balance | $ / shares	$ 22.74

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation
Stock-based compensation expense	$ 5,456	$ 5,184
Employee Stock Option
Stock-Based Compensation
Intrinsic value per share (in $ per share)	$ 17.70
Intrinsic value of options exercised during the period	$ 1,100	100
Unrecognized compensation cost related to unvested stock options	$ 12,600
Weighted average recognition period (in years)	2 years
Restricted stock units
Stock-Based Compensation
Weighted average recognition period (in years)	2 years 8 months 12 days
Stock-based compensation expense	$ 2,600	$ 2,100
Unrecognized compensation expense	$ 24,000
2018 Plan | Employee Stock Option
Stock-Based Compensation
Shares available for future awards (in shares)	441,898

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,895)	$ (5,574)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Insider Trading Arrangements and Policies On March 15, 2024, Jerrell W. Shelton, our President and Chief Executive Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Shelton’s plan covers the potential sale of (i) up to 382,032 shares of our common stock to be acquired upon the exercise of stock options, and (ii) an undetermined number of shares of common stock pursuant to sell-to-cover transactions in order to cover the exercise price and holder’s tax liability associated with the exercise of up to 486,559 stock options during the term of such plan, with the specific amount of shares to be sold being dependent on the market price of the shares of our common stock at the time of such transactions. Transactions under Mr. Shelton’s plan are based upon pre-established dates and stock price thresholds and will only occur upon the expiration of the applicable mandatory cooling-off period. Mr. Shelton’s plan will terminate on the earlier of December 15, 2024 or the date all shares subject to the plan have been sold. ​ On March 15, 2024, Ramkumar Mandalam, a member of our Board of Directors, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Dr. Mandalam’s plan covers the potential sale of up to 24,912 shares of our common stock to be acquired upon the exercise of stock options or settlement of restricted stock units. Transactions under Dr. Mandalam’s plan are based upon pre-established dates and stock price thresholds and will only occur upon the expiration of the applicable mandatory cooling-off period. Dr. Mandalam’s plan will terminate on the earlier of December 15, 2024 or the date all shares subject to the plan have been sold.
Jerrell W. Shelton
Trading Arrangements, by Individual
Name	Jerrell W. Shelton
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Ramkumar Mandalam
Trading Arrangements, by Individual
Name	Ramkumar Mandalam
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Aggregate Available	24,912
Purchase of Stock Arrangement | Jerrell W. Shelton
Trading Arrangements, by Individual
Aggregate Available	382,032
Exercise of Stock Options Arrangement | Jerrell W. Shelton
Trading Arrangements, by Individual
Aggregate Available	486,559