Cryoport (CYRX) 10-K 7 Mar 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
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
Entity Address, Address Line Two	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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float					$ 0.3
Entity Common Stock, Shares Outstanding				49,910,391
Auditor Firm ID	34	34	42
Auditor Name	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Location	Nashville, Tennessee	Nashville, Tennessee	Irvine, California
Entity Central Index Key	0001124524
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 45,289	$ 46,346
Short-term investments	216,460	410,409
Accounts receivable, net	45,778	42,074
Inventories	22,470	26,206
Prepaid expenses and other current assets	11,574	10,077
Total current assets	341,571	535,112
Property and equipment, net	88,839	84,858
Operating lease right-of-use assets	47,188	32,653
Intangible assets, net	170,464	194,382
Goodwill	51,660	108,403
Deposits	2,902	1,680
Deferred tax assets	868	656
Total assets	703,492	957,744
Current Liabilities:
Accounts payable and other accrued expenses	27,208	26,995
Accrued compensation and related expenses	13,093	11,409
Deferred revenue	1,106	1,308
Current portion of operating lease liabilities	5,419	5,371
Current portion of finance lease liabilities	488	286
Current portion of convertible senior notes, net of discount of $0.1 million	14,298
Current portion of notes payable	143	149
Current portion of contingent consideration	2,808	92
Total current liabilities	64,563	45,610
Convertible senior notes, net of current portion and discount of $2.3 million and $7.0 million, respectively	183,919	378,553
Notes payable, net of current portion	1,114	1,335
Operating lease liabilities, net of current portion	44,077	29,355
Finance lease liabilities, net of current portion	1,245	954
Deferred tax liabilities	2,531	2,816
Other long-term liabilities	394	601
Contingent consideration, net of current portion	3,751	9,497
Total liabilities	301,594	468,721
Commitments and contingencies
Stockholders' Equity:
Preferred stock
Common stock, $0.001 par value; 100,000,000 shares authorized; 49,908,254 and 48,971,026 issued and outstanding at December 31, 2024 and December 31, 2023, respectively	50	49
Additional paid-in capital	1,145,677	1,131,183
Accumulated deficit	(757,175)	(642,419)
Accumulated other comprehensive loss	(20,929)	(26,065)
Total stockholders' equity	401,898	489,023
Total liabilities and stockholders' equity	703,492	957,744
Class A convertible preferred stock
Stockholders' Equity:
Preferred stock
Class B convertible preferred stock
Stockholders' Equity:
Preferred stock
Class C convertible preferred stock
Stockholders' Equity:
Preferred stock	$ 34,275	$ 26,275

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Convertible senior notes current, discount	$ 0.1
Convertible senior notes noncurrent, discount	$ 2.3	$ 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	49,908,254	48,971,026
Common stock, shares outstanding	49,908,254	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total revenue	$ 228,385	$ 233,255	$ 237,277
Total cost of revenue	128,754	133,923	133,404
Gross margin	99,631	99,332	103,873
Operating costs and expenses:
Selling, general and administrative	148,978	146,880	120,055
Engineering and development	17,710	18,040	15,722
Impairment loss	63,809	49,569
Total operating costs and expenses	230,497	214,489	135,777
Loss from operations	(130,866)	(115,157)	(31,904)
Other income (expense):
Investment income	9,895	10,577	8,474
Interest expense	(4,108)	(5,503)	(6,142)
Gain on extinguishment of debt, net	18,505	5,679
Other income (expense), net	(6,906)	5,056	(5,522)
Total other income (expense), net	17,386	15,809	(3,190)
Loss before provision for income taxes	(113,480)	(99,348)	(35,094)
Provision for income taxes	(1,276)	(239)	(2,239)
Net loss	(114,756)	(99,587)	(37,333)
Paid-in-kind dividend on Series C convertible preferred stock	(8,000)	(8,000)	(8,000)
Net loss attributable to common stockholders	$ (122,756)	$ (107,587)	$ (45,333)
Net loss per share - basic (in dollar per share)	$ (2.49)	$ (2.21)	$ (0.93)
Net loss per share - diluted (in dollar per share)	$ (2.49)	$ (2.21)	$ (0.93)
Weighted average shares outstanding - basic (in shares)	49,349,624	48,737,377	48,987,295
Weighted average shares outstanding - diluted (in shares)	49,349,624	48,737,377	48,987,295
Life sciences services
Total revenue	$ 153,660	$ 144,087	$ 133,879
Total cost of revenue	85,206	81,820	75,187
Life sciences products
Total revenue	74,725	89,168	103,398
Total cost of revenue	$ 43,548	$ 52,103	$ 58,217

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Loss
Net loss	$ (114,756)	$ (99,587)	$ (37,333)
Other comprehensive income (loss), net of tax:
Net unrealized gain on available-for-sale debt securities	2,860	6,742	(23,439)
Reclassification of realized (gain) loss on available-for-sale debt securities to earnings	6,625	3,008	(46)
Foreign currency translation adjustments	(4,349)	(1,266)	(9,821)
Other comprehensive income (loss)	5,136	8,484	(33,306)
Total comprehensive loss	$ (109,620)	$ (91,103)	$ (70,639)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock Class C Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance, Beginning at Dec. 31, 2021	$ 10,275	$ 50	$ 1,100,287	$ (467,541)	$ (1,243)	$ 641,828
Balance, Beginning (in shares) at Dec. 31, 2021	200,000	49,616,154
Net loss				(37,333)		(37,333)
Other comprehensive income (loss), net of taxes					(33,306)	(33,306)
Stock-based compensation expense			20,082			20,082
Paid-in-kind preferred stock dividend	$ 8,000		(8,000)
Issuance of common stock for Cell&Co acquisition (in shares)		15,152
Issuance of common stock for Cell&Co acquisition			479			479
Repurchase of common stock		$ (2)		(37,958)		$ (37,960)
Repurchase of common stock (in shares)		(1,604,994)				(1,604,994)
Vesting of restricted stock units (in shares)		101,070
Proceeds from exercise of stock options			2,048			$ 2,048
Proceeds from exercise of stock options (in shares)		206,898
Balance, Ending at Dec. 31, 2022	$ 18,275	$ 48	1,114,896	(542,832)	(34,549)	555,838
Balance, Ending (in shares) at Dec. 31, 2022	200,000	48,334,280
Net loss				(99,587)		(99,587)
Other comprehensive income (loss), net of taxes					8,484	8,484
Stock-based compensation expense			22,808			22,808
Paid-in-kind preferred stock dividend	$ 8,000		(8,000)
Vesting of restricted stock units (in shares)		228,932
Proceeds from exercise of stock options		$ 1	1,479			1,480
Proceeds from exercise of stock options (in shares)		407,814
Balance, Ending at Dec. 31, 2023	$ 26,275	$ 49	1,131,183	(642,419)	(26,065)	489,023
Balance, Ending (in shares) at Dec. 31, 2023	200,000	48,971,026
Net loss				(114,756)		(114,756)
Other comprehensive income (loss), net of taxes					5,136	5,136
Stock-based compensation expense			19,704			$ 19,704
Paid-in-kind preferred stock dividend	$ 8,000		(8,000)
Repurchase of common stock (in shares)						0
Vesting of restricted stock units (in shares)		355,058
Proceeds from exercise of stock options		$ 1	2,790			$ 2,791
Proceeds from exercise of stock options (in shares)		582,170
Balance, Ending at Dec. 31, 2024	$ 34,275	$ 50	$ 1,145,677	$ (757,175)	$ (20,929)	$ 401,898
Balance, Ending (in shares) at Dec. 31, 2024	200,000	49,908,254

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net loss	$ (114,756)	$ (99,587)	$ (37,333)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment loss	63,809	49,569
Depreciation and amortization	30,757	27,487	22,765
Amortization of debt discount	1,940	2,526	2,581
Non-cash operating lease expense	5,770	5,103	3,645
Unrealized (gain) loss on investments in equity securities	899	(1,308)	11,406
Realized loss on investments in equity securities	48
Realized loss on available-for-sale investments	4,091	67	102
Gain on extinguishment of debt	(18,505)	(5,679)
Stock-based compensation expense	19,704	22,808	20,082
Loss on disposal of property and equipment	384	954	800
Gain on insurance settlement		(2,642)	(4,815)
Change in credit losses	(242)	822	234
Excess and obsolete inventory	234		651
Insurance proceeds for operations		1,212	9,883
Change in contingent consideration	(1,847)	(890)	216
Changes in operating assets and liabilities:
Accounts receivable	(4,149)	3,673	(4,137)
Inventories	3,252	1,508	(14,204)
Prepaid expenses and other current assets	(2,149)	(103)	(1,598)
Deposits	(1,443)	(663)	(60)
Operating lease liabilities	(5,340)	(4,595)	(3,076)
Accounts payable and other accrued expenses	(76)	(2,766)	(6,483)
Accrued compensation and related expenses	1,852	2,884	(1,569)
Deferred revenue	(179)	842	(530)
Net deferred tax liability	(377)	(1,979)	(411)
Net cash used in operating activities	(16,323)	(757)	(1,851)
Cash Flows From Investing Activities:
Purchases of property and equipment	(17,254)	(38,785)	(22,107)
Insurance proceeds for loss of fixed assets		976	3,000
Software development costs	(2,886)	(5,244)	(1,476)
Purchases of short-term investments	(50,721)	(42,677)	(163,788)
Cash paid for acquisitions	(313)	(7,341)	(6,554)
Sales/maturities of short-term investments	249,116	129,987	131,858
Patent and trademark costs	(1,127)	(871)	(614)
Net cash provided by (used in) investing activities	176,815	36,045	(59,681)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	2,790	1,478	2,048
Repurchase of common stock			(37,960)
Cash paid for repurchase of 2026 Senior Notes	(163,772)	(25,003)
Repayment of notes payable	(141)	(71)	(3,180)
Repayment of finance lease liabilities	(408)	(202)	(82)
Net cash used in financing activities	(161,531)	(23,798)	(39,174)
Effect of exchange rates on cash and cash equivalents	(18)	(1,739)	(1,800)
Net change in cash and cash equivalents	(1,057)	9,751	(102,506)
Cash and cash equivalents - beginning of period	46,346	36,595	139,101
Cash and cash equivalents - end of period	45,289	46,346	36,595
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	2,693	3,399	3,628
Cash paid for income taxes	1,422	1,462	1,979
Supplemental Disclosure of Non-Cash Financing Activities:
Operating lease right-of-use assets and operating lease liabilities	20,989	11,109	12,384
Net unrealized gain on available-for-sale debt securities	2,860	6,742	23,439
Reclassification of realized gain (loss) on available-for-sale debt securities to earnings	(6,624)	(3,008)	46
Paid-in-kind preferred stock dividend, including beneficial conversion feature	8,000	8,000	8,000
Fixed assets included in accounts payable and accrued liabilities	103	442	$ 1,003
Intangible assets included in property and equipment	252	8,710
Purchase of equipment through finance lease obligations	$ 936	$ 1,112

Nature of the Business

Nature of the Business	12 Months Ended
	Dec. 31, 2024
Nature of the Business
Nature of the Business	Note 1. 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 (“MVE”), 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	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies ​ Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of Consolidation The accompanying consolidated financial statements include the accounts of Cryoport, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Cash and Cash Equivalents Our cash and cash equivalents represent demand deposits, and money market funds which are readily convertible into cash, have maturities of 90 days or less when purchased and are considered highly liquid and easily tradeable. Short-Term Investments Our investments in equity securities consist of mutual funds with readily determinable fair values which are carried at fair value with changes in fair value recognized in earnings. Investments in debt securities are classified as available-for-sale and are carried at fair value, with unrealized gains and losses, net of tax, reported as accumulated other comprehensive income (loss) and included as a separate component of stockholders’ equity. Gains and losses are recognized when realized. When we have determined that an other than temporary decline in fair value has occurred, the amount related to a credit loss is recognized in earnings. Gains and losses are determined using the specific identification method. Short-term investments are classified as current assets even though maturities may extend beyond one year because they represent investments of cash available for operations. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company’s significant estimates include the fair value of short-term investments, valuations and purchase price allocations related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates, including valuation multiples utilized in the market approach used in impairment assessments, estimated fair values of intangible assets and goodwill, intangible asset useful lives and amortization methods, contingent consideration liability, equity-based instruments, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Future events and their effects cannot be predicted with certainty, and, accordingly the Company’s accounting estimates require the exercise of judgment. Credit Losses ​ The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. The Company considers historical collection rates, the current financial status of its customers, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, the Company believes that the carrying value, net of excepted losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables. ​ To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer at the business component level, as the Company determined that risk profile of its customers is consistent based on the type and industry in which they operate, mainly in the life sciences industry. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the life sciences industry to estimate if there are current expected credit losses within its trade receivables based on the trends and the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses, finance lease liabilities, notes payable, contingent consideration and the Company’s 0.75% Convertible Senior Notes due in 2026 (the “2026 Convertible Senior Notes”) and 3.0% Convertible Senior Notes due in 2025 (the “2025 Convertible Senior Notes” and together with the 2026 Convertible Senior Notes, the “Convertible Senior Notes”). The carrying value for all such instruments, except finance lease liabilities, notes payable and the Convertible Senior Notes, approximates fair value because the interest rate approximates market rates available to us for similar obligations with the same maturities. For additional information related to fair value measurements, including the notes payable and the Convertible Senior Notes, see Notes 7, 12 and 13. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. From time to time, we maintain cash, cash equivalent and short-term investment balances in excess of amounts insured by the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”). Primarily all of our cash, cash equivalents and short-term investments at December 31, 2023 were in excess of amounts insured by the FDIC and SIPC. The Company performs ongoing evaluations of these institutions to limit its concentration risk exposure. We manage such risks in our portfolio by investing in highly liquid, highly rated instruments, and limit investing in long-term maturity instruments. Our investment policy requires that purchased instruments in marketable securities may only be in highly rated instruments, which are primarily U.S. Treasury bills or treasury-backed securities, and also limits our investment in securities of any single issuer. ​ Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method. Inventories are reviewed periodically for slow-moving or obsolete status. The Company writes down the carrying value of its inventories to reflect situations in which the cost of inventories is not expected to be recovered. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories. Raw materials and finished goods include material costs less adjustments for obsolete or excess inventories. The Company evaluates the current level of inventories considering historical trends and other factors, such as selling prices and costs of completion, disposal and transportation, and based on the evaluation, records adjustments to reflect inventories at net realizable value. These adjustments are estimates, which could vary significantly from actual results if future economic conditions, customer demand, competition or other relevant factors differ from expectations. These estimates require us to make assessments about future demand for the Company’s products in order to categorize the status of such inventories items as slow-moving, obsolete or in excess-of-need. These estimates are subject to the ongoing accuracy of the Company’s forecasts of market conditions, industry trends, competition and other factors. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. We compute depreciation using the straight-line method over the estimated useful lives of the assets which is generally three seven four three 20 Betterments, renewals and extraordinary repairs that extend the lives of the assets are capitalized; other repairs and maintenance charges are expensed as incurred. The cost and related accumulated depreciation and amortization applicable to assets retired are removed from the accounts, and the gain or loss on disposition is recognized in the consolidated statements of operations. Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating leases are included in ROU assets, current operating lease liabilities, and long-term operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, current finance lease liabilities, and long-term finance lease liabilities on our consolidated balance sheets. Lease ROU assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date calculated using our incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. ROU assets also include any lease payments made at or before lease commencement and exclude any lease incentives received. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets. The Company’s leases do not contain any residual value guarantees. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for all its leases. Business Combinations Total consideration transferred for acquisitions is allocated to the assets acquired and liabilities assumed based on their fair values at the dates of acquisition. This purchase price allocation process requires management to make significant estimates and assumptions primarily with respect to intangible assets. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions determined by management. Any excess of purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Goodwill The Company evaluates goodwill on an annual basis in the fourth quarter or more frequently if management believes indicators of impairment exist. Such indicators could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. For each reporting unit being tested, the Company compares the fair value of the reporting unit with its carrying amount and then recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to the reporting unit. As a result of our 2023 quantitative assessment, we concluded that goodwill related to the MVE reporting unit is impaired as of December 31, 2023, and recorded an impairment charge of $49.6 million in the consolidated statement of operations for the year ended December 31, 2023. As a result of an interim impairment assessment performed as of June 30, 2024, we concluded that there has been no impairment of the goodwill associated with the CRYOPDP reporting unit as its carrying value did not exceed its estimated fair value. We further concluded that the goodwill related to the MVE reporting unit was further impaired, and recorded an impairment charge of $54.6 million related to full impairment of the goodwill related to the MVE reporting unit in the consolidated statement of operations for the year ended December 31, 2024 (see Note 10). Management will continue to monitor the reporting units for changes in the business environment that could impact the recoverability in future periods. The recoverability of goodwill is dependent upon the continued growth of revenue and cash flows from the Company’s business activities. Examples of events or circumstances that could result in changes to the underlying key assumptions and judgments used in our goodwill impairment tests, and ultimately impact the estimated fair value of the Company’s reporting units include adverse macroeconomic or geopolitical conditions; and fluctuations in foreign currency exchange rates impacting the results of operations and the value of foreign assets and liabilities. While historical performance and current expectations have resulted in fair values of our reporting units in excess of carrying values, if our assumptions are not realized, it is possible that an impairment charge may need to be recorded in the future. Intangible Assets Indefinite-lived intangible assets are comprised of trade name/trademarks acquired in the Company’s recent acquisitions, and are tested for impairment annually using a relief from royalty method that relies on estimates of future revenues, royalty rates, and discount rates. If the asset is not found to be recoverable, it is written down to the estimated fair value. As a result of an interim impairment assessment performed as of June 30, 2024, we recorded a $9.0 million impairment charge related to trademarks for our MVE reporting unit, and a $0.3 million impairment charge related to the write-off of Cell&Co’s trade name that is no longer in use as a result of the Company’s global rebranding initiative (see Note 10). Intangible assets with a definite life are comprised of patents, trademarks, software development costs and the intangible assets acquired in the Company’s recent acquisitions which include a non-compete agreement, technology, customer relationships, trade name/trademark, agent network, order backlog, developed technology and land use rights. Intangible assets with a definite life are amortized using the straight-line method over the estimated useful lives (see Note 10). The Company uses the following valuation methodologies to value the significant intangible assets with a definite life acquired: income approach for customer relationships, replacement cost for agent network and software, and relief from royalty for trade name/trademarks and developed technology. The Company capitalizes costs of obtaining patents and trademarks, which are amortized, using the straight-line method over their estimated useful life of five years once the patent or trademark has been issued. The Company evaluates the recoverability of identifiable intangible assets with a definite life whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the year ended December 31, 2023, due to macroeconomic factors impacting results of operations, the Company performed an impairment analysis of its amortizable intangible assets at the reporting unit level. The impairment analysis requires a comparison of undiscounted future cash flows expected to be generated over the useful life of an asset to the carrying value of the asset. Based on the impairment analysis performed, the estimated undiscounted cash flows exceeded the carrying amount of the assets and therefore no impairment charge was required. An interim impairment assessment was performed as of June 30, 2024, resulting in the estimated undiscounted cash flows exceeding the carrying amount of the assets and therefore no impairment charge was required. Other Long-lived Assets If indicators of impairment exist, we assess the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If impairment is indicated, we measure the amount of such impairment by comparing the fair value to the carrying value. We believe the future cash flows to be received from the long-lived assets will exceed the assets’ carrying value, and accordingly, we have not recognized any impairment losses through December 31, 2024. Deferred Financing Costs Deferred financing costs represent costs incurred in connection with the issuance of debt instruments and equity financings. Deferred financing costs related to the issuance of debt are amortized over the term of the financing instrument using the effective interest method and are presented in the consolidated balance sheets as an offset against the related debt. Offering costs from equity financings are netted against the gross proceeds received from the equity financings. Income Taxes The Company accounts for income taxes under the provision of Accounting Standards Codification (“ASC”) 740, “ Income Taxes” Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. Based on the weight of available evidence, the Company’s management has determined that it is not more likely than not that the U.S. based net deferred tax assets will be realized. Therefore, the Company has recorded a full valuation allowance against its U.S. based net deferred tax assets. With respect to the foreign based deferred tax assets, the Company’s management has reviewed these deferred tax assets on a jurisdictional basis. Based on the weight of each jurisdiction’s evidence available, the Company’s management has made separate determinations for each foreign jurisdiction regarding whether it is more likely than not that a net deferred tax asset within a particular jurisdiction will be realized. The Company has recorded full valuation allowances in jurisdictions where deferred tax assets are not deemed more likely than not to be realized. The Company has recorded a net deferred tax liability in jurisdictions where taxable temporary differences associated with indefinite-lived intangible assets do not support the realization of deferred tax assets with finite carryforward periods. In addition, the Company has recorded a net deferred tax liability in jurisdictions where taxable temporary differences exceed deductible temporary differences. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company has recorded immaterial accruals for interest and/or penalties on its consolidated balance sheets at December 31, 2024 and 2023, and has recorded immaterial amounts of interest and/or penalties in the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022. The Company is subject to taxation in the U.S., in various U.S. state jurisdictions and in various foreign countries. As of December 31, 2024, the Company is no longer subject to U.S. federal examinations for years before 2021 or for California franchise and income tax examinations for years before 2020. However, to the extent allowed by law, the taxing authorities may have the right to examine net operating losses carried forward into a tax year and make adjustments up to the amount of the net operating losses utilized. The Company is not currently under examination in either the U.S. federal or any U.S. state jurisdictions. Our foreign subsidiaries are generally subject to examination for three years following the year in which the tax obligation originated. The years subject to audit may be extended if the entity substantially understates corporate income tax. The Company’s subsidiary in India is currently under examination by the Indian tax authorities for the 2012-2013, 2013-2014 and 2015-2016 tax periods. Other than India, the Company does not have any foreign subsidiaries currently under audit by their local taxing authorities. On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022, which imposes a 1% excise tax on publicly traded U.S. corporations for the fair market value of any stock repurchased during the tax year that exceeds $1.0 million, with certain specific exceptions. The excise tax is effective for transactions occurring in taxable years after December 31, 2023. There were no shares of stock subject to this excise tax repurchased during the year ended December 31, 2024. On June 29, 2020, the State of California passed Assembly Bill (“AB”) 85 which suspends the California net operating loss deduction for the 2020-2022 tax years and the R&D credit usage for the same period (for credit usages in excess of $5 million). These suspensions were considered in the preparation of the December 31, 2021 financial statements. On February 9, 2022, the California governor signed Senate Bill (“SB”) 113, which was retroactive to January 1, 2021. SB 113 removed the limitations from AB 85 on net operating loss and tax credit usage for the 2023 tax year. These suspensions, and the removal of the limitations, were considered in the preparation of the December 31, 2024 and 2023 financial statements. On March 11, 2021, the United States enacted the American Rescue Plan (“ARP”). The ARP includes provisions extending certain CARES Act provisions, repeals a worldwide interest allocation election, modifies the $1 million executive compensation limitation for years after 2026 and extends the employee retention credit. The Company has evaluated the impact of the ARP and its impact on our financial statements in 2021 and beyond December 31, 2024. Revenue Recognition Revenues are recognized when control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. Performance Obligations At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time since the Company has satisfied its performance obligations related to the successful delivery. In instances where the customer has elected to use their own courier services, revenue is recognized upon delivery of the shipper to the customer. For arrangements under which the Company provides biological specimen storage services and logistics support and management to the customer, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. Revenue generated from short-term logistics and engineering consulting services provided to customers is recognized when the Company satisfies the contractually defined performance obligations. When a contract includes multiple performance obligations, the contract price is allocated among the performance obligations based upon the stand-alone selling prices. Approved contract modifications are accounted for as either a separate contract or as part of the existing contract depending on the nature of the modification. Our performance obligations on our orders and under the terms of agreements with customers are generally satisfied within one year from a given reporting date and, therefore, we omit disclosure of the transaction price allocated to remaining performance obligations on open orders. Shipping and handling activities related to contracts with customers are accounted for as costs to fulfill our promise to transfer the associated products pursuant to the accounting policy election allowed under Topic 606 and are not considered a separate performance obligation to our customers. Accordingly, the Company records amounts billed for shipping and handling as a component of revenue. Shipping and handling fees and costs are included in cost of revenues in the accompanying consolidated statements of operations. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental agencies. Significant Payment Terms Pursuant to the Company’s contracts with its customers, amounts billed for services or products delivered by the Company are generally due and payable in full within 15 to 60 days from the date of the invoice (except for any amounts disputed by the customer in good faith). Accordingly, the Company determined that its contracts with customers do not include extended payment terms or a significant financing component. Variable Consideration When a contract includes variable consideration, the Company evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. Variable consideration estimates are updated at each reporting date. Revenues are recorded net of variable consideration, such as discounts and allowances. Warranties The Company provides product warranties with varying terms and durations for some of its products. The Company estimates product warranty costs and accrues for these costs as products are sold with a charge to cost of sales. Factors considered in estimating warranty costs include historical and projected warranty claims, historical and projected cost-per-claim, and knowledge of specific product issues that are outside of typical experience. Warranty accruals are evaluated and adjusted as necessary based on actual claims experience and changes in future claim and cost estimates. Product warranty accrued liabilities totaled $0.9 million and $0.7 million at December 31, 2024 and 2023, respectively, and are included in accounts payable and other accrued expenses. Warranty expense was not material for the years ended December 31, 2024, 2023 and 2022. Incremental Direct Costs Incremental direct costs of obtaining a contract (sales commissions) are expensed when incurred when the amortization period of the asset that would have been recognized is one year or less; otherwise, incremental contract costs are recognized as an asset and amortized over time as promised goods and services are transferred to a customer. Incremental direct costs were not material for the years ended December 31, 2024, 2023 and 2022. Contract Assets Typically, we invoice the customer and recognize revenue once we have satisfied our performance obligation. Accordingly, our contract assets comprise accounts receivable, which are recognized when payment is unconditional and only the passage of time is required before payment is due. Generally, we do not have material amounts of other contract assets since revenue is recognized as control of goods is transferred or as services are performed. ​ Nature of Goods and Services The Company provides Cryoport Express ® ® ® ® ® The Company recognizes revenue for the use of the Cryoport Express ® ® The Company also provides vacuum insulated aluminum dewars and cryogenic freezers systems to its customers. Revenue is recognized when the Company satisfies performance obligations by transferring the equipment to a customer, and at the time that collectability is probable. The Company also provides global temperature-controlled logistics services, support and management. Revenue is recognized upon completion for these services and at the time that collectability is probable. The Company also provides comprehensive and integrated temperature-controlled biostorage solutions to customers in the life sciences industry and charges a fee under long-term service agreements with customers. These services include (1) biological specimen cryopreservation storage and maintenance, (2) archiving, monitoring, tracking, receipt and delivery of samples, (3) transport of frozen biological specimens to and from customer locations, and (4) management of incoming and outgoing biological specimens. The Company recognizes revenue for its biostorage solutions as services are rendered over time and at the time that collectability is probable. The Company also provides short-term logistics and engineering consulting services to some customers, with fees tied to the completion of contractually defined services. We recognize revenue from these services over time as the customer simultaneously receives and consumes the benefit of these services as they are performed. A significant portion of our revenues are covered under long-term agreements. We have determin

Revenue, Concentration and Geog

Revenue, Concentration and Geographic Information	12 Months Ended
	Dec. 31, 2024
Revenue, Concentration and Geographic Information
Revenue, Concentration and Geographic Information	Note 3. Revenue, Concentration 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 was no single customer that represented more than 10% of net accounts receivable at December 31, 2024 and 2023. The Company has revenue from foreign customers primarily in the United Kingdom, France, Germany, China and India. During the years ended December 31, 2024, 2023 and 2022, the Company had revenue from foreign customers of approximately $102.0 million, $106.0 million and $109.1 million, respectively, which constituted approximately 44.7%, 45.5% and 46.0%, respectively, of total revenue. No customer generated 10% or more of revenue during the year ended December 31, 2024. For the year ended December 31, 2023, one customer generated approximately 10.5% of revenue. No single customer generated 10% or more of revenue during the year ended December 31, 2022. Revenue Disaggregation The Company views its operations, makes decisions regarding how to allocate resources and manages its business as two reporting segments. 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 the first quarter of 2024, the Company began reporting its services revenue in the following categories: BioLogistics Solutions and BioStorage/BioServices as Life Sciences Services, and its products revenue as Life Sciences Products. The Company believes this change better aligns its revenue categories with its strategic priorities.The following table disaggregates our revenue by major markets for the years ended December 31, 2024, 2023 and 2022, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 BioLogistics Solutions ​ $ 138,635 ​ $ 130,498 ​ $ 124,798 BioStorage/BioServices ​ 15,025 ​ 13,589 ​ 9,081 Life Sciences Services ​ ​ 153,660 ​ ​ 144,087 ​ ​ 133,879 Life Sciences Products ​ ​ 74,725 ​ ​ 89,168 ​ ​ 103,398 Total revenue ​ $ 228,385 ​ $ 233,255 ​ $ 237,277 ​ 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 years ended December 31, 2024, 2023 and 2022, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Americas ​ $ 126,373 ​ $ 127,213 ​ $ 128,209 Europe, the Middle East, and Africa (EMEA) ​ 59,596 ​ 60,883 ​ 66,913 Asia Pacific (APAC) ​ 42,416 ​ 45,159 ​ 42,155 Total revenue ​ $ 228,385 ​ $ 233,255 ​ $ 237,277 ​ Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $1.1 million and $1.3 million at December 31, 2024 and 2023, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recognized revenues of $0.7 million, $2.1 million and $1.4 million, respectively, from the related contract liabilities outstanding as the services were performed. Credit Losses Accounts receivable at December 31, 2024, and 2023 are net of allowance for credit losses of $1.8 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 ​ 2023 Balance of allowance for credit losses, beginning of period ​ $ 1,992 ​ ​ 1,275 Change in expected credit losses ​ ​ (27) ​ ​ 812 Write-offs, net of recoveries ​ (186) ​ ​ (95) Balance of allowance for credit losses, end of period ​ $ 1,779 ​ ​ 1,992 ​

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2024
Net Loss Per Share
Net Loss Per Share	Note 4. 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” and 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net loss ​ $ (114,756) ​ $ (99,587) ​ $ (37,333) Paid-in-kind dividend on Series C Preferred Stock ​ (8,000) ​ (8,000) ​ (8,000) Net loss attributable to common shareholders ​ $ (122,756) ​ $ (107,587) ​ $ (45,333) Weighted average common shares issued and outstanding - basic and diluted ​ ​ 49,349,624 ​ ​ 48,737,377 ​ ​ 48,987,295 Basic and diluted net loss per share ​ $ (2.49) ​ $ (2.21) ​ $ (0.93) ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 Stock options ​ 1,137,582 2,486,737 4,194,554 Restricted stock units ​ 1,039,091 ​ 1,076,629 ​ 727,984 Series C convertible preferred stock ​ 6,133,876 ​ 5,894,535 ​ 5,664,532 Convertible Senior Notes ​ 2,183,233 3,756,437 4,022,734 ​ ​ 10,493,782 13,214,338 14,609,804 ​

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Acquisitions
Acquisitions	Note 5. Acquisitions 2023 Acquisitions SCI JA8 Acquisition ​ 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 notes 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 acquired goodwill and intangible assets are not deductible for tax purposes. ​ Bluebird Express Acquisition ​ In November 2023, the Company 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 final purchase price for the Bluebird Express Acquisition was $10.4 million after paying a $0.2 million net working capital settlement to the sellers in 2024, which was recorded as a measurement period adjustment, resulting in adjusted goodwill of $4.6 million. 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. ​ Acquisition-related transaction costs (included in selling, general and administrative expenses) totaled approximately $0.4 million. Total revenue and net loss would have been $241.2 million and $100.0 million, respectively, for the year ended December 31, 2023, if the Company had acquired Bluebird Express on January 1, 2023. 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, of which $0.3 million was paid to the sellers in 2023. 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. This expertise is tied to Cryoport Systems’ new initiative to establish standardized, integrated apheresis collection, processing, biostorage, and distribution solutions for cellular therapies branded as IntegriCell™ to provide consistent, high-quality cellular starting material for use in the manufacture of life-saving cellular therapies. 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.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-term Investments	12 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents and Short-term Investments
Cash, Cash Equivalents and Short-term Investments	Note 6. Cash, Cash Equivalents and Short-term Investments Cash, cash equivalents and short-term investments consisted of the following as of December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ 2024 2023 Cash ​ $ 45,155 ​ $ 40,979 Cash equivalents: ​ ​ ​ ​ ​ Money market mutual fund ​ 134 ​ ​ 5,367 Total cash and cash equivalents ​ 45,289 ​ ​ 46,346 Short-term investments: ​ ​ ​ ​ ​ U.S. Treasury notes and bills ​ 41,948 ​ ​ 136,665 Mutual funds ​ 97,675 ​ ​ 101,085 Corporate debt securities ​ ​ 76,837 ​ ​ 172,658 Total short-term investments ​ 216,460 ​ ​ 410,409 Cash, cash equivalents and short-term investments ​ $ 261,749 ​ $ 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 December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value U.S. Treasury notes ​ $ 40,628 ​ $ 1,320 ​ $ — ​ $ 41,948 Corporate debt securities ​ ​ 75,297 ​ 1,540 ​ — ​ 76,837 Total available-for-sale investments ​ $ 115,925 ​ $ 2,860 ​ $ — ​ $ 118,785 ​ The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 52,242 ​ $ 53,934 Due after one year through five years ​ ​ 63,683 ​ ​ 64,851 Due after five years through ten years ​ - ​ - Total ​ $ 115,925 ​ $ 118,785 ​ 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 101,252 $ 103,802 Due after one year through five years ​ 201,329 205,521 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 December 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 ​ $ — ​ $ — ​ $ 41,948 ​ $ (1,867) ​ $ 41,948 ​ $ (1,867) Corporate debt securities ​ — ​ — ​ 76,837 ​ (5,728) ​ 76,837 ​ (5,728) Total ​ $ — ​ $ — ​ $ 118,785 ​ $ (7,595) ​ $ 118,785 ​ $ (7,595) ​ 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 December 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 December 31, 2024. During the years ended December 31, 2024, 2023 and 2022, we had realized losses of $4.1 million, $0.1 million and $0.1 million on available-for-sale debt securities, respectively. Equity Investments We held investments in equity securities with readily determinable fair values of $97.7 million and $101.8 million at December 31, 2024 and 2023, respectively. These investments consist of mutual funds that invest primarily in tax free municipal bonds and treasury inflation protected securities. Unrealized gains (losses) during 2024, 2023 and 2022 related to equity securities held at December 31, 2024, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net losses recognized during the year on equity securities ​ $ (3,370) ​ $ (3,764) ​ $ (11,406) Less: net gains recognized during the year on equity securities sold during the year ​ 2,471 ​ 5,072 ​ ​ — Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2024, 2023 and 2022 ​ $ (899) ​ $ 1,308 ​ $ (11,406) ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	Note 7. 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 December 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 December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ Money market mutual fund ​ $ 134 ​ $ — ​ $ — ​ $ 134 Mutual funds ​ 97,675 ​ — ​ — ​ 97,675 U.S. Treasury notes ​ 41,948 ​ — ​ — ​ 41,948 Corporate debt securities ​ 76,837 ​ — ​ — ​ 76,837 ​ ​ $ 216,594 ​ $ — ​ $ — ​ $ 216,594 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Senior Notes ​ $ — ​ $ 198,217 ​ $ — ​ $ 198,217 Contingent consideration ​ — ​ — ​ ​ 6,559 ​ 6,559 ​ ​ $ — ​ $ 198,217 ​ $ 6,559 ​ $ 204,776 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 December 31, 2024 and 2023. We carry the Convertible Senior Notes (see Note 12) 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ Carrying Value Fair Value Carrying Value Fair Value 2026 Senior Notes ​ $ 183,919 ​ $ 164,525 ​ $ 364,362 ​ $ 306,355 2025 Senior Notes ​ $ 14,298 ​ $ 14,125 ​ $ 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 $6.6 million and $9.6 million which is reflected as contingent consideration liability in the accompanying consolidated balance sheets as of December 31, 2024 and 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 (gains) losses recognized in earnings and the change in net assets related to the contingent consideration at December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Gains ​ ​ Reclassification Foreign Fair Value ​ ​ December 31, ​ recognized in ​ ​ ​ ​ to current ​ Currency ​ December 31, ​ ​ 2023 ​ earnings ​ Payments ​ payables ​ Adjustment ​ 2024 2021 Acquisitions ​ $ 1,006 ​ $ (12) ​ $ — ​ $ — ​ $ (85) ​ $ 909 2022 Acquisitions ​ 2,596 ​ (810) ​ — ​ (906) ​ (138) ​ 742 2023 Acquisitions ​ ​ 5,987 ​ ​ (984) ​ ​ (95) ​ ​ — ​ ​ — ​ ​ 4,908 ​ ​ $ 9,589 ​ $ (1,806) ​ $ (95) ​ $ (906) ​ $ (223) ​ $ 6,559 ​ The net gains recognized in earnings have been reported in operating expenses in the consolidated statement of operations for the year ended December 31, 2024.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2024
Inventories
Inventories	Note 8. Inventories Inventories consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Raw materials ​ $ 15,175 ​ $ 15,335 Work-in-process ​ ​ 1,116 ​ ​ 1,375 Finished goods ​ 6,179 ​ 9,496 Total ​ $ 22,470 ​ $ 26,206 ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property and Equipment
Property and Equipment	Note 9. Property and Equipment Property and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 Cryogenic shippers and data loggers $ 15,619 $ 14,237 Freezers ​ 10,034 ​ 8,934 Furniture and fixtures ​ 5,027 ​ 6,351 Computers and software ​ 5,996 ​ 4,908 Machinery and equipment ​ 21,000 ​ 19,760 Trucks and autos ​ 2,764 ​ 1,878 Leasehold improvements ​ 39,490 ​ 33,688 Buildings ​ 6,809 ​ 6,652 Land ​ 813 ​ 813 Fixed assets in process ​ 27,152 ​ 24,224 ​ ​ 134,704 ​ 121,445 Less accumulated depreciation and amortization ​ (45,865) ​ (36,588) ​ ​ $ 88,839 ​ $ 84,858 ​ Total depreciation and amortization expense related to property and equipment amounted to $13.6 million, $11.2 million and $7.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company leases equipment under finance leases, with a total cost of $1.7 million and $1.2 million as of December 31, 2024 and 2023, respectively, and accumulated amortization of $0.7 million and $0.2 million as of December 31, 2024 and 2023, respectively. Fixed assets in process primarily relates to $22.1 million of expansion of facilities in the United States, Belgium and France. Geographic information Certain geographic information with respect to property and equipment was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 United States ​ $ 63,548 ​ $ 62,955 Rest of world (1) ​ 25,291 ​ 21,903 Total property and equipment, net ​ $ 88,839 ​ $ 84,858 (1) No individual country exceeded 10% of our total property and equipment for any period presented.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 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 for the years ended December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Balance at beginning of period ​ ​ ​ ​ ​ Goodwill $ 157,972 ​ $ 151,117 Accumulated impairment losses ​ (49,569) ​ ​ — Subtotal ​ 108,403 ​ ​ 151,117 ​ ​ ​ ​ ​ ​ Activity during the period ​ ​ ​ ​ ​ Foreign currency adjustment ​ (2,381) ​ ​ (284) Goodwill impairment charge ​ (54,563) ​ ​ (49,569) Goodwill related to Tec4med acquisition — ​ 2,694 Goodwill related to Bluebird Express acquisition ​ 201 ​ ​ 4,445 ​ ​ ​ ​ ​ ​ Balance at end of period ​ ​ ​ ​ ​ Goodwill ​ 155,792 ​ ​ 157,972 Accumulated impairment losses ​ (104,132) ​ ​ (49,569) Total $ 51,660 ​ $ 108,403 ​ Impairment of Goodwill 2024 Impairment ​ Due to a sustained decrease in the Company’s share price in the second quarter of 2024, and a reduction in the projected operating performance of the MVE reporting unit, which management deemed to be triggering events related to goodwill and indefinite-lived intangible assets, we performed an interim impairment assessment of goodwill for the MVE and CRYOPDP reporting units as of June 30, 2024, with the assistance of an independent third party valuation specialist, using management’s updated interim financial and operational plans. Based on our analysis, we concluded that there has been no impairment of the goodwill associated with the CRYOPDP reporting unit as its carrying value did not exceed its estimated fair value. We further concluded that our MVE reporting unit’s carrying value exceeded its estimated fair value, and as a result, we recorded an impairment charge of $54.6 million related to full impairment of the goodwill related to the MVE reporting unit in the consolidated statement of operations for the year ended December 31, 2024. ​ Our goodwill impairment test was performed using a combination of both an income and a market approach to determine the fair value of the MVE reporting unit. The income approach utilized the estimated discounted cash flows for MVE while the market approach utilized comparable peer group information. Estimates and assumptions used in the income approach included projected cash flows for MVE and a discount rate determined using a weighted average cost of capital for risk factors specific to MVE and other market and industry data. The discount rate selected was 12.5%. The other key estimates and assumptions used in the discounted cash flow method include, but are not limited to, revenue and EBITDA growth rates, and a terminal growth rate. The estimates and assumptions used in our assessment represent a Level 3 measurement because they are supported by little or no market activity and reflect our own assumptions in measuring fair value. ​ 2023 Impairment ​ We performed our annual impairment test of goodwill for the CRYOPDP and MVE reporting units as of October 1, 2023, with the assistance of an independent third party valuation specialist, using management’s updated annual financial and operational plans. Based on our analysis, we concluded that there has been no impairment of the goodwill associated with the CRYOPDP reporting unit as its carrying value did not exceed its estimated fair value. We concluded that our MVE reporting unit’s carrying value exceeded its estimated fair value, and as a result, we recorded a goodwill impairment charge of $49.6 million related to the MVE reporting unit in the consolidated statement of operations for the year ended December 31, 2023. ​ Our goodwill impairment test was performed using a combination of both an income and a market approach to determine the fair value of the MVE reporting unit. The income approach utilized the estimated discounted cash flows for MVE while the market approach utilized comparable peer group information. Estimates and assumptions used in the income approach included projected cash flows for MVE and a discount rate determined using a weighted average cost of capital for risk factors specific to MVE and other market and industry data. The discount rate selected was 12.0%. The other key estimates and assumptions used in the discounted cash flow method include, but are not limited to, revenue and EBITDA growth rates, and a terminal growth rate. The estimates and assumptions used in our assessment represent a Level 3 measurement because they are supported by little or no market activity and reflect our own assumptions in measuring fair value. ​ As of December 31, 2023, remaining goodwill allocated to the MVE reporting unit was $55.2 million. ​ Intangible Assets The following table presents our intangible assets as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ ​ ​ Carrying ​ Amortization ​ Amount Amortization Impairment Amount Period (years) Non-compete agreement ​ $ 810 ​ $ 485 ​ $ — ​ $ 325 4 Technology ​ ​ 53,207 ​ ​ 16,159 ​ ​ — ​ ​ 37,048 ​ 7 Customer relationships ​ ​ 131,785 ​ ​ 39,784 ​ ​ — ​ ​ 92,001 ​ 10 Trade name/trademark ​ ​ 947 ​ ​ 351 ​ ​ (265) ​ ​ 331 ​ 9 Agent network ​ ​ 14,020 ​ ​ 11,448 ​ ​ — ​ ​ 2,572 ​ 3 Order backlog ​ ​ 2,600 ​ ​ 2,600 ​ ​ — ​ ​ — ​ — Land use rights ​ ​ 2,198 ​ ​ 307 ​ ​ — ​ ​ 1,891 ​ 33 Patents and trademarks ​ ​ 46,059 ​ ​ 783 ​ ​ (8,980) ​ ​ 36,296 ​ — Total ​ $ 251,626 ​ $ 71,917 ​ $ (9,245) ​ $ 170,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents our intangible assets as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ ​ ​ Carrying ​ Amortization ​ Amount Amortization Impairment 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 years ended December 31, 2024, 2023 and 2022 was $17.0 million, $16.3 million and $15.1 million, respectively. ​ Impairment of Trademarks and Trade Names As part of our interim impairment assessment as of June 30, 2024 described further above, we recorded a $9.0 million impairment charge Expected future amortization of intangible assets as of December 31, 2024 is as follows (in thousands): ​ ​ ​ ​ ​ Years Ending December 31, Amount 2025 ​ 15,312 2026 ​ 15,040 2027 ​ 14,676 2028 ​ 13,649 2029 ​ 13,319 Thereafter ​ 58,252 ​ ​ $ 130,248 ​

Accrued Compensation and Relate

Accrued Compensation and Related Expenses	12 Months Ended
	Dec. 31, 2024
Accrued Compensation and Related Expenses
Accrued Compensation and Related Expenses	Note 11. Accrued Compensation and Related Expenses Accrued compensation and related expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 Accrued salaries and wages $ 10,034 $ 8,639 Accrued paid time off ​ 3,059 ​ 2,770 ​ ​ $ 13,093 ​ $ 11,409 ​

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2024
Convertible Senior Notes
Convertible Senior Notes	Note 12. Convertible Senior Notes Convertible Senior Notes payable consisted of the following at December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Principal amount of 2025 Senior Notes ​ $ 14,344 ​ $ 14,344 Principal amount of 2026 Senior Notes ​ 186,185 ​ 371,185 Less: unamortized debt issuance costs ​ ​ (2,312) ​ ​ (6,976) Total carrying value of Convertible Senior Notes, net ​ $ 198,217 ​ $ 378,553 Less: current portion of carrying value of Convertible Senior Notes, net ​ ​ (14,298) ​ ​ — Total carrying value of Convertible Senior Notes, net - long-term ​ $ 183,919 ​ $ 378,553 ​ Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 Coupon interest ​ $ 2,644 ​ $ 3,380 ​ $ 3,496 Amortization of debt issuance costs ​ ​ 1,940 ​ ​ 2,526 ​ 2,537 Total interest expense on Convertible Senior Notes ​ $ 4,584 ​ $ 5,906 ​ $ 6,033 ​ The Company’s 2025 Convertible Senior Notes and 2026 Convertible Senior Notes payable of $14.3 million and $186.2 million are due and payable in 2025 and 2026, respectively. 2026 Convertible Senior Notes On November 12, 2021, the Company issued $402.5 million aggregate principal amount of 0.75% Convertible Senior Notes due in 2026, which includes the initial purchasers’ exercise in full of their option to purchase an additional $52.5 million principal amount of the 2026 Convertible Senior Notes, in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The 2026 Convertible Senior Notes are governed by an indenture (the “2026 Indenture”) dated November 12, 2021 between the Company, as issuer, and U.S. Bank National Association, as trustee (the “Trustee”). The Company received $390.4 million from the offering, net of underwriting discounts and commissions of $12.1 million, and incurred approximately $0.6 million in third-party offering related costs. The 2026 Convertible Senior Notes bear cash interest at a rate of 0.75%, payable semi-annually on June 1 and December 1 of each year, beginning on June 1, 2022 and will mature on December 1, 2026, unless earlier repurchased, redeemed, or converted in accordance with the terms of the 2026 Convertible Senior Notes. At December 31, 2024, accrued interest of $0.1 million is included in accounts payable and accrued liabilities in the accompanying consolidated financial statements. The 2026 Convertible Senior Notes comprise the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2026 Convertible Senior Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. Noteholders may convert their 2026 Convertible Senior Notes at their option into shares of the Company’s common stock in the following circumstances: (1) before the close of business on the business day immediately before September 1, 2026, noteholders have the right to convert their 2026 Convertible Senior Notes only upon the occurrence of certain events (e.g., if sale price per share of the Company’s common stock exceeds 130% of the conversion price for a number of trading days; upon the occurrence of certain corporate events or distributions on the Company’s common stock; if the Company calls the 2026 Convertible Senior Notes for redemption); and (2) from and after September 1, 2026, noteholders may convert their 2026 Convertible Senior Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The 2026 Convertible Senior Notes are initially convertible into approximately 3,422,780 shares of the Company’s common stock based on the initial conversion rate of 8.5038 shares of the Company’s common stock per $1,000 principal amount of the 2026 Convertible Senior Notes, which represents an initial conversion price of approximately $117.59 per share of the Company’s common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Also, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the 2026 Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time and is determined by reference to a make-whole table set forth in the 2026 Indenture. However, in no event will the conversion rate be increased to an amount that exceeds 12.3304 shares of the Company’s common stock per $1,000 principal amount of 2026 Convertible Senior Notes. In addition, the holders of the 2026 Convertible Senior Notes may require the Company to repurchase the 2026 Convertible Senior Notes at a cash repurchase price equal to the principal amount of the 2026 Convertible Senior Notes plus accrued and unpaid interest following the occurrence of a “Fundamental Change” (as described in the 2026 Indenture). The 2026 Convertible Senior Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time, on or after December 6, 2024 and on or before the 41st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if certain liquidity conditions are satisfied and the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice. However, the Company may not redeem less than all of the outstanding 2026 Convertible Senior Notes unless at least $100.0 million aggregate principal amount of 2026 Convertible Senior Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. In addition, calling any 2026 Convertible Senior Notes for redemption will constitute a Make-Whole Fundamental Change with respect to the 2026 Convertible Senior Notes, in which case the conversion rate applicable to the conversion of that 2026 Convertible Senior Notes will be increased in certain circumstances if it is converted during the related redemption conversion period. The 2026 Convertible Senior Notes contain customary terms and events of default. If an event of default involving bankruptcy, insolvency, or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest on, the 2026 Convertible Senior Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other event of default (as defined in the 2026 Indenture) occurs and is continuing, then, the Trustee, by notice to the Company, or holders of at least 25% of the aggregate principal amount of the 2026 Convertible Senior Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the 2026 Convertible Senior Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the 2026 Indenture consists exclusively of the right of the noteholders to receive special interest on the 2026 Convertible Senior Notes for up to 180 days at a specified rate per annum not exceeding 0.50% on the principal amount of the 2026 Convertible Senior Notes. There were no events of default at December 31, 2024. The 2026 Convertible Senior Notes were accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options Contracts in Entity’s Own Equity . The Company incurred approximately $12.6 million of debt issuance costs relating to the issuance of the 2026 Convertible Senior Notes, which were recorded as a reduction to the 2026 Convertible Senior Notes on the consolidated balance sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the expected life of the 2026 Convertible Senior Notes using the effective interest rate method. We determined the expected life of the debt is equal to the five-year term of the 2026 Convertible Senior Notes. The effective interest rate on the 2026 Convertible Senior Notes is 1.39%. In September 2023, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Convertible Senior Notes to repurchase $31.3 million in aggregate principal amount of the 2026 Convertible Senior Notes for a repurchase price of $25.0 million, plus accrued and unpaid interest. 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. In May 2024, July 2024 and August 2024, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Convertible Senior Notes to repurchase $10.0 million, $15.0 million and $160.0 million, respectively, in aggregate principal amount of the 2026 Convertible Senior Notes for a repurchase price of $8.7 million, $12.9 million and $141.6 million, respectively, plus accrued and unpaid interest. The Company recorded $18.5 million as a net gain on extinguishment of debt on its consolidated statement of operations for the year ended December 31, 2024, which includes the write off of $2.7 million of unamortized debt issuance costs and $0.7 million of transaction expenses. The repurchases of the 2026 Convertible Senior Notes were made under the 2024 Repurchase Program. The repurchases were made pursuant to the Company’s authorized Repurchase Programs (as defined in Note 17). See Note 17 – Stockholders’ Equity Following these repurchases, approximately $186.2 million principal amount of the 2026 Convertible Senior Notes remain outstanding as of December 31, 2024. ​ 2025 Convertible Senior Notes In May 2020, the Company issued $115.0 million aggregate principal amount of 3.00% Convertible Senior Notes due in 2025, which includes the initial purchasers’ exercise in full of their option to purchase an additional $15.0 million principal amount of the 2025 Convertible Senior Notes, in a private placement exempt from registration under the Securities Act. The 2025 Convertible Senior Notes are governed by an indenture (the “2025 Indenture”) dated May 26, 2020 between the Company, as issuer, and U.S. Bank National Association, as trustee. The Company received $111.3 million from the offering, net of underwriting discounts and commissions of $3.7 million, and incurred approximately $0.3 million in third-party offering related costs. The 2025 Convertible Senior Notes bear cash interest at a rate of 3.00%, payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2020 and will mature on June 1, 2025, unless earlier repurchased, redeemed, or converted in accordance with the terms of the 2025 Convertible Senior Notes. At December 31, 2024, accrued interest of $0.04 million is included in accounts payable and accrued liabilities in the accompanying consolidated financial statements. The 2025 Convertible Senior Notes comprise the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2025 Convertible Senior Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. At any time before the close of business on the scheduled trading day immediately before the maturity date, holders of the 2025 Convertible Senior Notes may convert their 2025 Convertible Senior Notes at their option into shares of the Company’s common stock. The 2025 Convertible Senior Notes were initially convertible into approximately 4,810,002 shares of the Company’s common stock based on the initial conversion rate of 41.8261 shares of the Company’s common stock per $1,000 principal amount of the 2025 Convertible Senior Notes, which represents an initial conversion price of approximately $23.91 per share of the Company’s common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Also, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the 2025 Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time and is determined by reference to a make-whole table set forth in the 2025 Indenture. However, in no event will the conversion rate be increased to an amount that exceeds 48.10 shares of the Company’s common stock per $1,000 principal amount of 2025 Convertible Senior Notes. In addition, the holders of the 2025 Convertible Senior Notes may require the Company to repurchase the 2025 Convertible Senior Notes at par value plus accrued and unpaid interest following the occurrence of a “Fundamental Change” (as described in the 2025 Indenture). On or after June 5, 2023, we may redeem the 2025 Convertible Senior Notes at our option, in whole and not in part, at a cash redemption price equal to the principal amount of the 2025 Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, if: (1) The last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company send the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice; and (2) A registration statement covering the resale of the shares of the Company’s common stock issuable upon conversion of the 2025 Convertible Senior Notes is effective and available for use and is expected to remain effective and available during the redemption period as of the date the redemption notice is sent. The 2025 Convertible Senior Notes contain customary terms and events of default. If an event of default arising out of certain events of bankruptcy, insolvency, or reorganization involving the Company or a significant subsidiary (as set forth in the 2025 Indenture) occurs with respect to the Company, the principal amount of the 2025 Convertible Senior Notes and accrued and unpaid interest, if any, will automatically become immediately due and payable. If any other event of default (as defined in the 2025 Indenture) occurs and is continuing, either the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2025 Convertible Senior Notes may declare the principal amount of the 2025 Convertible Senior Notes to be due and payable immediately by notice to the Company. There were no events of default at December 31, 2024. The 2025 Convertible Senior Notes were accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options Contracts in Entity’s Own Equity . The Company incurred approximately $4.1 million of debt issuance costs relating to the issuance of the 2025 Convertible Senior Notes, which were recorded as a reduction to the 2025 Convertible Senior Notes on the consolidated balance sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the expected life of the 2025 Convertible Senior Notes using the effective interest rate method. We determined the expected life of the debt is equal to the five-year term of the 2025 Convertible Senior Notes. The effective interest rate on the 2025 Convertible Senior Notes is 3.74%. On November 9, 2021, the Company entered into separate, privately negotiated note purchase agreements with a limited number of holders of its 2025 Convertible Senior Notes pursuant to which the Company repurchased approximately $100.7 million principal amount of 2025 Convertible Senior Notes for an aggregate cash repurchase price of approximately $351.1 million, which includes accrued and unpaid interest on the repurchased 2025 Convertible Senior Notes. The Company used net proceeds from a registered direct placement of its common stock to holders of its 2025 Convertible Senior Notes, together with a portion of the net proceeds from the issuance of the 2026 Convertible Senior Notes, to repurchase the $100.7 million principal amount of 2025 Convertible Senior Notes. This transaction involved contemporaneous exchanges of cash between the Company and the same limited number of holders of the 2025 Convertible Senior Notes participating in the issuance of the 2026 Convertible Senior Notes. Accordingly, we evaluated the transaction for modification or extinguishment accounting depending on whether the exchange is determined to have substantially different terms. The repurchase of the 2025 Convertible Senior Notes and issuance of the 2026 Convertible Senior Notes were deemed to have substantially different terms based on the present value of the cash flows. Therefore, the repurchase of the 2025 Convertible Senior Notes was accounted for as a debt extinguishment. After giving effect to the repurchase, the total remaining principal amount outstanding under the 2025 Convertible Senior Notes as of December 31, 2024 was $14.3 million. In connection with the issuance of the 2025 Convertible Senior Notes, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) to use its best efforts to file a registration statement for the resale of the 2025 Convertible Senior Notes and the shares of the Company’s common stock issuable upon conversion of the 2025 Convertible Senior Notes, to cause the registration statement to become effective by January 31, 2021, and to keep the registration statement continuously effective for a specified period of time. In December 2020, the Company filed an automatic shelf registration statement to register the resale of the 2025 Convertible Senior Notes and the shares of the Company’s common stock issuable upon conversion of the 2025 Convertible Senior Notes, which was amended in December 2023. If the Company fails to satisfy certain of its obligations under the Registration Rights Agreement (a “Registration Default”), it will be required to pay additional interest on the 2025 Convertible Senior Notes. Such additional interest will accrue at a rate per annum equal to 0.25% of the principal amount thereof for the first 90 days beginning on, and including the date on which such Registration Default occurs and, thereafter, at a rate per annum equal to 0.50% of the principal amount thereof. However, in no event will such additional interest, together with any special interest that accrues pursuant to the 2025 Indenture accrue on any day on a note at a combined rate per annum that exceeds 0.50%. Additionally, if a Registration Default exists on the maturity date for the 2025 Convertible Senior Notes, then, in addition to any additional interest otherwise payable, the Company will be required to make a cash payment to each noteholder in an amount equal to 3% of the principal amount of 2025 Convertible Senior Notes outstanding and held by such holder as of the close of business on the business day immediately before the maturity date. As of December 31, 2024, the Company has not accrued any fees or expenses associated with the Registration Rights Agreement as no Registration Default exists and, therefore, it is not probable that a payment would be required.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2024
Notes Payable
Notes Payable	Note 13. Notes Payable Notes payable, bearing interest rates of 0.6% and 1.06% and maturing September 2030, consisted of the following at December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Principal amount of notes payable ​ 1,257 ​ 1,484 Less: current portion of notes payable ​ (143) ​ (149) Notes payable – long-term ​ $ 1,114 ​ $ 1,335 ​ Interest expense incurred in connection with the notes payable consisted of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Interest expense ​ $ 20 ​ $ 12 ​ $ 14 Amortization of debt discount ​ — ​ — ​ 44 Total interest expense on notes payable ​ $ 20 ​ $ 12 ​ $ 58 ​ 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 asset 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 December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ Years Ending December 31, Amount 2025 ​ $ 143 2026 ​ ​ 144 2027 ​ 141 2028 ​ 130 2029 ​ 131 Thereafter ​ 568 Total note maturities ​ $ 1,257 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases
Leases	Note 14. Leases The Company has operating leases for corporate offices and certain equipment. These leases have remaining lease terms of less than one year to approximately twelve years, some of which include options to extend the leases for multiple renewal periods of one The components of lease cost were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Operating lease cost ​ $ 8,319 ​ $ 7,294 ​ $ 5,505 ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 436 ​ ​ 219 ​ ​ 79 ​ Interest on finance lease liabilities ​ ​ 135 ​ ​ 61 ​ ​ 12 ​ ​ ​ ​ 571 ​ ​ 280 ​ 91 ​ Total lease cost ​ $ 8,890 ​ $ 7,574 ​ $ 5,596 ​ ​ Other information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Cash Flows Information ​ Year Ended December 31, ​ 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 7,860 $ 6,720 $ 4,733 Operating cash flows from finance leases $ 505 $ 263 $ 82 Financing cash flows from finance leases ​ $ 407 ​ $ 202 ​ $ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases $ 20,990 $ 11,109 $ 12,384 Finance leases ​ $ 936 ​ $ 1,090 ​ $ 259 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Weighted-Average Remaining Lease Term ​ ​ ​ Operating leases 8.8 years 10.8 years ​ Finance leases 3.4 years 4.2 years ​ ​ ​ ​ ​ ​ ​ Weighted-Average Discount Rate ​ Operating leases 7.2 % 8.7 % Finance leases 8.3 % 8.4 % ​ Future minimum lease payments under non-cancellable leases that have commenced as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Years Ending December 31 Leases Leases 2025 $ 8,766 $ 609 2026 ​ 8,135 ​ 581 2027 ​ 7,444 ​ 456 2028 ​ 6,272 ​ 314 2029 ​ ​ 5,260 ​ ​ 29 Thereafter ​ 32,947 ​ — Total future minimum lease payments ​ 68,824 ​ 1,989 Less: imputed interest ​ (19,328) ​ (256) Total ​ $ 49,496 ​ $ 1,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Reported as of December 31, 2024 Leases Leases Current lease liabilities ​ $ 5,419 ​ $ 488 Noncurrent lease liabilities ​ 44,077 ​ 1,245 Total ​ $ 49,496 ​ $ 1,733 ​

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Employee Benefit Plans
Employee Benefit Plans	Note 15. Employee Benefit Plans 401(k) Plan The Company provides a 401(k) Plan to provide retirement and incidental benefits for our eligible U.S. based employees. Employees may contribute up to 100% of their eligible compensation, limited to a maximum annual dollar amount set periodically by the Internal Revenue Service. The Company matches employee contributions dollar for dollar up to a maximum of 4% per year per person. All matching contributions vest immediately. During the years ended December 31, 2024, 2023 and 2022, we recognized expense of $1.7 million, $1.3 million and $1.2 million, respectively, related to matching contributions. Non-U.S. Employee Benefit Plans Eligible employees outside the U.S. generally receive retirement benefits under various defined benefit plans and defined contribution plans based upon factors such as years of service and employee compensation levels. Eligibility is generally determined in accordance with local statutory requirements. The employee benefit plan costs and liabilities regarding the defined benefit plans are determined by actuarial valuations. Employees of the Company who are in India participate in an employee benefit plan (the “Gratuity Plan”), which is required by local law and provides a lump sum payment to vested employees upon retirement, death, incapacitation, or termination of employment based on the respective employee’s salary and the tenure of employment. The benefit costs and liabilities regarding the Gratuity Plan are determined by actuarial valuations. The Company makes annual contributions to the employees’ gratuity fund established with Life Insurance Corporation of India, which calculates the annual contribution required to be made by the Company and manages the Gratuity Plan, including any required payouts. The Gratuity Plan is partially funded. The obligation under the Gratuity Plan is not significant at December 31, 2024. Benefit costs associated with the non-U.S. employee benefit plans totaled $0.7 million, $0.7 million and $0.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total benefit obligation associated with the non-U.S. employee benefit plans totaled $0.3 million, $0.3 million and $0.2 million at December 31, 2024, 2023 and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 16. 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 $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 years ended December 31, 2023 and 2022, the Company recognized gains of $2.6 million and $4.2 million, respectively, related to business interruption insurance proceeds. For the year ended December 31, 2022, the Company recognized a gain of $0.6 million related to the reimbursement of property and equipment. 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. Facility and Equipment Leases We lease various principal facilities which include corporate, global logistics and supply chain centers, biostorage, manufacturing, and research and development facilities under operating leases in the United States, including in Tennessee, California, New Jersey, Texas, and Georgia, and internationally in the Netherlands, Portugal, and France. These lease agreements contain certain scheduled annual rent increases which are accounted for on a straight-line basis. In addition, we lease certain equipment which expires through July 2028 (See Note 14). 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	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Stockholders' Equity	Note 17. 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 “2022 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 Company purchased an aggregate of 1,604,994 shares of its common stock under the Repurchase Program during the year ended December 31, 2022, at an average price of $23.63 per share, for an aggregate purchase price of $37.9 million. These shares were returned to the status of authorized but unissued shares of common stock. All share repurchases were made using cash resources and are reported in the period based on the settlement date of the applicable repurchase. In July 2024, May 2024 and September 2023, the Company repurchased $15.0 million, $10.0 million and $31.3 million, respectively, in aggregate principal amount of the 2026 Convertible Senior Notes for a repurchase price of $12.9 million, $8.7 million and $25.0 million, respectively, plus accrued and unpaid interest. The repurchases were made pursuant to the 2022 Repurchase Plan. Additionally, in August 2024, the Company repurchased approximately $160.0 million aggregate principal amount of the 2026 Convertible Senior Notes for a cash repurchase price of $141.6 million, plus accrued and unpaid interest. The repurchase was made pursuant to the 2024 Repurchase Program. There were no shares of common stock repurchased during the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company has approximately $186.2 million in principal amount of the 2026 Senior Notes outstanding and has approximately $73.9 million of repurchase authorization available under the Repurchase Programs. Series C Preferred Stock The Series C Preferred Stock ranks senior to the shares of the Company’s common stock, with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Company (a “Liquidation”). The Series C Preferred Stock has the following rights, preferences and privileges: Dividend Rights. Liquidation Preference. Conversion Features. Subject to certain conditions, the Company may at its option require conversion of all of the outstanding shares of the Series C Preferred Stock to common stock if, for at least 20 trading days during the 30 consecutive trading days immediately preceding the date the Company notifies the Holders of the election to convert, the closing price of the Common Stock is at least 150% of the conversion price. Redemption Rights. (1) (2) Upon a “Fundamental Change” (involving a change of control or de-listing of the Company as further described in the Certificate of Designation), each Holder has the right to require the Company to redeem all or any part of the Holder’s Series C Preferred Stock for an amount equal to the Liquidation Preference plus any accrued and unpaid dividends. If the Company does not have sufficient funds legally available to pay the repurchase price, then the Company is required to (a) pay the maximum amount of the repurchase price that can be paid out of funds legally available for payment, and (b) purchase any shares of the Series C Preferred Stock not purchased because of the foregoing limitations at the repurchase price as soon as practicable after the Company is able to make such purchase out of assets legally available for the purchase of such shares. If the Company fails to pay the repurchase price in full when due, then the Company will pay dividends on such shares not repurchased at a rate of 5.5% per annum until such shares are repurchased, payable quarterly in arrears. Voting Rights . Registration Rights . Common Stock Reserved for Future Issuance As of December 31, 2024, approximately 16.2 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 6,802,474 Vesting of restricted stock units ​ 1,039,091 Conversion of Series C Preferred Stock ​ 6,133,876 Conversion of convertible 2026 Senior Notes ​ 1,583,280 Conversion of convertible 2025 Senior Notes ​ 599,953 Total shares of common stock reserved for future issuances 16,158,674 ​

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	Note 18. Stock-Based Compensation Stock Options We have five stock incentive plans: the 2002 Stock Incentive Plan (the “2002 Plan”), the 2009 Stock Incentive Plan (the “2009 Plan”), the 2011 Stock Incentive Plan (the “2011 Plan”), the 2015 Omnibus Equity Incentive Plan (the “2015 Plan”), and the 2018 Omnibus Equity Incentive Plan (the “2018 Plan”) (collectively, the “Plans”). The 2002 Plan, the 2009 Plan, the 2011 Plan and the 2015 Plan (the “Prior Plans”) have been superseded by the 2018 Plan. In May 2018, the Company’s stockholders approved the 2018 Plan for issuances up to an aggregate of 3,730,179 shares plus 1,269,821 shares that were authorized but unissued under the Prior Plans as of the effective date of the 2018 Plan. In April 2021 and May 2024, the stockholders approved additional increases of 2,850,000 and 2,500,000 shares, respectively, authorized under the 2018 Plan. The Prior Plans will remain in effect until all awards granted under such Prior Plans have been exercised, forfeited, cancelled, or have otherwise expired or terminated in accordance with the terms of such awards, but no awards will be made pursuant to the Prior Plans after the effectiveness of the 2018 Plan. As of December 31, 2024, the Company had 2,896,124 shares available for future awards under the 2018 Plan. During the years ended December 31, 2024, 2023 and 2022, we granted stock options at exercise prices equal to or greater 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ 2022 ​ Expected life (years) ​ 3.8 – 4.9 ​ 3.8 - 5.2 ​ ​ 3.8 - 5.2 ​ Risk-free interest rate 3.5% - 4.5 % 3.5% - 4.4 % 2.1% - 3.7 % Volatility ​ 68.9% – 74.9 % 69.9% - 80.0 % ​ 67.5% - 78.6 % Dividend yield 0% ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Cost of revenue ​ $ 2,639 ​ $ 2,216 ​ $ 1,459 Selling, general and administrative ​ 15,765 ​ 18,805 ​ 16,808 Engineering and development ​ 1,300 ​ 1,787 ​ 1,815 ​ ​ $ 19,704 ​ $ 22,808 ​ $ 20,082 ​ 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, 2021 7,027,941 ​ $ 13.97 ​ Granted (weighted-average fair value of $17.17 per share) 589,287 ​ ​ 30.12 ​ Exercised (206,898) ​ 9.90 ​ Forfeited (69,809) ​ 43.42 ​ Outstanding — December 31, 2022 7,340,521 ​ ​ 15.10 ​ Granted (weighted-average fair value of $11.86 per share) ​ 432,990 ​ ​ 20.63 ​ ​ ​ ​ Exercised (407,814) ​ 3.63 ​ ​ Forfeited (140,877) ​ 24.82 ​ ​ Outstanding — December 31, 2023 ​ 7,224,820 ​ $ 15.88 ​ — ​ ​ — Granted (weighted-average fair value of $7.52 per share) ​ 342,531 ​ ​ 13.63 ​ — ​ ​ — Exercised (582,170) ​ 4.79 — ​ ​ — Forfeited ​ (182,707) ​ ​ 28.47 ​ — ​ ​ — Outstanding — December 31, 2024 6,802,474 ​ $ 16.38 3.6 ​ $ 6,864 Vested (exercisable) — December 31, 2024 6,229,380 ​ $ 15.85 3.5 ​ $ 6,863 Expected to vest after December 31, 2024 (unexercisable) 573,094 ​ $ 22.14 5.4 ​ $ 1 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the Company’s common stock on December 31, 2024, (the last trading day of the year) which was $7.78 per share. The following table summarizes information with respect to stock options outstanding and exercisable at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Remaining Average ​ ​ Average ​ Number Contractual Exercise Number ​ Exercise Exercise Price Outstanding Life -Years Price Exercisable Price $1.87 – 3.44 942,957 1.6 ​ $ 2.77 942,957 ​ $ 2.77 $4.80 – 6.65 761,939 0.9 ​ $ 4.97 761,939 ​ $ 4.97 $7.76 – 10.77 921,906 2.8 ​ $ 8.58 871,496 ​ $ 8.57 $11.12– 14.96 973,982 4.5 ​ $ 12.87 914,004 ​ $ 12.88 $15.18 – 16.95 1,425,227 5.3 ​ $ 16.68 1,268,587 ​ $ 16.76 $17.72 – 36.68 1,216,219 4.9 ​ $ 24.75 940,548 ​ $ 24.29 $41.14 – 72.07 560,244 3.9 ​ $ 54.79 529,849 ​ $ 54.66 ​ 6,802,474 ​ ​ ​ ​ ​ 6,229,380 ​ ​ ​ ​ As of December 31, 2024, there was unrecognized compensation expense of $6.7 million related to unvested stock options, which we expect to recognize over a weighted average period of 1.8 years. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $2.4 million, $6.7 million and $5.2 million, respectively. ​ 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, 2021 ​ 373,849 ​ $ 55.53 Granted ​ 526,821 ​ ​ 30.26 Share issuance ​ (101,070) ​ ​ 55.43 Forfeited ​ (71,616) ​ ​ 44.4 Outstanding — December 31, 2022 ​ 727,984 ​ $ 38.32 Granted ​ 667,319 ​ ​ 19.8 Share issuance ​ (228,932) ​ ​ 37.63 Forfeited ​ (89,742) ​ ​ 29.34 Outstanding — December 31, 2023 1,076,629 ​ $ 27.73 Granted 460,599 ​ 14.26 Share issuance (355,058) ​ 30.04 Forfeited (143,079) ​ 23.14 Outstanding — December 31, 2024 1,039,091 ​ $ 21.75 ​ For the years ended December 31, 2024, 2023 and 2022, we recorded stock-based compensation expense on our issued restricted stock units of $10.7 million, $10.0 million and $7.8 million, respectively. As of December 31, 2024, there was unrecognized compensation expense of $14.4 million related to unvested restricted stock units, which we expect to recognize over a weighted average period of 2.2 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	Note 19. Income Taxes Loss before provision for income taxes was attributed to the following jurisdictions for the years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 United States ​ $ (66,278) ​ $ (70,227) ​ $ (34,854) Foreign ​ (47,202) ​ (29,121) ​ (240) ​ ​ $ (113,480) ​ $ (99,348) ​ $ (35,094) ​ The provision for income taxes consists of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 Current: ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — State ​ 59 ​ 73 ​ 70 Foreign ​ 1,663 ​ 2,263 ​ 2,634 Total current expense ​ 1,722 ​ 2,336 ​ 2,704 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ Federal ​ (200) ​ (278) ​ (7,712) State ​ (126) ​ (423) ​ (191) Foreign ​ (120) ​ (1,396) ​ (1,545) Change in valuation allowance ​ — ​ — ​ 8,983 Total deferred expense ​ (446) ​ (2,097) ​ (465) Total provision for income taxes ​ $ 1,276 ​ $ 239 ​ $ 2,239 ​ Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 57,553 ​ $ 53,804 Expenses recognized for granting of options and warrants ​ 5,550 ​ 5,654 Interest expense ​ 1,588 ​ 1,850 Unrealized losses ​ 5,211 ​ 3,918 Capitalized research & experimentation ​ 7,026 ​ 5,224 R&D tax credit ​ 4,062 ​ 3,761 Accrued expenses and reserves ​ 1,954 ​ 806 Goodwill ​ ​ 9,420 ​ ​ 3,526 Lease liability ​ 9,155 ​ 5,076 Total deferred tax assets ​ 101,519 ​ 83,619 Valuation allowance ​ (92,890) ​ (77,194) ​ ​ $ 8,629 ​ $ 6,425 Deferred tax liabilities: ​ ​ Goodwill ​ $ — ​ $ — Right-of-use assets ​ (8,698) ​ (4,674) Intangibles ​ (229) ​ (2,926) Unremitted foreign earnings ​ (1,365) ​ (985) Total deferred tax liability ​ (10,292) ​ (8,585) Net deferred tax liability ​ $ (1,663) ​ $ (2,160) ​ Our net deferred tax liability as presented in our consolidated balance sheet consists of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets ​ $ 868 ​ $ 656 Deferred tax liabilities ​ (2,531) ​ (2,816) Net deferred tax liability ​ $ (1,663) ​ $ (2,160) ​ The Company has recorded a net deferred tax liability in jurisdictions where taxable temporary differences from indefinite-lived intangible assets do not support the realization of deferred tax assets which have finite carryover periods. In addition, the Company has recorded a net deferred tax liability in jurisdictions where taxable temporary differences exceed deductible temporary differences. The provision for (benefit from) income taxes differs from that computed using the federal statutory rate applied to loss before provision for income taxes as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Computed tax benefit at federal statutory rate ​ $ (23,831) ​ $ (20,863) ​ $ (7,370) State tax, net of federal benefit ​ (72) ​ (277) ​ 296 Non-deductible loss on debt extinguishment ​ — ​ — ​ — Stock compensation ​ 1,397 ​ 1,660 ​ 1,881 Deemed foreign dividend income ​ 675 ​ 1,874 ​ — R&D tax credit ​ (341) ​ (793) ​ (590) Permanent differences and other ​ 2,517 ​ (172) ​ 352 Transaction cost ​ (366) ​ 20 ​ 160 Executive compensation ​ 47 ​ 40 ​ 83 Rate changes ​ (1,131) ​ (471) ​ (113) Impairment of goodwill ​ ​ 5,179 ​ ​ 3,614 ​ ​ — Contingencies ​ 146 ​ (613) ​ (1,443) Valuation allowance ​ 17,056 ​ 16,220 ​ 8,983 ​ ​ $ 1,276 ​ $ 239 ​ $ 2,239 ​ At December 31, 2024, the Company has federal and state net operating loss carryforwards of approximately $188.9 million and $125.4 million, respectively. The federal net operating loss carryforwards begin to expire in 2024, unless previously utilized, and the state net operating loss carryforwards will begin to expire in 2028, unless previously utilized. Included in the federal net operating loss carryforward total is $133.0 million generated after 2017 that can be carried over indefinitely and may be used to offset up to 80% of federal taxable income. At December 31, 2024, the Company has foreign net operating loss carryforwards of approximately $50.2 million, which begin to expire in 2029. At December 31, 2024, the Company has federal and California research and development tax credits of approximately $4.4 million and $3.0 million, respectively. The federal research tax credit begins to expire in 2025 unless previously utilized and the California research tax credit has no expiration date. Utilization of the net operating loss (“NOL”) and research and development (“R&D”) carryforwards might be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state and foreign provisions. These ownership changes may limit the amount of NOL and R&D credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on several occasions which, combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership change in the future upon subsequent capital stock transactions. The Company has not completed a study to assess whether an ownership change or changes has occurred. If the Company has experienced an ownership change, utilization of the NOL or R&D credit carryforwards would be subject to an annual limitation under Section 382 of the Code, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate. Any limitation may result in expiration of a portion of the NOL or R&D credit carryforwards before utilization. Further, until a study is completed and any limitation is known, no amounts are being considered as an uncertain tax position or disclosed as an unrecognized tax benefit. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact its effective tax rate. Any carryforwards that will expire prior to utilization as a result of such limitations will be removed from deferred tax assets with a corresponding reduction of the valuation allowance. A reconciliation of the beginning and ending amounts of unrecognized tax positions are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Unrecognized tax positions, beginning of period ​ $ 2,889 ​ $ 3,474 ​ $ 4,932 Gross increase – current period tax positions ​ 110 ​ 133 ​ 214 Gross decrease – prior period tax positions ​ — ​ (718) ​ (1,672) Gross increase – prior period tax positions ​ 479 ​ — ​ — Expiration of statute of limitations ​ — ​ — ​ — Unrecognized tax positions, end of period ​ $ 3,478 ​ $ 2,889 ​ $ 3,474 ​ If recognized, none of the unrecognized tax positions would impact the Company’s income tax benefit or effective tax rate as long as the Company’s deferred tax assets remain subject to a full valuation allowance. The Company does not expect any significant increases or decreases to the Company’s unrecognized tax positions within the next 12 months. We recognize interest accrued related to unrecognized tax benefits (“UTBs”) and penalties as income tax expense. As of December 31, 2024, we have an immaterial accrual for interest in our consolidated balance sheet. Due to the NOL carryforwards, the U.S. federal and state returns remain open to examination by the Internal Revenue Service and state taxing jurisdictions for all years beginning with the year ended March 31, 2005. Our foreign subsidiaries are generally subject to examination three years following the year on which the tax obligation originated. The years subject to audit may be extended if the entity substantially understates corporate income tax. The Company’s subsidiary in India is currently under examination by the Office of the Commissioner of Income Tax in India for the 2012-2013, 2013-2014 and 2015-2016 tax periods. Other than India, the Company does not have any foreign subsidiaries currently under audit by their local income tax authorities .

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting
Segment Reporting	Note 20. Segment Reporting ​ Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker is our Chief Executive Officer. Effective in the fourth quarter of 2024, the Company realigned the reportable segment information that the CODM regularly reviews to evaluate the business, make key operating decisions and allocate resources which resulted in the identification of two reportable segments: Life Sciences Services and Life Sciences Products. Previously the Company had one reportable segment and the CODM utilized consolidated financial results to evaluate performance and has transitioned to utilizing disaggregated financial information between the Life Sciences Services and Life Science Products segments. Adjusted earnings before interest, income taxes, depreciation and amortization (“adjusted EBITDA”) for each operating segment is the profit measure used by the CODM in measuring the performs of the business and in the annual budget and forecasting process. Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain items that do not contribute directly to management’s evaluation of its operating results. Asset information by reportable segment is not provided to the CODM. We have three operating segments that are aggregated as Life Sciences Services which provides temperature-controlled logistics and cryogenic biostorage within the life science industry through direct sales. Revenues from this segment include an immaterial amount of product revenues. The Company’s Life Sciences Products segment manufactures and sells cryogenic freezers, cryogenic dewars and accessories within the life science industry through direct sales or a distribution network. Revenues from this reportable segment are exclusively life sciences product revenues. In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the company does not allocate corporate costs, which include certain aspects of the Company’s executive management, legal, compliance, human resources, information technology and finance departments, to its reportable segments. Information about our segments is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ Year Ended December 31, 2023 ​ Year Ended December 31, 2022 ​ Life Sciences Services Life Sciences Products Total Life Sciences Services Life Sciences Products Total ​ Life Sciences Services Life Sciences Products Total Revenue from external customers 1 ​ $ 156,951 ​ $ 71,434 ​ $ 228,385 ​ $ 145,781 ​ $ 87,474 ​ $ 233,255 ​ $ 135,179 ​ $ 102,098 ​ $ 237,277 Intersegment revenue ​ 6,709 ​ 541 ​ 7,250 ​ 4,147 ​ 1,506 ​ 5,653 ​ 3,132 ​ 2,040 ​ 5,172 ​ ​ ​ 163,660 ​ ​ 71,975 ​ ​ 235,635 ​ ​ 149,928 ​ ​ 88,980 ​ ​ 238,908 ​ ​ 138,311 ​ ​ 104,138 ​ ​ 242,449 Reconciliation of revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Elimination of intersegment revenue ​ ​ ​ ​ ​ ​ ​ ​ (7,250) ​ ​ ​ ​ ​ ​ ​ ​ (5,653) ​ ​ ​ ​ ​ ​ ​ ​ (5,172) Total consolidated revenue ​ ​ ​ ​ ​ ​ ​ ​ 228,385 ​ ​ ​ ​ ​ ​ ​ ​ 233,255 ​ ​ ​ ​ ​ ​ ​ ​ 237,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue 1, 2 ​ ​ 65,763 ​ ​ 30,566 ​ ​ ​ ​ ​ 63,986 ​ ​ 38,092 ​ ​ ​ ​ ​ 60,609 ​ ​ 44,405 ​ ​ ​ Employee related expenses ​ ​ 75,794 ​ ​ 20,966 ​ ​ ​ ​ ​ 65,115 ​ ​ 22,830 ​ ​ ​ ​ ​ 52,724 ​ ​ 21,009 ​ ​ ​ Engineering and development expense 3 ​ ​ 4,933 ​ ​ 2,119 ​ ​ ​ ​ ​ 5,886 ​ ​ 2,230 ​ ​ ​ ​ ​ 5,830 ​ ​ 1,801 ​ ​ ​ Rent ​ ​ 8,521 ​ ​ 772 ​ ​ ​ ​ ​ 7,773 ​ ​ 922 ​ ​ ​ ​ ​ 4,842 ​ ​ 636 ​ ​ ​ Other segment items 4 ​ ​ 19,009 ​ ​ 4,843 ​ ​ ​ ​ ​ 21,747 ​ ​ 4,680 ​ ​ ​ ​ ​ 16,253 ​ ​ 5,573 ​ ​ ​ Adjusted EBITDA for reportable segments ​ $ (10,360) ​ $ 12,709 ​ $ 2,349 ​ $ (14,579) ​ $ 20,226 ​ $ 5,647 ​ $ (1,947) ​ $ 30,714 ​ $ 28,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate overhead costs ​ ​ ​ ​ ​ ​ ​ ​ (17,467) ​ ​ ​ ​ ​ ​ ​ ​ (13,951) ​ ​ ​ ​ ​ ​ ​ ​ (14,860) Depreciation and amortization expense ​ ​ ​ ​ ​ ​ ​ ​ (30,757) ​ ​ ​ ​ ​ ​ ​ ​ (27,487) ​ ​ ​ ​ ​ ​ ​ ​ (22,765) Acquisition and integration costs ​ ​ ​ ​ ​ ​ ​ ​ (899) ​ ​ ​ ​ ​ ​ ​ ​ (6,945) ​ ​ ​ ​ ​ ​ ​ ​ (2,164) Cost reduction initiatives ​ ​ ​ ​ ​ ​ ​ ​ (1,884) ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ - Investment income ​ ​ ​ ​ ​ ​ ​ ​ 9,895 ​ ​ ​ ​ ​ ​ ​ ​ 10,577 ​ ​ ​ ​ ​ ​ ​ ​ 8,474 Unrealized (gain)/loss on investments ​ ​ ​ ​ ​ ​ ​ ​ (5,038) ​ ​ ​ ​ ​ ​ ​ ​ 1,242 ​ ​ ​ ​ ​ ​ ​ ​ (11,508) Gain on insurance claim ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ 2,642 ​ ​ ​ ​ ​ ​ ​ ​ 4,815 Other non-recurring costs ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ (437) ​ ​ ​ ​ ​ ​ ​ ​ - Foreign currency (gain)/loss ​ ​ ​ ​ ​ ​ ​ ​ (2,410) ​ ​ ​ ​ ​ ​ ​ ​ 964 ​ ​ ​ ​ ​ ​ ​ ​ 584 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ (4,108) ​ ​ ​ ​ ​ ​ ​ ​ (5,503) ​ ​ ​ ​ ​ ​ ​ ​ (6,142) Gain on extinguishment of debt, net ​ ​ ​ ​ ​ ​ ​ ​ 18,505 ​ ​ ​ ​ ​ ​ ​ ​ 5,679 ​ ​ ​ ​ ​ ​ ​ ​ - Impairment loss ​ ​ ​ ​ ​ ​ ​ ​ (63,809) ​ ​ ​ ​ ​ ​ ​ ​ (49,569) ​ ​ ​ ​ ​ ​ ​ ​ - Change in fair value of contingent consideration ​ ​ ​ ​ ​ ​ ​ ​ 1,847 ​ ​ ​ ​ ​ ​ ​ ​ 601 ​ ​ ​ ​ ​ ​ ​ ​ (213) Stock-based compensation expense ​ ​ ​ ​ ​ ​ ​ ​ (19,704) ​ ​ ​ ​ ​ ​ ​ ​ (22,808) ​ ​ ​ ​ ​ ​ ​ ​ (20,082) Income taxes ​ ​ ​ ​ ​ ​ ​ ​ (1,276) ​ ​ ​ ​ ​ ​ ​ ​ (239) ​ ​ ​ ​ ​ ​ ​ ​ (2,239) Net loss ​ ​ ​ ​ ​ ​ ​ $ (114,756) ​ ​ ​ ​ ​ ​ ​ $ (99,587) ​ ​ ​ ​ ​ ​ ​ $ (37,333) ​ (1) Life Sciences Services segment includes immaterial revenue from external customers and cost of revenue associated with life sciences products revenue and cost of products revenue, respectively. (2) Cost of revenue is exclusive of employee related expenses of $26.4 million, $24.8 million, and $23.1 million, depreciation and amortization of $7.6 million, $6.4 million, and $4.4 million, stock-based compensation of $2.6 million, $2.7 million, and $2.5 million, and rent of $2.6 million, $2.2 million, and $1.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Engineering and development expense is exclusive of employee related expenses of $9.0 million, $7.9 million, and $6.3 million, stock-based compensation of $1.4 million, $1.7 million, and $1.5 million, and depreciation and amortization of $0.2 million, $0.4 million, and $0.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. (4) Other segment items primarily includes professional services, facility allocations, dues and subscriptions, audit fees, insurance, legal fees, and travel expense. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (114,756)	$ (99,587)	$ (37,333)

Insider Trading Arrangements

Insider Trading Arrangements	Dec. 13, 2024 shares
Trading Arrangements, by Individual
Name	Ramkumar Mandalam
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 13, 2025
Aggregate Available	14,078

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We identify and assess material risks from cybersecurity threats to our information systems and the information residing in our information systems by monitoring and evaluating our threat environment on an ongoing basis using various methods including, for example, using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of the threat environment, and conducting risk assessments. We manage material risks from cybersecurity threats to our information systems and the information residing in our information systems through various processes and procedures, including, depending on the environment, risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, asset management, systems monitoring, and employee training. We engage third-party service providers to provide some of the resources used in our information systems and some third-party service providers have access to information residing in our information systems. With respect to such third parties, we seek to engage reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature and extent of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our processes may include conducting due diligence on the cybersecurity practices of such provider and contractually imposing cybersecurity related obligations on the provider. We also engage third parties to assist with cybersecurity risk assessments, incident detection and response, vulnerability management, systems monitoring, and employee training. We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect Cryoport, including our business strategy, results of operations, or financial condition. Refer to “Part I, Item 1A—Risk Factors—Risks Related to Our Technology and Intellectual Property—Cyberattacks, data incidents and breaches in the security of our information systems and networks and of the electronic and confidential information in our possession could materially adversely impact our business, financial condition and results of operations, in addition to our reputation and relationships with our employees, customers, suppliers and business partners” in this Form 10-K for additional discussion about cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We manage material risks from cybersecurity threats to our information systems and the information residing in our information systems through various processes and procedures, including, depending on the environment, risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, asset management, systems monitoring, and employee training.  We engage third-party service providers to provide some of the resources used in our information systems and some third-party service providers have access to information residing in our information systems.  With respect to such third parties, we seek to engage reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature and extent of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our processes may include conducting due diligence on the cybersecurity practices of such provider and contractually imposing cybersecurity related obligations on the provider.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors holds oversight responsibility over Cryoport’s risk management and strategy, including material risks related to cybersecurity threats. This oversight is executed directly by our board of directors and through its audit committee. Our audit committee oversees the management of Cryoport’s major financial risk exposures, the steps management has taken to monitor and control such exposures, and the process by which risk assessment and management is undertaken and handled, which would include cybersecurity risks, in accordance with its charter. The audit committee holds quarterly meetings and receives periodic reports from management regarding risk management, including major financial risk exposures from cybersecurity threats or incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors and through its audit committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee holds quarterly meetings and receives periodic reports from management regarding risk management, including major financial risk exposures from cybersecurity threats or incidents.
Cybersecurity Risk Role of Management [Text Block]	Our board of directors holds oversight responsibility over Cryoport’s risk management and strategy, including material risks related to cybersecurity threats. This oversight is executed directly by our board of directors and through its audit committee. Our audit committee oversees the management of Cryoport’s major financial risk exposures, the steps management has taken to monitor and control such exposures, and the process by which risk assessment and management is undertaken and handled, which would include cybersecurity risks, in accordance with its charter. The audit committee holds quarterly meetings and receives periodic reports from management regarding risk management, including major financial risk exposures from cybersecurity threats or incidents. Within management, our Chief Information Security Officer is primarily responsible for assessing and managing our material risks from cybersecurity threats and keep the senior executive officers informed on a regular basis of the identification, assessment, and management of cybersecurity risks and of any cybersecurity incidents. Our Chief Information Security Officer is supported by the Chief Information Officer or Information Technology Director, as applicable, of our business units with respect to the assessment and management of our material risks from cybersecurity risks on a day-to-day basis. Such management personnel have prior experience and training in managing information systems and cybersecurity matters and participate in ongoing training programs.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Within management, our Chief Information Security Officer is primarily responsible for assessing and managing our material risks from cybersecurity threats and keep the senior executive officers informed on a regular basis of the identification, assessment, and management of cybersecurity risks and of any cybersecurity incidents. Our Chief Information Security Officer is supported by the Chief Information Officer or Information Technology Director, as applicable, of our business units with respect to the assessment and management of our material risks from cybersecurity risks on a day-to-day basis
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Such management personnel have prior experience and training in managing information systems and cybersecurity matters and participate in ongoing training programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	our Chief Information Security Officer is primarily responsible for assessing and managing our material risks from cybersecurity threats and keep the senior executive officers informed on a regular basis of the identification, assessment, and management of cybersecurity risks and of any cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Cryoport, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents Our cash and cash equivalents represent demand deposits, and money market funds which are readily convertible into cash, have maturities of 90 days or less when purchased and are considered highly liquid and easily tradeable.
Short-Term Investments	Short-Term Investments Our investments in equity securities consist of mutual funds with readily determinable fair values which are carried at fair value with changes in fair value recognized in earnings. Investments in debt securities are classified as available-for-sale and are carried at fair value, with unrealized gains and losses, net of tax, reported as accumulated other comprehensive income (loss) and included as a separate component of stockholders’ equity. Gains and losses are recognized when realized. When we have determined that an other than temporary decline in fair value has occurred, the amount related to a credit loss is recognized in earnings. Gains and losses are determined using the specific identification method. Short-term investments are classified as current assets even though maturities may extend beyond one year because they represent investments of cash available for operations.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company’s significant estimates include the fair value of short-term investments, valuations and purchase price allocations related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates, including valuation multiples utilized in the market approach used in impairment assessments, estimated fair values of intangible assets and goodwill, intangible asset useful lives and amortization methods, contingent consideration liability, equity-based instruments, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Future events and their effects cannot be predicted with certainty, and, accordingly the Company’s accounting estimates require the exercise of judgment.
Credit Losses	Credit Losses ​ The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. The Company considers historical collection rates, the current financial status of its customers, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, the Company believes that the carrying value, net of excepted losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables. ​ To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer at the business component level, as the Company determined that risk profile of its customers is consistent based on the type and industry in which they operate, mainly in the life sciences industry. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the life sciences industry to estimate if there are current expected credit losses within its trade receivables based on the trends and the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses, finance lease liabilities, notes payable, contingent consideration and the Company’s 0.75% Convertible Senior Notes due in 2026 (the “2026 Convertible Senior Notes”) and 3.0% Convertible Senior Notes due in 2025 (the “2025 Convertible Senior Notes” and together with the 2026 Convertible Senior Notes, the “Convertible Senior Notes”). The carrying value for all such instruments, except finance lease liabilities, notes payable and the Convertible Senior Notes, approximates fair value because the interest rate approximates market rates available to us for similar obligations with the same maturities. For additional information related to fair value measurements, including the notes payable and the Convertible Senior Notes, see Notes 7, 12 and 13.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. From time to time, we maintain cash, cash equivalent and short-term investment balances in excess of amounts insured by the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”). Primarily all of our cash, cash equivalents and short-term investments at December 31, 2023 were in excess of amounts insured by the FDIC and SIPC. The Company performs ongoing evaluations of these institutions to limit its concentration risk exposure. We manage such risks in our portfolio by investing in highly liquid, highly rated instruments, and limit investing in long-term maturity instruments. Our investment policy requires that purchased instruments in marketable securities may only be in highly rated instruments, which are primarily U.S. Treasury bills or treasury-backed securities, and also limits our investment in securities of any single issuer.
Inventories	Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method. Inventories are reviewed periodically for slow-moving or obsolete status. The Company writes down the carrying value of its inventories to reflect situations in which the cost of inventories is not expected to be recovered. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories. Raw materials and finished goods include material costs less adjustments for obsolete or excess inventories. The Company evaluates the current level of inventories considering historical trends and other factors, such as selling prices and costs of completion, disposal and transportation, and based on the evaluation, records adjustments to reflect inventories at net realizable value. These adjustments are estimates, which could vary significantly from actual results if future economic conditions, customer demand, competition or other relevant factors differ from expectations. These estimates require us to make assessments about future demand for the Company’s products in order to categorize the status of such inventories items as slow-moving, obsolete or in excess-of-need. These estimates are subject to the ongoing accuracy of the Company’s forecasts of market conditions, industry trends, competition and other factors.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. We compute depreciation using the straight-line method over the estimated useful lives of the assets which is generally three seven four three 20 Betterments, renewals and extraordinary repairs that extend the lives of the assets are capitalized; other repairs and maintenance charges are expensed as incurred. The cost and related accumulated depreciation and amortization applicable to assets retired are removed from the accounts, and the gain or loss on disposition is recognized in the consolidated statements of operations.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating leases are included in ROU assets, current operating lease liabilities, and long-term operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, current finance lease liabilities, and long-term finance lease liabilities on our consolidated balance sheets. Lease ROU assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date calculated using our incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. ROU assets also include any lease payments made at or before lease commencement and exclude any lease incentives received. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets. The Company’s leases do not contain any residual value guarantees. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for all its leases.
Business Combinations	Business Combinations Total consideration transferred for acquisitions is allocated to the assets acquired and liabilities assumed based on their fair values at the dates of acquisition. This purchase price allocation process requires management to make significant estimates and assumptions primarily with respect to intangible assets. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions determined by management. Any excess of purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill.
Goodwill	Goodwill The Company evaluates goodwill on an annual basis in the fourth quarter or more frequently if management believes indicators of impairment exist. Such indicators could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. For each reporting unit being tested, the Company compares the fair value of the reporting unit with its carrying amount and then recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to the reporting unit. As a result of our 2023 quantitative assessment, we concluded that goodwill related to the MVE reporting unit is impaired as of December 31, 2023, and recorded an impairment charge of $49.6 million in the consolidated statement of operations for the year ended December 31, 2023. As a result of an interim impairment assessment performed as of June 30, 2024, we concluded that there has been no impairment of the goodwill associated with the CRYOPDP reporting unit as its carrying value did not exceed its estimated fair value. We further concluded that the goodwill related to the MVE reporting unit was further impaired, and recorded an impairment charge of $54.6 million related to full impairment of the goodwill related to the MVE reporting unit in the consolidated statement of operations for the year ended December 31, 2024 (see Note 10). Management will continue to monitor the reporting units for changes in the business environment that could impact the recoverability in future periods. The recoverability of goodwill is dependent upon the continued growth of revenue and cash flows from the Company’s business activities. Examples of events or circumstances that could result in changes to the underlying key assumptions and judgments used in our goodwill impairment tests, and ultimately impact the estimated fair value of the Company’s reporting units include adverse macroeconomic or geopolitical conditions; and fluctuations in foreign currency exchange rates impacting the results of operations and the value of foreign assets and liabilities. While historical performance and current expectations have resulted in fair values of our reporting units in excess of carrying values, if our assumptions are not realized, it is possible that an impairment charge may need to be recorded in the future.
Intangible Assets	Intangible Assets Indefinite-lived intangible assets are comprised of trade name/trademarks acquired in the Company’s recent acquisitions, and are tested for impairment annually using a relief from royalty method that relies on estimates of future revenues, royalty rates, and discount rates. If the asset is not found to be recoverable, it is written down to the estimated fair value. As a result of an interim impairment assessment performed as of June 30, 2024, we recorded a $9.0 million impairment charge related to trademarks for our MVE reporting unit, and a $0.3 million impairment charge related to the write-off of Cell&Co’s trade name that is no longer in use as a result of the Company’s global rebranding initiative (see Note 10). Intangible assets with a definite life are comprised of patents, trademarks, software development costs and the intangible assets acquired in the Company’s recent acquisitions which include a non-compete agreement, technology, customer relationships, trade name/trademark, agent network, order backlog, developed technology and land use rights. Intangible assets with a definite life are amortized using the straight-line method over the estimated useful lives (see Note 10). The Company uses the following valuation methodologies to value the significant intangible assets with a definite life acquired: income approach for customer relationships, replacement cost for agent network and software, and relief from royalty for trade name/trademarks and developed technology. The Company capitalizes costs of obtaining patents and trademarks, which are amortized, using the straight-line method over their estimated useful life of five years once the patent or trademark has been issued. The Company evaluates the recoverability of identifiable intangible assets with a definite life whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the year ended December 31, 2023, due to macroeconomic factors impacting results of operations, the Company performed an impairment analysis of its amortizable intangible assets at the reporting unit level. The impairment analysis requires a comparison of undiscounted future cash flows expected to be generated over the useful life of an asset to the carrying value of the asset. Based on the impairment analysis performed, the estimated undiscounted cash flows exceeded the carrying amount of the assets and therefore no impairment charge was required. An interim impairment assessment was performed as of June 30, 2024, resulting in the estimated undiscounted cash flows exceeding the carrying amount of the assets and therefore no impairment charge was required.
Other Long-lived Assets	Other Long-lived Assets If indicators of impairment exist, we assess the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If impairment is indicated, we measure the amount of such impairment by comparing the fair value to the carrying value. We believe the future cash flows to be received from the long-lived assets will exceed the assets’ carrying value, and accordingly, we have not recognized any impairment losses through December 31, 2024.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent costs incurred in connection with the issuance of debt instruments and equity financings. Deferred financing costs related to the issuance of debt are amortized over the term of the financing instrument using the effective interest method and are presented in the consolidated balance sheets as an offset against the related debt. Offering costs from equity financings are netted against the gross proceeds received from the equity financings.
Income Taxes	Income Taxes The Company accounts for income taxes under the provision of Accounting Standards Codification (“ASC”) 740, “ Income Taxes” Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. Based on the weight of available evidence, the Company’s management has determined that it is not more likely than not that the U.S. based net deferred tax assets will be realized. Therefore, the Company has recorded a full valuation allowance against its U.S. based net deferred tax assets. With respect to the foreign based deferred tax assets, the Company’s management has reviewed these deferred tax assets on a jurisdictional basis. Based on the weight of each jurisdiction’s evidence available, the Company’s management has made separate determinations for each foreign jurisdiction regarding whether it is more likely than not that a net deferred tax asset within a particular jurisdiction will be realized. The Company has recorded full valuation allowances in jurisdictions where deferred tax assets are not deemed more likely than not to be realized. The Company has recorded a net deferred tax liability in jurisdictions where taxable temporary differences associated with indefinite-lived intangible assets do not support the realization of deferred tax assets with finite carryforward periods. In addition, the Company has recorded a net deferred tax liability in jurisdictions where taxable temporary differences exceed deductible temporary differences. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company has recorded immaterial accruals for interest and/or penalties on its consolidated balance sheets at December 31, 2024 and 2023, and has recorded immaterial amounts of interest and/or penalties in the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022. The Company is subject to taxation in the U.S., in various U.S. state jurisdictions and in various foreign countries. As of December 31, 2024, the Company is no longer subject to U.S. federal examinations for years before 2021 or for California franchise and income tax examinations for years before 2020. However, to the extent allowed by law, the taxing authorities may have the right to examine net operating losses carried forward into a tax year and make adjustments up to the amount of the net operating losses utilized. The Company is not currently under examination in either the U.S. federal or any U.S. state jurisdictions. Our foreign subsidiaries are generally subject to examination for three years following the year in which the tax obligation originated. The years subject to audit may be extended if the entity substantially understates corporate income tax. The Company’s subsidiary in India is currently under examination by the Indian tax authorities for the 2012-2013, 2013-2014 and 2015-2016 tax periods. Other than India, the Company does not have any foreign subsidiaries currently under audit by their local taxing authorities. On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022, which imposes a 1% excise tax on publicly traded U.S. corporations for the fair market value of any stock repurchased during the tax year that exceeds $1.0 million, with certain specific exceptions. The excise tax is effective for transactions occurring in taxable years after December 31, 2023. There were no shares of stock subject to this excise tax repurchased during the year ended December 31, 2024. On June 29, 2020, the State of California passed Assembly Bill (“AB”) 85 which suspends the California net operating loss deduction for the 2020-2022 tax years and the R&D credit usage for the same period (for credit usages in excess of $5 million). These suspensions were considered in the preparation of the December 31, 2021 financial statements. On February 9, 2022, the California governor signed Senate Bill (“SB”) 113, which was retroactive to January 1, 2021. SB 113 removed the limitations from AB 85 on net operating loss and tax credit usage for the 2023 tax year. These suspensions, and the removal of the limitations, were considered in the preparation of the December 31, 2024 and 2023 financial statements. On March 11, 2021, the United States enacted the American Rescue Plan (“ARP”). The ARP includes provisions extending certain CARES Act provisions, repeals a worldwide interest allocation election, modifies the $1 million executive compensation limitation for years after 2026 and extends the employee retention credit. The Company has evaluated the impact of the ARP and its impact on our financial statements in 2021 and beyond December 31, 2024.
Revenue Recognition	Revenue Recognition Revenues are recognized when control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. Performance Obligations At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time since the Company has satisfied its performance obligations related to the successful delivery. In instances where the customer has elected to use their own courier services, revenue is recognized upon delivery of the shipper to the customer. For arrangements under which the Company provides biological specimen storage services and logistics support and management to the customer, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. Revenue generated from short-term logistics and engineering consulting services provided to customers is recognized when the Company satisfies the contractually defined performance obligations. When a contract includes multiple performance obligations, the contract price is allocated among the performance obligations based upon the stand-alone selling prices. Approved contract modifications are accounted for as either a separate contract or as part of the existing contract depending on the nature of the modification. Our performance obligations on our orders and under the terms of agreements with customers are generally satisfied within one year from a given reporting date and, therefore, we omit disclosure of the transaction price allocated to remaining performance obligations on open orders. Shipping and handling activities related to contracts with customers are accounted for as costs to fulfill our promise to transfer the associated products pursuant to the accounting policy election allowed under Topic 606 and are not considered a separate performance obligation to our customers. Accordingly, the Company records amounts billed for shipping and handling as a component of revenue. Shipping and handling fees and costs are included in cost of revenues in the accompanying consolidated statements of operations. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental agencies. Significant Payment Terms Pursuant to the Company’s contracts with its customers, amounts billed for services or products delivered by the Company are generally due and payable in full within 15 to 60 days from the date of the invoice (except for any amounts disputed by the customer in good faith). Accordingly, the Company determined that its contracts with customers do not include extended payment terms or a significant financing component. Variable Consideration When a contract includes variable consideration, the Company evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. Variable consideration estimates are updated at each reporting date. Revenues are recorded net of variable consideration, such as discounts and allowances. Warranties The Company provides product warranties with varying terms and durations for some of its products. The Company estimates product warranty costs and accrues for these costs as products are sold with a charge to cost of sales. Factors considered in estimating warranty costs include historical and projected warranty claims, historical and projected cost-per-claim, and knowledge of specific product issues that are outside of typical experience. Warranty accruals are evaluated and adjusted as necessary based on actual claims experience and changes in future claim and cost estimates. Product warranty accrued liabilities totaled $0.9 million and $0.7 million at December 31, 2024 and 2023, respectively, and are included in accounts payable and other accrued expenses. Warranty expense was not material for the years ended December 31, 2024, 2023 and 2022. Incremental Direct Costs Incremental direct costs of obtaining a contract (sales commissions) are expensed when incurred when the amortization period of the asset that would have been recognized is one year or less; otherwise, incremental contract costs are recognized as an asset and amortized over time as promised goods and services are transferred to a customer. Incremental direct costs were not material for the years ended December 31, 2024, 2023 and 2022. Contract Assets Typically, we invoice the customer and recognize revenue once we have satisfied our performance obligation. Accordingly, our contract assets comprise accounts receivable, which are recognized when payment is unconditional and only the passage of time is required before payment is due. Generally, we do not have material amounts of other contract assets since revenue is recognized as control of goods is transferred or as services are performed. ​ Nature of Goods and Services The Company provides Cryoport Express ® ® ® ® ® The Company recognizes revenue for the use of the Cryoport Express ® ® The Company also provides vacuum insulated aluminum dewars and cryogenic freezers systems to its customers. Revenue is recognized when the Company satisfies performance obligations by transferring the equipment to a customer, and at the time that collectability is probable. The Company also provides global temperature-controlled logistics services, support and management. Revenue is recognized upon completion for these services and at the time that collectability is probable. The Company also provides comprehensive and integrated temperature-controlled biostorage solutions to customers in the life sciences industry and charges a fee under long-term service agreements with customers. These services include (1) biological specimen cryopreservation storage and maintenance, (2) archiving, monitoring, tracking, receipt and delivery of samples, (3) transport of frozen biological specimens to and from customer locations, and (4) management of incoming and outgoing biological specimens. The Company recognizes revenue for its biostorage solutions as services are rendered over time and at the time that collectability is probable. The Company also provides short-term logistics and engineering consulting services to some customers, with fees tied to the completion of contractually defined services. We recognize revenue from these services over time as the customer simultaneously receives and consumes the benefit of these services as they are performed. A significant portion of our revenues are covered under long-term agreements. We have determined that individual Statements of Work or Scope of Work (“SOW”), whose terms and conditions taken with a Master Services Agreement (“MSA”), create the Topic 606 contracts which are generally short-term in nature (e.g., 15-day shipping cycle) for the Cryoport Express ®
Cost of Service Revenues	Cost of Service Revenues Our cost of service revenues is primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express ®
Cost of Product Revenues	Cost of Product Revenues Our cost of product revenues is primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process are included in cost of product revenues.
Engineering and Development Expenses	Engineering and Development Expenses Expenditures relating to engineering and development are expensed in the period incurred to engineering and development expense in the consolidated statements of operations.
Acquisition Costs	Acquisition Costs Acquisition costs consist of legal, accounting, third-party valuations, and other due diligence costs related to our acquisitions.
Stock-Based Compensation	Stock-Based Compensation Under our stockholder approved stock-based compensation plan, we have granted incentive stock options, non-qualified stock options and restricted stock units that vest over four years. Incentive and non-qualified stock options expire from seven The grant date fair value per share for restricted stock units is based upon the closing market price of our common stock on the award grant date. The Company’s stock-based compensation plans are discussed further in Note 18.
Foreign Currency Transactions	Foreign Currency Transactions Management has determined that the functional currency of its subsidiaries is the local currency. The Company translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at exchange rates in effect at the end of the reporting period. 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 ($4.3) million, ($1.3) million, and ($9.8) million for the years ended December 31, 2024, 2023 and 2022, respectively. Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in earnings.
Off-Balance Sheet Arrangements	Off-Balance Sheet Arrangements We do not currently have any off-balance sheet arrangements.
Subsequent Events	Subsequent Events 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 these consolidated financial statements or disclosure in the notes thereto.
Recently Adopted Accounting Pronouncements and Accounting Guidance Issued but Not Adopted	Recently Adopted Accounting Pronouncements 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 adopted ASU 2023-07 on January 1, 2024. The adoption of this standard did not have a significant impact on the Company’s disclosures. ​ 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 disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years for public business entities. We adopted ASU 2022-03 on January 1, 2024 which only impacted the related disclosure. See Note 20. ​ Accounting Guidance Issued but Not Adopted at December 31, 2024 In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,” which clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The new guidance is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization and depletion. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. We are currently evaluating the impact of this standard on our consolidated financial statements. ​ 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 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, Concentration and Ge_2

Revenue, Concentration and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue, Concentration and Geographic Information
Schedule of disaggregation of revenue by revenue type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 BioLogistics Solutions ​ $ 138,635 ​ $ 130,498 ​ $ 124,798 BioStorage/BioServices ​ 15,025 ​ 13,589 ​ 9,081 Life Sciences Services ​ ​ 153,660 ​ ​ 144,087 ​ ​ 133,879 Life Sciences Products ​ ​ 74,725 ​ ​ 89,168 ​ ​ 103,398 Total revenue ​ $ 228,385 ​ $ 233,255 ​ $ 237,277
Schedule of geographical revenues, by origin	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Americas ​ $ 126,373 ​ $ 127,213 ​ $ 128,209 Europe, the Middle East, and Africa (EMEA) ​ 59,596 ​ 60,883 ​ 66,913 Asia Pacific (APAC) ​ 42,416 ​ 45,159 ​ 42,155 Total revenue ​ $ 228,385 ​ $ 233,255 ​ $ 237,277
Schedule of roll-forward of the allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 ​ 2023 Balance of allowance for credit losses, beginning of period ​ $ 1,992 ​ ​ 1,275 Change in expected credit losses ​ ​ (27) ​ ​ 812 Write-offs, net of recoveries ​ (186) ​ ​ (95) Balance of allowance for credit losses, end of period ​ $ 1,779 ​ ​ 1,992 ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net loss ​ $ (114,756) ​ $ (99,587) ​ $ (37,333) Paid-in-kind dividend on Series C Preferred Stock ​ (8,000) ​ (8,000) ​ (8,000) Net loss attributable to common shareholders ​ $ (122,756) ​ $ (107,587) ​ $ (45,333) Weighted average common shares issued and outstanding - basic and diluted ​ ​ 49,349,624 ​ ​ 48,737,377 ​ ​ 48,987,295 Basic and diluted net loss per share ​ $ (2.49) ​ $ (2.21) ​ $ (0.93)
Schedule of the number of shares excluded from the computation of diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 Stock options ​ 1,137,582 2,486,737 4,194,554 Restricted stock units ​ 1,039,091 ​ 1,076,629 ​ 727,984 Series C convertible preferred stock ​ 6,133,876 ​ 5,894,535 ​ 5,664,532 Convertible Senior Notes ​ 2,183,233 3,756,437 4,022,734 ​ ​ 10,493,782 13,214,338 14,609,804 ​

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 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)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ 2024 2023 Cash ​ $ 45,155 ​ $ 40,979 Cash equivalents: ​ ​ ​ ​ ​ Money market mutual fund ​ 134 ​ ​ 5,367 Total cash and cash equivalents ​ 45,289 ​ ​ 46,346 Short-term investments: ​ ​ ​ ​ ​ U.S. Treasury notes and bills ​ 41,948 ​ ​ 136,665 Mutual funds ​ 97,675 ​ ​ 101,085 Corporate debt securities ​ ​ 76,837 ​ ​ 172,658 Total short-term investments ​ 216,460 ​ ​ 410,409 Cash, cash equivalents and short-term investments ​ $ 261,749 ​ $ 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 December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value U.S. Treasury notes ​ $ 40,628 ​ $ 1,320 ​ $ — ​ $ 41,948 Corporate debt securities ​ ​ 75,297 ​ 1,540 ​ — ​ 76,837 Total available-for-sale investments ​ $ 115,925 ​ $ 2,860 ​ $ — ​ $ 118,785 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 December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 52,242 ​ $ 53,934 Due after one year through five years ​ ​ 63,683 ​ ​ 64,851 Due after five years through ten years ​ - ​ - Total ​ $ 115,925 ​ $ 118,785 The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Fair Value Due within one year ​ $ 101,252 $ 103,802 Due after one year through five years ​ 201,329 205,521 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 December 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 ​ $ — ​ $ — ​ $ 41,948 ​ $ (1,867) ​ $ 41,948 ​ $ (1,867) Corporate debt securities ​ — ​ — ​ 76,837 ​ (5,728) ​ 76,837 ​ (5,728) Total ​ $ — ​ $ — ​ $ 118,785 ​ $ (7,595) ​ $ 118,785 ​ $ (7,595)
Schedule of unrealized gains (losses) related to equity securities held	Unrealized gains (losses) during 2024, 2023 and 2022 related to equity securities held at December 31, 2024, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net losses recognized during the year on equity securities ​ $ (3,370) ​ $ (3,764) ​ $ (11,406) Less: net gains recognized during the year on equity securities sold during the year ​ 2,471 ​ 5,072 ​ ​ — Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2024, 2023 and 2022 ​ $ (899) ​ $ 1,308 ​ $ (11,406) ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 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 December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ Money market mutual fund ​ $ 134 ​ $ — ​ $ — ​ $ 134 Mutual funds ​ 97,675 ​ — ​ — ​ 97,675 U.S. Treasury notes ​ 41,948 ​ — ​ — ​ 41,948 Corporate debt securities ​ 76,837 ​ — ​ — ​ 76,837 ​ ​ $ 216,594 ​ $ — ​ $ — ​ $ 216,594 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Senior Notes ​ $ — ​ $ 198,217 ​ $ — ​ $ 198,217 Contingent consideration ​ — ​ — ​ ​ 6,559 ​ 6,559 ​ ​ $ — ​ $ 198,217 ​ $ 6,559 ​ $ 204,776 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ Carrying Value Fair Value Carrying Value Fair Value 2026 Senior Notes ​ $ 183,919 ​ $ 164,525 ​ $ 364,362 ​ $ 306,355 2025 Senior Notes ​ $ 14,298 ​ $ 14,125 ​ $ 14,191 ​ $ 13,495
Schedule of (gains) losses recognized in earnings and the change in net assets related to the contingent consideration	The (gains) losses recognized in earnings and the change in net assets related to the contingent consideration at December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Gains ​ ​ Reclassification Foreign Fair Value ​ ​ December 31, ​ recognized in ​ ​ ​ ​ to current ​ Currency ​ December 31, ​ ​ 2023 ​ earnings ​ Payments ​ payables ​ Adjustment ​ 2024 2021 Acquisitions ​ $ 1,006 ​ $ (12) ​ $ — ​ $ — ​ $ (85) ​ $ 909 2022 Acquisitions ​ 2,596 ​ (810) ​ — ​ (906) ​ (138) ​ 742 2023 Acquisitions ​ ​ 5,987 ​ ​ (984) ​ ​ (95) ​ ​ — ​ ​ — ​ ​ 4,908 ​ ​ $ 9,589 ​ $ (1,806) ​ $ (95) ​ $ (906) ​ $ (223) ​ $ 6,559

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2024
Inventories
Schedule of inventories	Inventories consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Raw materials ​ $ 15,175 ​ $ 15,335 Work-in-process ​ ​ 1,116 ​ ​ 1,375 Finished goods ​ 6,179 ​ 9,496 Total ​ $ 22,470 ​ $ 26,206 ​

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property and Equipment
Schedule of property and equipment	Property and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 Cryogenic shippers and data loggers $ 15,619 $ 14,237 Freezers ​ 10,034 ​ 8,934 Furniture and fixtures ​ 5,027 ​ 6,351 Computers and software ​ 5,996 ​ 4,908 Machinery and equipment ​ 21,000 ​ 19,760 Trucks and autos ​ 2,764 ​ 1,878 Leasehold improvements ​ 39,490 ​ 33,688 Buildings ​ 6,809 ​ 6,652 Land ​ 813 ​ 813 Fixed assets in process ​ 27,152 ​ 24,224 ​ ​ 134,704 ​ 121,445 Less accumulated depreciation and amortization ​ (45,865) ​ (36,588) ​ ​ $ 88,839 ​ $ 84,858
Schedule of geographic information with respect to property and equipment	Certain geographic information with respect to property and equipment was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 United States ​ $ 63,548 ​ $ 62,955 Rest of world (1) ​ 25,291 ​ 21,903 Total property and equipment, net ​ $ 88,839 ​ $ 84,858 (1) No individual country exceeded 10% of our total property and equipment for any period presented.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets
Schedule of goodwill	The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Balance at beginning of period ​ ​ ​ ​ ​ Goodwill $ 157,972 ​ $ 151,117 Accumulated impairment losses ​ (49,569) ​ ​ — Subtotal ​ 108,403 ​ ​ 151,117 ​ ​ ​ ​ ​ ​ Activity during the period ​ ​ ​ ​ ​ Foreign currency adjustment ​ (2,381) ​ ​ (284) Goodwill impairment charge ​ (54,563) ​ ​ (49,569) Goodwill related to Tec4med acquisition — ​ 2,694 Goodwill related to Bluebird Express acquisition ​ 201 ​ ​ 4,445 ​ ​ ​ ​ ​ ​ Balance at end of period ​ ​ ​ ​ ​ Goodwill ​ 155,792 ​ ​ 157,972 Accumulated impairment losses ​ (104,132) ​ ​ (49,569) Total $ 51,660 ​ $ 108,403
Schedule of intangible assets	The following table presents our intangible assets as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ ​ ​ Carrying ​ Amortization ​ Amount Amortization Impairment Amount Period (years) Non-compete agreement ​ $ 810 ​ $ 485 ​ $ — ​ $ 325 4 Technology ​ ​ 53,207 ​ ​ 16,159 ​ ​ — ​ ​ 37,048 ​ 7 Customer relationships ​ ​ 131,785 ​ ​ 39,784 ​ ​ — ​ ​ 92,001 ​ 10 Trade name/trademark ​ ​ 947 ​ ​ 351 ​ ​ (265) ​ ​ 331 ​ 9 Agent network ​ ​ 14,020 ​ ​ 11,448 ​ ​ — ​ ​ 2,572 ​ 3 Order backlog ​ ​ 2,600 ​ ​ 2,600 ​ ​ — ​ ​ — ​ — Land use rights ​ ​ 2,198 ​ ​ 307 ​ ​ — ​ ​ 1,891 ​ 33 Patents and trademarks ​ ​ 46,059 ​ ​ 783 ​ ​ (8,980) ​ ​ 36,296 ​ — Total ​ $ 251,626 ​ $ 71,917 ​ $ (9,245) ​ $ 170,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents our intangible assets as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Average ​ ​ Gross ​ Accumulated ​ ​ ​ Carrying ​ Amortization ​ Amount Amortization Impairment 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 December 31, 2024 is as follows (in thousands): ​ ​ ​ ​ ​ Years Ending December 31, Amount 2025 ​ 15,312 2026 ​ 15,040 2027 ​ 14,676 2028 ​ 13,649 2029 ​ 13,319 Thereafter ​ 58,252 ​ ​ $ 130,248 ​

Accrued Compensation and Rela_2

Accrued Compensation and Related Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Accrued Compensation and Related Expenses
Schedule of accrued compensation and related expenses	Accrued compensation and related expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 Accrued salaries and wages $ 10,034 $ 8,639 Accrued paid time off ​ 3,059 ​ 2,770 ​ ​ $ 13,093 ​ $ 11,409 ​

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2024
Convertible Senior Notes
Schedule of convertible senior notes payable	Convertible Senior Notes payable consisted of the following at December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Principal amount of 2025 Senior Notes ​ $ 14,344 ​ $ 14,344 Principal amount of 2026 Senior Notes ​ 186,185 ​ 371,185 Less: unamortized debt issuance costs ​ ​ (2,312) ​ ​ (6,976) Total carrying value of Convertible Senior Notes, net ​ $ 198,217 ​ $ 378,553 Less: current portion of carrying value of Convertible Senior Notes, net ​ ​ (14,298) ​ ​ — Total carrying value of Convertible Senior Notes, net - long-term ​ $ 183,919 ​ $ 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 years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 Coupon interest ​ $ 2,644 ​ $ 3,380 ​ $ 3,496 Amortization of debt issuance costs ​ ​ 1,940 ​ ​ 2,526 ​ 2,537 Total interest expense on Convertible Senior Notes ​ $ 4,584 ​ $ 5,906 ​ $ 6,033

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Payable
Schedule of notes payable	Notes payable, bearing interest rates of 0.6% and 1.06% and maturing September 2030, consisted of the following at December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Principal amount of notes payable ​ 1,257 ​ 1,484 Less: current portion of notes payable ​ (143) ​ (149) Notes payable – long-term ​ $ 1,114 ​ $ 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 years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Interest expense ​ $ 20 ​ $ 12 ​ $ 14 Amortization of debt discount ​ — ​ — ​ 44 Total interest expense on notes payable ​ $ 20 ​ $ 12 ​ $ 58
Schedule of future note payments	Future note payments as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ Years Ending December 31, Amount 2025 ​ $ 143 2026 ​ ​ 144 2027 ​ 141 2028 ​ 130 2029 ​ 131 Thereafter ​ 568 Total note maturities ​ $ 1,257 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases
Schedule of components of lease cost	The components of lease cost were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Operating lease cost ​ $ 8,319 ​ $ 7,294 ​ $ 5,505 ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 436 ​ ​ 219 ​ ​ 79 ​ Interest on finance lease liabilities ​ ​ 135 ​ ​ 61 ​ ​ 12 ​ ​ ​ ​ 571 ​ ​ 280 ​ 91 ​ Total lease cost ​ $ 8,890 ​ $ 7,574 ​ $ 5,596 ​
Schedule of other information related to leases	Other information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Cash Flows Information ​ Year Ended December 31, ​ 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 7,860 $ 6,720 $ 4,733 Operating cash flows from finance leases $ 505 $ 263 $ 82 Financing cash flows from finance leases ​ $ 407 ​ $ 202 ​ $ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases $ 20,990 $ 11,109 $ 12,384 Finance leases ​ $ 936 ​ $ 1,090 ​ $ 259 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Weighted-Average Remaining Lease Term ​ ​ ​ Operating leases 8.8 years 10.8 years ​ Finance leases 3.4 years 4.2 years ​ ​ ​ ​ ​ ​ ​ Weighted-Average Discount Rate ​ Operating leases 7.2 % 8.7 % Finance leases 8.3 % 8.4 %
Schedule of future minimum lease payments under non-cancellable operating leases	Future minimum lease payments under non-cancellable leases that have commenced as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Years Ending December 31 Leases Leases 2025 $ 8,766 $ 609 2026 ​ 8,135 ​ 581 2027 ​ 7,444 ​ 456 2028 ​ 6,272 ​ 314 2029 ​ ​ 5,260 ​ ​ 29 Thereafter ​ 32,947 ​ — Total future minimum lease payments ​ 68,824 ​ 1,989 Less: imputed interest ​ (19,328) ​ (256) Total ​ $ 49,496 ​ $ 1,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Reported as of December 31, 2024 Leases Leases Current lease liabilities ​ $ 5,419 ​ $ 488 Noncurrent lease liabilities ​ 44,077 ​ 1,245 Total ​ $ 49,496 ​ $ 1,733 ​
Schedule of future minimum lease payments under non-cancellable finance leases	Future minimum lease payments under non-cancellable leases that have commenced as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Years Ending December 31 Leases Leases 2025 $ 8,766 $ 609 2026 ​ 8,135 ​ 581 2027 ​ 7,444 ​ 456 2028 ​ 6,272 ​ 314 2029 ​ ​ 5,260 ​ ​ 29 Thereafter ​ 32,947 ​ — Total future minimum lease payments ​ 68,824 ​ 1,989 Less: imputed interest ​ (19,328) ​ (256) Total ​ $ 49,496 ​ $ 1,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance Reported as of December 31, 2024 Leases Leases Current lease liabilities ​ $ 5,419 ​ $ 488 Noncurrent lease liabilities ​ 44,077 ​ 1,245 Total ​ $ 49,496 ​ $ 1,733 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Schedule of common stock issuable upon vesting, conversion or exercise of stock options, as applicable, restricted stock units, the Convertible Senior Notes and the Series C Preferred Stock	As of December 31, 2024, approximately 16.2 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 6,802,474 Vesting of restricted stock units ​ 1,039,091 Conversion of Series C Preferred Stock ​ 6,133,876 Conversion of convertible 2026 Senior Notes ​ 1,583,280 Conversion of convertible 2025 Senior Notes ​ 599,953 Total shares of common stock reserved for future issuances 16,158,674 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation
Schedule of assumptions used in the fair value estimation of each option grant	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ 2022 ​ Expected life (years) ​ 3.8 – 4.9 ​ 3.8 - 5.2 ​ ​ 3.8 - 5.2 ​ Risk-free interest rate 3.5% - 4.5 % 3.5% - 4.4 % 2.1% - 3.7 % Volatility ​ 68.9% – 74.9 % 69.9% - 80.0 % ​ 67.5% - 78.6 % Dividend yield 0% ​ 0% ​ 0% ​
Schedule of stock-based compensation expense related to all of our share-based payment awards	Total stock-based compensation expense related to all of our share-based payment awards is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Cost of revenue ​ $ 2,639 ​ $ 2,216 ​ $ 1,459 Selling, general and administrative ​ 15,765 ​ 18,805 ​ 16,808 Engineering and development ​ 1,300 ​ 1,787 ​ 1,815 ​ ​ $ 19,704 ​ $ 22,808 ​ $ 20,082
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, 2021 7,027,941 ​ $ 13.97 ​ Granted (weighted-average fair value of $17.17 per share) 589,287 ​ ​ 30.12 ​ Exercised (206,898) ​ 9.90 ​ Forfeited (69,809) ​ 43.42 ​ Outstanding — December 31, 2022 7,340,521 ​ ​ 15.10 ​ Granted (weighted-average fair value of $11.86 per share) ​ 432,990 ​ ​ 20.63 ​ ​ ​ ​ Exercised (407,814) ​ 3.63 ​ ​ Forfeited (140,877) ​ 24.82 ​ ​ Outstanding — December 31, 2023 ​ 7,224,820 ​ $ 15.88 ​ — ​ ​ — Granted (weighted-average fair value of $7.52 per share) ​ 342,531 ​ ​ 13.63 ​ — ​ ​ — Exercised (582,170) ​ 4.79 — ​ ​ — Forfeited ​ (182,707) ​ ​ 28.47 ​ — ​ ​ — Outstanding — December 31, 2024 6,802,474 ​ $ 16.38 3.6 ​ $ 6,864 Vested (exercisable) — December 31, 2024 6,229,380 ​ $ 15.85 3.5 ​ $ 6,863 Expected to vest after December 31, 2024 (unexercisable) 573,094 ​ $ 22.14 5.4 ​ $ 1 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the Company’s common stock on December 31, 2024, (the last trading day of the year) which was $7.78 per share.
Summary of stock options outstanding and exercisable	The following table summarizes information with respect to stock options outstanding and exercisable at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Remaining Average ​ ​ Average ​ Number Contractual Exercise Number ​ Exercise Exercise Price Outstanding Life -Years Price Exercisable Price $1.87 – 3.44 942,957 1.6 ​ $ 2.77 942,957 ​ $ 2.77 $4.80 – 6.65 761,939 0.9 ​ $ 4.97 761,939 ​ $ 4.97 $7.76 – 10.77 921,906 2.8 ​ $ 8.58 871,496 ​ $ 8.57 $11.12– 14.96 973,982 4.5 ​ $ 12.87 914,004 ​ $ 12.88 $15.18 – 16.95 1,425,227 5.3 ​ $ 16.68 1,268,587 ​ $ 16.76 $17.72 – 36.68 1,216,219 4.9 ​ $ 24.75 940,548 ​ $ 24.29 $41.14 – 72.07 560,244 3.9 ​ $ 54.79 529,849 ​ $ 54.66 ​ 6,802,474 ​ ​ ​ ​ ​ 6,229,380 ​ ​ ​ ​
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Restricted ​ Fair Value per ​ ​ Stock Units ​ Share Outstanding — December 31, 2021 ​ 373,849 ​ $ 55.53 Granted ​ 526,821 ​ ​ 30.26 Share issuance ​ (101,070) ​ ​ 55.43 Forfeited ​ (71,616) ​ ​ 44.4 Outstanding — December 31, 2022 ​ 727,984 ​ $ 38.32 Granted ​ 667,319 ​ ​ 19.8 Share issuance ​ (228,932) ​ ​ 37.63 Forfeited ​ (89,742) ​ ​ 29.34 Outstanding — December 31, 2023 1,076,629 ​ $ 27.73 Granted 460,599 ​ 14.26 Share issuance (355,058) ​ 30.04 Forfeited (143,079) ​ 23.14 Outstanding — December 31, 2024 1,039,091 ​ $ 21.75 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Schedule of loss before income tax, domestic and foreign	Loss before provision for income taxes was attributed to the following jurisdictions for the years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 United States ​ $ (66,278) ​ $ (70,227) ​ $ (34,854) Foreign ​ (47,202) ​ (29,121) ​ (240) ​ ​ $ (113,480) ​ $ (99,348) ​ $ (35,094)
Schedule of components of provision for income taxes	The provision for income taxes consists of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 Current: ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — State ​ 59 ​ 73 ​ 70 Foreign ​ 1,663 ​ 2,263 ​ 2,634 Total current expense ​ 1,722 ​ 2,336 ​ 2,704 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ Federal ​ (200) ​ (278) ​ (7,712) State ​ (126) ​ (423) ​ (191) Foreign ​ (120) ​ (1,396) ​ (1,545) Change in valuation allowance ​ — ​ — ​ 8,983 Total deferred expense ​ (446) ​ (2,097) ​ (465) Total provision for income taxes ​ $ 1,276 ​ $ 239 ​ $ 2,239
Schedule of significant components of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 57,553 ​ $ 53,804 Expenses recognized for granting of options and warrants ​ 5,550 ​ 5,654 Interest expense ​ 1,588 ​ 1,850 Unrealized losses ​ 5,211 ​ 3,918 Capitalized research & experimentation ​ 7,026 ​ 5,224 R&D tax credit ​ 4,062 ​ 3,761 Accrued expenses and reserves ​ 1,954 ​ 806 Goodwill ​ ​ 9,420 ​ ​ 3,526 Lease liability ​ 9,155 ​ 5,076 Total deferred tax assets ​ 101,519 ​ 83,619 Valuation allowance ​ (92,890) ​ (77,194) ​ ​ $ 8,629 ​ $ 6,425 Deferred tax liabilities: ​ ​ Goodwill ​ $ — ​ $ — Right-of-use assets ​ (8,698) ​ (4,674) Intangibles ​ (229) ​ (2,926) Unremitted foreign earnings ​ (1,365) ​ (985) Total deferred tax liability ​ (10,292) ​ (8,585) Net deferred tax liability ​ $ (1,663) ​ $ (2,160) ​ Our net deferred tax liability as presented in our consolidated balance sheet consists of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets ​ $ 868 ​ $ 656 Deferred tax liabilities ​ (2,531) ​ (2,816) Net deferred tax liability ​ $ (1,663) ​ $ (2,160)
Schedule of provision (benefit) for income taxes differing from that computed using the federal statutory rate applied to loss before provision for income taxes	The provision for (benefit from) income taxes differs from that computed using the federal statutory rate applied to loss before provision for income taxes as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Computed tax benefit at federal statutory rate ​ $ (23,831) ​ $ (20,863) ​ $ (7,370) State tax, net of federal benefit ​ (72) ​ (277) ​ 296 Non-deductible loss on debt extinguishment ​ — ​ — ​ — Stock compensation ​ 1,397 ​ 1,660 ​ 1,881 Deemed foreign dividend income ​ 675 ​ 1,874 ​ — R&D tax credit ​ (341) ​ (793) ​ (590) Permanent differences and other ​ 2,517 ​ (172) ​ 352 Transaction cost ​ (366) ​ 20 ​ 160 Executive compensation ​ 47 ​ 40 ​ 83 Rate changes ​ (1,131) ​ (471) ​ (113) Impairment of goodwill ​ ​ 5,179 ​ ​ 3,614 ​ ​ — Contingencies ​ 146 ​ (613) ​ (1,443) Valuation allowance ​ 17,056 ​ 16,220 ​ 8,983 ​ ​ $ 1,276 ​ $ 239 ​ $ 2,239
Schedule of reconciliation of unrecognized tax positions	A reconciliation of the beginning and ending amounts of unrecognized tax positions are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Unrecognized tax positions, beginning of period ​ $ 2,889 ​ $ 3,474 ​ $ 4,932 Gross increase – current period tax positions ​ 110 ​ 133 ​ 214 Gross decrease – prior period tax positions ​ — ​ (718) ​ (1,672) Gross increase – prior period tax positions ​ 479 ​ — ​ — Expiration of statute of limitations ​ — ​ — ​ — Unrecognized tax positions, end of period ​ $ 3,478 ​ $ 2,889 ​ $ 3,474

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting
Schedule of information about segments	Information about our segments is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ Year Ended December 31, 2023 ​ Year Ended December 31, 2022 ​ Life Sciences Services Life Sciences Products Total Life Sciences Services Life Sciences Products Total ​ Life Sciences Services Life Sciences Products Total Revenue from external customers 1 ​ $ 156,951 ​ $ 71,434 ​ $ 228,385 ​ $ 145,781 ​ $ 87,474 ​ $ 233,255 ​ $ 135,179 ​ $ 102,098 ​ $ 237,277 Intersegment revenue ​ 6,709 ​ 541 ​ 7,250 ​ 4,147 ​ 1,506 ​ 5,653 ​ 3,132 ​ 2,040 ​ 5,172 ​ ​ ​ 163,660 ​ ​ 71,975 ​ ​ 235,635 ​ ​ 149,928 ​ ​ 88,980 ​ ​ 238,908 ​ ​ 138,311 ​ ​ 104,138 ​ ​ 242,449 Reconciliation of revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Elimination of intersegment revenue ​ ​ ​ ​ ​ ​ ​ ​ (7,250) ​ ​ ​ ​ ​ ​ ​ ​ (5,653) ​ ​ ​ ​ ​ ​ ​ ​ (5,172) Total consolidated revenue ​ ​ ​ ​ ​ ​ ​ ​ 228,385 ​ ​ ​ ​ ​ ​ ​ ​ 233,255 ​ ​ ​ ​ ​ ​ ​ ​ 237,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue 1, 2 ​ ​ 65,763 ​ ​ 30,566 ​ ​ ​ ​ ​ 63,986 ​ ​ 38,092 ​ ​ ​ ​ ​ 60,609 ​ ​ 44,405 ​ ​ ​ Employee related expenses ​ ​ 75,794 ​ ​ 20,966 ​ ​ ​ ​ ​ 65,115 ​ ​ 22,830 ​ ​ ​ ​ ​ 52,724 ​ ​ 21,009 ​ ​ ​ Engineering and development expense 3 ​ ​ 4,933 ​ ​ 2,119 ​ ​ ​ ​ ​ 5,886 ​ ​ 2,230 ​ ​ ​ ​ ​ 5,830 ​ ​ 1,801 ​ ​ ​ Rent ​ ​ 8,521 ​ ​ 772 ​ ​ ​ ​ ​ 7,773 ​ ​ 922 ​ ​ ​ ​ ​ 4,842 ​ ​ 636 ​ ​ ​ Other segment items 4 ​ ​ 19,009 ​ ​ 4,843 ​ ​ ​ ​ ​ 21,747 ​ ​ 4,680 ​ ​ ​ ​ ​ 16,253 ​ ​ 5,573 ​ ​ ​ Adjusted EBITDA for reportable segments ​ $ (10,360) ​ $ 12,709 ​ $ 2,349 ​ $ (14,579) ​ $ 20,226 ​ $ 5,647 ​ $ (1,947) ​ $ 30,714 ​ $ 28,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate overhead costs ​ ​ ​ ​ ​ ​ ​ ​ (17,467) ​ ​ ​ ​ ​ ​ ​ ​ (13,951) ​ ​ ​ ​ ​ ​ ​ ​ (14,860) Depreciation and amortization expense ​ ​ ​ ​ ​ ​ ​ ​ (30,757) ​ ​ ​ ​ ​ ​ ​ ​ (27,487) ​ ​ ​ ​ ​ ​ ​ ​ (22,765) Acquisition and integration costs ​ ​ ​ ​ ​ ​ ​ ​ (899) ​ ​ ​ ​ ​ ​ ​ ​ (6,945) ​ ​ ​ ​ ​ ​ ​ ​ (2,164) Cost reduction initiatives ​ ​ ​ ​ ​ ​ ​ ​ (1,884) ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ - Investment income ​ ​ ​ ​ ​ ​ ​ ​ 9,895 ​ ​ ​ ​ ​ ​ ​ ​ 10,577 ​ ​ ​ ​ ​ ​ ​ ​ 8,474 Unrealized (gain)/loss on investments ​ ​ ​ ​ ​ ​ ​ ​ (5,038) ​ ​ ​ ​ ​ ​ ​ ​ 1,242 ​ ​ ​ ​ ​ ​ ​ ​ (11,508) Gain on insurance claim ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ 2,642 ​ ​ ​ ​ ​ ​ ​ ​ 4,815 Other non-recurring costs ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ (437) ​ ​ ​ ​ ​ ​ ​ ​ - Foreign currency (gain)/loss ​ ​ ​ ​ ​ ​ ​ ​ (2,410) ​ ​ ​ ​ ​ ​ ​ ​ 964 ​ ​ ​ ​ ​ ​ ​ ​ 584 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ (4,108) ​ ​ ​ ​ ​ ​ ​ ​ (5,503) ​ ​ ​ ​ ​ ​ ​ ​ (6,142) Gain on extinguishment of debt, net ​ ​ ​ ​ ​ ​ ​ ​ 18,505 ​ ​ ​ ​ ​ ​ ​ ​ 5,679 ​ ​ ​ ​ ​ ​ ​ ​ - Impairment loss ​ ​ ​ ​ ​ ​ ​ ​ (63,809) ​ ​ ​ ​ ​ ​ ​ ​ (49,569) ​ ​ ​ ​ ​ ​ ​ ​ - Change in fair value of contingent consideration ​ ​ ​ ​ ​ ​ ​ ​ 1,847 ​ ​ ​ ​ ​ ​ ​ ​ 601 ​ ​ ​ ​ ​ ​ ​ ​ (213) Stock-based compensation expense ​ ​ ​ ​ ​ ​ ​ ​ (19,704) ​ ​ ​ ​ ​ ​ ​ ​ (22,808) ​ ​ ​ ​ ​ ​ ​ ​ (20,082) Income taxes ​ ​ ​ ​ ​ ​ ​ ​ (1,276) ​ ​ ​ ​ ​ ​ ​ ​ (239) ​ ​ ​ ​ ​ ​ ​ ​ (2,239) Net loss ​ ​ ​ ​ ​ ​ ​ $ (114,756) ​ ​ ​ ​ ​ ​ ​ $ (99,587) ​ ​ ​ ​ ​ ​ ​ $ (37,333) ​ (1) Life Sciences Services segment includes immaterial revenue from external customers and cost of revenue associated with life sciences products revenue and cost of products revenue, respectively. (2) Cost of revenue is exclusive of employee related expenses of $26.4 million, $24.8 million, and $23.1 million, depreciation and amortization of $7.6 million, $6.4 million, and $4.4 million, stock-based compensation of $2.6 million, $2.7 million, and $2.5 million, and rent of $2.6 million, $2.2 million, and $1.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Engineering and development expense is exclusive of employee related expenses of $9.0 million, $7.9 million, and $6.3 million, stock-based compensation of $1.4 million, $1.7 million, and $1.5 million, and depreciation and amortization of $0.2 million, $0.4 million, and $0.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. (4) Other segment items primarily includes professional services, facility allocations, dues and subscriptions, audit fees, insurance, legal fees, and travel expense.

Nature of the Business (Details

Nature of the Business (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) customer
Nature of the Business
Number of strategic locations	50
Number of customers | customer	3,000
Number of colleagues	1,100

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)		6 Months Ended	12 Months Ended
	Jun. 29, 2020	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 12, 2021	Mar. 11, 2021	May 31, 2020
Summary of Significant Accounting Policies
Maturity period on highly liquid investments			90 days
Goodwill impairment charge			$ 54,563,000	$ 49,569,000
Estimated useful life			5 years
Material unrecognized tax benefits			$ 0	0
Aggregate purchase price (in shares)			0		1,604,994
Amount of maximum allowed research and development credit usage	$ 5,000,000
Executive compensation limit							$ 1,000,000
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]			true
Product warranty accrued liabilities			$ 900,000	700,000
Share-based compensation arrangement by share-based payment award, award vesting period			4 years
Foreign currency translation gain (loss)			$ (4,300,000)	(1,300,000)	$ (9,800,000)
2026 Senior Notes
Summary of Significant Accounting Policies
Interest rate on convertible note (as a percent)			0.75%			0.75%
2025 Senior Notes
Summary of Significant Accounting Policies
Interest rate on convertible note (as a percent)			3%					3%
MVE
Summary of Significant Accounting Policies
Goodwill impairment charge			$ 54,600,000	$ 49,600,000
Trademarks | MVE
Summary of Significant Accounting Policies
Impairment charges		$ 9,000,000	9,000,000
Trademarks | Cell & Co
Summary of Significant Accounting Policies
Impairment charges		$ 300,000	$ 300,000
Minimum
Summary of Significant Accounting Policies
Share-based compensation arrangement by share-based payment award, at expiration period			7 years
Minimum | Computer Equipment
Summary of Significant Accounting Policies
Property and equipment useful life			3 years
Minimum | Freezer
Summary of Significant Accounting Policies
Property and equipment useful life			7 years
Minimum | Truck and Auto
Summary of Significant Accounting Policies
Property and equipment useful life			4 years
Minimum | Furniture and Equipment
Summary of Significant Accounting Policies
Property and equipment useful life			3 years
Minimum | Building
Summary of Significant Accounting Policies
Property and equipment useful life			20 years
Maximum
Summary of Significant Accounting Policies
Share-based compensation arrangement by share-based payment award, at expiration period			10 years
Maximum | Computer Equipment
Summary of Significant Accounting Policies
Property and equipment useful life			12 years
Maximum | Freezer
Summary of Significant Accounting Policies
Property and equipment useful life			10 years
Maximum | Truck and Auto
Summary of Significant Accounting Policies
Property and equipment useful life			10 years
Maximum | Furniture and Equipment
Summary of Significant Accounting Policies
Property and equipment useful life			15 years
Maximum | Building
Summary of Significant Accounting Policies
Property and equipment useful life			45 years

Revenue, Concentration and Ge_3

Revenue, Concentration and Geographic Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Revenue, Concentration and Geographic Information
Total revenue	$ 228,385	$ 233,255	$ 237,277
Number of customers | customer	3,000
Contract liabilities	$ 1,100	1,300
Contract with customer liability on revenue recognized	700	2,100	1,400
Accounts receivable, allowance for credit loss	1,800	2,000
Foreign Customers
Revenue, Concentration and Geographic Information
Total revenue	$ 102,000	$ 106,000	$ 109,100
Sales Revenue, Net | Foreign Customers | Customer Concentration Risk
Revenue, Concentration and Geographic Information
Concentration risk, percentage	44.70%	45.50%	46%
Sales Revenue, Net | Customer One | Customer Concentration Risk
Revenue, Concentration and Geographic Information
Concentration risk, percentage		10.50%
Number of customers | item		1

Revenue, Concentration and Ge_4

Revenue, Concentration and Geographic Information - Revenue Disaggregation by Major Source (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024 segment	Sep. 30, 2024 segment	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue, Concentration and Geographic Information
Number of reportable segments | segment	2	1	2
Total revenue			$ 228,385	$ 233,255	$ 237,277
Life sciences services
Revenue, Concentration and Geographic Information
Total revenue			153,660	144,087	133,879
BioLogistics Solutions
Revenue, Concentration and Geographic Information
Total revenue			138,635	130,498	124,798
BioStorage/BioServices
Revenue, Concentration and Geographic Information
Total revenue			15,025	13,589	9,081
Life sciences products
Revenue, Concentration and Geographic Information
Total revenue			$ 74,725	$ 89,168	$ 103,398

Revenue, Concentration and Ge_5

Revenue, Concentration and Geographic Information - Disaggregation Our Geographical Revenues by Origin (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Concentration and Geographic Information
Total revenue	$ 228,385	$ 233,255	$ 237,277
Americas
Revenue, Concentration and Geographic Information
Total revenue	126,373	127,213	128,209
Europe, the Middle East, and Africa (EMEA)
Revenue, Concentration and Geographic Information
Total revenue	59,596	60,883	66,913
Asia Pacific (APAC)
Revenue, Concentration and Geographic Information
Total revenue	$ 42,416	$ 45,159	$ 42,155

Revenue, Concentration and Ge_6

Revenue, Concentration and Geographic Information -Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance of allowance for credit losses, beginning of period	$ 1,992	$ 1,275
Change in expected credit losses	(27)	812
Write-offs, net of recoveries	(186)	(95)
Balance of allowance for credit losses, end of period	$ 1,779	$ 1,992

Net Loss Per Share (Details)

Net Loss Per Share (Details)	12 Months Ended
	Dec. 31, 2024	Nov. 12, 2021	May 31, 2020
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%	0.75%
2025 Senior Notes
Net Loss Per Share
Interest rate on convertible note (as a percent)	3%		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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Loss Per Share
Net loss	$ (114,756)	$ (99,587)	$ (37,333)
Paid-in-kind dividend on Series C convertible preferred stock	(8,000)	(8,000)	(8,000)
Net loss attributable to common stockholders	$ (122,756)	$ (107,587)	$ (45,333)
Weighted average common shares issued and outstanding - basic (in shares)	49,349,624	48,737,377	48,987,295
Weighted average common shares issued and outstanding - diluted (in shares)	49,349,624	48,737,377	48,987,295
Net loss per share - basic (in dollars per share)	$ (2.49)	$ (2.21)	$ (0.93)
Net loss per share - diluted (in dollars per share)	$ (2.49)	$ (2.21)	$ (0.93)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Shares (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	10,493,782	13,214,338	14,609,804
Series C convertible preferred stock
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	6,133,876	5,894,535	5,664,532
Employee Stock Option
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	1,137,582	2,486,737	4,194,554
Restricted stock units
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	1,039,091	1,076,629	727,984
Convertible Senior Notes
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share, amount	2,183,233	3,756,437	4,022,734

Acquisitions (Details)

Acquisitions (Details) $ in Thousands, € in Millions	1 Months Ended								12 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	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Jul. 31, 2022 EUR (€)	Apr. 30, 2022 EUR (€)
Acquisitions
Goodwill									$ 51,660	$ 108,403			$ 151,117
Global Supply Chain Center
Acquisitions
Total purchase consideration			$ 600	€ 0.6
Upfront cash consideration			1,900	1.8
Acquisitions note payable			$ 1,100	€ 1
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
Upfront cash consideration	$ 4,500
Years of industry experience	20 years	20 years
Earn-out provision at fair value	$ 5,700
Purchase consideration allocated to identifiable intangible assets	3,650
Cash consideration									10,400
Net working capital settlement									200
Goodwill expected to be deductible for income tax purposes	4,400
Acquisition-related transaction costs	400
Revenues										241,200
Net loss										$ 100,000
Goodwill	4,445								$ 4,600
Cell & Co
Acquisitions
Total purchase consideration							$ 6,200	€ 5.7
Upfront cash consideration							3,500	€ 3.2
Purchase consideration allocated to goodwill							300
Earn-out provision at fair value							2,200								€ 2
Goodwill expected to be deductible for income tax purposes							$ 3,400
Stock issued | shares							15,152	15,152
Business combination equity interest shares issuable | shares							400,000	400,000
Goodwill							$ 2,700
Polar Express
Acquisitions
Purchase consideration allocated to goodwill	$ 4,400				$ 1,700
Earn-out provision at fair value					1,400									€ 1.4
Purchase consideration allocated to identifiable intangible assets					1,000
Cash consideration					1,400	€ 1.4
Purchase consideration					2,800									2.8
Cell Matters
Acquisitions
Total purchase consideration					4,000	€ 3.9
Goodwill					$ 4,700									€ 4.7
Measurement period adjustment											$ 100

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Purchase price allocation:
Goodwill		$ 51,660	$ 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	$ 4,600
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	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquisitions
Annual Amortization Expense		$ 17,000	$ 16,300	$ 15,100
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	Dec. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Cash	$ 45,155	$ 40,979
Cash equivalents:
Money market mutual fund	134	5,367
Total cash and cash equivalents	45,289	46,346
Short-term investments:
Total short-term investments	216,460	410,409
Cash, cash equivalents and short-term investments	261,749	456,755
U.S. Treasury notes and bills
Short-term investments:
Total short-term investments	41,948	136,665
Mutual funds
Short-term investments:
Total short-term investments	97,675	101,085
Corporate debt securities
Short-term investments:
Total short-term investments	$ 76,837	$ 172,658

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-term Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents and Short-Term Investments
Amortized Cost	$ 115,925	$ 302,581
Unrealized Gains	2,860	6,764
Unrealized Losses		(22)
Fair Value	118,785	309,323
U.S. Treasury notes
Cash, Cash Equivalents and Short-Term Investments
Amortized Cost	40,628	133,989
Unrealized Gains	1,320	2,697
Unrealized Losses		(21)
Fair Value	41,948	136,665
Corporate debt securities
Cash, Cash Equivalents and Short-Term Investments
Amortized Cost	75,297	168,592
Unrealized Gains	1,540	4,067
Unrealized Losses		(1)
Fair Value	$ 76,837	$ 172,658

Cash, Cash Equivalents and Sh_5

Cash, Cash Equivalents and Short-term Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents and Short-term Investments
Due within one year, Amortized Cost	$ 52,242	$ 101,252
Due after one year through five years, Amortized Cost	63,683	201,329
Total, Amortized Cost	115,925	302,581
Due within one year, Fair Value	53,934	103,802
Due after one year through five years, Fair Value	64,851	205,521
Total, Fair Value	$ 118,785	$ 309,323

Cash, Cash Equivalents and Sh_6

Cash, Cash Equivalents and Short-term Investments - Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents and Short-Term Investments
12 Months or more, Fair Value	$ 118,785
12 Months or more, Unrealized Losses	(7,595)
Total, Fair Value	118,785
Total, Unrealized Losses	(7,595)
Realized gain (loss) on available-for-sale debt securities	(4,100)	$ (100)	$ (100)
U.S. Treasury notes
Cash, Cash Equivalents and Short-Term Investments
12 Months or more, Fair Value	41,948
12 Months or more, Unrealized Losses	(1,867)
Total, Fair Value	41,948
Total, Unrealized Losses	(1,867)
Corporate debt securities
Cash, Cash Equivalents and Short-Term Investments
12 Months or more, Fair Value	76,837
12 Months or more, Unrealized Losses	(5,728)
Total, Fair Value	76,837
Total, Unrealized Losses	$ (5,728)

Cash, Cash Equivalents and Sh_7

Cash, Cash Equivalents and Short-term Investments - Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents and Short-term Investments
Investments in equity securities	$ 97,700	$ 101,800
Net losses recognized during the year on equity securities	(3,370)	(3,764)	$ (11,406)
Less: net gains recognized during the year on equity securities sold during the year	2,471	5,072
Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2024, 2023 and 2022	$ (899)	$ 1,308	$ (11,406)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contingent consideration
Fair Value Measurements
Liabilities	$ 6,600	$ 9,600
Recurring
Fair Value Measurements
Assets	216,594	415,775
Liabilities	204,776	388,142
Recurring | Mutual funds
Fair Value Measurements
Assets	97,675	101,085
Recurring | U.S. Treasury notes
Fair Value Measurements
Assets	41,948	136,665
Recurring | Corporate debt securities
Fair Value Measurements
Assets	76,837	172,658
Recurring | Convertible Senior Notes
Fair Value Measurements
Liabilities	198,217	378,553
Recurring | Contingent consideration
Fair Value Measurements
Liabilities	6,559	9,589
Recurring | Money market mutual fund
Fair Value Measurements
Assets	134	5,367
Recurring | Level 1
Fair Value Measurements
Assets	216,594	415,775
Recurring | Level 1 | Mutual funds
Fair Value Measurements
Assets	97,675	101,085
Recurring | Level 1 | U.S. Treasury notes
Fair Value Measurements
Assets	41,948	136,665
Recurring | Level 1 | Corporate debt securities
Fair Value Measurements
Assets	76,837	172,658
Recurring | Level 1 | Money market mutual fund
Fair Value Measurements
Assets	134	5,367
Recurring | Level 2
Fair Value Measurements
Liabilities	198,217	378,553
Recurring | Level 2 | Convertible Senior Notes
Fair Value Measurements
Liabilities	198,217	378,553
Recurring | Level 3
Fair Value Measurements
Liabilities	6,559	9,589
Recurring | Level 3 | Contingent consideration
Fair Value Measurements
Liabilities	$ 6,559	$ 9,589

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Values and Carrying Values (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Carrying Value	$ 183,919	$ 378,553
2026 Senior Notes
Fair Value Measurements
Carrying Value	183,919	364,362
Fair Value	164,525	306,355
2025 Senior Notes
Fair Value Measurements
Carrying Value	14,298	14,191
Fair Value	$ 14,125	$ 13,495

Fair Value Measurements - Gains

Fair Value Measurements - Gains (Losses) Recognized in Earnings and Change in Net Asset (Details) - Contingent consideration - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value Measurements
Fair Value December 31, 2023	$ 9,589
Gains recognized in earnings	(1,806)
Payments	(95)
Reclassification to current payables	(906)
Foreign Currency Adjustment	(223)
Fair Value December 31, 2024	6,559
2021 Acquisitions
Fair Value Measurements
Fair Value December 31, 2023	1,006
Gains recognized in earnings	$ (12)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses
Foreign Currency Adjustment	$ (85)
Fair Value December 31, 2024	909
2022 Acquisitions
Fair Value Measurements
Fair Value December 31, 2023	2,596
Gains recognized in earnings	$ (810)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses
Reclassification to current payables	$ (906)
Foreign Currency Adjustment	(138)
Fair Value December 31, 2024	742
2023 Acquisitions
Fair Value Measurements
Fair Value December 31, 2023	5,987
Gains recognized in earnings	$ (984)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses
Payments	$ (95)
Fair Value December 31, 2024	$ 4,908

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Contingent consideration - USD ($) $ in Millions	12 Months Ended
	Dec. 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	$ 6.6	$ 9.6

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventories
Raw materials	$ 15,175	$ 15,335
Work-in-process	1,116	1,375
Finished goods	6,179	9,496
Total	$ 22,470	$ 26,206

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment
Property and equipment, gross	$ 134,704	$ 121,445
Less accumulated depreciation and amortization	(45,865)	(36,588)
Total property and equipment, net	88,839	84,858
Cryogenic shippers and data loggers
Property and Equipment
Property and equipment, gross	15,619	14,237
Freezers
Property and Equipment
Property and equipment, gross	10,034	8,934
Furniture and fixtures
Property and Equipment
Property and equipment, gross	5,027	6,351
Computers and software
Property and Equipment
Property and equipment, gross	5,996	4,908
Machinery and equipment
Property and Equipment
Property and equipment, gross	21,000	19,760
Trucks and autos
Property and Equipment
Property and equipment, gross	2,764	1,878
Leasehold improvements
Property and Equipment
Property and equipment, gross	39,490	33,688
Buildings
Property and Equipment
Property and equipment, gross	6,809	6,652
Land
Property and Equipment
Property and equipment, gross	813	813
Fixed assets in process
Property and Equipment
Property and equipment, gross	$ 27,152	$ 24,224

Property and Equipment - Geogra

Property and Equipment - Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Geographic information
Total property and equipment, net	$ 88,839	$ 84,858
United States
Geographic information
Total property and equipment, net	63,548	62,955
Rest of world
Geographic information
Total property and equipment, net	$ 25,291	$ 21,903

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Total depreciation and amortization expense	$ 13,600	$ 11,200	$ 7,700
Finance leases	1,700	1,200
Accumulated amortization	700	200
Property and equipment, gross	134,704	121,445
Fixed assets in process
Property and Equipment
Property and equipment, gross	27,152	$ 24,224
Fixed assets in process | United States, Belgium and France
Property and Equipment
Property and equipment, gross	$ 22,100

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Gross goodwill, beginning balance	$ 157,972	$ 151,117
Accumulated impairment losses, beginning balance	(49,569)
Net goodwill, beginning balance	108,403	151,117
Foreign currency adjustment	(2,381)	(284)
Goodwill impairment charge	(54,563)	(49,569)
Gross goodwill, ending balance	155,792	157,972
Accumulated impairment losses, ending balance	(104,132)	(49,569)
Net goodwill, ending balance	51,660	108,403
Tec4med acquisition
Goodwill
Goodwill acquired during period		2,694
Bluebird Express acquisition
Goodwill
Goodwill acquired during period	201	$ 4,445
Net goodwill, ending balance	$ 4,600

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Impairment of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill impairment charge	$ 54,563	$ 49,569
Goodwill	51,660	108,403	$ 151,117
MVE
Goodwill
Goodwill impairment charge	$ 54,600	$ 49,600
Percentage of discount rate	12.50%	12%
Goodwill		$ 55,200

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets
Gross Amount		$ 251,626	$ 247,250
Accumulated Amortization		71,917	52,868
Impairment		(9,245)
Net Carrying Amount		170,464	194,382
Non-compete agreement
Goodwill and Intangible Assets
Gross Amount		810	810
Accumulated Amortization		485	368
Net Carrying Amount		$ 325	$ 442
Weighted Average Amortization Period (years)		4 years	5 years
Technology
Goodwill and Intangible Assets
Gross Amount		$ 53,207	$ 50,376
Accumulated Amortization		16,159	11,205
Net Carrying Amount		$ 37,048	$ 39,171
Weighted Average Amortization Period (years)		7 years	9 years
Customer relationships
Goodwill and Intangible Assets
Gross Amount		$ 131,785	$ 131,578
Accumulated Amortization		39,784	29,964
Net Carrying Amount		$ 92,001	$ 101,614
Weighted Average Amortization Period (years)		10 years	11 years
Trademarks
Goodwill and Intangible Assets
Gross Amount		$ 947	$ 938
Accumulated Amortization		351	211
Impairment		(265)
Net Carrying Amount		$ 331	$ 727
Weighted Average Amortization Period (years)		9 years	10 years
Trademarks | MVE Cryobiological Storage Business
Goodwill and Intangible Assets
Impairment charges	$ 9,000	$ 9,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges
Trademarks | Cell & Co
Goodwill and Intangible Assets
Impairment charges	$ 300	300
Agent network
Goodwill and Intangible Assets
Gross Amount		14,020	$ 13,761
Accumulated Amortization		11,448	8,148
Net Carrying Amount		$ 2,572	$ 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		307	247
Net Carrying Amount		$ 1,891	$ 2,008
Weighted Average Amortization Period (years)		33 years	34 years
Patents and trademarks
Goodwill and Intangible Assets
Gross Amount		$ 46,059	$ 44,932
Accumulated Amortization		783	125
Impairment		(8,980)
Net Carrying Amount		$ 36,296	$ 44,807

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expected Future Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Expected future amortization of intangible assets
2025	$ 15,312
2026	15,040
2027	14,676
2028	13,649
2029	13,319
Thereafter	58,252
Future amortization of intangible assets	$ 130,248

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets
Amortization expense for intangible assets	$ 17	$ 16.3	$ 15.1

Accrued Compensation and Rela_3

Accrued Compensation and Related Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Compensation and Related Expenses
Accrued salaries and wages	$ 10,034	$ 8,639
Accrued paid time off	3,059	2,770
Total accrued compensation and related expenses	$ 13,093	$ 11,409

Convertible Senior Notes - Comp

Convertible Senior Notes - Components of Convertible Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Convertible Senior Notes
Less: unamortized debt issuance costs	$ (2,312)	$ (6,976)
Total carrying value of Convertible Senior Notes, net	198,217	378,553
Less: current portion of carrying value of Convertible Senior Notes, net	(14,298)
Carrying Value	183,919	378,553
2025 Senior Notes
Convertible Senior Notes
Principal amount of Senior Notes	14,344	14,344
Carrying Value	14,298	14,191
2026 Senior Notes
Convertible Senior Notes
Principal amount of Senior Notes	186,185	371,185
Carrying Value	$ 183,919	$ 364,362

Convertible Senior Notes - Inte

Convertible Senior Notes - Interest Expenses Incurred on Convertible Notes Payable (Details) - Convertible Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Convertible Senior Notes
Coupon interest	$ 2,644	$ 3,380	$ 3,496
Amortization of debt issuance costs	1,940	2,526	2,537
Total interest expense	$ 4,584	$ 5,906	$ 6,033

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended					12 Months Ended
	Nov. 12, 2021	Aug. 31, 2024	Jul. 31, 2024	May 31, 2024	Sep. 30, 2023	May 31, 2020	Dec. 31, 2024	Dec. 31, 2023	Nov. 09, 2021
Convertible Senior Notes
Initial conversion price (in dollars per share)							$ 117.59
Expected life of the debt							5 years
Gain/Loss on extinguishment of debt							$ 18,505	$ 5,679
Repurchase Programs
Convertible Senior Notes
Authorized amount of repurchases		$ 200,000
Amount of remaining repurchase authorization							$ 73,900
Senior Notes
Convertible Senior Notes
Common stock issued upon conversion of senior notes							4,810,002
2026 Senior Notes
Convertible Senior Notes
Principal amount of notes payable							$ 186,185	371,185
Aggregate principal amount	$ 402,500						$ 1,000
Effective interest rate on notes	0.75%						1.39%
Accrued interest							$ 100
Common stock issued upon conversion of senior notes	3,422,780						1,583,280
Initial conversion price (in dollars per share)	$ 1,000
Minimum aggregate principal needed to redeem outstanding convertible debt							$ 100,000
Exclusive right of noteholders on event of default, maximum percentage of special interest on principal amount							25%
Exclusive right of noteholders on event of default, maximum number of days to receive special interest on Senior Notes							180 days
Percentage of common stock exceeding conversion price							130%
Additional interest rate (as a percent)							0.50%
Debt issuance costs							$ 12,600
Expected life of the debt							5 years
Conversion price of company's common stock	$ 8.5038
Repurchased debt					$ 31,300
Threshold maximum conversion rate							12.3304
Repurchase price					25,000
Gain/Loss on extinguishment of debt								5,700
Write off of related deferred financing costs								600
2026 Senior Notes | Repurchase Programs
Convertible Senior Notes
Gain/Loss on extinguishment of debt							$ 18,500
Write off of related deferred financing costs							2,700
Transaction costs							700
2026 Senior Notes | 2022 Repurchase Program
Convertible Senior Notes
Repurchased debt		160,000	$ 15,000	$ 10,000	31,300
Repurchase price		$ 141,600	$ 12,900	$ 8,700	$ 25,000
2025 Senior Notes
Convertible Senior Notes
Principal amount of notes payable							14,344	$ 14,344
Aggregate principal amount						$ 115,000	$ 1,000
Effective interest rate on notes						3%	3.74%
Accrued interest							$ 40
Conversion price							130
Common stock issued upon conversion of senior notes							599,953
Initial conversion price (in dollars per share)							$ 41.8261
Exclusive right of noteholders on event of default, maximum percentage of special interest on principal amount							25%
Debt issuance costs							$ 4,100
Conversion price of company's common stock							$ 23.91
Threshold maximum conversion rate							48.1
Notes payable									$ 100,700
Repurchase price									$ 351,100
Repurchase, the total remaining principal amount							$ 14,300
Threshold maximum combined interest rate (as a percent)							0.50%
Cash payment to each noteholder (as a percent)							3%
Private Placement | 2026 Senior Notes
Convertible Senior Notes
Aggregate principal amount	$ 52,500
Proceeds from the offering	390,400
Underwriting discounts and commissions	12,100
Third-party offering related costs	$ 600
Private Placement | 2025 Senior Notes
Convertible Senior Notes
Aggregate principal amount						$ 15,000
Proceeds from the offering						111,300
Underwriting discounts and commissions						3,700
Third-party offering related costs						$ 300
First 90 days beginning on, and including the date on which such Registration Default occurs | 2025 Senior Notes
Convertible Senior Notes
Additional interest rate (as a percent)							0.25%
After 90 days of the occurrence of Registration Default | 2025 Senior Notes
Convertible Senior Notes
Additional interest rate (as a percent)							0.50%

Notes Payable (Details)

Notes Payable (Details) $ in Thousands, € in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Notes Payable
Less: current portion of notes payable	$ (143)		$ (149)
Notes payable - long term	1,114		1,335
Notes Payable
Notes Payable
Principal amount of notes payable	1,257		1,484
Less: current portion of notes payable	(143)		(149)
Notes payable - long term	1,114		$ 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Notes Payable
Interest expense	$ 20	$ 12	$ 14
Amortization of debt discount			44
Total interest expense	$ 20	$ 12	$ 58

Notes Payable - Future Note Pay

Notes Payable - Future Note Payments (Details) - Notes Payable - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Notes Payable
2025	$ 143
2026	144
2027	141
2028	130
2029	131
Thereafter	568
Principal amount of notes payable	$ 1,257	$ 1,484

Note Payable - Additional Infor

Note Payable - Additional Information (Details) $ in Thousands, € in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)
Notes Payable
Notes payable - long term	$ 1,114		$ 1,335
SCI JA8
Notes Payable
Aggregate principal amount				$ 1,100	€ 1
Notes payable, September 2030
Notes Payable
Interest rate (as a percent)	0.60%	0.60%	1.06%
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)	Dec. 31, 2024
Minimum
Leases
Term of lease (in years)	1 year
Lessee option to extend	1 year
Maximum
Leases
Term of lease (in years)	12 years
Lessee option to extend	15 years

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease cost	$ 8,319	$ 7,294	$ 5,505
Finance lease cost:
Amortization of right-of-use assets	436	219	79
Interest on finance lease liabilities	135	61	12
Total finance lease cost	571	280	91
Total lease cost	$ 8,890	$ 7,574	$ 5,596

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,860	$ 6,720	$ 4,733
Operating cash flows from finance leases	505	263	82
Financing cash flows from finance leases	407	202	70
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	20,990	11,109	12,384
Finance leases	$ 936	$ 1,090	$ 259
Weighted-Average Remaining Lease Term
Operating leases	8 years 9 months 18 days	10 years 9 months 18 days
Finance leases	3 years 4 months 24 days	4 years 2 months 12 days
Weighted-Average Discount Rate
Operating leases	7.20%	8.70%
Finance leases	8.30%	8.40%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 8,766
2026	8,135
2027	7,444
2028	6,272
2029	5,260
Thereafter	32,947
Total future minimum lease payments	68,824
Less imputed interest	(19,328)
Total	49,496
Finance Leases
2025	609
2026	581
2027	456
2028	314
2029	29
Total future minimum lease payments	1,989
Less imputed interest	(256)
Total	$ 1,733

Leases - Current and Noncurrent

Leases - Current and Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Current lease liabilities	$ 5,419	$ 5,371
Noncurrent lease liabilities	44,077	29,355
Total	49,496
Finance Leases
Current lease liabilities	488	286
Noncurrent lease liabilities	1,245	$ 954
Total	$ 1,733

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
US employees
Defined Contribution Plan Disclosure [Line Items]
Maximum employee contribution	100%
Maximum matching employer contribution per employee	4%
Recognized expense	$ 1.7	$ 1.3	$ 1.2
Non US employees
Defined Contribution Plan Disclosure [Line Items]
Benefit costs	0.7	0.7	0.7
Total benefit obligation	$ 0.3	$ 0.3	$ 0.2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jan. 25, 2022	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
Estimated revenue impact	$ 9.4
Insurance proceeds		$ 2.2	$ 15.1
Business Interruption
Commitments and Contingencies
Gain on business interruption insurance recovery				$ 2.6	$ 4.2
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]				Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Business Interruption, Reimbursement of Property and Equipment
Commitments and Contingencies
Gain on business interruption insurance recovery					$ 0.6

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized Stock (Details) - $ / shares	12 Months Ended
	Dec. 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 ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2024	Jul. 31, 2024	May 31, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Authorized amount of share repurchases								$ 100,000
Aggregate purchase price (in shares)					0		1,604,994
Average price per share							$ 23.63
Aggregate purchase price							$ 37,900
Value of shares repurchased							$ 37,960
Repurchase Programs
Equity, Class of Treasury Stock [Line Items]
Authorized amount of repurchases	$ 200,000
Value of shares repurchased					$ 0	$ 0
Amount of remaining repurchase authorization					73,900
2026 Senior Notes
Equity, Class of Treasury Stock [Line Items]
Repurchased debt				$ 31,300
Repurchase price				25,000
Principal amount of notes payable					$ 186,185	$ 371,185
2026 Senior Notes | 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchased debt	160,000	$ 15,000	$ 10,000	31,300
Repurchase price	141,600	$ 12,900	$ 8,700	$ 25,000
2026 Senior Notes | 2024 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchased debt	160,000
Repurchase price	$ 141,600

Stockholders' Equity - Blacksto

Stockholders' Equity - Blackstone Private Placement and Conversion (Details)			12 Months Ended
	Feb. 05, 2021 USD ($) shares	Oct. 01, 2020 USD ($) D item $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Stockholders' Equity
Dividends, paid-in-kind			$ 8,000,000	$ 8,000,000	$ 8,200,000
Class C convertible preferred stock
Stockholders' Equity
Shares issued to the underwriters | shares	50,000
Preferred stock, dividend rate (as a percent)			4%
Liquidation preference (in dollars per share) | $ / shares		$ 1,000
Conversion price (in dollars per share) | $ / shares		$ 38.6152
Conversion rate		25.9
Threshold trading days for conversion of preferred stock | D		20
Threshold consecutive trading days for conversion of preferred stock | D		30
Stock price trigger as a percentage of conversion price for conversion of preferred stock		150%
Dividend rate on shares not repurchased		5.50%
Number of member to the board of directors who can be elected by the preferred stock holders | item		1
Percentage of stock to be held to exercise the right to nominate member of board of directors		66.67%
Conversion of Series C preferred shares to common stock	$ 1,800,000
Class C convertible preferred stock | Private Placement
Stockholders' Equity
Preferred stock, dividend rate (as a percent)		4%
Common Stock
Stockholders' Equity
Shares to be issued upon conversion | shares	1,312,860
At any time beginning five years after Closing Date (but prior to six years after the Closing Date) | Class C convertible preferred stock
Stockholders' Equity
Redemption price (as a percent)		105%
At any time beginning six years after Closing Date | Class C convertible preferred stock
Stockholders' Equity
Redemption price (as a percent)		100%

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares		12 Months Ended
	Nov. 12, 2021	Dec. 31, 2024
Stockholders' Equity
Common stock reserved for future issuance		16,158,674
Conversion of convertible 2026 Senior Notes
Stockholders' Equity
Common stock issued upon conversion of senior notes	3,422,780	1,583,280
Conversion of convertible 2025 Senior Notes
Stockholders' Equity
Common stock issued upon conversion of senior notes		599,953
Exercise of stock options
Stockholders' Equity
Common stock reserved for future issuance		6,802,474
Vesting of restricted stock units
Stockholders' Equity
Common stock reserved for future issuance		1,039,091
Series C convertible preferred stock
Stockholders' Equity
Common stock reserved for future issuance		6,133,876
Warrants
Stockholders' Equity
Common stock issued upon conversion of senior notes		16,200,000

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Stock Option (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Risk-free interest rate, minimum	3.50%	3.50%	2.10%
Risk-free interest rate, maximum	4.50%	4.40%	3.70%
Volatility, minimum	68.90%	69.90%	67.50%
Volatility, maximum	74.90%	80%	78.60%
Dividend yield	0%	0%	0%
Minimum
Stock-Based Compensation
Expected life (years)	3 years 9 months 18 days	3 years 9 months 18 days	3 years 9 months 18 days
Maximum
Stock-Based Compensation
Expected life (years)	4 years 10 months 24 days	5 years 2 months 12 days	5 years 2 months 12 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-based compensation expense	$ 19,704	$ 22,808	$ 20,082
Cost of revenues
Stock-Based Compensation
Stock-based compensation expense	2,639	2,216	1,459
Selling, general and administrative
Stock-Based Compensation
Stock-based compensation expense	15,765	18,805	16,808
Engineering and development
Stock-Based Compensation
Stock-based compensation expense	$ 1,300	$ 1,787	$ 1,815

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding - Beginning Balance	7,224,820	7,340,521	7,027,941
Granted	342,531	432,990	589,287
Exercised	(582,170)	(407,814)	(206,898)
Forfeited	(182,707)	(140,877)	(69,809)
Outstanding - Ending Balance	6,802,474	7,224,820	7,340,521
Vested (exercisable)	6,229,380
Expected to vest (unexercisable)	573,094
Weighted-average fair value per share	$ 7.52	$ 11.86	$ 17.17
Weighted- Average Exercise Price/Share
Outstanding - Beginning Balance	15.88	15.1	13.97
Granted	13.63	20.63	30.12
Exercised	4.79	3.63	9.9
Forfeited	28.47	24.82	43.42
Outstanding - Ending Balance	16.38	$ 15.88	$ 15.1
Vested (exercisable)	15.85
Expected to vest (unexercisable)	$ 22.14
Weighted- Average Remaining Contractual Term (Years)
Outstanding balance at end	3 years 7 months 6 days
Vested (exercisable)	3 years 6 months
Expected to vest (unexercisable)	5 years 4 months 24 days
Aggregated Intrinsic Value
Outstanding balance at end	$ 6,864
Vested (exercisable)	6,863
Expected to vest (unexercisable)	$ 1

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Options Outstanding and Exercisable (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number Outstanding (in shares) | shares	6,802,474
Number Exercisable (in shares) | shares	6,229,380
$1.87 - 3.44
Number Outstanding (in shares) | shares	942,957
Weighted-Average Remaining Contractual Life (Years)	1 year 7 months 6 days
Weighted-Average Exercise Price	$ 2.77
Number Exercisable (in shares) | shares	942,957
Weighted-Average Exercise Price	$ 2.77
Exercise price, lower range	1.87
Exercise price, upper range	$ 3.44
$4.80 - 6.65
Number Outstanding (in shares) | shares	761,939
Weighted-Average Remaining Contractual Life (Years)	10 months 24 days
Weighted-Average Exercise Price	$ 4.97
Number Exercisable (in shares) | shares	761,939
Weighted-Average Exercise Price	$ 4.97
Exercise price, lower range	4.8
Exercise price, upper range	$ 6.65
$7.76 - 10.77
Number Outstanding (in shares) | shares	921,906
Weighted-Average Remaining Contractual Life (Years)	2 years 9 months 18 days
Weighted-Average Exercise Price	$ 8.58
Number Exercisable (in shares) | shares	871,496
Weighted-Average Exercise Price	$ 8.57
Exercise price, lower range	7.76
Exercise price, upper range	$ 10.77
$11.12 - 14.96
Number Outstanding (in shares) | shares	973,982
Weighted-Average Remaining Contractual Life (Years)	4 years 6 months
Weighted-Average Exercise Price	$ 12.87
Number Exercisable (in shares) | shares	914,004
Weighted-Average Exercise Price	$ 12.88
Exercise price, lower range	11.12
Exercise price, upper range	$ 14.96
$15.18 - 16.95
Number Outstanding (in shares) | shares	1,425,227
Weighted-Average Remaining Contractual Life (Years)	5 years 3 months 18 days
Weighted-Average Exercise Price	$ 16.68
Number Exercisable (in shares) | shares	1,268,587
Weighted-Average Exercise Price	$ 16.76
Exercise price, lower range	15.18
Exercise price, upper range	$ 16.95
$17.72 - 36.68
Number Outstanding (in shares) | shares	1,216,219
Weighted-Average Remaining Contractual Life (Years)	4 years 10 months 24 days
Weighted-Average Exercise Price	$ 24.75
Number Exercisable (in shares) | shares	940,548
Weighted-Average Exercise Price	$ 24.29
Exercise price, lower range	17.72
Exercise price, upper range	$ 36.68
$41.14 - 72.07
Number Outstanding (in shares) | shares	560,244
Weighted-Average Remaining Contractual Life (Years)	3 years 10 months 24 days
Weighted-Average Exercise Price	$ 54.79
Number Exercisable (in shares) | shares	529,849
Weighted-Average Exercise Price	$ 54.66
Exercise price, lower range	41.14
Exercise price, upper range	$ 72.07

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Restricted Stock Units
Outstanding - Beginning Balance	1,076,629	727,984	373,849
Granted	460,599	667,319	526,821
Share issuance	(355,058)	(228,932)	(101,070)
Forfeited	(143,079)	(89,742)	(71,616)
Outstanding - Ending Balance	1,039,091	1,076,629	727,984
Weighted Average Fair Value per Share
Outstanding - Beginning Balance	$ 27.73	$ 38.32	$ 55.53
Granted	14.26	19.8	30.26
Share issuance	30.04	37.63	55.43
Forfeited	23.14	29.34	44.4
Outstanding - Ending Balance	$ 21.75	$ 27.73	$ 38.32

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	May 13, 2018 shares	May 31, 2024 shares	Apr. 30, 2021 shares	Dec. 31, 2024 USD ($) item $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2018 shares
Stock-Based Compensation
Total intrinsic value of options				$ 2,400	$ 6,700	$ 5,200
Stock-based compensation expense				$ 19,704	22,808	20,082
Number of stock incentive plans | item				5
Employee Stock Option
Stock-Based Compensation
Intrinsic value of options per share (in $ per share) | $ / shares				$ 7.78
Unrecognized compensation cost related to unvested stock options				$ 6,700
Weighted average recognition period (in years)				1 year 9 months 18 days
Restricted stock units
Stock-Based Compensation
Unrecognized compensation expense				$ 14,400
Weighted average recognition period (in years)				2 years 2 months 12 days
Stock-based compensation expense				$ 10,700	$ 10,000	$ 7,800
2018 Plan | Employee Stock Option
Stock-Based Compensation
Number of shares authorized but unissued under prior plans (in shares) | shares	1,269,821
Increase in number of shares authorized (in shares) | shares		2,500,000	2,850,000
Shares available for future awards (in shares) | shares				2,896,124			3,730,179

Income Taxes - Loss Before Prov

Income Taxes - Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss before provision for income taxes	$ (113,480)	$ (99,348)	$ (35,094)
United States
Loss before provision for income taxes	(66,278)	(70,227)	(34,854)
Foreign
Loss before provision for income taxes	$ (47,202)	$ (29,121)	$ (240)

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
State	$ 59	$ 73	$ 70
Foreign	1,663	2,263	2,634
Total current expense	1,722	2,336	2,704
Deferred:
Federal	(200)	(278)	(7,712)
State	(126)	(423)	(191)
Foreign	(120)	(1,396)	(1,545)
Change in valuation allowance			8,983
Total deferred expense	(446)	(2,097)	(465)
Total provision for income taxes	$ 1,276	$ 239	$ 2,239

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforward	$ 57,553	$ 53,804
Expenses recognized for granting of options and warrants	5,550	5,654
Interest expense	1,588	1,850
Unrealized losses	5,211	3,918
Capitalized research & experimentation	7,026	5,224
R&D tax credit	4,062	3,761
Accrued expenses and reserves	1,954	806
Goodwill	9,420	3,526
Lease liability	9,155	5,076
Total deferred tax assets	101,519	83,619
Valuation allowance	(92,890)	(77,194)
Total deferred tax assets	8,629	6,425
Deferred tax liabilities:
Right-of-use assets	(8,698)	(4,674)
Intangibles	(229)	(2,926)
Unremitted foreign earnings	(1,365)	(985)
Total deferred tax liability	(10,292)	(8,585)
Net deferred tax liability	$ (1,663)	$ (2,160)

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Liability as Presented in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Deferred tax assets	$ 868	$ 656
Deferred tax liabilities	(2,531)	(2,816)
Net deferred tax liability	$ (1,663)	$ (2,160)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Computed tax benefit at federal statutory rate	$ (23,831)	$ (20,863)	$ (7,370)
State tax, net of federal benefit	(72)	(277)	296
Stock compensation	1,397	1,660	1,881
Deemed foreign dividend income	675	1,874
R&D tax credit	(341)	(793)	(590)
Permanent differences and other	2,517	(172)	352
Transaction cost	(366)	20	160
Executive compensation	47	40	83
Rate changes	(1,131)	(471)	(113)
Impairment of goodwill	5,179	3,614
Contingencies	146	(613)	(1,443)
Valuation allowance	17,056	16,220	8,983
Total provision for income taxes	$ 1,276	$ 239	$ 2,239

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Federal
Income Taxes
Operating loss carryforwards	$ 188.9
Research and development tax credits	4.4
Federal | Federal tax income
Income Taxes
Operating loss carryforwards	$ 133
Operating loss carryforwards, percent	80%
State
Income Taxes
Operating loss carryforwards	$ 125.4
Research and development tax credits	3
Foreign
Income Taxes
Operating loss carryforwards	$ 50.2

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Positions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized tax positions, beginning of period	$ 0
Unrecognized tax positions, end of period	0	$ 0
Federal
Unrecognized tax positions, beginning of period	2,889,000	3,474,000	$ 4,932,000
Gross increase - current period tax positions	110,000	133,000	214,000
Gross decrease - prior period tax positions		(718,000)	(1,672,000)
Gross increase - prior period tax positions	479,000
Unrecognized tax positions, end of period	$ 3,478,000	$ 2,889,000	$ 3,474,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024 segment	Sep. 30, 2024 segment	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting
Number of reportable segments | segment	2	1	2
Number of operating segments | segment			3
Revenue			$ 228,385	$ 233,255	$ 237,277
Segment Reporting, Other Segment Item, Composition, Description			Other segment items primarily includes professional services, facility allocations, dues and subscriptions, audit fees, insurance, legal fees, and travel expense
Adjusted EBITDA			$ 2,349	5,647	28,767
Investment income			9,895	10,577	8,474
Unrealized loss on investments			(899)	1,308	(11,406)
Foreign currency loss			(4,300)	(1,300)	(9,800)
Gain on extinguishment of debt, net			18,505	5,679
Impairment loss			63,809	49,569
Change in fair value of contingent consideration			(1,847)	(890)	216
Stock-based compensation expense			(19,704)	(22,808)	(20,082)
Income taxes			(1,276)	(239)	(2,239)
Net loss			(114,756)	(99,587)	(37,333)
Aggregate of reportable segment
Segment Reporting
Revenue			228,385	233,255	237,277
Life Science Supply Chain Solutions
Segment Reporting
Revenue			156,951	145,781	135,179
Cost of revenue			65,763	63,986	60,609
Employee related expenses			75,794	65,115	52,724
Engineering and development expense			4,933	5,886	5,830
Rent			8,521	7,773	4,842
Other segment items			19,009	21,747	16,253
Adjusted EBITDA			(10,360)	(14,579)	(1,947)
Life Science Systems
Segment Reporting
Revenue			71,434	87,474	102,098
Cost of revenue			30,566	38,092	44,405
Employee related expenses			20,966	22,830	21,009
Engineering and development expense			2,119	2,230	1,801
Rent			772	922	636
Other segment items			4,843	4,680	5,573
Adjusted EBITDA			12,709	20,226	30,714
Operating segments
Segment Reporting
Cost, employee related expenses			26,400	24,800	23,100
Cost, depreciation and amortization			7,600	6,400	4,400
Cost, stock-based compensation			2,600	2,700	2,500
Cost, rent			2,600	2,200	1,400
Engineering and development, employee related expenses			9,000	7,900	6,300
Engineering and development, stock based compensation			1,400	1,700	1,500
Engineering and development, depreciation and amortization			200	400	200
Operating segments | Aggregate of reportable segment
Segment Reporting
Revenue			235,635	238,908	242,449
Operating segments | Life Science Supply Chain Solutions
Segment Reporting
Revenue			163,660	149,928	138,311
Operating segments | Life Science Systems
Segment Reporting
Revenue			71,975	88,980	104,138
Intersegment elimination
Segment Reporting
Revenue			(7,250)	(5,653)	(5,172)
Intersegment elimination | Aggregate of reportable segment
Segment Reporting
Revenue			7,250	5,653	5,172
Intersegment elimination | Life Science Supply Chain Solutions
Segment Reporting
Revenue			6,709	4,147	3,132
Intersegment elimination | Life Science Systems
Segment Reporting
Revenue			541	1,506	2,040
Reconciling Items
Segment Reporting
Depreciation and amortization expense			(30,757)	(27,487)	(22,765)
Acquisition and integration costs			(899)	(6,945)	(2,164)
Restructuring costs			(1,884)
Investment income			9,895	10,577	8,474
Unrealized loss on investments			(5,038)	1,242	(11,508)
Gain on insurance claim				2,642	4,815
Other non-recurring charges				(437)
Foreign currency loss			(2,410)	964	584
Interest expense, net			(4,108)	(5,503)	(6,142)
Gain on extinguishment of debt, net			18,505	5,679
Impairment loss			(63,809)	(49,569)
Change in fair value of contingent consideration			1,847	601	(213)
Stock-based compensation expense			(19,704)	(22,808)	(20,082)
Income taxes			(1,276)	(239)	(2,239)
Corporate non-segment
Segment Reporting
Corporate overhead costs			$ (17,467)	$ (13,951)	$ (14,860)