Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34899 | |
Entity Registrant Name | Pacific Biosciences of California, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1590339 | |
Entity Address, Address Line One | 1305 O’Brien Drive | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 521-8000 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | PACB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 154,408,829 | |
Amendment Flag | false | |
Entity Central Index Key | 0001299130 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 43,342 | $ 29,627 |
Investments | 76,621 | 19,472 |
Accounts receivable | 11,346 | 15,266 |
Inventory | 16,768 | 13,312 |
Prepaid expenses and other current assets | 2,862 | 3,369 |
Total current assets | 150,939 | 81,046 |
Property and equipment, net | 27,733 | 30,070 |
Operating lease right-of-use assets, net | 31,435 | 32,827 |
Long-term restricted cash | 3,500 | 4,000 |
Other long-term assets | 41 | 42 |
Total assets | 213,648 | 147,985 |
Current liabilities | ||
Accounts payable | 7,436 | 8,368 |
Accrued expenses | 12,203 | 13,242 |
Deferred revenue, current | 6,932 | 7,610 |
Operating lease liabilities, current | 4,103 | 3,837 |
Notes payable, current | 15,871 | |
Deferred gain from Reverse Termination Fee | 98,000 | |
Other liabilities, current | 2,188 | 225 |
Total current liabilities | 130,862 | 49,153 |
Deferred revenue, non-current | 1,531 | 1,951 |
Operating lease liabilities, non-current | 39,863 | 41,964 |
Total liabilities | 172,256 | 93,068 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value: Authorized 50,000 shares; No shares issued or outstanding | ||
Common stock, $0.001 par value: Authorized 1,000,000 shares; issued and outstanding 154,318 shares and 153,119 shares at June 30, 2020 and December 31, 2019, respectively | 154 | 153 |
Additional paid-in capital | 1,129,091 | 1,120,999 |
Accumulated other comprehensive income | 243 | 5 |
Accumulated deficit | (1,088,096) | (1,066,240) |
Total stockholders' equity | 41,392 | 54,917 |
Total liabilities and stockholders' equity | $ 213,648 | $ 147,985 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, shares issued | 154,318,000 | 153,119,000 |
Common Stock, shares outstanding | 154,318,000 | 153,119,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue: | ||||
Revenue | $ 17,077 | $ 24,621 | $ 32,675 | $ 41,046 |
Cost of revenue: | ||||
Cost of revenue | 10,464 | 15,008 | 18,574 | 26,316 |
Gross profit | 6,613 | 9,613 | 14,101 | 14,730 |
Operating expense: | ||||
Research and development | 15,010 | 14,910 | 30,260 | 30,395 |
Sales, general and administrative | 15,127 | 19,083 | 40,074 | 38,849 |
Total operating expense | 30,137 | 33,993 | 70,334 | 69,244 |
Operating loss | (23,524) | (24,380) | (56,233) | (54,514) |
Gain from Continuation Advances | 34,000 | |||
Interest expense | (644) | (267) | (1,269) | |
Other income, net | 438 | 428 | 676 | 863 |
Net loss | (23,086) | (24,596) | (21,824) | (54,920) |
Other comprehensive income (loss): | ||||
Unrealized income on investments | 213 | 11 | 238 | 53 |
Comprehensive loss | $ (22,873) | $ (24,585) | $ (21,586) | $ (54,867) |
Net loss per share: | ||||
Basic and diluted net loss per share | $ (0.15) | $ (0.16) | $ (0.14) | $ (0.36) |
Shares used in computing basic and diluted net loss per share | 154,172 | 152,776 | 153,229 | 152,029 |
Product [Member] | ||||
Revenue: | ||||
Revenue | $ 13,756 | $ 21,250 | $ 26,049 | $ 34,707 |
Cost of revenue: | ||||
Cost of revenue | 8,225 | 11,980 | 13,646 | 20,598 |
Service and Other [Member] | ||||
Revenue: | ||||
Revenue | 3,321 | 3,371 | 6,626 | 6,339 |
Cost of revenue: | ||||
Cost of revenue | $ 2,239 | $ 3,028 | $ 4,928 | $ 5,718 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accumulated Deficit [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Total |
Balance at Dec. 31, 2018 | $ 150 | $ 1,096,053 | $ (36) | $ (982,106) | $ 114,061 | ||
Balance, shares at Dec. 31, 2018 | 150,244 | ||||||
Net loss | (54,920) | (54,920) | |||||
Other comprehensive income | 53 | 53 | |||||
Issuance of common stock in conjunction with equity plans | $ 3 | 8,087 | 8,090 | ||||
Issuance of common stock in conjunction with equity plans, shares | 2,715 | ||||||
Stock-based compensation expense | 8,470 | 8,470 | |||||
Balance at Jun. 30, 2019 | $ 153 | 1,112,610 | 17 | (1,037,026) | 75,754 | ||
Balance, shares at Jun. 30, 2019 | 152,959 | ||||||
Balance at Mar. 31, 2019 | $ 153 | 1,107,121 | 6 | (1,012,430) | 94,850 | ||
Balance, shares at Mar. 31, 2019 | 152,672 | ||||||
Net loss | (24,596) | (24,596) | |||||
Other comprehensive income | 11 | 11 | |||||
Issuance of common stock in conjunction with equity plans | 1,400 | 1,400 | |||||
Issuance of common stock in conjunction with equity plans, shares | 287 | ||||||
Stock-based compensation expense | 4,089 | 4,089 | |||||
Balance at Jun. 30, 2019 | $ 153 | 1,112,610 | 17 | (1,037,026) | 75,754 | ||
Balance, shares at Jun. 30, 2019 | 152,959 | ||||||
Balance at Dec. 31, 2019 | $ 153 | 1,120,999 | 5 | $ (32) | (1,066,240) | $ (32) | $ 54,917 |
Balance, shares at Dec. 31, 2019 | 153,119 | 153,119 | |||||
Net loss | (21,824) | $ (21,824) | |||||
Other comprehensive income | 238 | 238 | |||||
Issuance of common stock in conjunction with equity plans | $ 1 | 826 | 827 | ||||
Issuance of common stock in conjunction with equity plans, shares | 1,199 | ||||||
Stock-based compensation expense | 7,266 | 7,266 | |||||
Balance at Jun. 30, 2020 | $ 154 | 1,129,091 | 243 | (1,088,096) | $ 41,392 | ||
Balance, shares at Jun. 30, 2020 | 154,318 | 154,318 | |||||
Balance at Mar. 31, 2020 | $ 154 | 1,125,229 | 30 | (1,065,010) | $ 60,403 | ||
Balance, shares at Mar. 31, 2020 | 153,953 | ||||||
Net loss | (23,086) | (23,086) | |||||
Other comprehensive income | 213 | 213 | |||||
Issuance of common stock in conjunction with equity plans | 628 | 628 | |||||
Issuance of common stock in conjunction with equity plans, shares | 365 | ||||||
Stock-based compensation expense | 3,234 | 3,234 | |||||
Balance at Jun. 30, 2020 | $ 154 | $ 1,129,091 | $ 243 | $ (1,088,096) | $ 41,392 | ||
Balance, shares at Jun. 30, 2020 | 154,318 | 154,318 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities | |||||||
Net loss | $ (23,086) | $ (24,596) | $ (21,824) | $ (54,920) | |||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Gain from Continuation Advances | $ (34,000) | (34,000) | $ (18,000) | ||||
Depreciation | 3,246 | 3,586 | |||||
Amortization of operating lease right-of-use assets | 1,392 | 1,289 | |||||
Amortization of debt discount and financing costs | 129 | 574 | |||||
Gain on derivative | (16) | ||||||
Stock-based compensation | 7,266 | 8,470 | |||||
Amortization (accretion) from investment premium (discount) | (177) | (677) | |||||
Changes in assets and liabilities | |||||||
Accounts receivable | 3,888 | (3,528) | |||||
Inventory | (3,822) | (40) | |||||
Prepaid expenses and other assets | 524 | 388 | |||||
Accounts payable | (1,039) | 685 | |||||
Accrued expenses | (1,039) | 3,198 | |||||
Deferred revenue | (1,098) | 734 | |||||
Operating lease liabilities | (1,835) | (1,677) | |||||
Other liabilities | 1,963 | (938) | |||||
Deferred gain from Reverse Termination fee | 98,000 | ||||||
Net cash provided by (used in) operating activities | 51,574 | (42,872) | |||||
Cash flows from investing activities | |||||||
Purchase of property and equipment | (436) | (1,866) | |||||
Purchase of investments | (119,200) | (36,748) | |||||
Maturities of investments | 62,450 | 84,410 | |||||
Net cash provided by (used in) investing activities | (57,186) | 45,796 | |||||
Cash flows from financing activities | |||||||
Continuation Advances | 34,000 | $ 18,000 | 34,000 | ||||
Notes payable principal payoff | (16,000) | ||||||
Proceeds from issuance of common stock from equity plans | 827 | 8,090 | |||||
Net cash provided by financing activities | 18,827 | 8,090 | |||||
Net increase in cash and cash equivalents and restricted cash | 13,215 | 11,014 | |||||
Cash and cash equivalents and restricted cash at beginning of period | $ 33,627 | 33,627 | 23,344 | 23,344 | |||
Cash and cash equivalents and restricted cash at end of period | 46,842 | 33,627 | 34,358 | 46,842 | 34,358 | 33,627 | |
Cash and cash equivalents at end of period | 43,342 | $ 29,627 | 30,358 | 43,342 | 30,358 | $ 29,627 | |
Restricted cash at end of period | $ 3,500 | $ 4,000 | 3,500 | 4,000 | |||
Supplemental disclosure of cash flow information | |||||||
Inventory transferred to property and equipment | $ 366 | $ 1,427 |
Overview
Overview | 6 Months Ended |
Jun. 30, 2020 | |
Overview [Abstract] | |
Overview | NOTE 1. OVERVIEW We design, develop and manufacture sequencing systems to help scientists resolve genetically complex problems. Based on our novel Single Molecule, Real-Time (SMRT®) sequencing technology, our products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Our technology provides high accuracy, ultra-long reads, uniform coverage and the ability to simultaneously detect epigenetic changes. PacBio® sequencing systems, including consumables and software, provide a simple and fast end-to-end workflow for SMRT sequencing. Our current products include the Sequel II instrument and SMRT Cell 8M, which together are capable of sequencing up to approximately eight million DNA molecules simultaneously, and the previous generation Sequel instrument and Sequel SMRT Cell 1M, which together are capable of sequencing up to approximately one million DNA molecules simultaneously. Our customers and our scientific collaborators have published numerous peer-reviewed articles in journals including Nature, Science, Cell, PNAS and The New England Journal of Medicine highlighting the power and applications of SMRT sequencing in projects such as finishing genomes, structural variation discovery, isoform transcriptome characterization, rare mutation discovery and the identification of chemical modifications of DNA related to virulence and pathogenicity. Our research and development efforts are focused on developing new products and further improving our existing products including continuing chemistry and sample preparation improvements to increase throughput and expand our supported applications. By providing access to genetic information that was previously inaccessible, we enable scientists to confidently increase their understanding of biological systems. The names “Pacific Biosciences,” “PacBio,” “SMRT,” “SMRTbell,” “Sequel” and our logo are our trademarks. |
Termination of Merger with Illu
Termination of Merger with Illumina | 6 Months Ended |
Jun. 30, 2020 | |
Termination of Merger with Illumina [Abstract] | |
Termination of Merger with Illumina | NOTE 2 TERMINATION OF MERGER WITH ILLUMINA On November 1, 2018, we entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Illumina, Inc. (“Illumina”) and FC Ops Corp., a wholly owned subsidiary of Illumina (“Merger Subsidiary”). On January 2, 2020, we, Illumina and Merger Subsidiary, entered into an agreement to terminate the Merger Agreement (the “Termination Agreement”). As part of the Termination Agreement, Illumina paid us a $ 98.0 million termination fee (the “Reverse Termination Fee”), from which we paid our financial advisor associated fees of $ 6.0 million in April 2020, which is less than the amount we initially expected. In addition, Illumina paid us cash payments (“Continuation Advances”) of $ 34.0 million during the first quarter of 2020. However, pursuant to the Termination Agreement, in the event that, on or prior to September 30, 2020, we enter into a definitive agreement providing for, or consummate, a Change of Control Transaction (as defined in the Termination Agreement) (“Change of Control Transaction”), then we may be required to repay the Reverse Termination Fee (without interest) to Illumina in connection with the consummation of such Change of Control Transaction. If such Change of Control Transaction is not consummated by the two-year anniversary of the execution of the definitive agreement for such Change of Control Transaction, then we will not be required to repay the Reverse Termination Fee. Please refer to “Note 5. Balance Sheet Components” for the accounting treatment of the Reverse Termination Fee. In addition, up to the $ 52.0 million of the Continuation Advances paid to us are repayable without interest to Illumina if, within two years of March 31, 2020, we enter into, or consummate a Change of Control Transaction or raise at least $ 100 million in equity in a single transaction or debt financing (that may have multiple closings), with the amount repayable dependent on the amount raised by us. Please refer to “Note 3. Summary of Significant Accounting Policies” for the accounting treatment of the Continuation Advances. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation In the opinion of management, our accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared on a consistent basis with our December 31, 2019 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, as permitted by such rules and regulations, omit certain information and footnote disclosures necessary to present the statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the entire year or any future periods. The condensed consolidated financial statements include the accounts of Pacific Biosciences and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. COVID-19 We are subject to risks and uncertainties as a result of the novel coronavirus pandemic (COVID-19). The extent of the impact of the COVID-19 pandemic on our business is highly uncertain as responses to the pandemic can change quickly and information is rapidly evolving. We considered the impact of COVID-19 on the assumptions and estimates used to determine the results reported and asset valuations as of June 30, 2020. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Our estimates include, but are not limited to, the valuation of inventory, the determination of stand-alone selling prices for revenue recognition, the valuation of a financing derivative and long-term notes, the probability of repaying the Continuation Advances and Reverse Termination Fee to Illumina, the valuation and recognition of share-based compensation, the expected renewal period for service contracts to derive the amortization period for capitalized commissions, the useful lives assigned to long-lived assets, the computation of provisions for income taxes and the determination of the internal borrowing rate used in calculating the operating lease right-of-use assets and operating lease liabilities. Actual results could differ materially from these estimates. Fair Value of Financial Instruments The carrying amount of our accounts receivable, prepaid expenses, other current assets, accounts payable, accrued expenses and other liabilities, current, approximate fair value due to their short maturities. The fair value hierarchy established under U.S. GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider an active market as one in which transactions for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis. Conversely, we view an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, our non-performance risk, or that of our counterparty, is considered in determining the fair values of liabilities and assets, respectively. We classify our cash deposits and money market funds within Level 1 of the fair value hierarchy because they are valued using bank balances or quoted market prices. We classify our investments as Level 2 instruments based on market pricing and other observable inputs. We did not classify any of our investments within Level 3 of the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis as of June 30, 2020 and December 31, 2019 respectively: June 30, 2020 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash and money market funds $ 33,294 $ — $ — $ 33,294 $ 18,644 $ — $ — $ 18,644 Commercial paper — 10,048 — 10,048 — 10,983 — 10,983 Total cash and cash equivalents 33,294 10,048 — 43,342 18,644 10,983 — 29,627 Investments: Commercial paper — 51,929 — 51,929 — 16,971 — 16,971 Corporate debt securities — 14,662 — 14,662 — 2,501 — 2,501 US government & agency securities — 10,030 — 10,030 — — — — Total investments — 76,621 — 76,621 — 19,472 — 19,472 Long-term restricted cash: Cash 3,500 — — 3,500 4,000 — — 4,000 Total assets measured at fair value $ 36,794 $ 86,669 $ — $ 123,463 $ 22,644 $ 30,455 $ — $ 53,099 Liabilities Financing Derivative $ — $ — $ — $ — $ — $ — $ — $ — Continuation Advances — — — — — — — — Total liabilities measured at fair value $ — $ — $ — $ — $ — $ — $ — $ — Estimated fair value of the financing derivative liability The estimated fair value of the Financing Derivative liability (as defined in the “Notes payable, current” section in “Note 5. Balance Sheet Components”) was determined using Level 3 inputs, or significant unobservable inputs. Changes to the estimated fair value of the Financing Derivative are recorded in “Other income, net” in the consolidated statements of operations and comprehensive loss. The estimated fair value of the Financing Derivative was determined by comparing the difference between the fair value of the Notes from the debt facility that we entered into during the first quarter of 2013 (the “Notes”) with and without the Financing Derivative by calculating the respective present values from future cash flows using a 6.5 % discount rate at December 31, 2019. The estimated fair value of the Financing Derivative as of December 31, 2019 was $ 0 . In February 2020, upon maturity of the Notes, the Financing Derivative was extinguished. Refer to the “Notes payable, current” section in “Note 5. Balance Sheet Components” for a detailed description and valuation approach. Estimated fair value of the Continuation Advances liability In accordance with the terms of the Merger Agreement, we received Continuation Advances of $ 18.0 million and $ 34.0 million from Illumina during the fourth quarter of 2019 and the first quarter of 2020, respectively. We determined that the Continuation Advances, which are subject to repayment under certain circumstances as discussed below, constitute a financial liability. The fair value option was elected for the financial liability because management believes that among all measurement methods allowed by Accounting Standards Codification, or ASC, 825, Financial Instruments , the fair value option would most fairly represent the value of such a financial liability. Management applied the income approach to estimate the fair value of this financial liability. The estimated fair value of the liability related to the Continuation Advances was determined using Level 3 inputs, or significant unobservable inputs. Management estimated that there would be no future cash outflows associated with this financial instrument because the probabilities of either of the following events occurring and requiring repayment to Illumina were evaluated as being remote as of June 30 2020: we enter into a Change of Control Transaction within two years following March 31, 2020; or we raise $ 100 million or more in a single equity or debt financing (that may have multiple closings) within two years following March 31, 2020. As a result, the estimated fair value of the liability associated with the contingent repayment of the Continuation Advances received in the first quarter of 2020 was assessed to be zero as of both March 31, 2020 and June 30, 2020, with a resulting non-operating gain of $ 34.0 million recorded as “Gain from Continuation Advances from Illumina” for the quarter ended March 31, 2020. We recorded a similar gain of $ 18.0 million in 2019 for the Continuation Advances received during the fourth quarter of 2019. For the quarter ended June 30, 2020, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and our valuation techniques did not change compared to the prior year. Net Loss per Share The following outstanding common stock options, restricted stock units (“RSUs”), with time-based vesting and RSUs with performance-based vesting, were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect. See Note 7. Stockholders’ Equity for detailed information on RSUs with time-based vesting and RSUs with performance-based vesting. Six Months Ended June 30, (in thousands) 2020 2019 Options to purchase common stock 20,485 23,414 RSUs with time-based vesting 5,109 1,121 RSUs with performance-based vesting 138 138 Concentration and Other Risks For the three and six months ended June 30, 2020, Gene Company Limited accounted for approximately 15 % and 11 %, respectively, of our total revenue during the period with no other customer exceeding 10% during those periods. For the three and six months ended June 30, 2019, Gene Company Limited accounted for approximately 23 % and 20 % of our total revenue, respectively, with no other customer exceeding 10% during those periods. Gene Company Limited is our primary distributor in China. Recent Accounting Pronouncements Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board, or FASB issued Accounting Standards Update, or ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes . ASU 2019-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, which is fiscal 2021 for us, with early adoption permitted. We do not expect adoption of the new guidance to have a material impact on our financial statements. Recently Adopted Accounting Standards Adoption of Topic 326 In June 2016, FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”), which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. We adopted Topic 326 on January 1, 2020, using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. The cumulative-effect adjustment recorded on January 1, 2020, is shown below (in thousands): Balance Sheets Balance at December 31, 2019 Adjustments Due to Topic 326 Balance at January 1, 2020 Assets Accounts receivable $ 15,266 $ ( 32 ) $ 15,234 Liabilities and Stockholders' Equity Accumulated deficit ( 1,066,240 ) ( 32 ) ( 1,066,272 ) The adoption of Topic 326 did not have a material impact on our financial statements and our bad debt expense was immaterial as of June 30 2020. Please see the description of our “Credit Losses” accounting policy in the “Significant Accounting Policies” section below. Significant Accounting Policies With the exception of the change for the accounting of credit losses as a result of the adoption of Topic 326, there have been no new or material changes to the significant accounting policies discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, that are of significance, or potential significance, to us. Credit Losses Trade accounts receivable. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as the age of the accounts receivable balances, customer creditworthiness, customer industry, and current and forecasted economic conditions that may affect a customer’s ability to pay. Available-for-sale debt securities. Our investment portfolio at any point in time contains investments in cash deposits, money market funds, commercial paper, corporate debt securities and US government and agency securities. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as significance of loss, historical experience, market data, issuer-specific factors, and current economic conditions and concluded that an allowance for credit losses was not required as of June 30 2020. Although we have historically not experienced significant credit losses, our exposure to credit losses may increase if our customers are adversely affected by changes in economic pressures or uncertainty associated with local or global economic recessions, disruption associated with the current COVID-19 pandemic, or other customer-specific factors. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2020 | |
Cash, Cash Equivalents and Investments [Abstract] | |
Cash, Cash Equivalents and Investments | NOTE 4. CASH, CASH EQUIVALENTS AND INVESTMENTS The following tables summarize our cash, cash equivalents and investments as of June 30, 2020 and December 31, 2019 (in thousands): As of June 30, 2020 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds $ 33,294 $ — $ — $ 33,294 Commercial paper 10,048 — — 10,048 Total cash and cash equivalents 43,342 — — 43,342 Investments: Commercial paper 51,892 37 — 51,929 Corporate debt securities 14,483 179 — 14,662 US government & agency securities 10,003 27 — 10,030 Total investments 76,378 243 — 76,621 Total cash, cash equivalents and investments $ 119,720 $ 243 $ — $ 119,963 Long-term restricted cash: Cash $ 3,500 $ — $ — $ 3,500 As of December 31, 2019 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds $ 18,644 $ — $ — $ 18,644 Commercial paper 10,983 — — 10,983 Total cash and cash equivalents 29,627 — — 29,627 Investments: Commercial paper 16,971 1 ( 1 ) 16,971 Corporate debt securities 2,496 5 — 2,501 Total investments 19,467 6 ( 1 ) 19,472 Total cash, cash equivalents and investments $ 49,094 $ 6 $ ( 1 ) $ 49,099 Long-term restricted cash: Cash $ 4,000 $ — $ — $ 4,000 The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of June 30, 2020 (in thousands): Fair Value Due in one year or less $ 81,034 Due after one year through 5 years 5,635 Total investments $ 86,669 Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | NOTE 5. BALANCE SHEET COMPONENTS Inventory As of June 30, 2020 and December 31, 2019, our inventory consisted of the following components: June 30, December 31, (in thousands) 2020 2019 Purchased materials $ 5,289 $ 3,966 Work in process 5,795 4,594 Finished goods 5,684 4,752 Inventory $ 16,768 $ 13,312 Long-term restricted cash For our facility located at 1305 O’Brien Drive, Menlo Park, California (the “O’Brien Lease”), we were required to establish a letter of credit for the benefit of the landlord and to submit $ 4.5 million as a deposit for the letter of credit in October 2015. Subsequently, pursuant to the terms of the O’Brien Lease, on May 1, 2019, the amount of the letter of credit was reduced from $ 4.5 million to $ 4.0 million. As such, $ 4.0 million was recorded in “Long-term restricted cash” in the condensed consolidated balance sheet as of December 31, 2019. Pursuant to the terms of the O’Brien Lease, the letter of credit balance of $ 4.0 million was reduced again in May 2020 by $ 500,000 . As such, $ 3.5 million was recorded in “Long-term restricted cash” in the condensed consolidated balance sheet as of June 30, 2020. Deferred gain from Reverse Termination Fee As part of the Termination Agreement, Illumina paid us a Reverse Termination Fee of $ 98.0 million, from which we owed our financial advisor associated fees of $ 6.0 million. Pursuant to the Termination Agreement, in the event that, on or prior to September 30, 2020, we enter into a definitive agreement providing for, or consummate, a Change of Control Transaction, then we may need to repay the Reverse Termination Fee (without interest) to Illumina in connection with the consummation of such Change of Control Transaction. If such Change of Control Transaction is not consummated by the two year anniversary of the execution of the definitive agreement for such Change of Control Transaction, then we will not be required to repay the Reverse Termination Fee. As indicated in ASC 450, Contingencies , a gain contingency usually is not recognized in the financial statements until the period in which all contingencies are resolved and the gain is realizable. As such we have deferred the gain from the Reverse Termination Fee from Illumina until the date when the associated contingency is resolved and accordingly, we recorded the $ 98.0 million as “Deferred Gain from Reverse Termination Fee” in the condensed consolidated balance sheet as of June 30, 2020. We recorded the $ 6.0 million of associated fees owed to our financial advisor in the “Sales, general and administrative” expense line in the condensed consolidated statements of operations and comprehensive income for the six months ended June 30, 2020. Notes payable, current As of December 31, 2019, a balance of $ 16.0 million aggregate principal amount of debt remained outstanding under the debt agreement with Deerfield entered into in February 2013 (the “Facility Agreement”) and was presented as “Notes payable, current” on the condensed consolidated balance sheet as of December 31, 2019. In February 2020, upon the maturity of the Facility Agreement, we repaid the remaining outstanding principal of $ 16.0 million and interest. Financing Derivative A number of features embedded in the Notes required accounting for them as a derivative, including the indemnification of certain withholding taxes and the acceleration of debt upon (i) a qualified financing, (ii) an event of default, (iii) a Major Transaction (as such term is defined in the Facility Agreement), and (iv) the exercise of the warrant via offset to the debt principal. These features represent a single derivative (the “Financing Derivative”) that was bifurcated from the debt instrument and accounted for as a liability at fair value, with changes in fair value between reporting periods recorded in other income (expense), net. The estimated fair value of the Financing Derivative was determined by comparing the difference between the fair value of the Notes with and without the Financing Derivative by calculating the respective present values from future cash flows using a 6.5 % discount rate at December 31, 2019. The estimated fair value of the Financing Derivative as of December 31, 2019 was $ 0 . In February 2020, after we repaid the remaining outstanding principal of $ 16.0 million and interest to Deerfield, the Financing Derivative balance was reduced to $ 0 . Deferred revenue As of June 30, 2020, we had a total of $ 8.4 million of deferred revenue from our service contracts, $ 6.9 million of which was recorded as “Deferred revenue, current” to be recognized over the next year and the remaining $ 1.5 million was recorded as “Deferred revenue, non-current” to be recognized in the next 3 years. Revenue recorded in the three months ended June 30, 2020 includes $ 2.1 million of previously deferred revenue that was included in “Deferred revenue, current” as of December 31, 2019. Contract assets as of June 30, 2020 and December 31, 2019 were not material. As of June 30, 2020, we had a total of $ 0.6 million of deferred commissions included in “Prepaid expenses and other current assets” which is recognized as the related revenue is recognized. Additionally, as a practical expedient, we expense costs to obtain a contract as incurred if the amortization period would have been a year or less. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 6. COMMITMENTS AND CONTINGENCIES Leases As of June 30, 2020, we leased approximately 180,000 square feet in 1305 O’Brien Drive, Menlo Park, California, where we house our headquarters, research and development, service and support functions. We also leased a sales office facility in Singapore and engineering support facilities in Allen, Texas. On July 22, 2015, we entered into a lease agreement with respect to our facility located at 1305 O’Brien Drive, Menlo Park, California. The term of the O’Brien Lease is one hundred thirty-two ( 132 ) months. In December 2016, we entered into an amendment to the O’Brien Lease which defined the commencement date of the lease to be October 25, 2016, notwithstanding that such substantial completion did not occur until the first quarter of 2017. Base monthly rent was abated for the first six (6) months of the lease term and thereafter was $ 540,000 per month during the first year of the lease term, with specified annual increases thereafter until reaching $ 711,000 per month during the last twelve (12) months of the lease term. If the rent is not received within five days of the due date, there will be an additional sum equal to 5 % of the amount overdue as a late charge. Any amount not paid within 10 days after receipt of landlord’s written notice will bear interest from the date due until paid, at the lesser rate of (1) the prime rate of interest as published in the Wall Street Journal, plus 2 % or (2) the maximum rate allowed by law, in addition to the late payment charge. We were required to establish a letter of credit for the benefits of the landlord and to submit $ 4.5 million as a deposit for the letter of credit in October 2015. Subsequently pursuant to the terms of the O’Brien Lease, at May 1, 2019 the $ 4.5 million in restricted cash was reduced to $ 4.0 million and at May 1, 2020 the $ 4.0 million in restricted cash was reduced to $ 3.5 million. All of our leases are operating leases. Operating lease assets and liabilities are reflected within “Operating lease right-of-use assets, net”, “Operating lease liabilities, current” and “Operating lease liabilities, non-current” on the condensed consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining minimum lease payments over the lease term using our estimated secured incremental borrowing rates at the effective date of January 1, 2019. Lease payments included in the measurement of the lease liability comprise the base rent per the term of the Lease. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments, such as common area maintenance fees, recognized in the period those payments are incurred. We often have options to renew lease terms for buildings. For the O’Brien Lease, the renewal option is 5 years and the rent will be based on fair market value at the time of renewal and was not included in the lease term. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for our operating leases as of June 30, 2020 was 7.3 years. The discount rate implicit within our leases is generally not determinable and therefore we determine the discount rate based on our incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure our operating lease liabilities as of June 30, 2020 was 7.9 %. The following table presents information as to the amount and timing of cash flows arising from our operating leases as of June 30, 2020: Maturity of Lease Liabilities Amount Years ending December 31, (in thousands) Remaining of 2020 $ 3,597 2021 7,328 2022 7,502 2023 7,704 2024 7,920 Thereafter 23,598 Total undiscounted operating lease payments 57,649 Less: imputed interest ( 13,683 ) Present value of operating lease liabilities 43,966 Balance Sheet Classification Operating lease liabilities, current 4,103 Operating lease liabilities, non-current 39,863 Total operating lease liabilities 43,966 Cash Flows Cash paid for amounts included in the present value of operating lease liabilities was $ 1.8 million and $ 3.6 million, respectively, for the three and six months ended June 30, 2020 and included in operating cash flow. Operating Lease Costs Operating lease costs were $ 1.6 million and $ 3.1 million for the three and six months ended June 30, 2020, respectively. Operating lease costs were $ 1.6 million and $ 3.1 million for the three and six months ended June 30, 2019, respectively. For both 2020 and 2019 the operating lease costs primarily related to our operating leases, but also included immaterial amounts for variable leases. Contingencies We may become involved in legal proceedings, claims and assessments from time to time in the ordinary course of business. We accrue liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Legal U.S. District Court Proceedings On March 15, 2017, we filed a complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-275 (“275 Action”)). The complaint is based on our U.S. Patent No. 9,546,400 (the “’400 Patent”), entitled “Nanopore sequencing using n-mers” which covers novel methods for nanopore sequencing of nucleic acid molecules using the signals from multiple monomeric units. This patent was granted on January 17, 2017. We are seeking remedies including injunctive relief, damages and costs. On August 23, 2018, we filed an amended complaint, adding ONT Ltd. as a defendant in the 275 Action. On August 15, 2019, the judge granted our motion to amend the complaint in the 275 Action to add allegations of willful infringement by ONT Inc. and ONT Ltd. On September 25, 2017, we filed a second complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-1353 (“1353 Action”)). The complaint is based on our U.S. Patent No. 9,678,056 (the “’056 Patent”) entitled “Control of Enzyme Translation in Nanopore Sequencing”, granted June 13, 2017, and U.S. Patent No. 9,738,929 (the “’929 Patent”) entitled “Nucleic Acid Sequence Analysis”, granted August 22, 2017. We are seeking remedies including injunctive relief, damages and costs. On March 28, 2018, we added a claim for infringement of our U.S. Patent No. 9,772,323 (the “’323 Patent”), entitled “Nanopore sequencing using n-mers.” On August 23, 2018 we filed an amended complaint, adding ONT Ltd. as a defendant in the 1353 Action. On August 15, 2019, the judge granted our motion to amend the complaint in the 1353 Action to add allegations of willful infringement by ONT Inc. and ONT Ltd. A trial for the U.S. District Court matters was held from March 9 through March 18, 2020. The jury determined that ONT Inc. and ONT Ltd. infringed the ‘056 Patent, the ‘400 Patent, and the ‘323 Patent, but the jury declined to find these patents valid based on enablement and, in the case of claim one of the ’056 Patent, written description and indefiniteness. The jury declined to find valid or infringed U.S. Patent No. 9,738,929. We plan to appeal the decision to the U.S. Court of Appeals for the Federal Circuit. Unrelated to the preceding matters, on September 26, 2019, Personal Genomics of Taiwan, Inc. (“PGI”) filed a complaint in the U.S. District Court for the District of Delaware against us for patent infringement (C.A. No. 19-cv-1810). The complaint is based on PGI’s U.S. Patent No. 7,767,441 (the “441 Patent”). We plan to vigorously defend in this matter. On November 20, 2019, we filed our answer to the complaint, denying infringement and seeking a declaratory judgement of invalidity of the ‘441 Patent. A trial for this matter is scheduled to begin on March 14, 2022. On June 22, 2020, we filed a petition requesting institution of an inter-partes review (IPR) to the Patent Trial and Appeals Board (the “Board”) at the United States Patent Office requesting the Board to find a set of claims in the ‘441 invalid. On June 27, 2020, we filed a second petition requesting institution of an IPR requesting the Board to find another set of claims in the ‘441 invalid. The two petitions requesting IPRs assert that all of the claims relevant to the PGI complaint are invalid. On May 19, 2020, PGI filed a complaint in the Wuhan People’s Court alleging infringement of one or more claims of China patent No. CN101743321B, which is related to the ‘441 Patent. We have not received service. We plan to vigorously defend in this matter. Other Proceedings From time to time, we may also be involved in a variety of other claims, lawsuits, investigations and proceedings relating to securities laws, product liability, patent infringement, contract disputes, employment and other matters that arise in the normal course of our business. In addition, third parties may, from time to time, assert claims against us in the form of letters and other communications. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We currently do not believe that the ultimate outcome of any of the matters described above is probable or reasonably estimable, or that these matters will have a material adverse effect on our business; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of litigation and settlement costs, diversion of management resources and other factors. Indemnification Pursuant to Delaware law and agreements entered into with each of our directors and officers, we may have obligations, under certain circumstances, to hold harmless and indemnify each of our directors and officers against losses suffered or incurred by the indemnified party in connection with their service to us, and judgements, fines, settlements and expenses related to claims arising against such directors and officers to the fullest extent permitted under Delaware law, our bylaws and certificate of incorporation. We also enter and have entered into indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. In addition, we may have obligations to hold harmless and indemnify third parties involved with our fundraising efforts and their respective affiliates, directors, officers, employees, agents or other representatives against any and all losses, claims, damages and liabilities related to claims arising against such parties pursuant to the terms of agreements entered into between such third parties and us in connection with such fundraising efforts. To the extent that any such indemnification obligations apply to the lawsuits described above, any associated expenses incurred are included within the related accrued litigation expense amounts. No additional liability associated with such indemnification obligations has been recorded at June 30, 2020. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 7. STOCKHOLDERS’ EQUITY Equity Plans As of June 30, 2020, in total, we had three active equity compensation plans: the 2010 Equity Incentive Plan (“ 2010 Plan”) , the 2010 Outside Director Equity Incentive Plan (“ 2010 Director Plan”) and the 2010 Employee Stock Purchase Plan (“ESPP”). Pursuant to the terms of the then-in-process Merger Agreement, the ESPP was terminated after the completion of the purchase period ended March 1, 2019. After the merger with Illumina was terminated in January 2020, we began offerings under the ESPP again starting with the offering period beginning on March 1, 2020. Our 2010 Equity Incentive Plan (“ 2010 Plan”) and 2010 Outside Director Equity Incentive Plan (“ 2010 Director Plan”) expired on July 29, 2020. On August 4, 2020, stockholders at the 2020 Annual Meeting approved a new 2020 Equity Incentive Plan and the 2010 Equity Incentive Plan and 2010 Outside Director Equity Incentive Plan were terminated. A description of the 2020 Equity Incentive Plan can be found in the Company’s Proxy Statement for the 2020 Annual Meeting of Stockholders, dated June 24, 2020. Stock Options The following table summarizes stock option activity for all our stock option plans for the six months ended June 30, 2020 (in thousands, except per share amounts): Stock Options Outstanding Weighted Number average of shares Exercise price exercise price Balances, December 31, 2019 22,697 $ 1.16 – 16.00 $ 5.57 Options granted 35 2.45 2.45 Options exercised ( 341 ) 1.16 – 4.25 2.43 Options canceled ( 1,906 ) 2.54 – 15.77 7.39 Balances, June 30, 2020 20,485 $ 1.16 – 16.00 $ 5.45 For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $ 1.1 million and $ 2.9 million, respectively, related to options. Restricted Stock Units, or “RSUs” Time-based RSUs The following table summarizes the time-based RSUs activity for the six months ended June 30, 2020 (in thousands, except per share amounts): Weighted average Number grant date of shares fair value RSUs outstanding at December 31, 2019 1,086 $ 6.12 RSUs granted 5,280 4.34 RSUs released ( 858 ) 6.78 RSUs forfeited ( 399 ) 4.47 Unvested RSUs outstanding at June 30, 2020 5,109 $ 4.30 For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $ 1.6 million and $ 3.8 million, respectively, related to time-based RSUs. Performance-based RSUs The following table summarizes the performance-based RSUs activity for the six months ended June 30, 2020 (in thousands, except per share amounts): Weighted average Number grant date of shares fair value PSUs outstanding at December 31, 2019 138 $ 2.63 PSUs granted — — PSUs released — — PSUs forfeited — — Unvested PSUs outstanding at June 30, 2020 138 $ 2.63 For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $ 0 related to the performance-based RSUs. In January 2020, an additional 7.7 million shares and 1.5 million shares, respectively, were reserved under the 2010 Plan and the 2010 Director Plan. As of June 30, 2020, we had an aggregate of 27.2 million shares of common stock reserved and available for future issuance under the 2010 Plan and 2010 Director Plan. ESPP shares Shares issued under our ESPP were none and 1,306,329 during the six months ended June 30, 2020 and 2019, respectively. In January 2020, an additional 3.1 million shares were reserved under the ESPP. As of June 30, 2020, 6,713,447 shares of our common stock remain available for issuance under our ESPP. For the three and six months ended June 30, 2020, we recognized stock-based compensation expense of $ 408,000 and $ 537,000 , respectively, related to the ESPP shares. Stock-Based Compensation The following table summarizes the stock-based compensation expense for the three and six months ended June 30, 2020 and 2019, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of revenue $ 452 $ 444 $ 979 $ 956 Research and development 1,433 1,918 3,192 3,930 Sales, general and administrative 1,349 1,727 3,095 3,584 Total stock-based compensation expense $ 3,234 $ 4,089 $ 7,266 $ 8,470 W e estimated the fair value of employee stock options on the grant date using the Black-Scholes option pricing model. The estimated fair value of employee stock options is amortized on a straight-line basis over the requisite service period of the awards. We did no t grant any stock options for the three months ended June 30, 2020. We did no t grant any stock options for the year ended December 31, 2019 due to the then-in-process merger with Illumina. Three Months Ended June 30, Six Months Ended June 30, Stock Option 2020 2019 2020 2019 Expected term in years — — 5.1 — Expected volatility — — 57 % — Risk-free interest rate — — 1.2 % — Dividend yield — — — — We estimate the value of employee stock purchase rights on the grant date using the Black-Scholes option pricing model. Pursuant to the terms of the then-in-process merger with Illumina, the ESPP was terminated after the completion of the purchase period ended March 1, 2019 and there were no offerings after March 1, 2019. As such there were no new Black-Scholes calculations performed to calculate the fair value of new purchase rights granted for the year ended December 31, 2019. After the merger with Illumina was terminated in January 2020, we began offerings under the ESPP again starting with the offering period on March 1, 2020. Three Months Ended June 30, Six Months Ended June 30, ESPP 2020 2019 2020 2019 Expected term in years 0.5 - 2.0 — 0.5 - 2.0 — Expected volatility 0.6 — 0.6 — Risk-free interest rate 0.8 % - 1.0 % — 0.8 % - 1.0 % — Dividend yield — — — — |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [Abstract] | |
Revenue | NOTE 8. REVENUE A summary of our revenue by geographic location for the three and six months ended June 30, 2020 and 2019 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 North America $ 8,457 $ 14,222 $ 16,218 $ 23,209 Europe (including the Middle East and Africa) 4,191 3,414 7,586 6,478 Asia Pacific 4,429 6,985 8,871 11,359 Total $ 17,077 $ 24,621 $ 32,675 $ 41,046 A summary of our revenue by category for the three and six months ended June 30, 2020 and 2019 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Instrument revenue $ 8,934 $ 12,664 $ 12,958 $ 18,287 Consumable revenue 4,822 8,586 13,091 16,420 Product revenue 13,756 21,250 26,049 34,707 Service and other revenue 3,321 3,371 6,626 6,339 Total revenue $ 17,077 $ 24,621 $ 32,675 $ 41,046 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation In the opinion of management, our accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared on a consistent basis with our December 31, 2019 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, as permitted by such rules and regulations, omit certain information and footnote disclosures necessary to present the statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the entire year or any future periods. The condensed consolidated financial statements include the accounts of Pacific Biosciences and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. |
COVID-19 | COVID-19 We are subject to risks and uncertainties as a result of the novel coronavirus pandemic (COVID-19). The extent of the impact of the COVID-19 pandemic on our business is highly uncertain as responses to the pandemic can change quickly and information is rapidly evolving. We considered the impact of COVID-19 on the assumptions and estimates used to determine the results reported and asset valuations as of June 30, 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Our estimates include, but are not limited to, the valuation of inventory, the determination of stand-alone selling prices for revenue recognition, the valuation of a financing derivative and long-term notes, the probability of repaying the Continuation Advances and Reverse Termination Fee to Illumina, the valuation and recognition of share-based compensation, the expected renewal period for service contracts to derive the amortization period for capitalized commissions, the useful lives assigned to long-lived assets, the computation of provisions for income taxes and the determination of the internal borrowing rate used in calculating the operating lease right-of-use assets and operating lease liabilities. Actual results could differ materially from these estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of our accounts receivable, prepaid expenses, other current assets, accounts payable, accrued expenses and other liabilities, current, approximate fair value due to their short maturities. The fair value hierarchy established under U.S. GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider an active market as one in which transactions for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis. Conversely, we view an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, our non-performance risk, or that of our counterparty, is considered in determining the fair values of liabilities and assets, respectively. We classify our cash deposits and money market funds within Level 1 of the fair value hierarchy because they are valued using bank balances or quoted market prices. We classify our investments as Level 2 instruments based on market pricing and other observable inputs. We did not classify any of our investments within Level 3 of the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis as of June 30, 2020 and December 31, 2019 respectively: June 30, 2020 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash and money market funds $ 33,294 $ — $ — $ 33,294 $ 18,644 $ — $ — $ 18,644 Commercial paper — 10,048 — 10,048 — 10,983 — 10,983 Total cash and cash equivalents 33,294 10,048 — 43,342 18,644 10,983 — 29,627 Investments: Commercial paper — 51,929 — 51,929 — 16,971 — 16,971 Corporate debt securities — 14,662 — 14,662 — 2,501 — 2,501 US government & agency securities — 10,030 — 10,030 — — — — Total investments — 76,621 — 76,621 — 19,472 — 19,472 Long-term restricted cash: Cash 3,500 — — 3,500 4,000 — — 4,000 Total assets measured at fair value $ 36,794 $ 86,669 $ — $ 123,463 $ 22,644 $ 30,455 $ — $ 53,099 Liabilities Financing Derivative $ — $ — $ — $ — $ — $ — $ — $ — Continuation Advances — — — — — — — — Total liabilities measured at fair value $ — $ — $ — $ — $ — $ — $ — $ — Estimated fair value of the financing derivative liability The estimated fair value of the Financing Derivative liability (as defined in the “Notes payable, current” section in “Note 5. Balance Sheet Components”) was determined using Level 3 inputs, or significant unobservable inputs. Changes to the estimated fair value of the Financing Derivative are recorded in “Other income, net” in the consolidated statements of operations and comprehensive loss. The estimated fair value of the Financing Derivative was determined by comparing the difference between the fair value of the Notes from the debt facility that we entered into during the first quarter of 2013 (the “Notes”) with and without the Financing Derivative by calculating the respective present values from future cash flows using a 6.5 % discount rate at December 31, 2019. The estimated fair value of the Financing Derivative as of December 31, 2019 was $ 0 . In February 2020, upon maturity of the Notes, the Financing Derivative was extinguished. Refer to the “Notes payable, current” section in “Note 5. Balance Sheet Components” for a detailed description and valuation approach. Estimated fair value of the Continuation Advances liability In accordance with the terms of the Merger Agreement, we received Continuation Advances of $ 18.0 million and $ 34.0 million from Illumina during the fourth quarter of 2019 and the first quarter of 2020, respectively. We determined that the Continuation Advances, which are subject to repayment under certain circumstances as discussed below, constitute a financial liability. The fair value option was elected for the financial liability because management believes that among all measurement methods allowed by Accounting Standards Codification, or ASC, 825, Financial Instruments , the fair value option would most fairly represent the value of such a financial liability. Management applied the income approach to estimate the fair value of this financial liability. The estimated fair value of the liability related to the Continuation Advances was determined using Level 3 inputs, or significant unobservable inputs. Management estimated that there would be no future cash outflows associated with this financial instrument because the probabilities of either of the following events occurring and requiring repayment to Illumina were evaluated as being remote as of June 30 2020: we enter into a Change of Control Transaction within two years following March 31, 2020; or we raise $ 100 million or more in a single equity or debt financing (that may have multiple closings) within two years following March 31, 2020. As a result, the estimated fair value of the liability associated with the contingent repayment of the Continuation Advances received in the first quarter of 2020 was assessed to be zero as of both March 31, 2020 and June 30, 2020, with a resulting non-operating gain of $ 34.0 million recorded as “Gain from Continuation Advances from Illumina” for the quarter ended March 31, 2020. We recorded a similar gain of $ 18.0 million in 2019 for the Continuation Advances received during the fourth quarter of 2019. For the quarter ended June 30, 2020, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and our valuation techniques did not change compared to the prior year. |
Net Loss per Share | Net Loss per Share The following outstanding common stock options, restricted stock units (“RSUs”), with time-based vesting and RSUs with performance-based vesting, were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect. See Note 7. Stockholders’ Equity for detailed information on RSUs with time-based vesting and RSUs with performance-based vesting. Six Months Ended June 30, (in thousands) 2020 2019 Options to purchase common stock 20,485 23,414 RSUs with time-based vesting 5,109 1,121 RSUs with performance-based vesting 138 138 |
Concentration and Other Risks | Concentration and Other Risks For the three and six months ended June 30, 2020, Gene Company Limited accounted for approximately 15 % and 11 %, respectively, of our total revenue during the period with no other customer exceeding 10% during those periods. For the three and six months ended June 30, 2019, Gene Company Limited accounted for approximately 23 % and 20 % of our total revenue, respectively, with no other customer exceeding 10% during those periods. Gene Company Limited is our primary distributor in China. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board, or FASB issued Accounting Standards Update, or ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes . ASU 2019-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, which is fiscal 2021 for us, with early adoption permitted. We do not expect adoption of the new guidance to have a material impact on our financial statements. Recently Adopted Accounting Standards Adoption of Topic 326 In June 2016, FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”), which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. We adopted Topic 326 on January 1, 2020, using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. The cumulative-effect adjustment recorded on January 1, 2020, is shown below (in thousands): Balance Sheets Balance at December 31, 2019 Adjustments Due to Topic 326 Balance at January 1, 2020 Assets Accounts receivable $ 15,266 $ ( 32 ) $ 15,234 Liabilities and Stockholders' Equity Accumulated deficit ( 1,066,240 ) ( 32 ) ( 1,066,272 ) The adoption of Topic 326 did not have a material impact on our financial statements and our bad debt expense was immaterial as of June 30 2020. Please see the description of our “Credit Losses” accounting policy in the “Significant Accounting Policies” section below. |
Significant Accounting Policies | Significant Accounting Policies With the exception of the change for the accounting of credit losses as a result of the adoption of Topic 326, there have been no new or material changes to the significant accounting policies discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, that are of significance, or potential significance, to us. Credit Losses Trade accounts receivable. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review the allowance by considering factors such as the age of the accounts receivable balances, customer creditworthiness, customer industry, and current and forecasted economic conditions that may affect a customer’s ability to pay. Available-for-sale debt securities. Our investment portfolio at any point in time contains investments in cash deposits, money market funds, commercial paper, corporate debt securities and US government and agency securities. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as significance of loss, historical experience, market data, issuer-specific factors, and current economic conditions and concluded that an allowance for credit losses was not required as of June 30 2020. Although we have historically not experienced significant credit losses, our exposure to credit losses may increase if our customers are adversely affected by changes in economic pressures or uncertainty associated with local or global economic recessions, disruption associated with the current COVID-19 pandemic, or other customer-specific factors. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | June 30, 2020 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash and money market funds $ 33,294 $ — $ — $ 33,294 $ 18,644 $ — $ — $ 18,644 Commercial paper — 10,048 — 10,048 — 10,983 — 10,983 Total cash and cash equivalents 33,294 10,048 — 43,342 18,644 10,983 — 29,627 Investments: Commercial paper — 51,929 — 51,929 — 16,971 — 16,971 Corporate debt securities — 14,662 — 14,662 — 2,501 — 2,501 US government & agency securities — 10,030 — 10,030 — — — — Total investments — 76,621 — 76,621 — 19,472 — 19,472 Long-term restricted cash: Cash 3,500 — — 3,500 4,000 — — 4,000 Total assets measured at fair value $ 36,794 $ 86,669 $ — $ 123,463 $ 22,644 $ 30,455 $ — $ 53,099 Liabilities Financing Derivative $ — $ — $ — $ — $ — $ — $ — $ — Continuation Advances — — — — — — — — Total liabilities measured at fair value $ — $ — $ — $ — $ — $ — $ — $ — |
Anti-dilutive Shares Excluded from Computation of Diluted Net Income (Loss) per Share | Six Months Ended June 30, (in thousands) 2020 2019 Options to purchase common stock 20,485 23,414 RSUs with time-based vesting 5,109 1,121 RSUs with performance-based vesting 138 138 |
Schedule of Cumulative Effect on Consolidated Balance Sheet for Adoption of ASU 2016-13 | Balance Sheets Balance at December 31, 2019 Adjustments Due to Topic 326 Balance at January 1, 2020 Assets Accounts receivable $ 15,266 $ ( 32 ) $ 15,234 Liabilities and Stockholders' Equity Accumulated deficit ( 1,066,240 ) ( 32 ) ( 1,066,272 ) |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash, Cash Equivalents and Investments [Abstract] | |
Summary of Cash, Cash Equivalents and Investments | As of June 30, 2020 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds $ 33,294 $ — $ — $ 33,294 Commercial paper 10,048 — — 10,048 Total cash and cash equivalents 43,342 — — 43,342 Investments: Commercial paper 51,892 37 — 51,929 Corporate debt securities 14,483 179 — 14,662 US government & agency securities 10,003 27 — 10,030 Total investments 76,378 243 — 76,621 Total cash, cash equivalents and investments $ 119,720 $ 243 $ — $ 119,963 Long-term restricted cash: Cash $ 3,500 $ — $ — $ 3,500 As of December 31, 2019 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds $ 18,644 $ — $ — $ 18,644 Commercial paper 10,983 — — 10,983 Total cash and cash equivalents 29,627 — — 29,627 Investments: Commercial paper 16,971 1 ( 1 ) 16,971 Corporate debt securities 2,496 5 — 2,501 Total investments 19,467 6 ( 1 ) 19,472 Total cash, cash equivalents and investments $ 49,094 $ 6 $ ( 1 ) $ 49,099 Long-term restricted cash: Cash $ 4,000 $ — $ — $ 4,000 |
Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments | Fair Value Due in one year or less $ 81,034 Due after one year through 5 years 5,635 Total investments $ 86,669 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Components [Abstract] | |
Components of Inventory | June 30, December 31, (in thousands) 2020 2019 Purchased materials $ 5,289 $ 3,966 Work in process 5,795 4,594 Finished goods 5,684 4,752 Inventory $ 16,768 $ 13,312 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases | Maturity of Lease Liabilities Amount Years ending December 31, (in thousands) Remaining of 2020 $ 3,597 2021 7,328 2022 7,502 2023 7,704 2024 7,920 Thereafter 23,598 Total undiscounted operating lease payments 57,649 Less: imputed interest ( 13,683 ) Present value of operating lease liabilities 43,966 Balance Sheet Classification Operating lease liabilities, current 4,103 Operating lease liabilities, non-current 39,863 Total operating lease liabilities 43,966 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity [Abstract] | |
Summary of Stock Option Activity | Stock Options Outstanding Weighted Number average of shares Exercise price exercise price Balances, December 31, 2019 22,697 $ 1.16 – 16.00 $ 5.57 Options granted 35 2.45 2.45 Options exercised ( 341 ) 1.16 – 4.25 2.43 Options canceled ( 1,906 ) 2.54 – 15.77 7.39 Balances, June 30, 2020 20,485 $ 1.16 – 16.00 $ 5.45 |
Summary of Time-Based RSUs Activity | Weighted average Number grant date of shares fair value RSUs outstanding at December 31, 2019 1,086 $ 6.12 RSUs granted 5,280 4.34 RSUs released ( 858 ) 6.78 RSUs forfeited ( 399 ) 4.47 Unvested RSUs outstanding at June 30, 2020 5,109 $ 4.30 |
Summary of Performance-Based RSUs Activity | Weighted average Number grant date of shares fair value PSUs outstanding at December 31, 2019 138 $ 2.63 PSUs granted — — PSUs released — — PSUs forfeited — — Unvested PSUs outstanding at June 30, 2020 138 $ 2.63 |
Schedule of Stock-Based Compensation Expense | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of revenue $ 452 $ 444 $ 979 $ 956 Research and development 1,433 1,918 3,192 3,930 Sales, general and administrative 1,349 1,727 3,095 3,584 Total stock-based compensation expense $ 3,234 $ 4,089 $ 7,266 $ 8,470 |
Schedule of Fair Value of Employee Stock Options | Three Months Ended June 30, Six Months Ended June 30, Stock Option 2020 2019 2020 2019 Expected term in years — — 5.1 — Expected volatility — — 57 % — Risk-free interest rate — — 1.2 % — Dividend yield — — — — |
Schedule of Fair Value of Employee Stock Purchase Plan | Three Months Ended June 30, Six Months Ended June 30, ESPP 2020 2019 2020 2019 Expected term in years 0.5 - 2.0 — 0.5 - 2.0 — Expected volatility 0.6 — 0.6 — Risk-free interest rate 0.8 % - 1.0 % — 0.8 % - 1.0 % — Dividend yield — — — — |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [Abstract] | |
Schedule of Revenue by Geographic Location | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 North America $ 8,457 $ 14,222 $ 16,218 $ 23,209 Europe (including the Middle East and Africa) 4,191 3,414 7,586 6,478 Asia Pacific 4,429 6,985 8,871 11,359 Total $ 17,077 $ 24,621 $ 32,675 $ 41,046 |
Summary of Revenue by Category | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Instrument revenue $ 8,934 $ 12,664 $ 12,958 $ 18,287 Consumable revenue 4,822 8,586 13,091 16,420 Product revenue 13,756 21,250 26,049 34,707 Service and other revenue 3,321 3,371 6,626 6,339 Total revenue $ 17,077 $ 24,621 $ 32,675 $ 41,046 |
Termination of Merger with Il_2
Termination of Merger with Illumina (Narrative) (Details) - USD ($) $ in Thousands | Jan. 02, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Termination of Merger with Illumina [Abstract] | |||||||
Gain from Continuation Advances | $ 34,000 | $ 34,000 | $ 18,000 | ||||
Termination fee received | $ 98,000 | ||||||
Advisor fees paid | $ 6,000 | ||||||
Continuation Advances | $ 34,000 | $ 18,000 | $ 34,000 | $ 52,000 | |||
Period in which company must repay continuation advances if change-of-control transaction is entered into with third party | 2 years | ||||||
Equity or debt financing that must be raised in a single transaction | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)item | Jun. 30, 2019 | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2019 | Dec. 31, 2019USD ($)item | Feb. 29, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Fair value of the financing derivative | $ 0 | $ 0 | |||||||
Financing derivative | $ 0 | ||||||||
Continuation Advances | $ 34,000,000 | $ 18,000,000 | 34,000,000 | $ 52,000,000 | |||||
Deferred gain from Reverse Termination Fee | 98,000,000 | $ 98,000,000 | |||||||
Period in which company must repay continuation advances if change-of-control transaction is entered into with third party | 2 years | ||||||||
Equity or debt financing that must be raised in a single transaction | $ 100,000,000 | ||||||||
Period in which company must raise equity or debt financing in a single transaction | 2 years | ||||||||
Contingent repayment liability | $ 0 | 0 | $ 0 | $ 0 | |||||
Gain from Continuation Advances | $ 34,000,000 | 34,000,000 | $ 18,000,000 | ||||||
Fair value assets/liabilities transfer between levels | $ 0 | ||||||||
Measurement Input, Discount Rate [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Derivative liability, measurement input | item | 0.065 | 0.065 | |||||||
Sales Revenue, Net [Member] | TOMY Digital Biology Co. [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 15.00% | 23.00% | 11.00% | 20.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) | Jun. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2019 |
Assets | |||
Total cash and cash equivalents | $ 43,342,000 | $ 29,627,000 | |
Total investments | 76,621,000 | 19,472,000 | |
Long-term restricted cash | 3,500,000 | 4,000,000 | |
Total assets measured at fair value | 123,463,000 | 53,099,000 | |
Liabilities | |||
Financing derivative | $ 0 | ||
Continuation Advances | |||
Total liabilities measured at fair value | |||
Cash and money market funds [Member] | |||
Assets | |||
Total cash and cash equivalents | 33,294,000 | 18,644,000 | |
Commercial paper [Member] | |||
Assets | |||
Total cash and cash equivalents | 10,048,000 | 10,983,000 | |
Commercial paper, not included with cash and cash equivalents [Member] | |||
Assets | |||
Total investments | 51,929,000 | 16,971,000 | |
Corporate debt securities [Member] | |||
Assets | |||
Total investments | 14,662,000 | 2,501,000 | |
U.S. government & agency securities, not included with cash and cash equivalents [Member] | |||
Assets | |||
Total investments | 10,030,000 | ||
Level 1 [Member] | |||
Assets | |||
Total cash and cash equivalents | 33,294,000 | 18,644,000 | |
Long-term restricted cash | 3,500,000 | 4,000,000 | |
Total assets measured at fair value | 36,794,000 | 22,644,000 | |
Liabilities | |||
Financing derivative | |||
Continuation Advances | |||
Total liabilities measured at fair value | |||
Level 1 [Member] | Cash and money market funds [Member] | |||
Assets | |||
Total cash and cash equivalents | 33,294,000 | 18,644,000 | |
Level 2 [Member] | |||
Assets | |||
Total cash and cash equivalents | 10,048,000 | 10,983,000 | |
Total investments | 76,621,000 | 19,472,000 | |
Total assets measured at fair value | 86,669,000 | 30,455,000 | |
Liabilities | |||
Financing derivative | |||
Continuation Advances | |||
Total liabilities measured at fair value | |||
Level 2 [Member] | Commercial paper [Member] | |||
Assets | |||
Total cash and cash equivalents | 10,048,000 | 10,983,000 | |
Level 2 [Member] | Commercial paper, not included with cash and cash equivalents [Member] | |||
Assets | |||
Total investments | 51,929,000 | 16,971,000 | |
Level 2 [Member] | Corporate debt securities [Member] | |||
Assets | |||
Total investments | 14,662,000 | 2,501,000 | |
Level 2 [Member] | U.S. government & agency securities, not included with cash and cash equivalents [Member] | |||
Assets | |||
Total investments | 10,030,000 | ||
Level 3 [Member] | |||
Liabilities | |||
Financing derivative | |||
Continuation Advances | |||
Total liabilities measured at fair value |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Anti-dilutive Shares Excluded from Computation of Diluted Net Income (Loss) per Share) (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of earnings per share | 20,485 | 23,414 |
Time-Based Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of earnings per share | 5,109 | 1,121 |
Performance-Based Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of earnings per share | 138 | 138 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Cumulative Effect on Consolidated Balance Sheet for Adoption of ASU 2016-13) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Assets | |||
Accounts receivable | $ 11,346 | $ 15,234 | $ 15,266 |
Liabilities and Stockholders’ Equity | |||
Accumulated deficit | $ (1,088,096) | $ (1,066,272) | (1,066,240) |
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Assets | |||
Accounts receivable | (32) | ||
Liabilities and Stockholders’ Equity | |||
Accumulated deficit | $ (32) |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 119,720 | $ 49,094 |
Gross unrealized gains | 243 | 6 |
Gross unrealized losses | (1) | |
Fair value | 119,963 | 49,099 |
Cash and cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 43,342 | 29,627 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 43,342 | 29,627 |
Cash and money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 33,294 | 18,644 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 33,294 | 18,644 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 10,048 | 10,983 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 10,048 | 10,983 |
U.S. government and agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 10,003 | |
Gross unrealized gains | 27 | |
Gross unrealized losses | ||
Fair value | 10,030 | |
Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 76,378 | 19,467 |
Gross unrealized gains | 243 | 6 |
Gross unrealized losses | (1) | |
Fair value | 76,621 | 19,472 |
Commercial paper, not included with cash and cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 51,892 | 16,971 |
Gross unrealized gains | 37 | 1 |
Gross unrealized losses | (1) | |
Fair value | 51,929 | 16,971 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 14,483 | 2,496 |
Gross unrealized gains | 179 | 5 |
Gross unrealized losses | ||
Fair value | 14,662 | 2,501 |
Long-term restricted cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,500 | 4,000 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | $ 3,500 | $ 4,000 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments (Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Cash, Cash Equivalents and Investments [Abstract] | |
Due in one year or less | $ 81,034 |
Due after one year through 5 years | 5,635 |
Total investments | $ 86,669 |
Balance Sheet Components (Narra
Balance Sheet Components (Narrative) (Details) | Jan. 02, 2020USD ($) | May 31, 2020USD ($) | Feb. 29, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | May 01, 2020USD ($) | Dec. 31, 2019USD ($)item | May 01, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2015USD ($) |
Balance Sheet Components [Line Items] | ||||||||||||
Long-term restricted cash | $ 3,500,000 | $ 3,500,000 | $ 3,500,000 | $ 4,000,000 | $ 4,000,000 | $ 4,500,000 | $ 4,500,000 | |||||
Decrease in Long-term restricted cash | $ 500,000 | |||||||||||
Termination fee received | $ 98,000,000 | |||||||||||
Accrued advisor fees | 6,000,000 | $ 6,000,000 | ||||||||||
Period in which company must repay continuation advances if change-of-control transaction is entered into with third party | 2 years | |||||||||||
Deferred gain from Reverse Termination Fee | 98,000,000 | $ 98,000,000 | ||||||||||
Sales, general and administrative | 15,127,000 | $ 19,083,000 | 40,074,000 | $ 38,849,000 | ||||||||
Notes payable, current | 16,000,000 | |||||||||||
Repayment of notes payable | $ 16,000,000 | 16,000,000 | ||||||||||
Fair value of the financing derivative | 0 | |||||||||||
Financing derivative | $ 0 | |||||||||||
Deferred revenue, current | 6,932,000 | 6,932,000 | 7,610,000 | |||||||||
Deferred revenue, non-current | 1,531,000 | 1,531,000 | 1,951,000 | |||||||||
Prepaid expenses and other current assets | 2,862,000 | 2,862,000 | 3,369,000 | |||||||||
Service [Member] | ||||||||||||
Balance Sheet Components [Line Items] | ||||||||||||
Deferred revenue | 8,400,000 | 8,400,000 | ||||||||||
Deferred revenue, current | 6,900,000 | 6,900,000 | $ 2,100,000 | |||||||||
Deferred revenue, non-current | 1,500,000 | 1,500,000 | ||||||||||
Prepaid expenses and other current assets | $ 600,000 | $ 600,000 | ||||||||||
Service [Member] | Minimum [Member] | ||||||||||||
Balance Sheet Components [Line Items] | ||||||||||||
Deferred service revenue, noncurrent, recognition period | 3 years | |||||||||||
Termination Agreement [Member] | ||||||||||||
Balance Sheet Components [Line Items] | ||||||||||||
Sales, general and administrative | $ 6,000,000 | |||||||||||
Measurement Input, Discount Rate [Member] | ||||||||||||
Balance Sheet Components [Line Items] | ||||||||||||
Derivative liability, measurement input | item | 0.065 |
Balance Sheet Components (Compo
Balance Sheet Components (Components of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Components [Abstract] | ||
Purchased materials | $ 5,289 | $ 3,966 |
Work in process | 5,795 | 4,594 |
Finished goods | 5,684 | 4,752 |
Inventory | $ 16,768 | $ 13,312 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) ft² in Thousands | Jul. 22, 2015USD ($) | Jun. 30, 2020USD ($)ft² | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)ft² | Jun. 30, 2019USD ($) | May 01, 2020USD ($) | Dec. 31, 2019USD ($) | May 01, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2015USD ($) |
Commitments and Contingencies [Line Items] | ||||||||||
Long-term restricted cash | $ 3,500,000 | $ 3,500,000 | $ 3,500,000 | $ 4,000,000 | $ 4,000,000 | $ 4,500,000 | $ 4,500,000 | |||
Rent payments | 1,800,000 | 3,600,000 | ||||||||
Operating lease cost | 1,600,000 | $ 1,600,000 | 3,100,000 | $ 3,100,000 | ||||||
Additional liability associated with indemnification obligations | $ 0 | $ 0 | ||||||||
1305 O’Brien Drive, Menlo Park, California [Member] | ||||||||||
Commitments and Contingencies [Line Items] | ||||||||||
Net rentable area | ft² | 180 | 180 | ||||||||
Renewal term | 5 years | 5 years | ||||||||
Weighted average remaining lease term | 7 years 3 months 18 days | 7 years 3 months 18 days | ||||||||
Weighted average discount rate | 7.90% | 7.90% | ||||||||
O’Brien Lease Agreement [Member] | ||||||||||
Commitments and Contingencies [Line Items] | ||||||||||
Lease term | 132 months | |||||||||
Rent expense first twelve months | $ 540,000 | |||||||||
Rent expense last twelve months | $ 711,000 | |||||||||
Period in which payment must be received without incurring late charge | 5 days | |||||||||
Late charge, percent | 5.00% | |||||||||
Amount not paid after written notice, bear interest from date due until date paid, period | 10 days | |||||||||
O’Brien Lease Agreement [Member] | Prime Rate [Member] | ||||||||||
Commitments and Contingencies [Line Items] | ||||||||||
Basis spread on variable rate | 2.00% |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Maturity of Lease Liabilities | ||
Remaining of 2020 | $ 3,597 | |
2021 | 7,328 | |
2022 | 7,502 | |
2023 | 7,704 | |
2024 | 7,920 | |
Thereafter | 23,598 | |
Total undiscounted operating lease payments | 57,649 | |
Less: imputed interest | (13,683) | |
Present value of operating lease liabilities | 43,966 | |
Balance Sheet Classification | ||
Operating lease liabilities, current | 4,103 | $ 3,837 |
Operating lease liabilities, non-current | 39,863 | $ 41,964 |
Total operating lease liabilities | $ 43,966 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jan. 31, 2020shares | Jun. 30, 2020USD ($)itemshares | Jun. 30, 2020USD ($)itemshares | Jun. 30, 2019USD ($)shares | Dec. 31, 2019shares | |
Stockholders' Equity [Line Items] | |||||
Number of equity compensation plans | item | 3 | 3 | |||
Stock-based compensation | $ | $ 7,266 | $ 8,470 | |||
2010 Plan [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Additional common stock reserved for issuance | 7,700,000 | ||||
2010 Director Plan [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Additional common stock reserved for issuance | 1,500,000 | ||||
2010 Plan and 2010 Director Plan [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Common stock reserved for issuance | 27,200,000 | 27,200,000 | |||
ESPP [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Shares issued | 1,306,329 | 1,306,329 | |||
Additional common stock reserved for issuance | 3,100,000 | ||||
Common stock reserved for issuance | 6,713,447 | 6,713,447 | |||
Stock-based compensation | $ | $ 408 | $ 537 | |||
Employee stock purchase rights offered | 0 | ||||
Stock Options [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Stock-based compensation | $ | 1,100 | $ 2,900 | |||
Options granted | 0 | 0 | |||
Time-Based Restricted Stock Units (RSUs) [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Stock-based compensation | $ | 1,600 | $ 3,800 | |||
Performance-Based Restricted Stock Units (RSUs) [Member] | |||||
Stockholders' Equity [Line Items] | |||||
Stock-based compensation | $ | $ 0 | $ 0 |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Stock Option Activity) (Details) - Stock Options [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of shares, Options granted | 0 | 0 |
$1.16 – 16.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of shares, Balances, December 31, 2019 | 22,697,000 | |
Number of shares, Balances, June 30, 2020 | 20,485,000 | 22,697,000 |
Exercise price, lower range | $ 1.16 | $ 1.16 |
Exercise price, upper range | 16 | 16 |
Weighted average exercise price, Balances, December 31, 2019 | 5.57 | |
Weighted average exercise price, Balances, June 30, 2020 | $ 5.45 | $ 5.57 |
$2.45 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of shares, Options granted | 35,000 | |
Exercise price | $ 2.45 | |
Weighted average exercise price, Options granted | $ 2.45 | |
$1.16 – 4.25 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of shares, Options exercised | (341,000) | |
Exercise price, lower range | $ 1.16 | |
Exercise price, upper range | 4.25 | |
Weighted average exercise price, Options exercised | $ 2.43 | |
$2.54 – 15.77 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of shares, Options canceled | (1,906,000) | |
Exercise price, lower range | $ 2.54 | |
Exercise price, upper range | 15.77 | |
Weighted average exercise price, Options canceled | $ 7.39 |
Stockholders' Equity (Summary_2
Stockholders' Equity (Summary of Time-Based RSUs Activity) (Details) - Time-Based Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, outstanding at December 31, 2019 | shares | 1,086 |
Number of shares, granted | shares | 5,280 |
Number of shares, released | shares | (858) |
Number of shares, forfeited | shares | (399) |
Number of shares, Unvested outstanding at June 30, 2020 | shares | 5,109 |
Weighted average grant date fair value, outstanding at December 31, 2019 | $ / shares | $ 6.12 |
Weighted average grant date fair value, granted | $ / shares | 4.34 |
Weighted average grant date fair value, released | $ / shares | 6.78 |
Weighted average grant date fair value, forfeited | $ / shares | 4.47 |
Weighted average grant date fair value, Unvested outstanding at June 30, 2020 | $ / shares | $ 4.30 |
Stockholders' Equity (Summary_3
Stockholders' Equity (Summary of Performance-Based RSUs Activity) (Details) - Performance-Based Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, outstanding at December 31, 2019 | shares | 138 |
Number of shares, granted | shares | |
Number of shares, released | shares | |
Number of shares, forfeited | shares | |
Number of shares, Unvested outstanding at June 30, 2020 | shares | 138 |
Weighted average grant date fair value, outstanding at December 31, 2019 | $ / shares | $ 2.63 |
Weighted average grant date fair value, granted | $ / shares | |
Weighted average grant date fair value, released | $ / shares | |
Weighted average grant date fair value, forfeited | $ / shares | |
Weighted average grant date fair value, Unvested outstanding at June 30, 2020 | $ / shares | $ 2.63 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 3,234 | $ 4,089 | $ 7,266 | $ 8,470 |
Cost of revenue [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 452 | 444 | 979 | 956 |
Research and development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,433 | 1,918 | 3,192 | 3,930 |
Sales, general and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,349 | $ 1,727 | $ 3,095 | $ 3,584 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Fair Value of Employee Stock Options) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term in years | 5 years 1 month 6 days | |||
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility | 57.00% | |||
Risk-free interest rate | 1.20% | |||
Dividend yield |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Fair Value of Employee Stock Purchase Plan) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term in years | 5 years 1 month 6 days | |||
ESPP [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility | 0.60% | 0.60% | ||
Risk-free interest rate | ||||
Risk-free interest rate, minimum | 0.80% | 0.80% | ||
Risk-free interest rate, maximum | 1.00% | 1.00% | ||
Dividend yield | ||||
ESPP [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term in years | 6 months | 6 months | ||
ESPP [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term in years | 2 years | 2 years |
Revenue (Schedule of Revenue by
Revenue (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 17,077 | $ 24,621 | $ 32,675 | $ 41,046 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 8,457 | 14,222 | 16,218 | 23,209 |
Europe (including the Middle East and Africa) [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 4,191 | 3,414 | 7,586 | 6,478 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 4,429 | $ 6,985 | $ 8,871 | $ 11,359 |
Revenue (Summary of Revenue by
Revenue (Summary of Revenue by Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Product Information [Line Items] | ||||
Total revenue | $ 17,077 | $ 24,621 | $ 32,675 | $ 41,046 |
Product [Member] | ||||
Product Information [Line Items] | ||||
Total revenue | 13,756 | 21,250 | 26,049 | 34,707 |
Instrument [Member] | ||||
Product Information [Line Items] | ||||
Total revenue | 8,934 | 12,664 | 12,958 | 18,287 |
Consumable [Member] | ||||
Product Information [Line Items] | ||||
Total revenue | 4,822 | 8,586 | 13,091 | 16,420 |
Service and Other [Member] | ||||
Product Information [Line Items] | ||||
Total revenue | $ 3,321 | $ 3,371 | $ 6,626 | $ 6,339 |