Pacific Biosciences of California (PACB) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--09-30
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		220,598,363
Amendment Flag	false
Entity Central Index Key	0001299130
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 425,388	$ 81,611
Investments	654,502	237,203
Accounts receivable	23,946	16,837
Inventory	18,276	14,230
Prepaid expenses and other current assets	7,193	4,870
Short-term restricted cash	500	836
Total current assets	1,129,805	355,587
Property and equipment, net	31,119	24,899
Operating lease right-of-use assets, net	45,862	29,951
Long-term restricted cash	4,560	3,500
Intangible assets, net	411,206
Goodwill	411,533
Other long-term assets	70	43
Total assets	2,034,155	413,980
Current liabilities
Accounts payable	4,960	3,579
Accrued expenses	30,820	17,350
Deferred revenue, current	9,773	8,722
Operating lease liabilities, current	7,128	4,332
Other liabilities, current	2,927	4,519
Total current liabilities	55,608	38,502
Deferred revenue, non-current	18,447	1,568
Contingent consideration liability, non-current	168,574
Operating lease liabilities, non-current	49,954	37,667
Convertible senior notes, net, non-current	895,915
Other liabilities, non-current	4,850	752
Total liabilities	1,193,348	78,489
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 220,547 shares and 192,294 shares at September 30, 2021 and December 31, 2020, respectively	221	192
Additional paid-in capital	1,989,322	1,372,083
Accumulated other comprehensive income	27	85
Accumulated deficit	(1,148,763)	(1,036,869)
Total stockholders' equity	840,807	335,491
Total liabilities and stockholders' equity	$ 2,034,155	$ 413,980

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	220,547,000	192,294,000
Common Stock, shares outstanding	220,547,000	192,294,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 34,887	$ 19,082	$ 94,494	$ 51,757
Cost of revenue:
Total cost of revenue	19,523	12,018	52,400	30,592
Amortization of intangible assets	123		123
Gross profit	15,364	7,064	42,094	21,165
Operating expense:
Research and development	27,508	16,467	70,323	46,727
Sales, general and administrative	31,606	14,772	86,804	54,846
Merger-related expenses	30,726		30,726
Total operating expense	89,840	31,239	187,853	101,573
Operating loss	(74,476)	(24,175)	(145,759)	(80,408)
Gain (loss) from Continuation Advances			(52,000)	34,000
Interest expense	(3,673)		(9,051)	(267)
Other income (expense), net	(133)	467	92	1,143
Loss before benefit from income taxes	(78,282)	(23,708)	(206,718)	(45,532)
Benefit from income taxes	(94,824)		(94,824)
Net income (loss)	16,542	(23,708)	(111,894)	(45,532)
Other comprehensive income (loss):
Unrealized income (loss) on investments	33	(125)	(58)	113
Comprehensive income (loss)	$ 16,575	$ (23,833)	$ (111,952)	$ (45,419)
Net income (loss) per share:
Basic	$ 0.08	$ (0.14)	$ (0.56)	$ (0.29)
Diluted	$ 0.08	$ (0.14)	$ (0.56)	$ (0.29)
Weighted average shares outstanding used in computing net income (loss) per share
Basic	202,194,000	166,862,000	198,545,000	158,195,000
Diluted	215,127,000	166,862,000	198,545,000	158,195,000
Product [Member]
Revenue:
Total revenue	$ 30,502	$ 15,749	$ 82,338	$ 41,798
Cost of revenue:
Total cost of revenue	15,530	9,228	41,449	22,874
Service and Other [Member]
Revenue:
Total revenue	4,385	3,333	12,156	9,959
Cost of revenue:
Total cost of revenue	$ 3,870	$ 2,790	$ 10,828	$ 7,718

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	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 (Accounting Standards Update, Topic 326 [Member]) at Dec. 31, 2019				$ (32)		$ (32)
Balance at Dec. 31, 2019	$ 153	$ 1,120,999	$ 5		$ (1,066,240)		$ 54,917
Balance, shares at Dec. 31, 2019	153,119
Net Income loss					(45,532)		(45,532)
Other comprehensive income loss			113				113
Issuance of common stock in conjunction with equity plans	$ 4	14,170					14,174
Issuance of common stock in conjunction with equity plans, shares	4,473
Issuance of common stock from underwritten public equity offering, net of issuance costs	$ 23	93,575					93,598
Issuance of common stock from underwritten public equity offering, net of issuance costs, shares	22,345
Stock-based compensation expense		12,258					12,258
Balance at Sep. 30, 2020	$ 180	1,241,002	118		(1,111,804)		129,496
Balance, shares at Sep. 30, 2020	179,937
Balance at Jun. 30, 2020	$ 154	1,129,091	243		(1,088,096)		41,392
Balance, shares at Jun. 30, 2020	154,318
Net Income loss					(23,708)		(23,708)
Other comprehensive income loss			(125)				(125)
Issuance of common stock in conjunction with equity plans	$ 3	13,344					13,347
Issuance of common stock in conjunction with equity plans, shares	3,274
Issuance of common stock from underwritten public equity offering, net of issuance costs	$ 23	93,575					93,598
Issuance of common stock from underwritten public equity offering, net of issuance costs, shares	22,345
Stock-based compensation expense		4,992					4,992
Balance at Sep. 30, 2020	$ 180	1,241,002	118		(1,111,804)		129,496
Balance, shares at Sep. 30, 2020	179,937
Balance at Dec. 31, 2020	$ 192	1,372,083	85		(1,036,869)		$ 335,491
Balance, shares at Dec. 31, 2020	192,294						192,294
Net Income loss					(111,894)		$ (111,894)
Other comprehensive income loss			(58)				(58)
Issuance of common stock in conjunction with equity plans	$ 9	30,113					30,122
Issuance of common stock in conjunction with equity plans, shares	8,126
Issuance of common stock in Private Placement, net of issuance costs	$ 11	294,834					294,845
Issuance of common stock in Private Placement, net of issuance costs shares	11,215
Issuance of common stock in acquisition of Omniome	$ 9	237,875					237,884
Issuance of common stock in acquisition of Omniome, shares	8,912
Stock-based compensation expense		54,417					54,417
Balance at Sep. 30, 2021	$ 221	1,989,322	27		(1,148,763)		$ 840,807
Balance, shares at Sep. 30, 2021	220,547						220,547
Balance at Jun. 30, 2021	$ 199	1,423,357	(6)		(1,165,305)		$ 258,245
Balance, shares at Jun. 30, 2021	198,917
Net Income loss					16,542		16,542
Other comprehensive income loss			33				33
Issuance of common stock in conjunction with equity plans	$ 2	4,809					4,811
Issuance of common stock in conjunction with equity plans, shares	1,503
Issuance of common stock in Private Placement, net of issuance costs	$ 11	294,834					294,845
Issuance of common stock in Private Placement, net of issuance costs shares	11,215
Issuance of common stock in acquisition of Omniome	$ 9	237,875					237,884
Issuance of common stock in acquisition of Omniome, shares	8,912
Stock-based compensation expense		28,447					28,447
Balance at Sep. 30, 2021	$ 221	$ 1,989,322	$ 27		$ (1,148,763)		$ 840,807
Balance, shares at Sep. 30, 2021	220,547						220,547

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (111,894)	$ (45,532)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Loss (gain) from Continuation Advances	52,000	(34,000)
Depreciation	4,943	4,827
Amortization of intangible assets	154
Amortization of operating lease right-of-use assets	2,403	2,127
Amortization of debt discount and financing costs	381	129
Stock-based compensation	54,417	12,258
Amortization (accretion) from investment premium (discount)	3,107	(141)
Deferred income taxes	(94,824)
Changes in assets and liabilities
Accounts receivable	(6,871)	3,428
Inventory	(5,453)	(2,988)
Prepaid expenses and other assets	(1)	216
Accounts payable	196	(2,955)
Accrued expenses	10,267	1,646
Deferred revenue	17,930	(818)
Operating lease liabilities	(3,231)	(2,791)
Other liabilities	(2,996)	360
Deferred gain from Reverse Termination fee		98,000
Net cash provided by (used in) operating activities	(79,472)	33,766
Cash flows from investing activities
Purchase of property and equipment	(3,089)	(972)
Purchase of investments	(857,421)	(234,555)
Sales of investments	212,734
Maturities of investments	223,285	114,700
Net cash used in investing activities	(744,284)	(120,827)
Cash flows from financing activities
Continuation Advances	(52,000)	34,000
Notes payable principal payoff		(16,000)
Proceeds from issuance of Convertible Senior Notes, net of issuance costs	895,536
Proceeds from issuance of common stock under equity offerings, net of issuance costs	294,846	93,788
Proceeds from issuance of common stock from equity plans	30,121	14,174
Other	(246)
Net cash provided by financing activities	1,168,257	125,962
Net increase in cash and cash equivalents and restricted cash	344,501	38,901
Cash and cash equivalents and restricted cash at beginning of period	85,947	33,627
Cash and cash equivalents and restricted cash at end of period	430,448	72,528
Cash and cash equivalents at end of period	425,388	69,028
Restricted cash at end of period	5,060	$ 3,500
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock in acquisition of Omniome	237,884
Circulomics, Inc [Member]
Cash flows from investing activities
Cash paid for purchase of business acquisition, net of cash acquired	(28,560)
Omniome, Inc [Member]
Cash flows from investing activities
Cash paid for purchase of business acquisition, net of cash acquired	$ (291,233)

Overview

Overview	9 Months Ended
	Sep. 30, 2021
Overview [Abstract]
Overview	NOTE 1. OVERVIEW We design, develop and manufacture sequencing systems to help scientists and clinical researchers resolve genetically complex problems. Our products address several applications based on our novel Single Molecule, Real-Time (SMRT®) sequencing technology, including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications.  Across these applications, customers use our technology in a wide range of sequencing methods, including whole genome sequencing and de novo genome assembly, long-range phasing, targeted sequencing, full-length RNA and single-cell sequencing, methylation and epigenetic characterization, and others.  Our technology provides high accuracy, long reads, uniform coverage, and the ability to detect epigenetic changes simultaneously. PacBio® sequencing systems, including consumables and software, offer a simple and fast end-to-end workflow for SMRT sequencing. In addition to our SMRT sequencing technology, we are developing a highly accurate short-read sequencing platform based on the novel Sequencing by Binding (SBB®) technology.  Upon launch, we expect SBB to address adjacent applications and complement our existing long-read sequencing technology. References in this report to “PacBio,” “we,” “us,” the “Company,” and “our” refer to Pacific Biosciences of California, Inc. and its consolidated subsidiaries.

Business Acquisitions

Business Acquisitions	9 Months Ended
	Sep. 30, 2021
Business acqusitions [Abstract]
Business acquisitions	NOTE 2. BUSINESS ACQUISITIONSOmniome, Inc.On September 20, 2021, we completed our acquisition of Omniome, Inc. (“Omniome”), a San Diego-based company developing a highly differentiated, proprietary short-read DNA sequencing platform capable of delivering high accuracy. In connection with the acquisition, all outstanding equity securities of Omniome were cancelled in exchange for consideration of $714.8 million, which consisted of approximately $315.7 million in cash, 8,911,580 shares of our common stock with a fair value of $249.4 million and contingent consideration with a fair value of $168.6 million. The fair value of the 8,911,580 common shares issued was determined based on the closing market price of PacBio’s common shares on the acquisition date.Out of the total consideration, approximately $18.9 million, comprised of $7.4 million of cash, 226,811 shares of our common stock with a fair value of $6.3 million, and $5.2 million related to contingent consideration, was accounted for as a one-time post acquisition stock-based compensation expense. This stock-based compensation expense was due to accelerated vesting of Omniome stock awards in connection with the acquisition. The contingent consideration of $200 million (composed of $100 million in cash and $100 million in shares of our common stock) is due upon the achievement of a milestone, defined as the first commercial shipment to a customer of a nucleotide sequencing platform, comprising both an instrument and related consumables, that utilizes Omniome’s sequencing by binding technology. The number of shares of stock to be issued will be determined using the volume-weighted average of the trading prices of our common stock for the twenty trading days ending with and including the trading day that is two days immediately prior to the achievement of the milestone. Of the $100 million in shares of our common stock to be issued as part of the milestone, $4.1 million is attributable to stock options issued by PacBio in replacement of Omniome’s unvested options as part of the transaction.The total consideration transferred for the acquisition is as follows (in thousands): Total cash paid$ 315,703Fair value of share consideration 249,435Fair value of contingent consideration 168,574Less: Stock-based compensation expense excluded from consideration transferred (18,923)Total consideration transferred$ 714,789 The contingent consideration is accounted for as a liability at fair value, with changes during each reporting period recognized in our consolidated statements of operations and comprehensive income (loss). The fair value of the contingent consideration liability is based on a scenario-based method which considers a range of possible outcomes and their assigned probabilities of occurrence. The potential outcomes are discounted to present value at a discount rate equal to the sum of the term-matched risk-free-interest rate plus PacBio’s credit spread. The acquisition was accounted for as a business combination and, accordingly, the total fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred were as follows (in thousands): Cash and cash equivalents$ 15,338Property and equipment, net 6,123Operating lease right-of-use assets, net 18,095In-process research and development ("IPR&D") 400,000Goodwill 392,224Other assets 3,203Deferred income tax liability (93,373)Liabilities assumed (26,821)Total consideration transferred$ 714,789 The purchase price allocation is preliminary. We continue to collect information with regard to certain estimates and assumptions, including potential liabilities and contingencies. We will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the twelve months measurement period, if necessary. The goodwill recognized was primarily attributable to the assembled workforce and synergies that are expected to occur from the integration of Omniome and is not deductible for income tax purposes.We have allocated $400 million of the purchase price to acquired in-process research and development. The fair value of the IPR&D was determined, with the assistance of a third-party valuation firm, using an income approach based on a forecast of expected future cash flows. The IPR&D will remain on our consolidated balance sheet as an indefinite-lived intangible asset until the completion or abandonment of the associated research and development activities. During the development period following the acquisition, IPR&D will not be amortized, but instead will be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.We incurred costs related to the Omniome acquisition of approximately $11.6 million during the nine months ended September 30, 2021, which are included in merger-related costs on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss).Separately, in connection with the Omniome acquisition, on September 20, 2021, we issued and sold 11,214,953 shares of common stock in a private placement transaction at a price of $26.75 per share, for aggregate proceeds of approximately $294.8 million, net of issuance costs of approximately $5.2 million. We were also required to register the private placement shares for resale with the SEC following the closing of the merger. The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if Omniome had been acquired as of the beginning of the comparable fiscal year prior to the year of acquisition, giving effect on a pro forma basis to the purchase accounting adjustments such as $11.6 million of PacBio acquisition-related costs, $18.9 million of stock-based compensation expense related to acceleration of certain Omniome stock options not attributable to pre-combination service, and a $92.2 million one-time income tax benefit from the reduction of our deferred tax asset valuation allowance resulting from the Omniome acquisition, as well as a pro forma adjustment to reflect $16.7 million of Omniome’s acquisition-related costs. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the consolidated results of the combined business had the acquisition actually occurred at the beginning of the fiscal year 2020 or the results of future operations of the combined business. The following table summarizes the unaudited pro forma financial information for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts)2021 2020 2021 2020 Pro forma total revenue$ 34,887 $ 19,082 $ 94,494 $ 51,757Pro forma net loss$ (54,802) $ (38,473) $ (213,715) $ (42,892)Pro forma net loss per share - basic and diluted$ (0.25) $ (0.21) $ (0.97) $ (0.24)Our condensed consolidated financial statements include the results of operations for Omniome beginning September 20, 2021. Since the date of acquisition, revenues of $0 and a net loss of $1.6 million from the acquired Omniome business have been included in our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2021.Circulomics, Inc.On July 20, 2021, we acquired Circulomics Inc. (“Circulomics”), a Maryland-based biotechnology company focused on delivering highly differentiated sample preparation products that enable genomic workflows. We paid $29.5 million in cash in exchange for all outstanding shares of common stock of Circulomics. We allocated the consideration transferred to the identifiable assets acquired and liabilities assumed based on their respective fair values at the date of the completion of the acquisition. The major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred were as follows (in thousands): Cash and cash equivalents$ 987Property and equipment, net 214Intangible assets 11,360Goodwill 19,309Other assets 467Deferred income tax liability (2,672)Liabilities assumed (118)Total consideration transferred$ 29,547 The excess of the value of consideration paid over the aggregate fair value of those net assets has been recorded as goodwill. We recognized goodwill of $19.3 million, which is primarily attributable to the synergies expected from capabilities in extraction and sample preparation and is not deductible for income tax purposes. We recorded $11.4 million for the fair value of acquired intangible assets, which consist of developed technology and customer relationships. The purchase price allocation is preliminary as we continue to collect information with regard to certain estimates and assumptions. We will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the twelve month measurement period, if necessary.Deferred income taxesA benefit for income taxes of $94.8 million for the three and nine months ended September 30, 2021, is related to the release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Omniome and Circulomics acquisitions. We maintain a full valuation allowance on the net deferred tax assets of our U.S. entities as we have concluded that it is more likely than not that we will not utilize our deferred tax assets.

Invitae Collaboration

Invitae Collaboration	9 Months Ended
	Sep. 30, 2021
Invitae Collaboration [Abstract]
Invitae Collaboration	NOTE 3. INVITAE COLLABORATION On January 12, 2021 we entered into a multi-year Development and Commercialization Agreement (the “Development Agreement”) with Invitae Corporation (“Invitae”). Pursuant to the Development Agreement, Invitae is providing certain funding to us to develop products relating to production-scale high-throughput sequencing (“Program Products”). If and when Program Products become commercially available for sale, Invitae may purchase the Program Products. In addition to selling the Program Products to Invitae, we will have the right to broadly commercialize Program Products for sale to other customers.The funding Invitae will provide to us will equal certain development costs we incur in connection with the Program Products (“Program Development Costs”). Under the Development Agreement, we will be responsible for conducting a program to develop the Program Products, and subsequently for manufacturing the Program Products. We will make general decisions regarding the development program jointly with Invitae but we are responsible for all research and development activities. The entire development program is expected to last approximately sixty months, but may be shorter or longer. As the primary benefit of its contribution, Invitae will be entitled to preferred pricing on the Program Products if and when they are available for commercial sale. Each Program Product will have a preferential pricing period, which will not exceed four years from the date of the first delivery of that Program Product (“Preferential Pricing Period”). During the Preferential Pricing Period for each Program Product, Invitae may purchase the Program Product at a substantially reduced margin until it has recouped a multiple of its contribution as defined in the Development Agreement. For a specified period after the end of the Preferential Pricing Period, Invitae has the right to purchase the Program Product at a higher price, determined by a formula, than the price during the Preferential Pricing Period (“Extended Pricing Period”). The Extended Pricing Periods will terminate early if Invitae does not meet certain volume minimums.We and Invitae may terminate the Development Agreement if the other party remains in material breach of the Development Agreement following a cure period to remedy the material breach. In addition, the Development Agreement includes certain other circumstances for termination by each party, including circumstances where Invitae may terminate for delays, IP concerns, our change in control, or without cause. In certain termination circumstances, (i) we will be obligated to refund all or a portion of the development costs advanced by Invitae and/or (ii) we will owe Invitae a share of the revenue that may be generated from the sale of the Program Products to third parties if and when they are commercialized, until such time as Invitae has recouped the amounts reimbursed to us, and in certain circumstances, a mutually agreed return. We expect to incur significant development costs over the duration of the Development Agreement. There can be no assurances that the development program will be successful or that the Program Products will become ready for commercial sale.We determined that the primary benefit from the arrangement to Invitae is the ability to procure the Program Products during the Preferential Pricing Period at substantial discounts. As we expect the Program Products to be available for Invitae to purchase in the future, we concluded the arrangement is within the scope of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. In addition, Invitae is not expected to substantially benefit from the intellectual property developed under the arrangement, or benefit from other goods or services during the development period. We are responsible for performing the research and development activities.Accordingly, the amounts received by the Company from Invitae during the development period represent significant discounts toward future supplies of the Program Products during the Preferential Pricing Period, and will be accounted as material rights in accordance with ASC Topic 606. Proportionate amounts of these material rights will be recognized in revenue when Invitae places purchase orders for Program Products and the associated goods or services are delivered to Invitae. To the extent the discounts are not expected to be used, they will be recognized consistent with the guidance in Topic 606 relating to breakage, in proportion to the expected purchases by Invitae. Any remaining unused discounts will be recognized when they expire. All amounts received from Invitae are initially deferred and accumulated in deferred revenue, non-current. As of September 30, 2021, we have recognized payments received from Invitae of $16.8 million of deferred revenue, non-current, on the Condensed Consolidated Balance Sheet. Costs incurred to develop the Program Products are research and development costs and are expensed as incurred. There were no capitalized origination or fulfilment costs related to the arrangement with Invitae that are eligible to be capitalized.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements, which include the accounts of Pacific Biosciences and the accounts of our wholly-owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain information and footnote disclosures typically included in our audited financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the December 31, 2020 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state our financial position, results of operations, comprehensive income (loss), and cash flows for the period, but are not necessarily indicative of the results to be expected for the entire year or any future periods. All intercompany transactions and balances have been eliminated.The financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. COVID-19We 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 continuing to evolve, including the effects of the Delta variant. We considered the impact of COVID-19 on the assumptions and estimates used to determine the results reported and asset valuations as of September 30, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. On an ongoing basis, management evaluates its significant estimates including, but not limited to, the valuation of inventory, the determination of stand-alone selling prices for revenue recognition, the fair value of contingent consideration, the valuation of acquired intangible assets, the fair value of certain equity awards, the useful lives assigned to long-lived assets, the computation of provisions for income taxes, the borrowing rate used in calculating the operating lease right-of-use assets and operating lease liabilities, and the valuations related to our convertible senior notes. Actual results could differ materially from these estimates. Fair Value of Financial InstrumentsFair value is the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established under 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. 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. Assets and Liabilities Measured at Fair Value on a Recurring BasisThe following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis as of September 30, 2021 and December 31, 2020 respectively: September 30, 2021 December 31, 2020(in thousands)Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Cash and cash equivalents: Cash and money market funds $ 364,020 $ — $ — $ 364,020 $ 43,040  $ — $ — $ 43,040 Commercial paper — 61,368  — 61,368  — 32,537  — 32,537 U.S. government & agency securities — — — — — 170  — 170 U.S. Treasury security — — — — — 5,864  — 5,864 Total cash and cash equivalents 364,020 61,368  — 425,388 43,040  38,571  — 81,611 Investments: Commercial paper — 255,817  — 255,817  — 112,644  — 112,644 Corporate debt securities — 13,595  — 13,595  — 17,456  — 17,456 U.S. government & agency securities — 385,090  — 385,090  — 107,103  — 107,103 Total investments — 654,502  — 654,502  — 237,203  — 237,203 Short-term restricted cash: Cash 500 — — 500 836  — — 836 Long-term restricted cash: Cash 4,560 — — 4,560 3,500  — — 3,500 Total assets measured at fair value $ 369,080 $ 715,870  $ — $ 1,084,950 $ 47,376  $ 275,774  $ — $ 323,150  Liabilities Continuation Advances $ — $ — $ — $ — $ — $ — $ — $ —Contingent consideration — — 168,574  168,574  — — — —Total liabilities measured at fair value $ — $ — $ 168,574  $ 168,574  $ — $ — $ — $ — We classify contingent consideration, which was incurred in connection with the acquisition of Omniome, within Level 3 as factors used to develop the estimate of fair value include unobservable inputs that are not supported by market activity and are significant to the fair value. We estimate the fair value of the contingent consideration liability by discounting the probability-weighted outcomes to present value using an estimate of our borrowing rate and the risk-free rate. The potential outcomes of milestone achievement dates are within the period from December 31, 2022 to June 30, 2025, with the highest probability of achieving the milestone in the middle of this period. The discount rates used are the sum of the U.S. risk-free rate and the estimated subordinated credit spread for CCC+ and B- credit rating, which ranges from 4.3% to 4.8%.As of December 31, 2020, we classified the Continuation Advances, which were incurred in connection with the Illumina Merger Agreement and were subject to repayment under certain circumstances, as a financial liability and were reported at fair value. The estimated fair value of the liability related to the Continuation Advances was determined using Level 3 inputs, or significant unobservable inputs. Management assessed the fair value of this financial instrument to be zero at December 31, 2020.We were first approached by SB Northstar LP during the quarter ended March 31, 2021 regarding a potential convertible debt transaction. As discussed further below in Note 8. Convertible Senior Notes, in February 2021, we entered into an investment agreement with SB Northstar LP for the issuance and sale of $900 million of 1.50% Convertible Senior Notes due February 15, 2028. As a result, $52.0 million of Continuation Advances were repaid without interest to Illumina in February 2021 and recorded as other expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2021. There was no further liability exposure for Continuation Advances as of September 30, 2021. For the quarter ended September 30, 2021, 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. As discussed above, we recorded a contingent consideration liability in connection with our acquisition of Omniome during the quarter ended September 30, 2021.Net Income (Loss) per ShareBasic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of shares of common stock outstanding and potential shares assuming the dilutive effect of the convertible senior notes, using the if-converted method, and outstanding stock options, restricted stock units and common stock issuable pursuant to our employee stock purchase plan, or ESPP, using the treasury stock method. The following table presents the calculation of the basic and diluted net income (loss) per share amounts presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020Numerator: Net income (loss) $ 16,542 $ (23,708) $ (111,894) $ (45,532) Denominator: Basic Weighted average shares used in computing net income (loss) per share, basic 202,194 166,862 198,545 158,195Net income (loss) per share, basic $ 0.08 $ (0.14) $ (0.56) $ (0.29) Diluted Weighted average shares used in computing net income (loss) per share, basic 202,194   166,862 198,545   158,195Add: Weighted average stock options 7,754 — — —Add: Weighted average restricted stock units 3,598 — — —Add: Weighted average shares issuable pursuant to ESPP 1,581 — — —Weighted average shares used in computing net income (loss) per share, diluted 215,127 166,862 198,545 158,195Net income (loss) per share, diluted $ 0.08 $ (0.14) $ (0.56) $ (0.29) The following outstanding shares issuable upon conversion of the convertible senior notes, common stock options, restricted stock units (“RSUs”), with time-based vesting, RSUs with performance-based vesting and ESPP shares expected to be purchased, 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 10. Stockholders’ Equity for detailed information on RSUs with time-based vesting and RSUs with performance-based vesting. Three Months Ended September 30, Nine Months Ended September 30,(in thousands) 2021 2020 2021 2020Shares issuable upon conversion of convertible senior notes 20,690 — 17,203 —Options to purchase common stock 2,326 19,921 12,703 19,921RSUs with time-based vesting 2,006 5,971 6,835 5,971RSUs with performance-based vesting — 94 — 94ESPP shares 126 2,890 1,564 2,890 Concentration and Other Risks For the three and nine months ended September 30, 2021, Gene Company Limited accounted for approximately 17% and 15%, respectively, of our total revenue during the period with no other customer exceeding 10% during those periods. For the three and nine months ended September 30, 2020, Gene Company Limited accounted for approximately 18% and 14%, respectively, of our total revenue with no other customer exceeding 10% during those periods. Gene Company Limited is our primary distributor in China.Recent Accounting Pronouncements Recently Adopted Accounting StandardsIn August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, excluding smaller reporting companies. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We adopted ASU 2020-06 on January 1, 2021. Because we had no convertible instruments within the scope of ASU 2020-06 at the time of adoption, there was no impact of adoption on our condensed consolidated financial statements. In February 2021 we issued $900 million of 1.50% Convertible Senior Notes due February 15, 2028, as described in Note 8. Convertible Senior Notes, which are accounted for under ASU 2020-06.In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. The standard is effective for our annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We adopted ASU 2019-12 on January 1, 2021, and the adoption did not have a material impact on our condensed consolidated financial statements.Significant Accounting PoliciesExcept for the adoption of ASU 2020-06 as discussed above and in Note 8. Convertible Senior Notes and the accounting for the acquisition of Omniome and Circulomics as described in Note 2. Business Acquisitions and Note 7. Balance Sheet Components, 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, 2020.

Termination of Merger with Illu

Termination of Merger with Illumina	9 Months Ended
	Sep. 30, 2021
Termination of Merger with Illumina [Abstract]
Termination of Merger with Illumina	NOTE 4. TERMINATION OF MERGER WITH ILLUMINA On November 1, 2018, we entered into an Agreement and Plan of Merger (as amended, the “Illumina Merger Agreement”) with Illumina, Inc. (“Illumina”) and FC Ops Corp., a wholly owned subsidiary of Illumina (“Illumina Merger Sub”). On January 2, 2020, we, Illumina and Illumina Merger Sub, entered into an agreement to terminate the Merger Agreement (the “Termination Agreement”). Continuation Advances from IlluminaAs part of the Termination Agreement, Illumina paid us cash payments (“Continuation Advances”) of $18.0 million during the fourth quarter of 2019 and $34.0 million during the first quarter of 2020. We recorded the $34.0 million as part of other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2020. Up to the full $52.0 million of Continuation Advances paid to us were repayable without interest to Illumina if, within two years of March 31, 2020, we entered into, or consummated a Change of Control Transaction or raised at least $100 million in a single equity or debt financing (that may have multiple closings), with the amount repayable dependent on the amount raised by us. Resulting from the issuance and sale of $900 million of 1.50% Convertible Senior Notes due February 15, 2028, $52.0 million of Continuation Advances were paid without interest to Illumina in February 2021 and recorded as other expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2021. Please refer to Note 5. Summary of Significant Accounting Policies for the accounting treatment of the Continuation Advances.Reverse Termination Fee from IlluminaAs 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. Pursuant to the Termination Agreement, in the event that, on or prior to September 30, 2020, we entered into a definitive agreement providing for, or consummated, a Change of Control Transaction, then we may have been required to repay the Reverse Termination Fee (without interest) to Illumina in connection with the consummation of such Change of Control Transaction. 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 deferred the gain from the Reverse Termination Fee from Illumina until the date when the associated contingency lapsed. On October 1, 2020, the contingency clauses lapsed and we recorded the $98.0 million as a part of other income in the fourth quarter of 2020.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2021
Cash, Cash Equivalents and Investments [Abstract]
Cash, Cash Equivalents and Investments	NOTE 6. CASH, CASH EQUIVALENTS AND INVESTMENTS The following tables summarize our cash, cash equivalents and investments as of September 30, 2021 and December 31, 2020 (in thousands): As of September 30, 2021 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds$ 364,020 $ — $ — $ 364,020Commercial paper 61,369 — (1) 61,368U.S. government & agency securities — — — —Total cash and cash equivalents 425,389 — (1) 425,388Investments: Commercial paper 255,817 8 (8) 255,817Corporate debt securities 13,564 31 — 13,595U.S. government & agency securities 385,092 52 (54) 385,090Total investments 654,473 91 (62) 654,502Total cash, cash equivalents and investments $ 1,079,862 $ 91 $ (63) $ 1,079,890Short-term restricted cash: Cash $ 500 $ — $ — $ 500Long-term restricted cash: Cash $ 4,560 $ — $ — $ 4,560 As of December 31, 2020 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds$ 43,040 $ — $ — $ 43,040Commercial paper 32,538 — (1) 32,537U.S. government & agency securities 170 — — 170U.S. Treasury security 5,864 — — 5,864Total cash and cash equivalents 81,612 — (1) 81,611Investments: Commercial paper 112,648 4 (8) 112,644Corporate debt securities 17,360 96 — 17,456U.S. government & agency securities 107,109 6 (12) 107,103Total investments 237,117 106 (20) 237,203Total cash, cash equivalents and investments $ 318,729 $ 106 $ (21) $ 318,814Short-term restricted cash: Cash $ 836 $ — $ — $ 836Long-term restricted cash: Cash $ 3,500 $ — $ — $ 3,500 The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of September 30, 2021 (in thousands): Fair ValueDue in one year or less $ 404,995Due after one year through 5 years 310,875Total investments $ 715,870 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	9 Months Ended
	Sep. 30, 2021
Balance Sheet Components [Abstract]
Balance Sheet Components	NOTE 7. BALANCE SHEET COMPONENTS Short-term restricted cash As of September 30, 2021, the short-term restricted cash balance of $0.5 million was comprised of security deposits for the credit cards of employees. As of December 31, 2020, the short-term restricted cash balance of $0.8 million was comprised of $0.5 million for a customer deposit and $0.3 million for a security deposit for the credit cards of employees. In connection with the acquisition of Omniome in September 2021, we acquired $0.2 million of short-term restricted cash consisting of a security deposit for credit cards of Omniome employees. Inventory As of September 30, 2021 and December 31, 2020, our inventory consisted of the following components: September 30, December 31,(in thousands)2021 2020Purchased materials$ 5,511 $ 3,531Work in process 8,762 6,651Finished goods 4,003 4,048Inventory$ 18,276 $ 14,230 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, beginning on May 1, 2019, the amount of the letter of credit was reduced by $0.5 million each year thereafter on May 1. As such, $3.0 million and $3.5 million was recorded in long-term restricted cash related to the O’Brien Lease in the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. In connection with the acquisition of Omniome in September 2021, we acquired $1.6 million of long-term restricted cash related to a letter of credit established for a facility lease. Intangible assets and goodwill Intangible assets include acquired in-process research and development (IPR&D) of $400 million as a result of the Omniome acquisition in September 2021. We capitalize IPR&D as an indefinite-lived intangible asset and either begin to amortize it over the life of the product upon commercialization or record an impairment charge if the project is abandoned. In addition to IPR&D, we had the following definite-lived intangible assets from business acquisitions as of September 30, 2021 (in thousands, except years): Estimated Gross Net Useful Life Carrying Accumulated Carrying (in years) Amount Amortization AmountDeveloped technology15 $ 11,000 $ (123) $ 10,877Customer relationships2 360 (31) 329Total $ 11,360 $ (154) $ 11,206 The estimated future amortization expense of acquisition-related intangible assets with definite lives is estimated as follows: (in thousands)2021$ 2272022 9132023 8382024 7332025 7332026 and thereafter 7,762Total$ 11,206 We review definite-lived intangible assets for impairment on an annual basis or when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Goodwill is reviewed for impairment at least annually during the second quarter, or more frequently if an event occurs indicating the potential for impairment. Changes to goodwill during the nine months ended September 30, 2021 were as follows (in thousands): Balance as of December 31, 2020$ -Acquisition of Omniome 392,224Acquisition of Circulomics 19,309Balance as of September 30, 2021$ 411,533 Deferred revenueAs of September 30, 2021, we had a total of $28.2 million of deferred revenue, $9.8 million of which was recorded as deferred revenue, current and primarily relates to deferred service contract revenues to be recognized over the next year and the remaining $18.4 million was recorded as deferred revenue, non-current. Of the deferred revenue, non-current balance, $16.8 million relates to payments received under the Invitae collaboration described in Note 3 and $1.6 million primarily relates to deferred service contract revenues and is scheduled to be recognized in the next 5 years. Revenue recorded in the nine months ended September 30, 2021 includes $7.4 million of previously deferred revenue that was included in deferred revenue, current as of December 31, 2020. Contract assets as of September 30, 2021 and December 31, 2020 were not material.As of September 30, 2021, we had a total of $0.7 million of deferred commissions included in prepaid expenses and other current assets which is recognized as sales, general and administrative expense as the related revenue is recognized. Costs to obtain a contract are expensed as incurred if the amortization period would have been a year or less. Term loansIn connection with the acquisition of Omniome, we acquired $1.3 million in short-term debt and $3.0 million in long-term debt relating to a term loan facility that Omniome obtained in April 2020. Borrowings on the term loan facility were used to fund Omniome’s purchases of equipment, which serves as collateral. Each term loan has a term of 43 months and bears a fixed interest rate of approximately 17% annually. The fee for the elective option to prepay all, but not less than all, of the borrowed amounts at any time after the 24th month and before the 43rd month after the commencement date, is 4% of the outstanding loan balance. Payments are made in equal monthly installments including principal and interest. The following table presents the future principal payments on the term loans (in thousands): Remainder of 2021$ 3612022 1,6082023 1,8422024 490Total$ 4,301

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	NOTE 9. COMMITMENTS AND CONTINGENCIES LeasesWe record an operating lease right-of-use assets and liabilities on our Condensed Consolidated Balance Sheets for all leases with a term of more than 12 months. In connection with the acquisition of Omniome, we acquired $18.1 million in right-of-use assets and liabilities on our Condensed Consolidated Balance Sheets. The operating lease right-of-use assets and liabilities are calculated as the present value of remaining minimum lease payments over the remaining lease term using our estimated secured incremental borrowing rates at the commencement date. Lease payments included in the measurement of the lease liability comprise the base rent per the term of the Lease. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments, such as common area maintenance fees, recognized in the period incurred. The following table presents information as to the amount and timing of cash flows arising from our operating leases as of September 30, 2021: Maturity of Lease LiabilitiesAmount Years ending December 31,(in thousands)Remainder of 2021$ 2,7142022 11,0302023 11,1632024 11,4012025 11,689Thereafter 21,941Total undiscounted operating lease payments 69,938Less: imputed interest (12,856)Present value of operating lease liabilities $ 57,082 Balance Sheet Classification Operating lease liabilities, current$ 7,128Operating lease liabilities, non-current 49,954Total operating lease liabilities$ 57,082We use our incremental borrowing rate to determine the present value of lease payments, as the implicit rates in our leases are not readily determinable. The weighted average discount rate used to measure our operating lease liabilities was 6.8%. The weighted average remaining lease term for our operating leases as of September 30, 2021 was 6.0 years. Cash FlowsCash paid for amounts included in the present value of operating lease liabilities was $1.8 million and $5.5 million, respectively, for the three and nine months ended September 30, 2021 and included in operating cash flow. Operating Lease CostsOperating lease costs were $1.6 million and $4.7 million, respectively, for the three and nine months ended September 30 of both 2021 and 2020. 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) (the “275 Action”). The complaint is based on our U.S. Patent No. 9,546,400 (the “’400 Patent”) which covers novel methods for nanopore sequencing of nucleic acid molecules using the signals from multiple monomeric units. We are seeking remedies including injunctive relief, damages and costs. On August 23, 2018, we filed an amended complaint, adding allegations of willful infringement and adding ONT Ltd. as a defendant in the 275 Action, which was granted on August 15, 2019.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) (the “1353 Action”). The complaint is based on our U.S. Patent No. 9,678,056 (the “’056 Patent”) and U.S. Patent No. 9,738,929. 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”). On August 23, 2018 we filed an amended complaint, adding allegations of willful infringement and adding ONT Ltd. as a defendant in the 1353 Action, which was granted on August 15, 2019. 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 the ’056 Patent, written description and indefiniteness. The jury declined to find valid or infringed U.S. Patent No. 9,738,929. Our appeal of the decision to the U.S. Court of Appeals for the Federal Circuit was denied on May 11, 2021.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 “PGI District Court matter”). The matter from this 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. 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 Patent 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 Patent invalid. The two petitions (the “PacBio IPR Petitions”) requesting IPRs assert that all of the claims relevant to the PGI complaint are invalid. On January 19, 2021, the Board ordered that both PacBio IPR Petitions are instituted on all grounds presented.On August 19, 2020, the court ordered a stay of the PGI District Court matter based on a joint stipulation by the parties. With the institution of the PacBio IPR Petitions described above, pursuant to the joint stipulation, the matter is now stayed pending a final written decision on the IPRs.Proceedings in ChinaOn May 12, 2020, PGI filed a complaint in the Wuhan Intermediate People’s Court in China alleging infringement of one or more claims of China patent No. CN101743321B (the “CN321 Patent”), which is related to the ‘441 Patent. We were served on January 20, 2021 and plan to vigorously defend in this matter. On November 23, 2020 we filed an Invalidation Petition at the China National Intellectual Property Administration (CNIPA) demonstrating the invalidity of the claims in the CN321 Patent on grounds of insufficient disclosure, and the lack of support, essential technical features, clarity, novelty, and inventiveness. A hearing in the invalidation proceeding at the CNIPA was held on April 29, 2021. On September 2, 2021, the CNIPA issued its decision on the Invalidation Petition and determined that all claims (1-61) of the CN321 patent were invalid. We have filed a petition with the Wuhan Intermediate People’s court requesting dismissal of the infringement action, which we anticipate will be granted. Other ProceedingsFrom 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.IndemnificationPursuant 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 our 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 as of September 30, 2021.

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
	Sep. 30, 2021
Convertible Senior Notes [Abstract]
Convertible Senior Notes	NOTE 8. CONVERTIBLE SENIOR NOTES On February 9, 2021, we entered into an investment agreement (the “Investment Agreement”) with SB Northstar LP (the “Purchaser”), a subsidiary of SoftBank Group Corp., relating to the issuance and sale to the Purchaser of $900 million in aggregate principal amount of our 1.50% Convertible Senior Notes due February 15, 2028 (the “Notes”). The Notes were issued on February 16, 2021.The Notes are governed by an indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. The Notes bear interest at a rate of 1.50% per annum. Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 and commenced on August 15, 2021. The Notes will mature on February 15, 2028, subject to earlier conversion, redemption or repurchase.The Notes are convertible at the option of the holder at any time until the second scheduled trading day prior to the maturity date, including in connection with a redemption by the Company. The Notes are convertible into shares of our common stock based on an initial conversion rate of 22.9885 shares of common stock per $1,000 principal amount of the Notes (which is equal to an initial conversion price of $43.50 per share), in each case subject to customary anti-dilution and other adjustments as a result of certain extraordinary transactions. Upon conversion of the Notes, we may elect to settle such conversion obligation in shares, cash or a combination of shares and cash.On or after February 20, 2026, the Notes will be redeemable by the Company in the event that the closing sale price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the redemption notice at a redemption price of 100% of the principal amount of such Notes, plus accrued and unpaid interest up to, but excluding, the redemption date.With certain exceptions, upon a change of control of the Company or the failure of our common stock to be listed on certain stock exchanges (a “Fundamental Change”), the holders of the Notes may require that we repurchase all or part of the principal amount of the Notes at a purchase price of par plus unpaid interest up to, but excluding, the maturity date.The Indenture includes customary “events of default,” which may result in the acceleration of the maturity of the Notes under the Indenture. The Indenture also includes customary covenants for convertible notes of this type.To the extent we elect, the sole remedy for an event of default relating to our failure to comply with certain of our reporting obligations shall, for the first 360 calendar days after the occurrence of such an event of default, consist exclusively of the right to receive additional interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the first 180 calendar days of the 360-day period after the occurrence of such an event of default during which such event of default is continuing (or, if earlier, the date on which such event of default is cured or waived) and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day from, and including, the 181st calendar day to, and including, the 360th calendar day after the occurrence of such an event of default during which such event of default is continuing (or, if earlier, the date on which such event of default is cured or waived as provided for in the Indenture). On the 361st day after such event of default (if the event of default relating to our failure to comply with its obligations is not cured or waived prior to such 361st day), the Notes shall be subject to acceleration as provided for in the Indenture.The notes are accounted for in accordance with the authoritative guidance for convertible debt instruments that may be settled in cash upon conversion. Under ASU 2020-06, the guidance requires that debt with an embedded conversion feature is accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument is accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a substantial premium. The conversion feature of the Notes is not accounted for as an embedded derivative because it is considered to be indexed to our common stock, and the Notes were not issued at a premium; therefore, the Notes are accounted for in their entirety as a liability. Because we may elect to settle any conversions entirely in shares, and because settlement in shares is the default settlement method, the liability is classified as non-current. The requirement to repurchase the Notes including unpaid interest to the maturity date in the event of a Fundamental Change is considered a put option for certain periods requiring bifurcation under ASC 815 – Derivatives and Hedging. However, given the low probability of a Fundamental Change occurring during the applicable periods, the value of the embedded derivative is immaterial.The additional interest feature in the event of our failure to comply with certain reporting obligations is also considered an embedded derivative requiring bifurcation under ASC 815. However, due to the nature and terms of the reporting obligations, the value of the embedded derivative is immaterial. We incurred issuance costs related to the Notes of approximately $4.5 million, which were recorded as debt issuance cost and are presented as a reduction to the Notes on our Condensed Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the term of the Notes, resulting in an effective interest rate of 1.6%. As of September 30, 2021, the net carrying amount of the liability for the Notes is recorded as convertible senior notes, net in the Condensed Consolidated Balance Sheets as follows (in thousands): Principal amount$ 900,000Unamortized debt issuance costs (4,085)Net carrying amount$ 895,915 For the three and nine months ended September 30, 2021, interest expense for the Notes was as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021Contractual interest expense$ 3,375 $ 8,438Amortization of debt issuance costs 152 379Total interest expense$ 3,527 $ 8,817 As of September 30, 2021, the estimated fair value (Level 2) of the Notes was $886.5 million. The fair value of the Notes is estimated using a pricing model that is primarily affected by the trading price of our common stock and market interest rates.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity [Abstract]
Stockholders' Equity	NOTE 10. STOCKHOLDERS’ EQUITY Equity Plans At March 31, 2020, 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”). Our 2010 Plan and 2010 Director Plan expired on July 29, 2020.On August 4, 2020, stockholders approved our new 2020 Equity Incentive Plan (the “2020 Plan”) and reserved 11,000,000 shares of our common stock for issuance pursuant to equity awards granted under the 2020 Plan.On December 2, 2020, the Board of Directors (the “Board”) adopted the 2020 Inducement Equity Incentive Plan (the “Inducement Plan”) and reserved 2,500,000 shares of our common stock for issuance pursuant to equity awards granted under the Inducement Plan. On April 18, 2021, the Board amended the Inducement Plan to reserve an additional 750,000 shares of our common stock for issuance pursuant to equity awards granted under the Inducement Plan.On September 20, 2021, in connection with the acquisition of Omniome, we adopted the Omniome Equity Incentive Plan of Pacific Biosciences of California, Inc. (the “Omniome Plan”). Under the Omniome Merger Agreement, each unvested option to purchase Omniome common stock, granted under the Omniome Plan held by employees continuing with us, were assumed by PacBio and converted into an option to purchase shares of our common stock. The terms and conditions of the converted options are substantially the same (including vesting and exercisability), except that (A) the assumed options cover shares of PacBio’s common stock; (B) the number of shares of our common stock subject to the assumed option is equal to the product of (i) the number of shares of Omniome common stock subject to the corresponding unvested option, multiplied by (ii) the exchange ratio (as defined below), with any resulting fractional share rounded down to the nearest whole share; and (C) the exercise price per share of the assumed options is equal to the quotient of (i) the exercise price per share of the corresponding unvested option to purchase shares of Omniome common stock, divided by (ii) the exchange ratio (as defined below), with any resulting fractional cent rounded up to the nearest whole cent. The exchange ratio was equal to 0.259204639. We reserved 2,494,128 shares of our common stock for issuance pursuant to equity awards under the Omniome Plan. Stock OptionsTime-based stock optionsThe following table summarizes stock option activity for time-based awards under all our stock option plans for the nine months ended September 30, 2021 (in thousands, except per share amounts): Stock Options Outstanding Weighted Number average of shares Exercise price exercise priceOutstanding at December 31, 2020 14,638 $ 1.16 – 20.90 $ 5.53Granted 2,329 23.39 – 46.37 34.40Assumed Omniome options 339 2.05 – 4.90 4.43Exercised (4,406) 1.16 – 15.98 5.37Canceled (501) 2.54 – 46.37 5.28Outstanding at September 30, 2021 12,399 $1.16 – 46.37 $ 10.99 Performance-based stock optionsThe following table summarizes stock option activity for performance-based awards under all our stock option plans for the nine months ended September 30, 2021 (in thousands, except per share amounts): Stock Options Outstanding Weighted Number average of shares Exercise price exercise priceOutstanding at December 31, 2020 — $ — $ —Granted — — —Assumed Omniome options 304 4.71 - 4.90 4.71Exercised — — —Canceled — — —Outstanding at September 30, 2021 304 $4.71 - 4.90 $ 4.71 For the three and nine months ended September 30, 2021, we recognized stock-based compensation expense of $23.0 million and $29.0 million, respectively, related to options. Restricted Stock Units (“RSUs”) Time-based RSUs The following table summarizes the time-based RSUs activity for the nine months ended September 30, 2021 (in thousands, except per share amounts): Weighted average Number grant date of shares fair valueOutstanding at December 31, 2020 5,919 $ 5.25Granted 3,030 37.92Released (1,759) 4.83Forfeited (355) 14.05Outstanding at September 30, 2021 6,835 $ 19.39 For the three and nine months ended September 30, 2021, we recognized stock-based compensation expense of $7.7 million and $19.6 million, respectively, for time-based RSUs. Performance-based RSUs The following table summarizes the performance-based RSUs (“PSUs”) activity for the nine months ended September 30, 2021 (in thousands, except per share amounts): Weighted average Number grant date of shares fair valueOutstanding at December 31, 2020 94 $ 2.63Granted — —Released — —Forfeited (94) 2.63Outstanding at September 30, 2021 — $ — For the three and nine months ended September 30, 2021, we recognized stock-based compensation expense of $0 for the performance-based RSUs. As of September 30, 2021, we had a total of 7.1 million shares of common stock available for future issuance under the 2020 Plan, the Inducement Plan and the Omniome Plan. Employee Stock Purchase Plan (“ESPP”)Shares issued under our ESPP were 1,913,968 and 834,677 during the nine months ended September 30, 2021 and 2020, respectively. In January 2021, an additional 3.8 million shares were reserved under the ESPP. As of September 30, 2021, 7,810,673 shares of our common stock remain available for issuance under our ESPP.For the three and nine months ended September 30, 2021, we recognized stock-based compensation expense of $5.1 million and $13.1 million, respectively, for the ESPP. Stock-Based CompensationThe following table summarizes stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue$ 1,837 $ 735 $ 4,734 $ 1,714 Research and development  5,162 2,105 12,519 5,297 Sales, general and administrative 9,897 2,152 25,613 5,247 Merger-related expenses - stock-settled 6,349 — 6,349 — Merger-related expenses - milestone 5,202 — 5,202 —Stock-based compensation 28,447 4,992 54,417 12,258 Merger-related expenses - cash-settled 7,373 — 7,373 —Total stock-based compensation$ 35,820 $ 4,992 $ 61,790 $ 12,258 We estimate 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. The assumptions used for the specified periods and the resulting estimates of weighted-average fair value per share for shares to be issued upon exercise of our stock options were as follows: Three Months Ended September 30, Nine Months Ended September 30, Stock Option 2021 2020 2021 2020Expected term in years 2.1 - 4.6 5.1 2.1 - 4.6 5.1Expected volatility 67% - 80% 71% 67% - 80% 57% - 71%Risk-free interest rate 0.05% – 0.71% 0.30% 0.05% – 0.74% 0.3% - 1.2%Dividend yield —   —   —   —  Weighted average grant date fair value per share$5.97 $3.85 $15.63 $3.82 We estimate the value of employee stock purchase rights on the grant date using the Black-Scholes option pricing model. The assumptions used for the specified reporting periods and the resulting estimates of weighted-average fair value per share for stock to be issued under the ESPP were as follows: Three Months Ended September 30, Nine Months Ended September 30, ESPP 2021 2020 2021 2020Expected term in years 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0Expected volatility 67% 71% 67% - 68% 57% - 71%Risk-free interest rate 0.06% - 0.20% 0.1% 0.06% - 0.20% 0.1% - 1.0%Dividend yield —   —   —   —  Weighted average fair value per share$16.73 $3.13 $25.07 $1.87

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue [Abstract]
Revenue	NOTE 11. REVENUEA summary of our revenue by geographic location for the three and nine months ended September 30, 2021 and 2020 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020North America$ 19,368 $ 8,971 $ 45,872 $ 25,189Europe (including the Middle East and Africa) 6,347   4,339 21,166   11,925Asia Pacific 9,172   5,772 27,456   14,643Total $ 34,887  $ 19,082 $ 94,494  $ 51,757    A summary of our revenue by category for the three and nine months ended September 30, 2021 and 2020 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, (in thousands)2021 2020 2021 2020Instrument revenue$ 15,926 $ 7,727 $ 45,147 $ 20,685Consumable revenue 14,576   8,022 37,191   21,113Product revenue 30,502 15,749 82,338 41,798Service and other revenue 4,385 3,333 12,156 9,959Total revenue$ 34,887 $ 19,082 $ 94,494 $ 51,757

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements, which include the accounts of Pacific Biosciences and the accounts of our wholly-owned subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain information and footnote disclosures typically included in our audited financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the December 31, 2020 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state our financial position, results of operations, comprehensive income (loss), and cash flows for the period, but are not necessarily indicative of the results to be expected for the entire year or any future periods. All intercompany transactions and balances have been eliminated.The financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020.
COVID-19	COVID-19We 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 continuing to evolve, including the effects of the Delta variant. We considered the impact of COVID-19 on the assumptions and estimates used to determine the results reported and asset valuations as of September 30, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. On an ongoing basis, management evaluates its significant estimates including, but not limited to, the valuation of inventory, the determination of stand-alone selling prices for revenue recognition, the fair value of contingent consideration, the valuation of acquired intangible assets, the fair value of certain equity awards, the useful lives assigned to long-lived assets, the computation of provisions for income taxes, the borrowing rate used in calculating the operating lease right-of-use assets and operating lease liabilities, and the valuations related to our convertible senior notes. Actual results could differ materially from these estimates.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsFair value is the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established under 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. 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. Assets and Liabilities Measured at Fair Value on a Recurring BasisThe following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis as of September 30, 2021 and December 31, 2020 respectively: September 30, 2021 December 31, 2020(in thousands)Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Cash and cash equivalents: Cash and money market funds $ 364,020 $ — $ — $ 364,020 $ 43,040  $ — $ — $ 43,040 Commercial paper — 61,368  — 61,368  — 32,537  — 32,537 U.S. government & agency securities — — — — — 170  — 170 U.S. Treasury security — — — — — 5,864  — 5,864 Total cash and cash equivalents 364,020 61,368  — 425,388 43,040  38,571  — 81,611 Investments: Commercial paper — 255,817  — 255,817  — 112,644  — 112,644 Corporate debt securities — 13,595  — 13,595  — 17,456  — 17,456 U.S. government & agency securities — 385,090  — 385,090  — 107,103  — 107,103 Total investments — 654,502  — 654,502  — 237,203  — 237,203 Short-term restricted cash: Cash 500 — — 500 836  — — 836 Long-term restricted cash: Cash 4,560 — — 4,560 3,500  — — 3,500 Total assets measured at fair value $ 369,080 $ 715,870  $ — $ 1,084,950 $ 47,376  $ 275,774  $ — $ 323,150  Liabilities Continuation Advances $ — $ — $ — $ — $ — $ — $ — $ —Contingent consideration — — 168,574  168,574  — — — —Total liabilities measured at fair value $ — $ — $ 168,574  $ 168,574  $ — $ — $ — $ — We classify contingent consideration, which was incurred in connection with the acquisition of Omniome, within Level 3 as factors used to develop the estimate of fair value include unobservable inputs that are not supported by market activity and are significant to the fair value. We estimate the fair value of the contingent consideration liability by discounting the probability-weighted outcomes to present value using an estimate of our borrowing rate and the risk-free rate. The potential outcomes of milestone achievement dates are within the period from December 31, 2022 to June 30, 2025, with the highest probability of achieving the milestone in the middle of this period. The discount rates used are the sum of the U.S. risk-free rate and the estimated subordinated credit spread for CCC+ and B- credit rating, which ranges from 4.3% to 4.8%.As of December 31, 2020, we classified the Continuation Advances, which were incurred in connection with the Illumina Merger Agreement and were subject to repayment under certain circumstances, as a financial liability and were reported at fair value. The estimated fair value of the liability related to the Continuation Advances was determined using Level 3 inputs, or significant unobservable inputs. Management assessed the fair value of this financial instrument to be zero at December 31, 2020.We were first approached by SB Northstar LP during the quarter ended March 31, 2021 regarding a potential convertible debt transaction. As discussed further below in Note 8. Convertible Senior Notes, in February 2021, we entered into an investment agreement with SB Northstar LP for the issuance and sale of $900 million of 1.50% Convertible Senior Notes due February 15, 2028. As a result, $52.0 million of Continuation Advances were repaid without interest to Illumina in February 2021 and recorded as other expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2021. There was no further liability exposure for Continuation Advances as of September 30, 2021. For the quarter ended September 30, 2021, 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. As discussed above, we recorded a contingent consideration liability in connection with our acquisition of Omniome during the quarter ended September 30, 2021.
Net Income (Loss) per Share	Net Income (Loss) per ShareBasic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of shares of common stock outstanding and potential shares assuming the dilutive effect of the convertible senior notes, using the if-converted method, and outstanding stock options, restricted stock units and common stock issuable pursuant to our employee stock purchase plan, or ESPP, using the treasury stock method. The following table presents the calculation of the basic and diluted net income (loss) per share amounts presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020Numerator: Net income (loss) $ 16,542 $ (23,708) $ (111,894) $ (45,532) Denominator: Basic Weighted average shares used in computing net income (loss) per share, basic 202,194 166,862 198,545 158,195Net income (loss) per share, basic $ 0.08 $ (0.14) $ (0.56) $ (0.29) Diluted Weighted average shares used in computing net income (loss) per share, basic 202,194   166,862 198,545   158,195Add: Weighted average stock options 7,754 — — —Add: Weighted average restricted stock units 3,598 — — —Add: Weighted average shares issuable pursuant to ESPP 1,581 — — —Weighted average shares used in computing net income (loss) per share, diluted 215,127 166,862 198,545 158,195Net income (loss) per share, diluted $ 0.08 $ (0.14) $ (0.56) $ (0.29) The following outstanding shares issuable upon conversion of the convertible senior notes, common stock options, restricted stock units (“RSUs”), with time-based vesting, RSUs with performance-based vesting and ESPP shares expected to be purchased, 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 10. Stockholders’ Equity for detailed information on RSUs with time-based vesting and RSUs with performance-based vesting. Three Months Ended September 30, Nine Months Ended September 30,(in thousands) 2021 2020 2021 2020Shares issuable upon conversion of convertible senior notes 20,690 — 17,203 —Options to purchase common stock 2,326 19,921 12,703 19,921RSUs with time-based vesting 2,006 5,971 6,835 5,971RSUs with performance-based vesting — 94 — 94ESPP shares 126 2,890 1,564 2,890
Concentration and Other Risks	Concentration and Other Risks For the three and nine months ended September 30, 2021, Gene Company Limited accounted for approximately 17% and 15%, respectively, of our total revenue during the period with no other customer exceeding 10% during those periods. For the three and nine months ended September 30, 2020, Gene Company Limited accounted for approximately 18% and 14%, respectively, of our total revenue 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 Adopted Accounting StandardsIn August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, excluding smaller reporting companies. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We adopted ASU 2020-06 on January 1, 2021. Because we had no convertible instruments within the scope of ASU 2020-06 at the time of adoption, there was no impact of adoption on our condensed consolidated financial statements. In February 2021 we issued $900 million of 1.50% Convertible Senior Notes due February 15, 2028, as described in Note 8. Convertible Senior Notes, which are accounted for under ASU 2020-06.In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. The standard is effective for our annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We adopted ASU 2019-12 on January 1, 2021, and the adoption did not have a material impact on our condensed consolidated financial statements.

Business Acquisition (Tables)

Business Acquisition (Tables)	9 Months Ended
	Sep. 30, 2021
Omniome, Inc [Member]
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition Consideration Tranferred	Total cash paid$ 315,703Fair value of share consideration 249,435Fair value of contingent consideration 168,574Less: Stock-based compensation expense excluded from consideration transferred (18,923)Total consideration transferred$ 714,789
Schedule of Business Acquisitions, by Acquisition	Cash and cash equivalents$ 15,338Property and equipment, net 6,123Operating lease right-of-use assets, net 18,095In-process research and development ("IPR&D") 400,000Goodwill 392,224Other assets 3,203Deferred income tax liability (93,373)Liabilities assumed (26,821)Total consideration transferred$ 714,789
Schedule of Unaudited Pro Forma Financial Information	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts)2021 2020 2021 2020 Pro forma total revenue$ 34,887 $ 19,082 $ 94,494 $ 51,757Pro forma net loss$ (54,802) $ (38,473) $ (213,715) $ (42,892)Pro forma net loss per share - basic and diluted$ (0.25) $ (0.21) $ (0.97) $ (0.24)
Circulomics, Inc [Member]
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	Cash and cash equivalents$ 987Property and equipment, net 214Intangible assets 11,360Goodwill 19,309Other assets 467Deferred income tax liability (2,672)Liabilities assumed (118)Total consideration transferred$ 29,547

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	September 30, 2021 December 31, 2020(in thousands)Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Cash and cash equivalents: Cash and money market funds $ 364,020 $ — $ — $ 364,020 $ 43,040  $ — $ — $ 43,040 Commercial paper — 61,368  — 61,368  — 32,537  — 32,537 U.S. government & agency securities — — — — — 170  — 170 U.S. Treasury security — — — — — 5,864  — 5,864 Total cash and cash equivalents 364,020 61,368  — 425,388 43,040  38,571  — 81,611 Investments: Commercial paper — 255,817  — 255,817  — 112,644  — 112,644 Corporate debt securities — 13,595  — 13,595  — 17,456  — 17,456 U.S. government & agency securities — 385,090  — 385,090  — 107,103  — 107,103 Total investments — 654,502  — 654,502  — 237,203  — 237,203 Short-term restricted cash: Cash 500 — — 500 836  — — 836 Long-term restricted cash: Cash 4,560 — — 4,560 3,500  — — 3,500 Total assets measured at fair value $ 369,080 $ 715,870  $ — $ 1,084,950 $ 47,376  $ 275,774  $ — $ 323,150  Liabilities Continuation Advances $ — $ — $ — $ — $ — $ — $ — $ —Contingent consideration — — 168,574  168,574  — — — —Total liabilities measured at fair value $ — $ — $ 168,574  $ 168,574  $ — $ — $ — $ —
Computation of Basic and Diluted Net Income (Loss) per Share	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020Numerator: Net income (loss) $ 16,542 $ (23,708) $ (111,894) $ (45,532) Denominator: Basic Weighted average shares used in computing net income (loss) per share, basic 202,194 166,862 198,545 158,195Net income (loss) per share, basic $ 0.08 $ (0.14) $ (0.56) $ (0.29) Diluted Weighted average shares used in computing net income (loss) per share, basic 202,194   166,862 198,545   158,195Add: Weighted average stock options 7,754 — — —Add: Weighted average restricted stock units 3,598 — — —Add: Weighted average shares issuable pursuant to ESPP 1,581 — — —Weighted average shares used in computing net income (loss) per share, diluted 215,127 166,862 198,545 158,195Net income (loss) per share, diluted $ 0.08 $ (0.14) $ (0.56) $ (0.29)
Anti-dilutive Shares Excluded from Computation of Diluted Net Income (Loss) per Share	Three Months Ended September 30, Nine Months Ended September 30,(in thousands) 2021 2020 2021 2020Shares issuable upon conversion of convertible senior notes 20,690 — 17,203 —Options to purchase common stock 2,326 19,921 12,703 19,921RSUs with time-based vesting 2,006 5,971 6,835 5,971RSUs with performance-based vesting — 94 — 94ESPP shares 126 2,890 1,564 2,890

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Cash, Cash Equivalents and Investments [Abstract]
Summary of Cash, Cash Equivalents and Investments	As of September 30, 2021 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds$ 364,020 $ — $ — $ 364,020Commercial paper 61,369 — (1) 61,368U.S. government & agency securities — — — —Total cash and cash equivalents 425,389 — (1) 425,388Investments: Commercial paper 255,817 8 (8) 255,817Corporate debt securities 13,564 31 — 13,595U.S. government & agency securities 385,092 52 (54) 385,090Total investments 654,473 91 (62) 654,502Total cash, cash equivalents and investments $ 1,079,862 $ 91 $ (63) $ 1,079,890Short-term restricted cash: Cash $ 500 $ — $ — $ 500Long-term restricted cash: Cash $ 4,560 $ — $ — $ 4,560 As of December 31, 2020 Gross Gross Amortized unrealized unrealized Fair Cost gains losses Value Cash and cash equivalents: Cash and money market funds$ 43,040 $ — $ — $ 43,040Commercial paper 32,538 — (1) 32,537U.S. government & agency securities 170 — — 170U.S. Treasury security 5,864 — — 5,864Total cash and cash equivalents 81,612 — (1) 81,611Investments: Commercial paper 112,648 4 (8) 112,644Corporate debt securities 17,360 96 — 17,456U.S. government & agency securities 107,109 6 (12) 107,103Total investments 237,117 106 (20) 237,203Total cash, cash equivalents and investments $ 318,729 $ 106 $ (21) $ 318,814Short-term restricted cash: Cash $ 836 $ — $ — $ 836Long-term restricted cash: Cash $ 3,500 $ — $ — $ 3,500
Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments	Fair ValueDue in one year or less $ 404,995Due after one year through 5 years 310,875Total investments $ 715,870

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Balance Sheet Components [Abstract]
Components of Inventory	September 30, December 31,(in thousands)2021 2020Purchased materials$ 5,511 $ 3,531Work in process 8,762 6,651Finished goods 4,003 4,048Inventory$ 18,276 $ 14,230
Estimated Future Amortization Expense Of Acquisition-Related Intangible Assets With Definite Lives	(in thousands)2021$ 2272022 9132023 8382024 7332025 7332026 and thereafter 7,762Total$ 11,206
Changes to Goodwill	Balance as of December 31, 2020$ -Acquisition of Omniome 392,224Acquisition of Circulomics 19,309Balance as of September 30, 2021$ 411,533
Future Principal Payments , Fiscal Year Maturity	Remainder of 2021$ 3612022 1,6082023 1,8422024 490Total$ 4,301
Schedule of definite-lived intangible assets from business acquisitions	Estimated Gross Net Useful Life Carrying Accumulated Carrying (in years) Amount Amortization AmountDeveloped technology15 $ 11,000 $ (123) $ 10,877Customer relationships2 360 (31) 329Total $ 11,360 $ (154) $ 11,206

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2021
Convertible Senior Notes [Abstract]
Schedule of Net Carrying Amount	Principal amount$ 900,000Unamortized debt issuance costs (4,085)Net carrying amount$ 895,915
Schedule of Interest Expense	Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021Contractual interest expense$ 3,375 $ 8,438Amortization of debt issuance costs 152 379Total interest expense$ 3,527 $ 8,817

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases	Maturity of Lease LiabilitiesAmount Years ending December 31,(in thousands)Remainder of 2021$ 2,7142022 11,0302023 11,1632024 11,4012025 11,689Thereafter 21,941Total undiscounted operating lease payments 69,938Less: imputed interest (12,856)Present value of operating lease liabilities $ 57,082 Balance Sheet Classification Operating lease liabilities, current$ 7,128Operating lease liabilities, non-current 49,954Total operating lease liabilities$ 57,082

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Time-Based RSUs Activity	Weighted average Number grant date of shares fair valueOutstanding at December 31, 2020 5,919 $ 5.25Granted 3,030 37.92Released (1,759) 4.83Forfeited (355) 14.05Outstanding at September 30, 2021 6,835 $ 19.39
Summary of Performance-Based RSUs Activity	Weighted average Number grant date of shares fair valueOutstanding at December 31, 2020 94 $ 2.63Granted — —Released — —Forfeited (94) 2.63Outstanding at September 30, 2021 — $ —
Schedule of Stock-Based Compensation Expense	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue$ 1,837 $ 735 $ 4,734 $ 1,714 Research and development  5,162 2,105 12,519 5,297 Sales, general and administrative 9,897 2,152 25,613 5,247 Merger-related expenses - stock-settled 6,349 — 6,349 — Merger-related expenses - milestone 5,202 — 5,202 —Stock-based compensation 28,447 4,992 54,417 12,258 Merger-related expenses - cash-settled 7,373 — 7,373 —Total stock-based compensation$ 35,820 $ 4,992 $ 61,790 $ 12,258
Schedule of Fair Value of Employee Stock Options	Three Months Ended September 30, Nine Months Ended September 30, Stock Option 2021 2020 2021 2020Expected term in years 2.1 - 4.6 5.1 2.1 - 4.6 5.1Expected volatility 67% - 80% 71% 67% - 80% 57% - 71%Risk-free interest rate 0.05% – 0.71% 0.30% 0.05% – 0.74% 0.3% - 1.2%Dividend yield —   —   —   —  Weighted average grant date fair value per share$5.97 $3.85 $15.63 $3.82
Schedule of Fair Value of Employee Stock Purchase Plan	Three Months Ended September 30, Nine Months Ended September 30, ESPP 2021 2020 2021 2020Expected term in years 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0Expected volatility 67% 71% 67% - 68% 57% - 71%Risk-free interest rate 0.06% - 0.20% 0.1% 0.06% - 0.20% 0.1% - 1.0%Dividend yield —   —   —   —  Weighted average fair value per share$16.73 $3.13 $25.07 $1.87
Time-based stock options [Member]
Summary of Stock Option Activity	Stock Options Outstanding Weighted Number average of shares Exercise price exercise priceOutstanding at December 31, 2020 14,638 $ 1.16 – 20.90 $ 5.53Granted 2,329 23.39 – 46.37 34.40Assumed Omniome options 339 2.05 – 4.90 4.43Exercised (4,406) 1.16 – 15.98 5.37Canceled (501) 2.54 – 46.37 5.28Outstanding at September 30, 2021 12,399 $1.16 – 46.37 $ 10.99
Performance-based stock options [Member]
Summary of Stock Option Activity	Stock Options Outstanding Weighted Number average of shares Exercise price exercise priceOutstanding at December 31, 2020 — $ — $ —Granted — — —Assumed Omniome options 304 4.71 - 4.90 4.71Exercised — — —Canceled — — —Outstanding at September 30, 2021 304 $4.71 - 4.90 $ 4.71

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue [Abstract]
Schedule of Revenue by Geographic Location	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020North America$ 19,368 $ 8,971 $ 45,872 $ 25,189Europe (including the Middle East and Africa) 6,347   4,339 21,166   11,925Asia Pacific 9,172   5,772 27,456   14,643Total $ 34,887  $ 19,082 $ 94,494  $ 51,757
Summary of Revenue by Category	Three Months Ended September 30, Nine Months Ended September 30, (in thousands)2021 2020 2021 2020Instrument revenue$ 15,926 $ 7,727 $ 45,147 $ 20,685Consumable revenue 14,576   8,022 37,191   21,113Product revenue 30,502 15,749 82,338 41,798Service and other revenue 4,385 3,333 12,156 9,959Total revenue$ 34,887 $ 19,082 $ 94,494 $ 51,757

Business Acquisitions (Narrativ

Business Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 20, 2021	Jul. 20, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Fair value of contingent consideration			$ 168,574		$ 168,574
Proceeds From Issuance Of Common Stock					30,121	$ 14,174
Issuance of common stock in Private Placement, net of issuance costs			294,845		294,845
Acquisition-related costs			30,726		30,726
Stock-based compensation expense			35,820	$ 4,992	61,790	$ 12,258
Income tax benefit from reduction in deferred tax assets valuation allowance					94,800
Goodwill			411,533		411,533
Omniome stock awards related to acquisition [Member]
Business Acquisition [Line Items]
Total cash paid	$ 7,400
Fair value of share consideration	6,300
Fair value of contingent consideration	$ 5,200
Issuance of common stock	226,811
Consideration	$ 18,900
Circulomics, Inc [Member]
Business Acquisition [Line Items]
Total cash paid		$ 29,500
Allocation of purchase price to intangible assets		11,360
Goodwill		$ 19,309
Finite-Lived Intangible Assets, Gross			$ 11,360		11,360
Omniome, Inc [Member]
Business Acquisition [Line Items]
Total cash paid	315,703
Fair value of share consideration	249,435
Fair value of contingent consideration	$ 168,574
Issuance of common stock	8,911,580
Consideration	$ 714,789
Price Per Share	$ 26.75
Issuance of common stock in Private Placement, net of issuance costs shares	11,214,953
Proceeds From Issuance Of Common Stock	$ 294,800
Estimated issuance costs	5,200
Acquisition-related costs	11,600				11,600
Stock-based compensation expense	18,900
Income tax benefit from reduction in deferred tax assets valuation allowance	92,200
Pro forma adjustment related to acquiree's acquisition-related costs	16,700
Since the date of acquisition, revenues					0
Since the date of acquisition, net loss					$ 1,600
Goodwill	392,224
Achievement of milestone [Member] | Omniome stock awards related to acquisition [Member]
Business Acquisition [Line Items]
Stock options issued by PacBio in replacement of Omniome’s unvested options	4,100
Achievement of milestone [Member] | Omniome, Inc [Member]
Business Acquisition [Line Items]
Total cash paid	100,000
Fair value of share consideration	100,000
Fair value of contingent consideration	200,000
In Process Research and Development, Intangible [Member] | Omniome, Inc [Member]
Business Acquisition [Line Items]
Allocation of purchase price to intangible assets	400,000
Finite-Lived Intangible Assets, Gross	$ 400,000

Business Acquisitions (Schedule

Business Acquisitions (Schedule by Acquisitions) (Details) $ in Thousands	Sep. 20, 2021USD ($)	Jul. 20, 2021USD ($)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares
Business Combination, Consideration Transferred [Abstract]
Fair value of contingent consideration			$ 168,574		$ 168,574
Major classes of assets and liabilities allocated to total fair value of consideration transferred
Goodwill			411,533		411,533
Business Acquisition, Pro Forma Information [Abstract]
Pro forma total revenue			34,887	$ 19,082	94,494	$ 51,757
Business Acquisition, Pro Forma Net Income (Loss)			$ (54,802)	$ (38,473)	$ (213,715)	$ (42,892)
Pro forma net loss per sare - basic and diluted | $ / shares			(0.25)	(0.21)	(0.97)	(0.24)
Circulomics, Inc [Member]
Business Combination, Consideration Transferred [Abstract]
Total cash paid		$ 29,500
Major classes of assets and liabilities allocated to total fair value of consideration transferred
Cash and cash equivalents		987
Property and equipment, net		214
Intangible assets, finite lived		11,360
Goodwill		19,309
Other assets		467
Deferred income tax liability		(2,672)
Liabilities assumed		(118)
Total consideration transferred		$ 29,547
Omniome, Inc [Member]
Business Combination, Consideration Transferred [Abstract]
Total cash paid	$ 315,703
Fair value of share consideration	249,435
Fair value of contingent consideration	168,574
Less: Stock-based compensation expense excluded from consideration transferred	(18,923)
Total consideration transferred	714,789
Major classes of assets and liabilities allocated to total fair value of consideration transferred
Cash and cash equivalents	15,338
Property and equipment, net	6,123
Operating lease right-of-use assets, net	18,095
Goodwill	392,224
Other assets	3,203
Deferred income tax liability	(93,373)
Liabilities assumed	(26,821)
Total consideration transferred	714,789
Omniome, Inc [Member] | In Process Research and Development, Intangible [Member]
Major classes of assets and liabilities allocated to total fair value of consideration transferred
Intangible assets, finite lived	$ 400,000

Invitae Collaboration (Narrativ

Invitae Collaboration (Narrative) (Details) - USD ($) $ in Thousands	Jan. 12, 2021	Sep. 30, 2021	Dec. 31, 2020
Development and Commercialization Agreement Transactions [Line Items]
Deferred revenue, non-current		$ 18,447	$ 1,568
Invitae Corporation [Member]
Development and Commercialization Agreement Transactions [Line Items]
Deferred revenue, non-current		16,800
Invitae Corporation [Member] | Development Agreement [Member]
Development and Commercialization Agreement Transactions [Line Items]
Development program term	60 months
Preferential pricing period for each program product	4 years
Deferred revenue, non-current		$ 16,800

Termination of Merger with Il_2

Termination of Merger with Illumina (Narrative) (Details) - USD ($) $ in Thousands

Jan. 02, 2020

Feb. 28, 2021

Apr. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2021

Sep. 30, 2020

Feb. 16, 2021

Feb. 09, 2021

Merger Termination [Line Items]

Continuation Advances

$ 34,000

$ 18,000

Gain (loss) from Continuation Advances

$ (52,000)

$ 34,000

Possible Continuation Advances payable

$ 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

Continuation Advances paid

$ 52,000

Termination fee received

$ 98,000

Advisor fees paid

$ 6,000

Other income (expense), net

$ (133)

$ 98,000

$ 467

$ 92

$ 1,143

Convertible Senior Notes [Member]

Merger Termination [Line Items]

Principal amount of notes

$ 900,000

$ 900,000

Debt instrument, stated interest rate

1.50%

1.50%

Maturity date

Feb. 15, 2028

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Feb. 28, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Feb. 16, 2021	Feb. 09, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Continuation Advances				$ 34,000	$ 18,000
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
Contingent repayment liability		$ 168,574				168,574
Gain (loss) from Continuation Advances						$ (52,000)	$ 34,000
Continuation Advances paid	$ 52,000
Sales Revenue, Net [Member] | Gene Company Limited [Member] | Customer Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		17.00%	18.00%			15.00%	14.00%
Minimum [Member] | Measurement Input, Discount Rate [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Instrument, Measurement Input		0.043				0.043
Maximum [Member] | Measurement Input, Discount Rate [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Instrument, Measurement Input		0.048				0.048
Convertible Senior Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Principal amount of notes	$ 900,000								$ 900,000
Debt instrument, stated interest rate	1.50%							1.50%
Maturity date						Feb. 15, 2028

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 ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Total cash and cash equivalents	$ 425,388	$ 81,611
Total investments	654,502	237,203
Short-term restricted cash: Cash	500	836
Long-term restricted cash: Cash	4,560	3,500
Total assets measured at fair value	1,084,950	323,150
Liabilities
Continuation Advances
Fair value of contingent consideration	168,574
Total liabilities measured at fair value	168,574
Cash and money market funds [Member]
Assets
Total cash and cash equivalents	364,020	43,040
Commercial paper [Member]
Assets
Total cash and cash equivalents	61,368	32,537
U.S. government and agency securities [Member]
Assets
Total cash and cash equivalents		170
Total investments	385,090	107,103
U.S. Treasury security [Member]
Assets
Total cash and cash equivalents		5,864
Commercial paper, not included with cash and cash equivalents [Member]
Assets
Total investments	255,817	112,644
Corporate debt securities [Member]
Assets
Total investments	13,595	17,456
Level 1 [Member]
Assets
Total cash and cash equivalents	364,020	43,040
Short-term restricted cash: Cash	500	836
Long-term restricted cash: Cash	4,560	3,500
Total assets measured at fair value	369,080	47,376
Liabilities
Continuation Advances
Total liabilities measured at fair value
Level 1 [Member] | Cash and money market funds [Member]
Assets
Total cash and cash equivalents	364,020	43,040
Level 2 [Member]
Assets
Total cash and cash equivalents	61,368	38,571
Total investments	654,502	237,203
Total assets measured at fair value	715,870	275,774
Liabilities
Continuation Advances
Total liabilities measured at fair value
Level 2 [Member] | Commercial paper [Member]
Assets
Total cash and cash equivalents	61,368	32,537
Level 2 [Member] | U.S. government and agency securities [Member]
Assets
Total cash and cash equivalents		170
Total investments	385,090	107,103
Level 2 [Member] | U.S. Treasury security [Member]
Assets
Total cash and cash equivalents		5,864
Level 2 [Member] | Commercial paper, not included with cash and cash equivalents [Member]
Assets
Total investments	255,817	112,644
Level 2 [Member] | Corporate debt securities [Member]
Assets
Total investments	13,595	17,456
Level 3 [Member]
Liabilities
Continuation Advances
Fair value of contingent consideration	168,574
Total liabilities measured at fair value	$ 168,574

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Calculation of Basic and Dilutive Net Income (Loss) per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic [Abstract]
Net income (loss)	$ 16,542	$ (23,708)	$ (111,894)	$ (45,532)
Weighted average shares used in computing net income (loss) per share, basic	202,194,000	166,862,000	198,545,000	158,195,000
Net income (loss) per share, basic	$ 0.08	$ (0.14)	$ (0.56)	$ (0.29)
Earnings Per Share, Diluted [Abstract]
Weighted Average Number of Shares Outstanding, Basic	202,194,000	166,862,000	198,545,000	158,195,000
Add: Weighted average stock options	7,754,000
Add: Weighted average restricted stock units	3,598,000
Add: Weighted average shares issuable pursuant to ESPP	1,581,000
Weighted average shares used in computing net income (loss) per share, diluted	215,127,000	166,862,000	198,545,000	158,195,000
Earnings Per Share, Diluted	$ 0.08	$ (0.14)	$ (0.56)	$ (0.29)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Anti-dilutive Shares Excluded from Computation of Diluted Net Income (Loss) per Share) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Shares issuable upon conversion of convertible senior notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	20,690,000		17,203,000
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	2,326,000	19,921,000	12,703,000	19,921,000
RSUs with time-based vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	2,006,000	5,971,000	6,835,000	5,971,000
RSUs with performance-based vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share		94,000		94,000
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	126,000	2,890,000	1,564,000	2,890,000

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 1,079,862	$ 318,729
Gross unrealized gains	91	106
Gross unrealized losses	(63)	(21)
Fair value	1,079,890	318,814
Cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	425,389	81,612
Gross unrealized gains
Gross unrealized losses	(1)	(1)
Fair value	425,388	81,611
Cash and money market funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	364,020	43,040
Gross unrealized gains
Gross unrealized losses
Fair value	364,020	43,040
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	61,369	32,538
Gross unrealized gains
Gross unrealized losses	(1)	(1)
Fair value	61,368	32,537
U.S. government and agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		170
Gross unrealized gains
Gross unrealized losses
Fair value		170
U.S. Treasury security [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		5,864
Gross unrealized gains
Gross unrealized losses
Fair value		5,864
Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	654,473	237,117
Gross unrealized gains	91	106
Gross unrealized losses	(62)	(20)
Fair value	654,502	237,203
Commercial paper, not included with cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	255,817	112,648
Gross unrealized gains	8	4
Gross unrealized losses	(8)	(8)
Fair value	255,817	112,644
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	13,564	17,360
Gross unrealized gains	31	96
Gross unrealized losses
Fair value	13,595	17,456
U.S. government & agency securities, not included with cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	385,092	107,109
Gross unrealized gains	52	6
Gross unrealized losses	(54)	(12)
Fair value	385,090	107,103
Short-Term Restricted Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	500	836
Gross unrealized gains
Gross unrealized losses
Fair value	500	836
Long-term restricted cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	4,560	3,500
Gross unrealized gains
Gross unrealized losses
Fair value	$ 4,560	$ 3,500

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	Sep. 30, 2021USD ($)
Cash, Cash Equivalents and Investments [Abstract]
Due in one year or less	$ 404,995
Due after one year through 5 years	310,875
Total investments	$ 715,870

Balance Sheet Components (Narra

Balance Sheet Components (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Oct. 31, 2015
Balance Sheet Components [Line Items]
Short-term restricted cash	$ 500	$ 836
Long-term restricted cash	4,560	3,500
May 1 annual decrease to long-term restricted cash	500
Deferred revenue, current	9,773	8,722
Deferred revenue, non-current	18,447	1,568
Revenue recognized	7,400
Prepaid expenses and other current assets	7,193	4,870
Omniome, Inc [Member]
Balance Sheet Components [Line Items]
Short-term restricted cash	200
Long-term restricted cash	1,600
Customer Deposit [Member]
Balance Sheet Components [Line Items]
Short-term restricted cash		500
Security Deposit [Member]
Balance Sheet Components [Line Items]
Short-term restricted cash		$ 300
O’Brien Lease Agreement [Member]
Balance Sheet Components [Line Items]
Long-term restricted cash	3,000		$ 4,500
Service [Member]
Balance Sheet Components [Line Items]
Deferred revenue	28,200
Deferred revenue, current	9,800
Deferred revenue, non-current	1,600
Prepaid expenses and other current assets	$ 700
Service [Member] | Minimum [Member]
Balance Sheet Components [Line Items]
Deferred service revenue, noncurrent, recognition period	5 years
Invitae Corporation [Member]
Balance Sheet Components [Line Items]
Deferred revenue, non-current	$ 16,800

Balance Sheet Components (Compo

Balance Sheet Components (Components of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Balance Sheet Components [Abstract]
Purchased materials	$ 5,511	$ 3,531
Work in process	8,762	6,651
Finished goods	4,003	4,048
Inventory	$ 18,276	$ 14,230

Balance Sheet Components (Defin

Balance Sheet Components (Definite-lived Intangible Assets from Business Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 11,206
Circulomics, Inc [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,360
Accumulated Amortization	(154)
Net Carrying Amount	11,206
Circulomics, Inc [Member] | Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,000
Accumulated Amortization	(123)
Net Carrying Amount	$ 10,877
Estimated Useful Life (in years)	15 years
Circulomics, Inc [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 360
Accumulated Amortization	(31)
Net Carrying Amount	$ 329
Estimated Useful Life (in years)	2 years

Balance Sheet Components (Estim

Balance Sheet Components (Estimated Future Amortization Expense Of Acquisition-Related Intangible Assets With Definite Lives) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
2021	$ 227
2022	913
2023	838
2024	733
2025	733
2026 and thereafter	7,762
Finite-Lived Intangible Assets, Net	11,206
Circulomics, Inc [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 11,206

Balance Sheet Components (Chang

Balance Sheet Components (Changes to Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Line Items]
Goodwill, Ending Balance	$ 411,533
Omniome, Inc [Member]
Goodwill [Line Items]
Goodwill, Acquired During Period	392,224
Circulomics, Inc [Member]
Goodwill [Line Items]
Goodwill, Acquired During Period	$ 19,309

Balance Sheet Components (Furtu

Balance Sheet Components (Furture Principal Payments) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term Debt	$ 895,915
Omniome, Inc [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2021	361
2022	1,608
2023	1,842
2024	490
Long-term Debt	$ 4,301

Convertible Senior Notes (Narra

Convertible Senior Notes (Narrative) (Details) - USD ($)	Feb. 16, 2021	Sep. 30, 2021	Feb. 28, 2021	Feb. 09, 2021
Debt Instrument [Line Items]
Fair value of convertible debt		$ 886,500,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount of notes			$ 900,000,000	$ 900,000,000
Debt instrument, stated interest rate	1.50%		1.50%
Maturity date		Feb. 15, 2028
Issuance date		Feb. 16, 2021
Shares issued conversion rate per $1,000 principal amount	22.9885
Principal amount for conversion rate	$ 1,000
Conversion price per share	$ 43.50
Debt redemption, percentage of conversion price	150.00%
Debt redemption, trading days	20 days
Debt redemption, consecutive trading days	30 days
Redemption price, percentage	100.00%
Debt issuance costs		$ 4,500,000
Debt instrument, effective interest rate		1.60%
Each Day During the First 180 Days [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Additional interest in the event of default	0.25%
181st Day to 360th Day [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Additional interest in the event of default	0.50%

Convertible Senior Notes (Sched

Convertible Senior Notes (Schedule of Net Carrying Amount) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Convertible Senior Notes [Abstract]
Principal amount	$ 900,000
Unamortized debt issuance costs	(4,085)
Net carrying amount	$ 895,915

Convertible Senior Notes (Sch_2

Convertible Senior Notes (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021
Convertible Senior Notes [Abstract]
Contractual interest expense	$ 3,375	$ 8,438
Amortization of debt issuance costs	152	379
Total interest expense	$ 3,527	$ 8,817

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details)	Jun. 22, 2020item	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 20, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 31, 2015USD ($)
Commitments and Contingencies [Line Items]
Long-term restricted cash		$ 4,560,000		$ 4,560,000			$ 3,500,000
Weighted average remaining lease term		6 years		6 years
Weighted average discount rate		6.80%		6.80%
Rent payments		$ 1,800,000		$ 5,500,000
Operating lease cost		1,600,000	$ 1,600,000	4,700,000	$ 4,700,000
Additional liability associated with indemnification obligations		0		0
Operating Lease, Right-of-Use Asset		45,862,000		45,862,000			$ 29,951,000
Operating Lease, Liability		57,082,000		57,082,000
Omniome, Inc [Member]
Commitments and Contingencies [Line Items]
Long-term restricted cash		1,600,000		1,600,000
Operating Lease, Right-of-Use Asset						$ 18,100,000
Operating Lease, Liability						$ 18,100,000
PacBio IPR Petitions [Member]
Commitments and Contingencies [Line Items]
Number of petitions | item	2
O’Brien Lease Agreement [Member]
Commitments and Contingencies [Line Items]
Long-term restricted cash		$ 3,000,000		$ 3,000,000				$ 4,500,000

Commitments and Contingencies_3

Commitments and Contingencies (Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Maturity of Lease Liabilities
Remainder of 2021	$ 2,714
2022	11,030
2023	11,163
2024	11,401
2025	11,689
Thereafter	21,941
Total undiscounted operating lease payments	69,938
Less: imputed interest	(12,856)
Present value of operating lease liabilities	57,082
Balance Sheet Classification
Operating lease liabilities, current	7,128	$ 4,332
Operating lease liabilities, non-current	49,954	$ 37,667
Total operating lease liabilities	$ 57,082

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) $ in Thousands	Sep. 20, 2021itemshares	Apr. 18, 2021shares	Jan. 31, 2021shares	Sep. 30, 2021USD ($)shares	Jun. 30, 2021USD ($)	Sep. 30, 2020shares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)shares	Dec. 02, 2020shares	Aug. 04, 2020shares	Mar. 31, 2020item
Stockholders' Equity [Line Items]
Number of equity compensation plans | item											3
Stock-based compensation | $							$ 54,417	$ 12,258
Common Stock [Member]
Stockholders' Equity [Line Items]
Shares issued						22,345,000		22,345,000
Omniome Plan [Member]
Stockholders' Equity [Line Items]
Exchange ratio | item	0.259204639
Shares authorized	2,494,128
ESPP [Member]
Stockholders' Equity [Line Items]
Shares issued							1,913,968	834,677
Additional common stock reserved for issuance			3,800,000
Common stock remain available for issuance				7,810,673			7,810,673
Stock-based compensation | $				$ 5,100			$ 13,100
2020 Equity Incentive Plan [Member]
Stockholders' Equity [Line Items]
Shares authorized										11,000,000
Common stock remain available for issuance				7,100,000			7,100,000
2020 Inducement Equity Incentive Plan [Member]
Stockholders' Equity [Line Items]
Shares authorized									2,500,000
Additional common stock reserved for issuance		750,000
Options to purchase common stock [Member]
Stockholders' Equity [Line Items]
Stock-based compensation | $					$ 23,000		$ 29,000
RSUs with time-based vesting [Member]
Stockholders' Equity [Line Items]
Stock-based compensation | $				$ 7,700			19,600
RSUs with performance-based vesting [Member]
Stockholders' Equity [Line Items]
Stock-based compensation | $				$ 0			$ 0

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Stock Option Activity) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Performance-based stock options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Outstanding at September 30, 2021 | shares	304
Weighted average exercise price, Outstanding at September 30, 21	$ 4.71
$1.16 – 20.90 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Outstanding at September 30, 2021 | shares	14,638
Exercise price, lower range	$ 1.16
Exercise price, upper range	20.90
Weighted average exercise price, Outstanding at September 30, 21	$ 5.53
$23.39 – 46.37 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Granted | shares	2,329
Exercise price, lower range	$ 23.39
Exercise price, upper range	46.37
Weighted average exercise price, Granted	$ 34.40
$2.05 – $4.90 [Member] | Options to purchase common stock [Member] | Omniome Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Granted | shares	339
Exercise price, lower range	$ 2.05
Exercise price, upper range	4.90
Weighted average exercise price, Granted	4.43
$4.71 - $4.90 [Member] | Omniome Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower range	4.71
Exercise price, upper range	$ 4.90
$4.71 - $4.90 [Member] | Performance-based stock options [Member] | Omniome Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Granted | shares	304
Exercise price, lower range	$ 4.71
Exercise price, upper range	4.90
Weighted average exercise price, Granted	$ 4.71
$1.16 – 15.98 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Exercised | shares	(4,406)
Exercise price, lower range	$ 1.16
Exercise price, upper range	15.98
Weighted average exercise price, Exercised	$ 5.37
$2.54 – 46.37 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Canceled | shares	(501)
Exercise price, lower range	$ 2.54
Exercise price, upper range	46.37
Weighted average exercise price, Canceled	$ 5.28
$1.16 – 46.37 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of shares, Outstanding at September 30, 2021 | shares	12,399
Exercise price, lower range	$ 1.16
Exercise price, upper range	46.37
Weighted average exercise price, Outstanding at September 30, 21	$ 10.99

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary of Time-Based RSUs Activity) (Details) - RSUs with time-based vesting [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Outstanding at December 31, 2020 | shares	5,919
Number of shares, Granted | shares	3,030
Number of shares, Released | shares	(1,759)
Number of shares, Forfeited | shares	(355)
Number of shares, Outstanding at September 30, 2021 | shares	6,835
Weighted average grant date fair value, Outstanding at December 31, 2020 | $ / shares	$ 5.25
Weighted average grant date fair value, Granted | $ / shares	37.92
Weighted average grant date fair value, Released | $ / shares	4.83
Weighted average grant date fair value, Forfeited | $ / shares	14.05
Weighted average grant date fair value, Outstanding at September 30, 2021 | $ / shares	$ 19.39

Stockholders' Equity (Summary_3

Stockholders' Equity (Summary of Performance-Based RSUs Activity) (Details) - RSUs with performance-based vesting [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Outstanding at December 31, 2020 | shares	94
Number of shares, Granted | shares
Number of shares, Released | shares
Number of shares, Forfeited | shares	(94)
Number of shares, Outstanding at September 30, 2021 | shares
Weighted average grant date fair value, Outstanding at December 31, 2020 | $ / 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	2.63
Weighted average grant date fair value, Outstanding at September 30, 2021 | $ / shares

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 35,820	$ 4,992	$ 61,790	$ 12,258
Cost of revenue [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,837	735	4,734	1,714
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,162	2,105	12,519	5,297
Sales, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9,897	2,152	25,613	5,247
Merger-related expenses - stock-settled [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	6,349		6,349
Merger-related expenses - milestone [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,202		5,202
Stock-based compensation [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	28,447	$ 4,992	54,417	$ 12,258
Merger-related expenses - cash-settled [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7,373		$ 7,373

Stockholders' Equity (Schedul_2

Stockholders' Equity (Schedule of Fair Value of Employee Stock Options) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	67.00%	71.00%
Weighted average grant date fair value per share	$ 5.97	$ 3.85	$ 15.63	$ 3.82
Options to purchase common stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years		5 years 1 month 6 days		5 years 1 month 6 days
Expected volatility		71.00%
Risk-free interest rate		0.30%
Options to purchase common stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years	2 years 1 month 6 days		2 years 1 month 6 days
Expected volatility	67.00%		67.00%	57.00%
Risk-free interest rate, minimum	0.05%		0.05%	0.30%
Options to purchase common stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years	4 years 7 months 6 days		4 years 7 months 6 days
Expected volatility	80.00%		80.00%	71.00%
Risk-free interest rate, maximum	0.71%		0.74%	1.20%

Stockholders' Equity (Schedul_3

Stockholders' Equity (Schedule of Fair Value of Employee Stock Purchase Plan) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	67.00%	71.00%
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		0.10%
Risk-free interest rate, minimum	0.06%		0.06%	0.10%
Risk-free interest rate, maximum	0.20%		0.20%	1.00%
Dividend yield
Weighted average grant date fair value, Granted	$ 16.73	$ 3.13	$ 25.07	$ 1.87
ESPP [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years	6 months	6 months	6 months	6 months
Expected volatility			67.00%	57.00%
ESPP [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term in years	2 years	2 years	2 years	2 years
Expected volatility			68.00%	71.00%

Revenue (Schedule of Revenue by

Revenue (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 34,887	$ 34,887	$ 19,082	$ 19,082	$ 94,494	$ 51,757
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	19,368		8,971		45,872	25,189
Europe (including the Middle East and Africa) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	6,347		4,339		21,166	11,925
Asia Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 9,172		$ 5,772		$ 27,456	$ 14,643

Revenue (Summary of Revenue by

Revenue (Summary of Revenue by Category) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Product Information [Line Items]
Total revenue	$ 34,887	$ 34,887	$ 19,082	$ 19,082	$ 94,494	$ 51,757
Product [Member]
Product Information [Line Items]
Total revenue		30,502		15,749	82,338	41,798
Instrument [Member]
Product Information [Line Items]
Total revenue		15,926		7,727	45,147	20,685
Consumable [Member]
Product Information [Line Items]
Total revenue		14,576		8,022	37,191	21,113
Service and Other [Member]
Product Information [Line Items]
Total revenue		$ 4,385		$ 3,333	$ 12,156	$ 9,959