Fulgent Genetics (FLGT) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	FLGT
Entity Registrant Name	Fulgent Genetics, Inc.
Entity Central Index Key	1,674,930
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		17,740,491

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 11,473	$ 7,897
Marketable securities	17,400	12,971
Trade accounts receivable, net of allowance for doubtful accounts of $133 and $151, respectively	4,186	4,364
Other current assets	1,668	906
Total current assets	34,727	26,138
Marketable securities, long term	17,243	25,597
Fixed assets, net	6,737	6,234
Deferred tax asset	37	54
Other long-term assets	61	17
Total assets	58,805	58,040
Current liabilities
Accounts payable	1,820	2,756
Accrued liabilities	902	436
Income tax payable		124
Accumulated losses of unconsolidated companies in excess of investment	105
Total current liabilities	2,827	3,316
Other long-term liabilities	2	2
Deferred tax liability	243	243
Total liabilities	3,072	3,561
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 and 200,000 shares authorized, 17,740 and 17,676 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively.	2	2
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding at June 30, 2017 and December 31, 2016
Additional paid-in capital	110,746	109,734
Accumulated other comprehensive loss	(68)	(103)
Accumulated deficit	(54,947)	(55,154)
Total stockholders’ equity	55,733	54,479
Total liabilities and stockholders’ equity	$ 58,805	$ 58,040

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 133	$ 151
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	200,000,000
Common stock, shares issued	17,740,000	17,676,000
Common stock, shares outstanding	17,740,000	17,676,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 4,640,000	$ 3,971,000	$ 9,946,000	$ 7,411,000
Cost of revenue	1,879,000	1,411,000	3,738,000	2,715,000
Gross profit	2,761,000	2,560,000	6,208,000	4,696,000
Operating expenses:
Research and development	920,000	656,000	1,771,000	1,217,000
Selling and marketing	851,000	477,000	1,742,000	778,000
General and administrative	1,140,000	457,000	2,626,000	2,346,000
Total operating expenses	2,911,000	1,590,000	6,139,000	4,341,000
Operating income (loss)	(150,000)	970,000	69,000	355,000
Interest and other income (expense)	120,000	(5,462,000)	239,000	(5,449,000)
Income (loss) before income taxes and equity in net loss of affiliate	(30,000)	(4,492,000)	308,000	(5,094,000)
Provision for (benefit from) income taxes	(110,000)	0	(4,000)	0
Income (loss) before equity in net loss of affiliate	80,000	(4,492,000)	312,000	(5,094,000)
Equity in net loss of affiliate	(105,000)	0	(105,000)	0
Income (loss) from continuing operations	(25,000)	(4,492,000)	207,000	(5,094,000)
Income (loss) from discontinued operations	0	(18,000)	0	41,000
Net income (loss)	$ (25,000)	$ (4,510,000)	$ 207,000	$ (5,053,000)
Income (loss) per common share:
Basic	$ 0	$ (0.66)	$ 0.01	$ (0.72)
Diluted	$ 0	$ (0.66)	$ 0.01	$ (0.72)
Weighted-average common shares:
Basic	17,711	12,438	17,694	12,258
Diluted	17,711	12,438	18,156	12,258

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (25)	$ (4,510)	$ 207	$ (5,053)
Other comprehensive income (loss), net of tax:
Net unrealized gain on marketable securities	17		35
Comprehensive income (loss)	$ (8)	$ (4,510)	$ 242	$ (5,053)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2016	$ 54,479	$ 2	$ 109,734	$ (103)	$ (55,154)
Beginning Balance, Shares at Dec. 31, 2016	17,676,000	17,676,000
Equity-based compensation	$ 989		989
Exercise of common stock options	23		23
Exercise of common stock options, Shares		60,000
Restricted stock awards, Shares		4,000
Other comprehensive income, net	35			35
Net income (loss)	207				207
Ending Balance at Jun. 30, 2017	$ 55,733	$ 2	$ 110,746	$ (68)	$ (54,947)
Ending Balance, Shares at Jun. 30, 2017	17,740,000	17,740,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flow from operating activities:
Net income (loss)	$ 207,000	$ (5,053,000)
Income (loss) from discontinued operations	0	41,000
Income (loss) from continuing operations	207,000	(5,094,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity-based compensation	989,000	1,625,000
Depreciation and amortization	817,000	447,000
Loss on disposal of fixed asset	5,000
Amortization of premium of marketable securities	196,000
Provision for bad debt		(26,000)
Fair value adjustment recorded upon issuance of Class D-2 preferred units		5,472,000
Equity in net loss of affiliate	105,000	0
Changes in operating assets and liabilities:
Accounts receivable	178,000	(649,000)
Other current assets	(825,000)	(202,000)
Accounts payable	(555,000)	568,000
Taxes payable	(123,000)
Accrued liabilities	1,078,000	243,000
Cash provided by continuing operations	2,072,000	2,384,000
Cash used in discontinued operations		(31,000)
Net cash provided by operating activities	2,072,000	2,353,000
Cash flow from investing activities:
Purchases of fixed assets	(1,517,000)	(563,000)
Sale of marketable securities	3,781,000
Purchase of marketable securities	(3,582,000)
Maturities of marketable securities	3,600,000
Net cash provided by (used in) investing activities	2,282,000	(563,000)
Cash flow from financing activities:
Cash distributed in split-off of Pharma business		(159,000)
Payment of initial public offering costs	(801,000)	(1,072,000)
Proceeds from issuance of Class D-2 preferred units		27,165,000
Repurchase and retirement of Class D-1 preferred and Class D common units		(11,977,000)
Issuance costs of Class D-2 preferred units		(185,000)
Proceeds from exercise of stock options	23,000
Net cash provided by (used in) financing activities	(778,000)	13,772,000
Net (decrease) increase in cash	3,576,000	15,562,000
Cash balance at beginning of period	7,897,000	498,000
Cash balance at end of period	11,473,000	16,060,000
Supplemental disclosures of cash flow information:
Income taxes paid	756,000
Supplemental disclosures of non-cash investing and financing activities:
Fixed assets included in accounts payable	$ 943,000	2,409,000
Deferred initial public offering costs included in accounts payable		$ 1,359,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement Of Cash Flows [Abstract]
Cash from discontinued operations, beginning	$ 0	$ 9

Overview and Basis of Presentat

Overview and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Overview and Basis of Presentation	Note 1. Overview and Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries and entities in which the Company has a controlling financial interest or is deemed to be the primary beneficiary. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company uses the equity method to account for its investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. All significant intercompany accounts and transactions are eliminated from the accompanying condensed consolidated financial statements. Nature of the Business Fulgent Genetics, Inc., together with its subsidiaries (collectively referred to as the “Company,” unless otherwise noted or the context otherwise requires), is a growing technology company with an initial focus on offering comprehensive genetic testing to provide physicians with clinically actionable diagnostic information they can use to improve the quality of patient care (the “Diagnostics business”). The Company has developed a proprietary technology platform that allows it to offer a broad and flexible test menu and continually expand and improve its proprietary genetic reference library. The Company’s current test menu offers single-gene tests and pre-established, multi-gene, disease-specific panels that collectively test for many genetic conditions, including various cancers, cardiovascular diseases, neurological disorders and pediatric conditions. The Company’s existing customer base consists primarily of hospitals and medical institutions, which are frequent and high-volume users of genetic tests and which typically pay the Company directly for its tests. Background and Reorganization The Company was incorporated in the State of Delaware on May 13, 2016. On August 2, 2016, pursuant to the approval of the board of directors of the Company, the Company changed its name from Fulgent Diagnostics, Inc. to Fulgent Genetics, Inc. On September 30, 2016, the Company completed a reorganization pursuant to which Fulgent Therapeutics LLC, a California limited liability company (referred to, together with its former subsidiary unless otherwise noted or the context otherwise requires, as “Fulgent LLC”), became a wholly owned subsidiary of the Company (the “Reorganization”). Prior to the Reorganization, the Company had no material assets and had not conducted any activities other than those incidental to its incorporation and preparation for the initial public offering of its common stock. Following the Reorganization LLC and its other subsidiaries For purposes of these notes and the accompanying condensed consolidated financial statements: (i) Fulgent LLC’s operating agreement, as amended from time to time, is referred to as the “Operating Agreement;” (ii) Fulgent LLC’s equity holders are referred to as “members;” (iii) Fulgent LLC’s authorized, issued and outstanding equity interests prior to the Reorganization are referred to as “units” and consisted of Class D common units and Class D-1 and Class D-2 preferred units; (iv) certain of Fulgent LLC’s Class D common units outstanding prior to the Reorganization constituted profits interests (which are sometimes referred to simply as “profits interests”), which are a type of equity-based award containing a participation threshold (which is sometimes referred to as a “profits interest threshold”) that entitled the recipient of the award to participate in the value of Fulgent LLC only to the extent it appreciated from and after the grant date of the award; and (v) prior to the Reorganization, Fulgent LLC was managed by its Manager, Ming Hsieh, who was also Fulgent LLC’s controlling equity holder. In the Reorganization, each outstanding 7.6 units of Fulgent LLC were cancelled in exchange for one share of the Company’s common stock, such that (i) all outstanding Class D common units of Fulgent LLC (including profits interests) were cancelled in exchange for an aggregate of 4,059,900 shares of the Company’s common stock; (ii) all outstanding Class D-1 preferred units of Fulgent LLC were cancelled in exchange for an aggregate of 6,760,733 shares of the Company’s common stock; (iii) all outstanding Class D-2 preferred units were cancelled in exchange for an aggregate of 2,025,623 shares of the Company’s common stock; (iv) all outstanding options to acquire common units of Fulgent LLC were cancelled in exchange for equivalent options to acquire up to an aggregate of 591,112 shares of the Company’s common stock, and all such options became immediately exercisable to the extent vested; and (v) all outstanding restricted share units relating to common units of Fulgent LLC were cancelled in exchange for equivalent restricted stock units (“RSUs”) relating to 65,789 shares of the Company’s common stock. The Reorganization was accounted for as a common control transaction and no gain or loss was recorded. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared on the same basis as the Company’s financial statements and, in the opinion of management, all adjustments, which normal recurring , necessary for a fair of the financial position and results of results for periods are not necessarily indicative of the results be expected for The accompanying condensed consolidated balance sheet as of December 31, 2016 has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP. with the Company’s audited consolidated financial statements included in the 2016 Annual Report, including the notes thereto. Discontinued Operations The Company historically conducted two lines of business: the Diagnostics business, which the Company conducted directly and which is the only business it is presently pursuing, and its former pharmaceutical business (the “Pharma business”), which was conducted by its former wholly owned subsidiary, Fulgent Pharma LLC (“Fulgent Pharma”). In addition, Fulgent LLC’s equity interests were separated into two series based on these two lines of business, with the holders of Fulgent LLC’s Class D preferred units and Class D voting and non-voting common units (collectively, the “Class D units”) having economic rights based on the Diagnostics business, and the holders of Fulgent LLC’s Class P preferred units and Class P voting and non-voting common units (collectively, the “Class P units”) having economic rights based on the Pharma business. These Class D units and Class P units were intended to “track,” or reflect, the relative performance of the Diagnostics business and the Pharma business, respectively. In April 2016, Fulgent LLC’s Operating Agreement was amended and restated to provide for the distribution of Fulgent Pharma in full redemption and cancellation of the by redeeming all of the then-outstanding Class P units and The financial condition and results of the Pharma business were included in the accompanying consolidated financial statements as discontinued operations for all periods presented. The Class P common and preferred units had the right to participate in earnings and distributions of Fulgent Pharma but were not obligated to fund losses. As a result, in periods of Pharma business net loss, losses were allocated to the holders of Class P common units subject to profits interest thresholds, as they were determined to be the most subordinate unit. The split-off of the Pharma business is presented as discontinued operations in the accompanying condensed The major components of statements of operations data comprising the income (loss) from discontinued operations are as follows: Three months Ended June 30, Six months Ended June 30, 2017 2016 2017 2016 (in thousands) Operating expenses: Research and development $ — $ 18 $ — $ 350 General and administrative — — — 9 Total operating expenses — 18 — 359 Operating income (loss) — (18 ) — (359 ) Other income — — — 400 Income (loss) $ — $ (18 ) $ — $ 41 Income (loss) allocated to Class P common units - profit interests $ — $ (18 ) $ — $ — Income (loss) allocated to Class P common units $ — $ — $ — $ 23 Income (loss) allocated to Class P preferred units $ — $ — $ — $ 18 Income (loss) per Class P common units - profit interests, basic and diluted $ — $ (0.07 ) $ — $ — Income (loss) per Class P common units, basic and diluted $ — $ — $ — $ 0.00 Income (loss) per Class P preferred units, basic and diluted $ — $ — $ — $ 0.00 Weighted-average Class P common units - profit interests, basic and diluted — 264 — 3,132 Weighted-average Class P common units, basic and diluted — 1,714 — 20,357 Weighted-average Class P preferred units, basic and diluted — 2,242 — 26,621

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies See the summary Company’s significant accounting policies set forth in the notes to its consolidated included in the 2016 Annual Report. Except as described below, no such policies materially changed during the six months ended June 30, 2017. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances. Actual results could differ from these estimates. On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for doubtful accounts, (iii) the useful lives of fixed assets, (iv) estimates of tax liabilities and (v) equity method investments. Reporting Segment and Geographic Information Reporting segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company views its operations and manages its business in one reporting segment. Concentration of Customers In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. In the three and six months ended June 30, 2017, after aggregating customers that are under common control or are affiliates, two customers contributed 13% and 12% of our revenue Emerging Growth Company Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company, but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies. Equity Method Investments The Company uses the equity method to account for investments in entities that it does not control, but in which it has Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, including a provision that requires equity investments (except for investments accounted for under the equity method of accounting) to be measured at fair value, with changes in fair value recognized in current earnings. The ASU is effective for the Company in the first quarter of 2018, with early adoption permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update is aimed at making leasing activities more transparent and comparable, and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This guidance will become effective for interim and annual reporting periods beginning with the year ending December 31, 2019. The standard requires the use of a modified retrospective transition approach for existing leases. Early adoption is permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those reporting periods. Early adoption is permitted. The Company has not yet evaluated the effect this ASU will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The standard clarifies the way certain cash receipts and cash payments are classified with the objective of reducing the existing diversity in practice. The standard is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for all periods beginning after December 15, 2016. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20). Under the ASU, entities must amortize to the earliest call date the premium on certain purchased callable debt securities. The ASU does not require any accounting change for debt securities held at a discount. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all entities, including in an interim period. The Company has not yet evaluated the effect this ASU will have on its consolidated financial statements and related disclosures.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2017
Investments Debt And Equity Securities [Abstract]
Marketable Securities	Note 3. Marketable Securities The Company’s marketable securities consisted of the following: June 30, 2017 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Money market accounts $ 803 $ — $ — $ 803 Corporate debt securities 34,752 1 (110 ) 34,643 Less: Cash equivalents (803 ) — — (803 ) Total marketable securities $ 34,752 $ 1 $ (110 ) $ 34,643 December 31, 2016 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Money market accounts $ 1,580 $ — $ — $ 1,580 Corporate debt securities 38,728 3 (163 ) 38,568 Less: Cash equivalents (1,580 ) — — (1,580 ) Total marketable securities $ 38,728 $ 3 $ (163 ) $ 38,568 As of June 30, 2017 and December 31, 2016, the contractual maturities of the Company’s marketable securities less than one year were $17.4 million and $13.0 million, respectively, and the contractual maturities of the Company’s marketable securities greater than one year and less than five years were $17.2 million and $25.6 million, respectively. Management determined that the gross unrealized losses of $109,000 on the Company’s marketable securities as of June 30, 2017 were temporary in nature. Gross unrealized losses on the Company’s marketable securities were $163,000 as of December 31, 2016. The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired as of June 30, 2017.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of our Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable inputs for the asset or liability. The following table presents information about our financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: June 30, 2017 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities: Corporate debt securities $ 34,643 $ — $ 34,643 $ — Money market accounts 803 803 — — Total marketable securities $ 35,446 $ 803 $ 34,643 $ — December 31, 2016 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities: Corporate debt securities $ 38,568 $ — $ 38,568 $ — Money market accounts 1,580 1,580 — — Total marketable securities $ 40,148 $ 1,580 $ 38,568 $ — The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of marketable investment securities consisting of corporate bonds. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of June 30, 2017, the Company had no investments that were measured using unobservable (Level 3) inputs. There were no transfers between fair value measurement levels during the three months ended June 30, 2017. Gross unrealized gains or losses for cash equivalents and marketable securities as of June 30 June 30

Fixed Assets

Fixed Assets	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Fixed Assets	Note 5. Fixed Assets Major classes of fixed assets consisted of the following: June 30, December 31, Useful Lives 2017 2016 (in thousands) Computer hardware 3 Years $ 1,375 $ 1,293 Computer software 3 Years 354 354 Machinery and equipment 5 Years — 177 Medical lab equipment 5 Years 4,883 4,678 General equipment 3 Years — 59 Furniture and fixtures 5 Years 86 86 Leasehold improvements Shorter of lease term or estimated useful life 630 520 Assets not yet placed in service 2,262 1,114 Total 9,590 8,281 Less: Accumulated depreciation (2,853 ) (2,047 ) Property and equipment, net $ 6,737 $ 6,234 Depreciation expense on fixed assets totaled $405,000 and $248,000 for the three months ended and $817,000 and $447,000 for the six months ended June 30, 2017 and 2016, respectively.

Other Current Assets

Other Current Assets	6 Months Ended
	Jun. 30, 2017
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Current Assets	Note 6. Other Current Assets Other current assets consisted of the following: June 30, December 31, 2017 2016 (in thousands) Reagents $ 279 $ 322 Prepaid expenses 558 375 Prepaid income taxes 636 — Marketable securities interest receivable 195 209 Total $ 1,668 $ 906 Reagents are used for DNA sequencing applications in the Company’s DNA sequencing equipment.

Reporting Segment and Geographi

Reporting Segment and Geographic Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Reporting Segment and Geographic Information	Note 7. Reporting Segment and Geographic Information The Company views its operations and manages its business in one reporting segment. All long-lived assets were located in the United States during the three and six months ended June 30, 2017 and 2016. Revenue by region was as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (in thousands) (in thousands) Revenue: United States $ 2,286 $ 2,232 $ 4,377 $ 4,137 Foreign: Canada 1,148 871 2,231 1,739 China 522 — 2,047 — Other Countries 684 868 1,291 1,535 Total $ 4,640 $ 3,971 $ 9,946 $ 7,411

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Operating Leases The Company has commitments under various non-cancelable operating leases with varying terms through August 2022. The Company has options to renew these leases for two or three years after their expiration. The Company’s headquarters is located in Temple City, California, which is comprised of various corporate offices and a laboratory certified under the Clinical Laboratory Improvement Amendments of 1988 (“CLIA”), accredited by the College of American Pathologists (“CAP”) and licensed by the State of California Department of Public Health (“CA DPH”). A second office located in Atlanta, Georgia is used for certain research and development, customer service, report generation and other administrative functions. Rent expense was approximately $61,000 and $59,000 for the three months ended and $114,000 and $125,000 for the six months ended June 30, 2017 and 2016, respectively. FF Gene Biotech See Note 14 for a description of the Company’s commitments related to its joint venture, FF Gene Biotech (as defined below). Purchase Obligations As of June 30, 2017, the Company had purchase obligations of $3.1 million for reagents and equipment. Contingencies From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. Management does not believe that the outcome of any of these matters will have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Note 9. Stockholders’ Equity Components of Comprehensive Income (Loss) Comprehensive income (loss) consists of market value adjustments that represent unrealized holding gains (losses) on marketable securities, net of taxes. The tax effects related to unrealized holding gains (losses) on marketable securities were $7,000 and $17,000 for the three and six months ended June 30 June 30 Certificate of Incorporation In accordance with the Company’s amended certificate of incorporation, the Company is authorized to issue 50,000,000 shares of common stock, with a par value of $0.0001 per share, and 1,000,000 shares of preferred stock, with a par value of $0.0001 per share. In May 2017, the Company amended its certificate of incorporation to reduce its authorized shares from 200,000,000 to 50,000,000. Holders of the Company’s common stock are entitled to one vote for each share held on all matters submitted to a vote of its stockholders. Holders of the Company’s common stock have no cumulative voting rights. Further, as of June 30, 2017, holders of the Company’s common stock have no preemptive, conversion, redemption or subscription rights and there are no sinking fund provisions applicable to the Company’s common stock. Upon liquidation, dissolution or winding-up of the Company, holders of the Company’s common stock are entitled to share ratably in all assets remaining after payment of all liabilities and the liquidation preferences of any outstanding shares of preferred stock. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of the Company’s common stock are entitled to receive dividends, if any, as may be declared from time to time by the Company’s board of directors. As of June 30, 2017, there were no outstanding shares of preferred stock.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 10. Equity-Based Compensation Equity-based compensation expense for awards granted to employees is measured based on the fair value of the award on the grant date and recognized in the Company’s consolidated statements of operations over the period during which the employee is required to perform services in exchange for the award (generally, the vesting period of the award). Compensation expense for awards with both a service and performance condition is recognized over the period required to achieve both conditions using the accelerated attribution method. The Company estimates the fair value of stock options using the Black-Scholes option valuation model. The Company measures the fair value of RSUs and share awards based on the fair value of the underlying shares on the date of grant. For awards of Fulgent LLC profits interests that were granted before the Reorganization, the fair value was measured using the Black-Scholes option valuation model. Prior to the Reorganization, the Company’s employees and other service providers were granted awards under the Fulgent Therapeutics LLC Amended and Restated 2015 Equity Incentive Plan (the “2015 Plan”), which provided for the issuance of equity-based awards to eligible employees, directors and consultants. These awards generally consisted of options, RSUs and profits interests. Options granted under the 2015 Plan typically vested over four years and expired 10 years from the date of grant, and were not exercisable, whether or not vested, until the earlier of a liquidity event or incorporation, each as defined in the 2015 Plan. Because the options were subject to both a service condition (as set forth in their vesting schedules) and a performance condition (the occurrence of a qualifying liquidity event or incorporation), no equity-based compensation expense was recognized for these options until the performance condition was deemed to have been satisfied upon completion of the Reorganization. RSUs granted under the 2015 Plan typically vested over four years. Awards of profits interests were typically fully vested at the date of grant. In connection with the Reorganization, the Company approved its 2016 Omnibus Incentive Plan (the “2016 Plan”), which provides for the issuance of up to an aggregate of 2,038,480 shares of the Company’s common stock pursuant to awards granted to eligible employees, directors and consultants. The vesting period, contractual life and other material terms and conditions of awards granted under the 2016 Plan are generally not significantly different from the terms and conditions of awards granted under the 2015 Plan. The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (in thousands) Cost of revenue $ 62 $ — $ 208 $ — Research and development 197 — 408 — Selling and marketing 51 — 120 — General and administrative 114 — 253 1,625 Total $ 424 $ — $ 989 $ 1,625 No equity-based compensation expense related to the Pharma business and included in discontinued operations was recorded in the three or six months ended June 30, 2017 or 2016. Award Activity The below discussions of equity-based award activity, including all share numbers and weighted-average exercise prices, have been adjusted to give retroactive effect to the Reorganization as if it occurred at the beginning of each period presented. Option Awards The following table summarizes activity for options to acquire shares of the Company’s common stock in the six months ended June 30, 2017: Number of Shares Subject to Options (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2016 556 $ 0.85 9.0 $ 5,976 Authorized — Granted — $ — Exercised (60 ) $ 0.38 Canceled (9 ) $ 5.71 Balance at June 30, 2017 487 0.82 8.5 $ 2,819 Exercisable as of June 30, 2017 155 $ 0.68 8.5 $ 909 As of June 30, 2017, the remaining unrecognized compensation expense of $850,000 related to outstanding stock options is expected to be recognized over a weighted-average period of 2.3 years. RSU Awards The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the six months ended June 30, 2017: Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Balance at December 31, 2016 362 $ 9.69 Granted 223 $ 10.13 Vested and settled (4 ) $ 9.42 Forfeited (33 ) $ 9.24 Balance at June 30, 2017 548 $ 9.78 As of June 30, 2017, the remaining unrecognized compensation expense of $4.7 million related to outstanding RSUs is expected to be recognized over a weighted-average period of 3.5 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes Prior to the Reorganization, Fulgent LLC was organized as a limited liability company and treated as a partnership for income tax purposes. All taxable income or loss and tax credits generally were reflected in the personal income tax returns of Fulgent LLC’s members. Accordingly, no provision for federal or state income taxes was provided in the accompanying condensed consolidated financial statements prior to the Reorganization. In order to determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter during which they occur and can cause the effective tax rate to vary from quarter to quarter. The Company’s income tax benefit from continuing operations for the three and six months ended June 30, 2017 was $110,000 and $4,000, respectively. Income tax benefit for the three and six months ended June 30, 2017 is based on the Company’s estimated annual effective tax rate for the full fiscal year ending December 31, 2017, adjusted by discrete items recognized during the period. For the three and six months ended June 30, 2017, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate primarily due to the effect of state income taxes, certain expenses or adjustments related to equity-based compensation. The Company has outstanding non-qualified stock options to acquire the Company’s common stock and outstanding RSUs relating to the Company’s common stock. Upon the exercise of these stock options and the vesting of these RSUs, the Company is entitled to an income tax deduction in the amount of the income recognized by the option or RSU holder, as applicable, subject to possible limitations imposed by Section 162(m) of the Internal Revenue Code and so long as the Company withholds the appropriate taxes with respect to such income (if required) and the total compensation of the option or RSU holder, as applicable, is deemed reasonable in amount. The Company will file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions for the year ending December 31, 2017. As of June 30, 2017, there were no pending tax audits in any jurisdiction.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Income (Loss) per Share	Note 12. Income (Loss) per Share Income (loss) per share for the three and six months ended June 30, 2017 and 2016 was computed as if the Reorganization had occurred at the beginning of each period presented, with the exception of Class P units, as they are not subject to the Reorganization. The following is a reconciliation of the basic and diluted income (loss) per share computations: Three Months Ended June 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ (25 ) — $ (25 ) $ (4,492 ) $ (18 ) $ (4,510 ) Deemed dividend on redemption of Class D-1 preferred units $ (3,727 ) $ (3,727 ) Income (loss) allocable to common stockholders $ (25 ) — $ (25 ) $ (8,219 ) $ (18 ) $ (8,237 ) Income (loss) allocated to common stockholders $ (25 ) $ (8,219 ) Income (loss) allocated to Class P common units - profit interests $ — $ (18 ) Income (loss) allocated to Class P common units $ — $ — Income (loss) allocated to Class P preferred units $ — $ — Weighted-average common shares—outstanding, basic 17,711 12,438 Weighted-average common shares—outstanding, diluted 17,711 12,438 Weighted-average Class P common units - profit interests, basic and diluted — 264 Weighted-average Class P common units, basic and diluted — 1,714 Weighted-average Class P preferred units, basic and diluted — 2,242 Income (loss) per Class P common units - profit interests, basic and diluted — $ (0.07 ) Income (loss) per Class P common units, basic and diluted — $ — Income (loss) per Class P preferred units, basic and diluted — $ — Income (loss) per common share from continuing operations, basic $ (0.00 ) $ (0.66 ) Income (loss) per common share from continuing operations, diluted $ (0.00 ) $ (0.66 ) Six Months Ended June 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ 207 — $ 207 $ (5,094 ) $ 41 $ (5,053 ) Deemed dividend on redemption of Class D-1 preferred units $ (3,727 ) $ (3,727 ) Income (loss) allocable to common stockholders $ 207 — $ 207 $ (8,821 ) $ 41 $ (8,780 ) Income (loss) allocated to common stockholders $ 207 $ (8,821 ) Income (loss) allocated to Class P common units - profit interests $ — $ — Income (loss) allocated to Class P common units $ — $ 23 Income (loss) allocated to Class P preferred units $ — $ 18 Weighted-average common shares—outstanding, basic 17,694 12,258 Weighted-average common shares—outstanding, diluted 18,156 12,258 Weighted-average Class P common units - profit interests - outstanding, basic and diluted — 3,132 Weighted-average Class P common units outstanding, basic and diluted — 20,357 Weighted-average Class P preferred units outstanding, basic and diluted — 26,621 Income (loss) per Class P common units - profit interests, basic and diluted $ — $ — Income (loss) per Class P common units, basic and diluted $ — $ 0.00 Income (loss) per Class P preferred units, basic and diluted $ — $ 0.00 Income (loss) per common share from continuing operations, basic $ 0.01 $ (0.72 ) Income (loss) per common share from continuing operations, diluted $ 0.01 $ (0.72 ) On April 4, 2016, Fulgent LLC completed the split-off of the Pharma business. The financial condition and results of the Pharma business are included in the accompanying condensed consolidated financial statements as discontinued operations for all periods presented . The split-off of the Pharma business was effected with a pro-rata distribution to all of the holders of Class P units. As a result, on April 4, 2016, Fulgent LLC redeemed all Class P preferred and common units, distributed to each holder of such units substantially identical units of Fulgent Pharma, and caused Fulgent Pharma to assume all then-outstanding options to acquire Class P common units. The following securities have been excluded from the calculation of diluted income (loss) per share because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Continuing Operations Discontinued Operations Continuing Operations Discontinued Operations Continuing Operations Discontinued Operations Continuing Operations Discontinued Operations (in thousands) (in thousands) Options 487 — 550 21 — 448 RSUs 487 — 15 — Class P unit options — — — 1,810 — — — 1,810 The anti-dilutive shares described above were calculated using the treasury stock method. During the three months ended June 30, 2017 and the three and six months ended June 30, 2016, the Company had outstanding stock options that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss position. During the three and six months ended June 30, 2016, the Company had Class P unit options that were excluded from the weighted-average share calculation for discontinued operations because the units were contingently exercisable.

Related Party

Related Party	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party	Note 13. Related Party Dr. Yun Yen, who is a member of the Company’s Board of Directors and a stockholder, serves as the President and Chairman of the Board for the Sino-American Cancer Foundation (the “Foundation”) and served as the President for the University Taipei Medical University (the “University”), from August 1, 2011 through July 31, 2016 and currently serves as an honorary Chairman of the Board for the University. The Company subleases certain of its headquarters facilities to the Foundation. As consideration for this sublease, the Company recognized $7,000 and $0 in the three months ended and $7,000 and $11,000 in the six months ended June 30, 2017 and 2016, respectively. The Company, from time to time, performs genetic sequencing services for the University. The Company recognized $24,000 and $160,000 as consideration for such services in the three months ended and $36,000 and $160,000 in the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and 2016, $0 and $0 was due from the Foundation and $47,000 and $160,000 was due from the University, respectively. As more fully described in Note 14, in April 2017, the Company, through an affiliated company formed for the purpose of the relationship, entered into a cooperation agreement (the “JV Agreement”) with Xilong Scientific Co., Ltd. (“Xilong Scientific”) and Fuzhou Jinqiang Investment Partnership (LP) (“FJIP”) to form a joint venture under the laws of the People’s Republic of China (“PRC”) called Fujian Fujun Gene Biotech Co., Ltd. (“FF Gene Biotech”). Xilong Scientific is an affiliate of Xi Long USA, Inc., a large stockholder of the Company that, as of June 30, 2017, owned 11% of the outstanding shares of the Company’s common stock, and FJIP is owned by key management of FF Gene Biotech, including Dr. Han Lin Gao, the Chief Scientific Officer and a large stockholder of the Company and the owner of approximately 25% of FJIP.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2017
Equity Method Investments And Joint Ventures [Abstract]
Equity Method Investments	Note 14. Equity Method Investments In April 2017, the Company, through an affiliated company formed for the purpose of the relationship, entered into the JV Agreement with Xilong Scientific and FJIP to form FF Gene Biotech, a joint venture formed under the laws of the PRC to offer genetic testing services to customers in the PRC. Pursuant to the terms of the JV Agreement, the Company has agreed to contribute to FF Gene Biotech genetic sequencing and other equipment with a total cost of up to 60,000,000 renminbi (“ RMB”) (or approximately $8.9 million U.S. dollars) over a three-year period for a 30% ownership interest in FF Gene Biotech, Xilong Scientific has agreed to contribute to FF Gene Biotech 102,000,000 RMB over a three-year period for a 51% ownership interest in the FF Gene Biotech, and FJIP has agreed to contribute to FF Gene Biotech 19,000,000 RMB over a five-year period for a 19% ownership interest in FF Gene Biotech. The Company’s maximum exposure to fund losses of FF Gene Biotech as a result of its minority ownership of this entity is equal to its contribution obligation under the JV Agreement as described above. As of June 30, 2017, the Company had contributed no amounts pursuant to its contribution commitment under the JV Agreement. The Company concluded FF Gene Biotech is a variable interest entity not have significant and Judgment regarding the level of influence over FF Gene Biotech includes consideration of key factors such as the Company's ownership interest, representation on the board of directors or other management body and participation in policy-making decisions. The Company accounts for its 30% interest in FF Gene Biotech using the equity method of accounting. The Company recorded its proportionate share of the losses of FF Gene Biotech in the three and six months ended June 30, 2017 in the accompanying condensed consolidated statements of operations, and recorded its proportionate share in the accumulated losses of FF Gene Biotech as a liability in the accompanying condensed consolidated balance sheet as of June 30, 2017. The Company entered into a license agreement with FF Gene Biotech, pursuant to which it granted FF Gene Biotech a license to use certain of the Company’s clinical molecular diagnostic gene detection technology and related software and proprietary reference library of genetic information, along with any improvements on this technology that they may develop during the term of the license agreement. Under the license agreement, FF Gene Biotech will pay to the Company, on a quarterly basis, certain royalties based on the revenues of FF Gene Biotech. The Company received an insignificant amount of royalties under the license agreement during the period ended June 30, 2017. Equity method investments consisted of the following: June 30, 2017 Carrying Value Ownership Percentage (in thousands) FF Gene Biotech $ (105 ) 30 % Total equity method investments $ (105 ) 30 % Summary Financial Information Summary financial information for FF Gene Biotech is as follows: June 30, December 31 Balance Sheet Data: 2017 2016 (in thousands) Current Assets $ 4,912 $ 3,640 Non-Current Assets 1,758 1,783 Current Liabilities 2,303 119 Non-Current Liabilities — — Shareholders' Equity 4,367 5,304 Six Months Ended June 30, Six Months Ended June 30, Statement of Operations Data: 2017 2016 (in thousands) Net Sales $ 25 $ — Gross Profit 6 — Net Earnings (loss) (939 ) (62 ) Share of loss from investments accounted for using the equity method* (105 ) — * The Company's share of loss is based on prorated net loss beginning April 25, 2017, the date on which the Company entered into the JV Agreement.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Subsequent to June 30, 2017, the Company contributed to FF Gene Biotech an aggregate of $2.5 million in equipment pursuant to its contribution obligations under the JV Agreement.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances. Actual results could differ from these estimates. On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for doubtful accounts, (iii) the useful lives of fixed assets, (iv) estimates of tax liabilities and (v) equity method investments.
Reporting Segment and Geographic Information	Reporting Segment and Geographic Information Reporting segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company views its operations and manages its business in one reporting segment.
Concentration of Customers	Concentration of Customers In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. In the three and six months ended June 30, 2017, after aggregating customers that are under common control or are affiliates, two customers contributed 13% and 12% of our revenue
Emerging Growth Company	Emerging Growth Company Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company, but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.
Equity Method Investments	Equity Method Investments The Company uses the equity method to account for investments in entities that it does not control, but in which it has
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, including a provision that requires equity investments (except for investments accounted for under the equity method of accounting) to be measured at fair value, with changes in fair value recognized in current earnings. The ASU is effective for the Company in the first quarter of 2018, with early adoption permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update is aimed at making leasing activities more transparent and comparable, and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This guidance will become effective for interim and annual reporting periods beginning with the year ending December 31, 2019. The standard requires the use of a modified retrospective transition approach for existing leases. Early adoption is permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those reporting periods. Early adoption is permitted. The Company has not yet evaluated the effect this ASU will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The standard clarifies the way certain cash receipts and cash payments are classified with the objective of reducing the existing diversity in practice. The standard is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for all periods beginning after December 15, 2016. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20). Under the ASU, entities must amortize to the earliest call date the premium on certain purchased callable debt securities. The ASU does not require any accounting change for debt securities held at a discount. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all entities, including in an interim period. The Company has not yet evaluated the effect this ASU will have on its consolidated financial statements and related disclosures.

Overview and Basis of Present25

Overview and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Major Components of Statements of Operations Data Comprising Income (Loss) from Discontinued Operations	The major components of statements of operations data comprising the income (loss) from discontinued operations are as follows: Three months Ended June 30, Six months Ended June 30, 2017 2016 2017 2016 (in thousands) Operating expenses: Research and development $ — $ 18 $ — $ 350 General and administrative — — — 9 Total operating expenses — 18 — 359 Operating income (loss) — (18 ) — (359 ) Other income — — — 400 Income (loss) $ — $ (18 ) $ — $ 41 Income (loss) allocated to Class P common units - profit interests $ — $ (18 ) $ — $ — Income (loss) allocated to Class P common units $ — $ — $ — $ 23 Income (loss) allocated to Class P preferred units $ — $ — $ — $ 18 Income (loss) per Class P common units - profit interests, basic and diluted $ — $ (0.07 ) $ — $ — Income (loss) per Class P common units, basic and diluted $ — $ — $ — $ 0.00 Income (loss) per Class P preferred units, basic and diluted $ — $ — $ — $ 0.00 Weighted-average Class P common units - profit interests, basic and diluted — 264 — 3,132 Weighted-average Class P common units, basic and diluted — 1,714 — 20,357 Weighted-average Class P preferred units, basic and diluted — 2,242 — 26,621

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investments Debt And Equity Securities [Abstract]
Summary of Marketable Securities	The Company’s marketable securities consisted of the following: June 30, 2017 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Money market accounts $ 803 $ — $ — $ 803 Corporate debt securities 34,752 1 (110 ) 34,643 Less: Cash equivalents (803 ) — — (803 ) Total marketable securities $ 34,752 $ 1 $ (110 ) $ 34,643 December 31, 2016 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Money market accounts $ 1,580 $ — $ — $ 1,580 Corporate debt securities 38,728 3 (163 ) 38,568 Less: Cash equivalents (1,580 ) — — (1,580 ) Total marketable securities $ 38,728 $ 3 $ (163 ) $ 38,568

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy	The following table presents information about our financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: June 30, 2017 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities: Corporate debt securities $ 34,643 $ — $ 34,643 $ — Money market accounts 803 803 — — Total marketable securities $ 35,446 $ 803 $ 34,643 $ — December 31, 2016 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities: Corporate debt securities $ 38,568 $ — $ 38,568 $ — Money market accounts 1,580 1,580 — — Total marketable securities $ 40,148 $ 1,580 $ 38,568 $ —

Fixed Assets (Tables)

Fixed Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Major Classes of Fixed Assets	Major classes of fixed assets consisted of the following: June 30, December 31, Useful Lives 2017 2016 (in thousands) Computer hardware 3 Years $ 1,375 $ 1,293 Computer software 3 Years 354 354 Machinery and equipment 5 Years — 177 Medical lab equipment 5 Years 4,883 4,678 General equipment 3 Years — 59 Furniture and fixtures 5 Years 86 86 Leasehold improvements Shorter of lease term or estimated useful life 630 520 Assets not yet placed in service 2,262 1,114 Total 9,590 8,281 Less: Accumulated depreciation (2,853 ) (2,047 ) Property and equipment, net $ 6,737 $ 6,234

Other Current Assets (Tables)

Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: June 30, December 31, 2017 2016 (in thousands) Reagents $ 279 $ 322 Prepaid expenses 558 375 Prepaid income taxes 636 — Marketable securities interest receivable 195 209 Total $ 1,668 $ 906

Reporting Segment and Geograp30

Reporting Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of Revenue by Geographic Region	Revenue by region was as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (in thousands) (in thousands) Revenue: United States $ 2,286 $ 2,232 $ 4,377 $ 4,137 Foreign: Canada 1,148 871 2,231 1,739 China 522 — 2,047 — Other Countries 684 868 1,291 1,535 Total $ 4,640 $ 3,971 $ 9,946 $ 7,411

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Equity-Based Compensation	The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (in thousands) Cost of revenue $ 62 $ — $ 208 $ — Research and development 197 — 408 — Selling and marketing 51 — 120 — General and administrative 114 — 253 1,625 Total $ 424 $ — $ 989 $ 1,625
Summary of Activity for Options to Acquire Common Shares	The following table summarizes activity for options to acquire shares of the Company’s common stock in the six months ended June 30, 2017: Number of Shares Subject to Options (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2016 556 $ 0.85 9.0 $ 5,976 Authorized — Granted — $ — Exercised (60 ) $ 0.38 Canceled (9 ) $ 5.71 Balance at June 30, 2017 487 0.82 8.5 $ 2,819 Exercisable as of June 30, 2017 155 $ 0.68 8.5 $ 909
Summary of Activity for RSUs Relating to Shares of Company's Common Stock	The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the six months ended June 30, 2017: Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Balance at December 31, 2016 362 $ 9.69 Granted 223 $ 10.13 Vested and settled (4 ) $ 9.42 Forfeited (33 ) $ 9.24 Balance at June 30, 2017 548 $ 9.78

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of the Basic and Diluted Income (Loss) Per Share Computations	Income (loss) per share for the three and six months ended June 30, 2017 and 2016 was computed as if the Reorganization had occurred at the beginning of each period presented, with the exception of Class P units, as they are not subject to the Reorganization. The following is a reconciliation of the basic and diluted income (loss) per share computations: Three Months Ended June 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ (25 ) — $ (25 ) $ (4,492 ) $ (18 ) $ (4,510 ) Deemed dividend on redemption of Class D-1 preferred units $ (3,727 ) $ (3,727 ) Income (loss) allocable to common stockholders $ (25 ) — $ (25 ) $ (8,219 ) $ (18 ) $ (8,237 ) Income (loss) allocated to common stockholders $ (25 ) $ (8,219 ) Income (loss) allocated to Class P common units - profit interests $ — $ (18 ) Income (loss) allocated to Class P common units $ — $ — Income (loss) allocated to Class P preferred units $ — $ — Weighted-average common shares—outstanding, basic 17,711 12,438 Weighted-average common shares—outstanding, diluted 17,711 12,438 Weighted-average Class P common units - profit interests, basic and diluted — 264 Weighted-average Class P common units, basic and diluted — 1,714 Weighted-average Class P preferred units, basic and diluted — 2,242 Income (loss) per Class P common units - profit interests, basic and diluted — $ (0.07 ) Income (loss) per Class P common units, basic and diluted — $ — Income (loss) per Class P preferred units, basic and diluted — $ — Income (loss) per common share from continuing operations, basic $ (0.00 ) $ (0.66 ) Income (loss) per common share from continuing operations, diluted $ (0.00 ) $ (0.66 ) Six Months Ended June 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ 207 — $ 207 $ (5,094 ) $ 41 $ (5,053 ) Deemed dividend on redemption of Class D-1 preferred units $ (3,727 ) $ (3,727 ) Income (loss) allocable to common stockholders $ 207 — $ 207 $ (8,821 ) $ 41 $ (8,780 ) Income (loss) allocated to common stockholders $ 207 $ (8,821 ) Income (loss) allocated to Class P common units - profit interests $ — $ — Income (loss) allocated to Class P common units $ — $ 23 Income (loss) allocated to Class P preferred units $ — $ 18 Weighted-average common shares—outstanding, basic 17,694 12,258 Weighted-average common shares—outstanding, diluted 18,156 12,258 Weighted-average Class P common units - profit interests - outstanding, basic and diluted — 3,132 Weighted-average Class P common units outstanding, basic and diluted — 20,357 Weighted-average Class P preferred units outstanding, basic and diluted — 26,621 Income (loss) per Class P common units - profit interests, basic and diluted $ — $ — Income (loss) per Class P common units, basic and diluted $ — $ 0.00 Income (loss) per Class P preferred units, basic and diluted $ — $ 0.00 Income (loss) per common share from continuing operations, basic $ 0.01 $ (0.72 ) Income (loss) per common share from continuing operations, diluted $ 0.01 $ (0.72 )
Anti-dilutive Securities Excluded from Calculation of Diluted Income (Loss) Per Share	The following securities have been excluded from the calculation of diluted income (loss) per share because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Continuing Operations Discontinued Operations Continuing Operations Discontinued Operations Continuing Operations Discontinued Operations Continuing Operations Discontinued Operations (in thousands) (in thousands) Options 487 — 550 21 — 448 RSUs 487 — 15 — Class P unit options — — — 1,810 — — — 1,810

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments And Joint Ventures [Abstract]
Schedule of Equity Method Investments	Equity method investments consisted of the following: June 30, 2017 Carrying Value Ownership Percentage (in thousands) FF Gene Biotech $ (105 ) 30 % Total equity method investments $ (105 ) 30 %
Summary of Financial Information for Equity Method Investees	Summary financial information for FF Gene Biotech is as follows: June 30, December 31 Balance Sheet Data: 2017 2016 (in thousands) Current Assets $ 4,912 $ 3,640 Non-Current Assets 1,758 1,783 Current Liabilities 2,303 119 Non-Current Liabilities — — Shareholders' Equity 4,367 5,304 Six Months Ended June 30, Six Months Ended June 30, Statement of Operations Data: 2017 2016 (in thousands) Net Sales $ 25 $ — Gross Profit 6 — Net Earnings (loss) (939 ) (62 ) Share of loss from investments accounted for using the equity method* (105 ) — * The Company's share of loss is based on prorated net loss beginning April 25, 2017, the date on which the Company entered into the JV Agreement.

Overview and Basis of Present34

Overview and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2017USD ($)shares
Description Of Business And Basis Of Presentation [Line Items]
Place of incorporation	Delaware
Date of incorporation	May 13, 2016
Date of corporate name change	Aug. 2, 2016
Fulgent Therapeutics LLC
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage in subsidiary	100.00%
Units cancelled in exchange for one share of common stock	7.6
Share of common stock exchanged for seven point six units	1
Gain (loss) on reorganization | $	$ 0
Fulgent Therapeutics LLC | Maximum
Description Of Business And Basis Of Presentation [Line Items]
Options to acquire units cancelled in exchange for company’s common stock	591,112
Fulgent Therapeutics LLC | Restricted Stock Units (RSUs)
Description Of Business And Basis Of Presentation [Line Items]
Units cancelled in exchange for restricted stock units relating to company’s common stock	65,789
Fulgent Therapeutics LLC | Class D-1 Preferred Units
Description Of Business And Basis Of Presentation [Line Items]
Number of common stock shares exchanged for cancelled units	6,760,733
Fulgent Therapeutics LLC | Class D-2 Preferred Units
Description Of Business And Basis Of Presentation [Line Items]
Number of common stock shares exchanged for cancelled units	2,025,623
Fulgent Therapeutics LLC | Class D Common Units
Description Of Business And Basis Of Presentation [Line Items]
Number of common stock shares exchanged for cancelled units	4,059,900

Overview and Basis of Present35

Overview and Basis of Presentation - Major Components of Statements of Operations Data Comprising Income (Loss) from Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Operating expenses:
Research and development	$ 18	$ 350
General and administrative		9
Total operating expenses	18	359
Operating income (loss)	(18)	(359)
Other income		400
Income (loss)	(18)	41
Class P Common Units | Discontinued Operations
Operating expenses:
Income (loss) allocated to Class P common units - profit interests	$ (18)
Income (loss) allocated to Class P common units		$ 23
Income (loss) per Class P common units - profit interests, basic and diluted	$ (0.07)
Income (loss) per Class P units, basic and diluted		$ 0
Weighted-average Class P common units - profit interests, basic and diluted	264	3,132
Weighted-average Class P units, basic and diluted	1,714	20,357
Class P Preferred Units | Discontinued Operations
Operating expenses:
Income (loss) allocated to Class P preferred units		$ 18
Income (loss) per Class P units, basic and diluted		$ 0
Weighted-average Class P units, basic and diluted	2,242	26,621

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2017Customer	Jun. 30, 2017SegmentCustomer
Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments | Segment		1
Revenue | Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customers | Customer	2	3
Revenue | Customer Concentration Risk | Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	13.00%	12.00%
Revenue | Customer Concentration Risk | Customer Two
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	12.00%	11.00%
Revenue | Customer Concentration Risk | Customer Three
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		11.00%

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available For Sale Securities [Line Items]
Marketable securities, Amortized Cost Basis	$ 34,752	$ 38,728
Marketable securities, Unrealized Gains	1	3
Marketable securities, Unrealized Loses	(110)	(163)
Marketable securities, Aggregate Fair Value	34,643	38,568
Less: Cash equivalents	(803)	(1,580)
Money Market Accounts
Schedule of Available For Sale Securities [Line Items]
Marketable securities, Amortized Cost Basis	803	1,580
Marketable securities, Aggregate Fair Value	803	1,580
Corporate Debt Securities
Schedule of Available For Sale Securities [Line Items]
Marketable securities, Amortized Cost Basis	34,752	38,728
Marketable securities, Unrealized Gains	1	3
Marketable securities, Unrealized Loses	(110)	(163)
Marketable securities, Aggregate Fair Value	$ 34,643	$ 38,568

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]
Marketable securities less than one year	$ 17,400,000	$ 12,971,000
Marketable securities greater than one year and less than five years	17,243,000	25,597,000
Gross unrealized loss	$ 109,000	$ 163,000

Fair Value Measurements - Infor

Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	$ 35,446	$ 40,148
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	803	1,580
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	34,643	38,568
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	34,643	38,568
Corporate Debt Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	34,643	38,568
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	803	1,580
Money Market Accounts | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	$ 803	$ 1,580

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2017USD ($)
Fair Value Disclosures [Abstract]
Fair value asset, investments measured using unobservable inputs	$ 0
Fair value assets, transfers between levels, amount	0
Securities in an unrealized loss position for more than 12 months	$ 0

Fixed Assets - Major Classes of

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 9,590	$ 8,281
Less: Accumulated depreciation	(2,853)	(2,047)
Fixed assets, net	6,737	6,234
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 1,375	1,293
Useful life in years	3 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 354	354
Useful life in years	3 years
Machinery and Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross		177
Useful life in years	5 years
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,883	4,678
Useful life in years	5 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross		59
Useful life in years	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 86	86
Useful life in years	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 630	520
Useful life in years	Shorter of lease term or estimated useful life
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 2,262	$ 1,114

Fixed Assets - Additional Infor

Fixed Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Depreciation expense on fixed assets	$ 405,000	$ 248,000	$ 817,000	$ 447,000

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Reagents	$ 279	$ 322
Prepaid expenses	558	375
Prepaid income taxes	636
Marketable securities interest receivable	195	209
Total	$ 1,668	$ 906

Reporting Segment and Geograp44

Reporting Segment and Geographical Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of reporting segments	1

Reporting Segment and Geograp45

Reporting Segment and Geographical Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenue	$ 4,640	$ 3,971	$ 9,946	$ 7,411
United States
Segment Reporting Information [Line Items]
Revenue	2,286	2,232	4,377	4,137
Canada
Segment Reporting Information [Line Items]
Revenue	1,148	871	2,231	1,739
China
Segment Reporting Information [Line Items]
Revenue	522		2,047
Other Countries
Segment Reporting Information [Line Items]
Revenue	$ 684	$ 868	$ 1,291	$ 1,535

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Commitments And Contingencies [Line Items]
Operating leases, rent expense	$ 61,000	$ 59,000	$ 114,000	$ 125,000
Reagents and Equipment
Commitments And Contingencies [Line Items]
Purchase obligations	$ 3,100,000		$ 3,100,000
Minimum | Non Cancelable Operating Lease
Commitments And Contingencies [Line Items]
Operating leases, renewal term			2 years
Maximum | Non Cancelable Operating Lease
Commitments And Contingencies [Line Items]
Operating leases, renewal term			3 years

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	May 31, 2017Vote$ / sharesshares	Apr. 30, 2017shares	Dec. 31, 2016$ / sharesshares
Class Of Stock [Line Items]
Unrealized holding gains (losses) on marketable securities | $	$ 7,000	$ 0	$ 17,000	$ 0
Common stock, shares authorized	50,000,000		50,000,000		50,000,000	200,000,000	200,000,000
Common stock, par value | $ / shares	$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock, shares authorized	1,000,000		1,000,000		1,000,000		1,000,000
Preferred stock, par value | $ / shares	$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock, shares outstanding	0		0				0
Common Stock
Class Of Stock [Line Items]
Number of vote per share held | Vote					1

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 424,000		$ 989,000	$ 1,625,000
Fulgent Therapeutics LLC | Discontinued Operations
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	0	$ 0	$ 0	$ 0
2015 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Equity-based compensation options contractual term			10 years
Equity-based compensation expense			$ 0
2016 Omnibus Incentive Plan | Employees Directors and Consultants | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance under the plan			2,038,480
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected to be recognized, weighted-average period			3 years 6 months
Unrecognized compensation expense	4,700,000		$ 4,700,000
Restricted Stock Units (RSUs) | 2015 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 850,000		$ 850,000
Expected to be recognized, weighted-average period			2 years 3 months 18 days

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 424	$ 989	$ 1,625
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	62	208
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	197	408
Selling and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	51	120
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 114	$ 253	$ 1,625

Equity-Based Compensation - S50

Equity-Based Compensation - Summary of Activity for Options to Acquire Common Shares (Details) - Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Subject to Options, Beginning Balance	556
Number of Shares Subject to Options, Exercised	(60)
Number of Shares Subject to Options, Canceled	(9)
Number of Shares Subject to Options, Ending Balance	487	556
Number of Shares Subject to Options, Exercisable	155
Weighted-Average Exercise Price Per Shares, Beginning Balance	$ 0.82	$ 0.85
Weighted-Average Exercise Price Per Shares, Exercised	0.38
Weighted-Average Exercise Price Per Shares, Canceled	5.71
Weighted-Average Exercise Price Per Shares, Exercisable	$ 0.68
Weighted-Average Remaining Contractual Life (in years)	8 years 6 months	9 years
Weighted-Average Remaining Contractual Life (in years), Exercisable	8 years 6 months
Aggregate Intrinsic Value, Balance	$ 2,819	$ 5,976
Aggregate Intrinsic Value, Exercisable	$ 909

Equity-Based Compensation - S51

Equity-Based Compensation - Summary of Activity for RSUs Relating to Shares of Company's Common Stock (Details) - Restricted Stock Units (RSUs) - 2016 Omnibus Incentive Plan shares in Thousands	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Number of Shares, Beginning Balance | shares	362
Number of Shares, Granted | shares	223
Number of Shares, Vested and settled | shares	(4)
Number of Shares, Forfeited/Canceled | shares	(33)
Number of Shares, Ending Balance | shares	548
Weighted-Average Grant-Date Fair Value, Balance | $ / shares	$ 9.69
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	10.13
Weighted-Average Grant-Date Fair Value, Vested and settled | $ / shares	9.42
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	9.24
Weighted-Average Grant-Date Fair Value, Balance | $ / shares	$ 9.78

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Federal or state tax expense (benefit) prior to reorganization			$ 0
Income tax benefit	$ 110,000	$ 0	$ 4,000	$ 0

Income (Loss) Per Share - Recon

Income (Loss) Per Share - Reconciliation of Basic and Diluted Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share Basic And Diluted [Line Items]
Income (loss), continuing operations	$ (25)	$ (4,492)	$ 207	$ (5,094)
Income (loss) from discontinued operations	0	(18)	0	41
Income (loss)	(25)	(4,510)	207	(5,053)
Income (loss) allocable to common stockholders	$ (25)	$ (8,237)	$ 207	$ (8,780)
Weighted-average common shares—outstanding, basic	17,711	12,438	17,694	12,258
Weighted-average common shares—outstanding, diluted	17,711	12,438	18,156	12,258
Income (loss) per common share from continuing operations, basic	$ 0	$ (0.66)	$ 0.01	$ (0.72)
Income (loss) per common share from continuing operations, diluted	$ 0	$ (0.66)	$ 0.01	$ (0.72)
Class D-1 Preferred Units
Earnings Per Share Basic And Diluted [Line Items]
Deemed dividend on redemption of Class D-1 preferred units		$ (3,727)		$ (3,727)
Continuing Operations
Earnings Per Share Basic And Diluted [Line Items]
Income (loss) allocable to common stockholders	$ (25)	(8,219)	$ 207	(8,821)
Income (loss) allocated to common stockholders	$ (25)	$ (8,219)	$ 207	$ (8,821)
Weighted-average common shares—outstanding, basic	17,711,000	12,438,000	17,694,000	12,258,000
Weighted-average common shares—outstanding, diluted	17,711,000	12,438,000	18,156,000	12,258,000
Income (loss) per common share from continuing operations, basic	$ 0	$ (0.66)	$ 0.01	$ (0.72)
Income (loss) per common share from continuing operations, diluted	$ 0	$ (0.66)	$ 0.01	$ (0.72)
Continuing Operations | Class D-1 Preferred Units
Earnings Per Share Basic And Diluted [Line Items]
Deemed dividend on redemption of Class D-1 preferred units		$ (3,727)		$ (3,727)
Discontinued Operations
Earnings Per Share Basic And Diluted [Line Items]
Income (loss) allocable to common stockholders		(18)		41
Discontinued Operations | Class P Common Units
Earnings Per Share Basic And Diluted [Line Items]
Income (loss) allocated to Class P common units - profit interests		$ (18)
Income (loss) allocated to Class P common units				$ 23
Weighted-average Class P common units - profit interests, basic and diluted		264,000		3,132,000
Weighted-average Class P units, basic and diluted		1,714,000		20,357,000
Income (loss) per Class P common units - profit interests, basic and diluted		$ (0.07)
Income (loss) per Class P units, basic and diluted				$ 0
Discontinued Operations | Class P Preferred Units
Earnings Per Share Basic And Diluted [Line Items]
Income (loss) allocated to Class P preferred units				$ 18
Weighted-average Class P units, basic and diluted		2,242,000		26,621,000
Income (loss) per Class P units, basic and diluted				$ 0

Income (Loss) Per Share - Anti-

Income (Loss) Per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class P Unit Options | Discontinued Operations
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted income (loss) per share		1,810		1,810
Options | Continuing Operations
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted income (loss) per share	487	550	21	448
RSUs | Continuing Operations
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted income (loss) per share	487		15

Related Party - Additional Info

Related Party - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Xilong Scientific
Related Party Transaction [Line Items]
Ownership percentage	11.00%		11.00%
Dr. Han Lin Gao | FF Gene Biotech | FJIP
Related Party Transaction [Line Items]
Ownership percentage	25.00%		25.00%
Foundation
Related Party Transaction [Line Items]
Sublease consideration	$ 7,000	$ 0	$ 7,000	$ 11,000
Due from related parties	0	0	0	0
University
Related Party Transaction [Line Items]
Revenue from related parties	24,000	160,000	36,000	160,000
Due from related parties	$ 47,000	$ 160,000	$ 47,000	$ 160,000

Equity Method Investments - Add

Equity Method Investments - Additional Information (Details)	1 Months Ended		6 Months Ended
	Apr. 30, 2017USD ($)	Apr. 30, 2017CNY (¥)	Jun. 30, 2017USD ($)	Apr. 30, 2017CNY (¥)
Schedule Of Equity Method Investments [Line Items]
Contribution to be made in joint venture			$ (105,000)
Ownership interest to be made in joint venture			30.00%
FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Contribution to be made in joint venture			$ (105,000)
Contribution period in joint venture	three-year	three-year
Ownership interest to be made in joint venture	30.00%		30.00%	30.00%
Contributions made to joint venture			$ 0
FF Gene Biotech | Maximum
Schedule Of Equity Method Investments [Line Items]
Contribution to be made in joint venture	$ 8,900,000			¥ 60,000,000
Xilong Scientific | FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Contribution period in joint venture	three-year	three-year
Contribution to be made in joint venture	$ 15,100,000	¥ 102,000,000
Ownership interest to be made in joint venture	51.00%			51.00%
FJIP | FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Contribution period in joint venture	five-year	five-year
Contribution to be made in joint venture	$ 2,800,000	¥ 19,000,000
Ownership interest to be made in joint venture	19.00%			19.00%

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Apr. 30, 2017
Schedule Of Equity Method Investments [Line Items]
Carrying Value	$ (105)
Ownership Percentage	30.00%
FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Carrying Value	$ (105)
Ownership Percentage	30.00%	30.00%

Equity Method Investments - Sum

Equity Method Investments - Summary of Financial Information for Equity Method Investees, Balance Sheet Data (Details) - FF Gene Biotech - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Current Assets	$ 4,912	$ 3,640
Non-Current Assets	1,758	1,783
Current Liabilities	2,303	119
Non-Current Liabilities
Shareholders' Equity	$ 4,367	$ 5,304

Equity Method Investments - S59

Equity Method Investments - Summary of Financial Information for Equity Method Investees, Statement of Operations Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Equity Method Investments [Line Items]
Equity in net loss of affiliate	$ (105)	$ 0	$ (105)	$ 0
FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Net Sales			25
Gross Profit			6
Net Earnings (loss)			(939)	$ (62)
Equity in net loss of affiliate			$ (105)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Aug. 09, 2017USD ($)
FF Gene Biotech | Subsequent Event
Subsequent Event [Line Items]
Contributions to joint venture	$ 2.5