Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 17,822,988 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 9,478 | $ 7,897 |
Marketable securities | 16,570 | 12,971 |
Trade accounts receivable, net of allowance for doubtful accounts of $138 and $151, respectively | 3,594 | 4,364 |
Other current assets | 2,396 | 906 |
Total current assets | 32,038 | 26,138 |
Marketable securities, long term | 17,860 | 25,597 |
Equity method investments | 2,184 | |
Fixed assets, net | 6,490 | 6,234 |
Deferred tax asset | 27 | 54 |
Other long-term assets | 71 | 17 |
Total assets | 58,670 | 58,040 |
Current liabilities | ||
Accounts payable | 2,370 | 2,756 |
Accrued liabilities | 781 | 436 |
Income tax payable | 124 | |
Total current liabilities | 3,151 | 3,316 |
Other long-term liabilities | 5 | 2 |
Deferred tax liability | 243 | 243 |
Total liabilities | 3,399 | 3,561 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value per share, 50,000 and 200,000 shares authorized, 17,771 and 17,676 shares issued and outstanding at September 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 September 30, 2017 and December 31, 2016 | ||
Additional paid-in capital | 111,299 | 109,734 |
Accumulated other comprehensive income (loss) | 10 | (103) |
Accumulated deficit | (56,040) | (55,154) |
Total stockholders’ equity | 55,271 | 54,479 |
Total liabilities and stockholders’ equity | $ 58,670 | $ 58,040 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 138 | $ 151 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 200,000,000 |
Common stock, shares issued | 17,771,000 | 17,676,000 |
Common stock, shares outstanding | 17,771,000 | 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 ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 4,503 | $ 5,011 | $ 14,449 | $ 12,422 |
Cost of revenue | 2,268 | 2,143 | 6,006 | 4,858 |
Gross profit | 2,235 | 2,868 | 8,443 | 7,564 |
Operating expenses: | ||||
Research and development | 1,128 | 1,523 | 2,899 | 2,739 |
Selling and marketing | 1,383 | 893 | 3,125 | 1,671 |
General and administrative | 1,205 | 1,147 | 3,831 | 3,494 |
Total operating expenses | 3,716 | 3,563 | 9,855 | 7,904 |
Operating income (loss) | (1,481) | (695) | (1,412) | (340) |
Interest and other income (expense) | 145 | 5 | 384 | (5,444) |
Income (loss) before income taxes and equity loss in investee | (1,336) | (690) | (1,028) | (5,784) |
Provision for (benefit from) income taxes | (415) | 417 | (419) | 417 |
Income (loss) before equity loss in investee | (921) | (1,107) | (609) | (6,201) |
Equity loss in investee | (172) | 0 | (277) | 0 |
Income (loss) from continuing operations | (1,093) | (1,107) | (886) | (6,201) |
Income (loss) from discontinued operations | 0 | 0 | 0 | 41 |
Net income (loss) | $ (1,093) | $ (1,107) | $ (886) | $ (6,160) |
Income (loss) per common share: | ||||
Basic | $ (0.06) | $ (0.44) | $ (0.05) | $ (1.17) |
Diluted | $ (0.06) | $ (0.44) | $ (0.05) | $ (1.17) |
Weighted-average common shares: | ||||
Basic | 17,752 | 12,846 | 17,713 | 12,455 |
Diluted | 17,752 | 12,846 | 17,713 | 12,455 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (1,093) | $ (1,107) | $ (886) | $ (6,160) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation gain (loss) | 68 | 68 | ||
Net unrealized gain (loss) on marketable securities | 10 | 45 | ||
Comprehensive income (loss) | $ (1,015) | $ (1,107) | $ (773) | $ (6,160) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (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 | $ 1,538 | 1,538 | |||
Exercise of common stock options | 27 | 27 | |||
Exercise of common stock options, Shares | 71,000 | ||||
Restricted stock awards, Shares | 24,000 | ||||
Other comprehensive income, net | 113 | 113 | |||
Net income (loss) | (886) | (886) | |||
Ending Balance at Sep. 30, 2017 | $ 55,271 | $ 2 | $ 111,299 | $ 10 | $ (56,040) |
Ending Balance, Shares at Sep. 30, 2017 | 17,771,000 | 17,771,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flow from operating activities: | ||
Net income (loss) | $ (886) | $ (6,160) |
Income (loss) from discontinued operations | 0 | 41 |
Income (loss) from continuing operations | (886) | (6,201) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Equity-based compensation | 1,538 | 4,119 |
Depreciation and amortization | 1,255 | 750 |
Loss on disposal of fixed asset | 5 | |
Amortization of premium of marketable securities | 286 | |
Provision for bad debt | 11 | (27) |
Deferred income taxes | 417 | |
Fair value adjustment recorded upon issuance of Class D-2 preferred units | 5,472 | |
Equity loss in investee | 277 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 759 | (2,261) |
Other current assets | (1,546) | (400) |
Accounts payable | 14 | 1,578 |
Taxes payable | (124) | |
Accrued liabilities | 983 | (265) |
Cash provided by continuing operations | 2,572 | 3,182 |
Cash used in discontinued operations | (31) | |
Net cash provided by operating activities | 2,572 | 3,151 |
Cash flow from investing activities: | ||
Purchases of fixed assets | (1,754) | (3,379) |
Sale of marketable securities | 3,781 | |
Purchase of marketable securities | (5,252) | |
Maturities of marketable securities | 5,400 | |
Purchase of equipment contributed to Equity Method Investee | (2,461) | |
Net cash used in investing activities | (286) | (3,379) |
Cash flow from financing activities: | ||
Cash distributed in split-off of Pharma business | (159) | |
Return of capital contribution | (4,592) | |
Payment of initial public offering costs | (801) | (2,318) |
Proceeds from issuance of Class D-2 preferred units | 27,165 | |
Repurchase and retirement of Class D-1 preferred and Class D common units | (11,976) | |
Issuance costs of Class D-2 preferred units | (185) | |
Proceeds from exercise of stock options | 27 | |
Net cash provided by (used in) financing activities | (774) | 7,935 |
Effect of exchange rate changes on cash and cash equivalents | 69 | |
Net increase in cash | 1,581 | 7,707 |
Cash balance at beginning of period | 7,897 | 498 |
Cash balance at end of period | 9,478 | 8,205 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid | 757 | |
Supplemental disclosures of non-cash investing and financing activities: | ||
Fixed assets included in accounts payable | $ 899 | 97 |
Tax distribution to Class D common and preferred unitholders in Other current liabilities | 1,253 | |
Deferred initial public offering costs included in accounts payable | $ 1,852 |
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 | 9 Months Ended |
Sep. 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 from discontinued operations are as follows: Nine Months Ended September 30, 2016 (in thousands) Operating expenses: Research and development $ 350 General and administrative 9 Total operating expenses 359 Operating income (loss) (359 ) Other income 400 Income (loss) $ 41 Income (loss) allocated to Class P common units - profit interests $ — Income (loss) allocated to Class P common units $ 18 Income (loss) allocated to Class P preferred units $ 23 Income (loss) per Class P common units - profit interests, basic and diluted $ — Income (loss) per Class P common units, basic and diluted $ 0 Income (loss) per Class P preferred units, basic and diluted $ 0 Weighted-average Class P common units - profit interests, basic and diluted 2,080 Weighted-average Class P common units, basic and diluted 13,522 Weighted-average Class P preferred units, basic and diluted 17,682 There were no amounts recorded from discontinued operations in the accompanying condensed consolidated statements of operations for the three or nine months ended September 30, 2017, or the three months ended September 30, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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. No such policies materially changed during the nine months ended September 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. 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 nine months ended September 30, 2017, after aggregating customers that are under common control or are affiliates, one customer contributed 11% of our revenue 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 Foreign Currency Translation and Foreign Currency Transactions The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation included in other comprehensive income (loss) in the accompanying condensed consolidated statements of stockholders’ equity. The Company’s subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period, and inventories, property and nonmonetary assets and liabilities at historical rates. Gains and losses from these remeasurements were not significant in the three and nine months ended September 30, 2017. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, In the three months ended September 30, 2017, the Company performed an analysis of the impact of the new revenue recognition standard described in the preceding paragraph, which included a review of existing contracts with customers, an evaluation of the specific terms of such contracts and their appropriate treatment under the new standard, and a comparison of such new treatment to the Company’s existing accounting policies to identify differences. To date, the Company has not identified any material differences between the Company’s existing accounting policies and the new standard with respect to the treatment of its existing revenue-generating contracts, but the actual impact of the new standard upon adoption, if any, will depend upon the Company’s revenue-generating agreements in place at the adoption date. The Company is also currently evaluating the potential impact on the Company’s internal control over financial reporting to identify any necessary changes. The Company expects to complete its analysis in the quarter ending December 31, 2017, and draft disclosures and calculate any transition adjustments, if required, once the analysis is complete. The Company will continue to monitor new customer contracts through the remainder of 2017 and analyze such contracts in light of the new standard as necessary. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 3. Marketable Securities The Company’s marketable securities consisted of the following: September 30, 2017 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Money market accounts $ 1,127 $ — $ — $ 1,127 Corporate debt securities 34,519 1 (90 ) 34,430 Less: Cash equivalents (1,127 ) — — (1,127 ) Total marketable securities $ 34,519 $ 1 $ (90 ) $ 34,430 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 September 30, 2017 and December 31, 2016, the contractual maturities of the Company’s marketable securities less than one year were $16.5 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 $17.9 million and $25.6 million, respectively. Management determined that the gross unrealized losses of $90,000 on the Company’s marketable securities as of September 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 September 30, 2017. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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: September 30, 2017 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities: Corporate debt securities $ 34,430 $ — $ 34,430 $ — Money market accounts 1,127 1,127 — — Total marketable securities $ 35,557 $ 1,127 $ 34,430 $ — 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 September 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 September 30, 2017. Gross unrealized gains or losses for cash equivalents and marketable securities as of September 30 September 30 |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | Note 5. Fixed Assets Major classes of fixed assets consisted of the following: September 30, December 31, Useful Lives 2017 2016 (in thousands) Computer hardware 3 Years $ 1,393 $ 1,293 Computer software 3 Years 354 354 Machinery and equipment 5 Years — 177 Medical lab equipment 5 Years 6,256 4,678 General equipment 3 Years — 59 Furniture and fixtures 5 Years 100 86 Leasehold improvements Shorter of lease term or estimated useful life 664 520 Assets not yet placed in service 1,016 1,114 Total 9,783 8,281 Less: Accumulated depreciation (3,293 ) (2,047 ) Property and equipment, net $ 6,490 $ 6,234 Depreciation expense on fixed assets totaled $438,000 and $304,000 for the three months ended and $1.3 million and $750,000 for the nine months ended September 30, 2017 and 2016, respectively. |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 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: September 30, December 31, 2017 2016 (in thousands) Reagents $ 260 $ 322 Prepaid expenses 810 375 Prepaid income taxes 1,053 — Marketable securities interest receivable 210 209 Other receivable 63 — Total $ 2,396 $ 906 Reagents are used for DNA sequencing applications in the Company’s DNA sequencing equipment. |
Reporting Segment and Geographi
Reporting Segment and Geographic Information | 9 Months Ended |
Sep. 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 nine months ended September 30, 2017 and 2016. Revenue by region was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) (in thousands) Revenue: United States $ 2,191 $ 2,147 $ 6,568 $ 6,283 Foreign: Canada $ 937 937 $ 3,168 2,676 PRC $ 561 1,148 $ 2,608 1,148 Other Countries $ 814 779 $ 2,105 2,315 Total $ 4,503 $ 5,011 $ 14,449 $ 12,422 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 July 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. In August 2017, the Company entered into a lease agreement for an office in El Monte, California, which the Company is using for research and development and report generation activities. Rent expense was approximately $70,000 and $55,000 for the three months ended and $185,000 and $179,000 for the nine months ended September 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 September 30, 2017, the Company had purchase obligations of $2.4 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 | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Note 9. Stockholders’ Equity Components of Comprehensive Income (Loss) Comprehensive income (loss) consists of two components: net income (loss), and other comprehensive income (loss) (“OCI”). OCI refers to revenue, expenses, gains and losses that, in conformity with U.S. GAAP, are recorded as in the Company’s consolidated statements of stockholders’ equity but are excluded from the Company’s consolidated statements of operations, and as a result, its net income (loss). The Company’s OCI consists of foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses on marketable securities classified as available-for-sale , net of taxes. The tax effects related to unrealized holding gains (losses) on marketable securities were $10,000 and $27,000 for the three and nine months ended September 30 September 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 September 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 September 30, 2017, there were no outstanding shares of preferred stock. Distributions As of September 30, 2016, the Company had accrued a tax distribution in the amount of $1.3 million to holders of Class D common and preferred units of the Company’s predecessor Fulgent LLC, which was paid subsequent to September 30, 2016. The amount was based on income allocable to Fulgent LLC up to the Reorganization date. In addition, in September 2016, the Company distributed $4.6 million to Mr. Hsieh in his capacity as a member of Fulgent LLC as a return of capital contribution. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 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. Additionally, at the effective time of the Reorganization: • The 2015 Plan was terminated and no additional awards will be granted thereunder. • Each outstanding option to purchase 7.6 Class D common units of Fulgent LLC was cancelled in exchange for an equivalent option granted under the 2016 Plan to purchase one share of its common stock. The new options are subject to the same vesting schedule and other material terms and conditions as the cancelled options. The Reorganization was considered an incorporation pursuant to the terms of the 2015 Plan and the performance condition applicable to all options was deemed to have been satisfied. As a result, all of the options became immediately exercisable, to the extent vested, upon completion of the Reorganization. This satisfaction of the performance condition resulted in a cumulative stock-based compensation expense of $1.1 million for the requisite service period, which the Company recorded during the period in which the Reorganization occurred. • Each outstanding restricted share unit relating to 7.6 Class D common units of Fulgent LLC was cancelled in exchange for an equivalent RSU granted under the 2016 Plan relating to one share of its common stock. The new RSUs are subject to the same vesting schedule and other material terms and conditions as the cancelled restricted share units. Pursuant to the determination of the Manager of Fulgent LLC, the participation thresholds applicable to all Class D common units that constituted profits interests (i) were ignored and not applied in calculating the number of shares of the Company’s common stock that were issued in exchange for such units in the Reorganization, and (ii) did not carry over to such shares of the Company’s common stock. As a result, the holders of Fulgent LLC’s Class D common units that constituted profits interests received shares of the Company’s common stock in the Reorganization at the same ratio, 7.6-to-one, as the holders of Fulgent LLC’s Class D common units that were not subject to profits interest thresholds. Ignoring all profits interest thresholds upon the modification of the Class D common units that constitute profits interests into shares of the Company’s common stock resulted in an equity-based compensation expense of $1.4 million that the Company recorded during the period in which the Reorganization occurred. 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Cost of revenue $ 133 $ 586 $ 341 $ 586 Research and development 194 959 602 959 Selling and marketing 93 396 213 396 General and administrative 129 552 382 2,178 Total $ 549 $ 2,493 $ 1,538 $ 4,119 No equity-based compensation expense related to the Pharma business and included in discontinued operations was recorded in the three or nine months ended September 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 nine months ended September 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 (71 ) $ 0.38 Canceled (9 ) $ 5.71 Balance at September 30, 2017 476 0.83 8.3 $ 2,019 Exercisable as of September 30, 2017 178 $ 0.74 8.2 $ 761 As of September 30, 2017, the remaining unrecognized compensation expense of $655,000 related to outstanding stock options is expected to be recognized over a weighted-average period of 2.1 years. RSU Awards The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the nine months ended September 30, 2017: Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Balance at December 31, 2016 362 $ 9.69 Granted 459 $ 8.32 Vested and settled (24 ) $ 11.00 Forfeited (33 ) $ 9.37 Balance at September 30, 2017 764 $ 8.75 As of September 30, 2017, the remaining unrecognized compensation expense of $5.8 million related to outstanding RSUs is expected to be recognized over a weighted-average period of 3.5 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 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 for the full fiscal year ending December 31, 2017, which is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates, adjusted for discrete items recognized during the period. 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. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Provision (benefit) for income taxes $ (415 ) $ 417 $ (419 ) $ 417 Effective tax rate 31 % -60 % 41 % -7 % The Company's U.S. statutory tax rate is 34%. The difference in the effective tax rate for the three months and nine months ended September 30, 2017 was primarily attributable to the net effect of state income taxes and 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 September 30, 2017, there were no pending tax audits in any jurisdiction. |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | Note 12. Income (Loss) per Share Income (loss) per share for the three and nine months ended September 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 September 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ (1,093 ) $ — $ (1,093 ) $ (1,107 ) $ — $ (1,107 ) Distribution to Class D-1 preferred unitholder — — (4,592 ) — (4,592 ) Income (loss) allocable to common stockholders $ (1,093 ) — $ (1,093 ) $ (5,699 ) $ — $ (5,699 ) Income (loss) allocated to common stockholders $ (1,093 ) $ (5,699 ) Income (loss) allocated to Class P common units - profit interests $ — $ — Income (loss) allocated to Class P common units $ — $ — Income (loss) allocated to Class P preferred units $ — $ — Weighted-average common shares—outstanding, basic 17,752 12,846 Weighted-average common shares—outstanding, diluted 17,752 12,846 Weighted-average Class P common units - profit interests, basic and diluted — — Weighted-average Class P common units, basic and diluted — — Weighted-average Class P preferred units, basic and diluted — — Income (loss) per Class P common units - profit interests, basic and diluted — — 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 $ (0.06 ) $ (0.44 ) Income (loss) per common share from continuing operations, diluted $ (0.06 ) $ (0.44 ) Nine Months Ended September 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ (886 ) — $ (886 ) $ (6,201 ) $ 41 $ (6,160 ) Deemed dividend on redemption of Class D-1 preferred units — — — (3,727 ) — (3,727 ) Distribution to Class D-1 preferred unitholder — — — (4,592 ) — (4,592 ) Income (loss) allocable to common stockholders $ (886 ) — $ (886 ) $ (14,520 ) $ 41 $ (14,479 ) Income (loss) allocated to common stockholders $ (886 ) $ (14,520 ) Income (loss) allocated to Class P common units - profit interests $ — $ — Income (loss) allocated to Class P common units $ — $ 18 Income (loss) allocated to Class P preferred units $ — $ 23 Weighted-average common shares—outstanding, basic 17,713 12,455 Weighted-average common shares—outstanding, diluted 17,713 12,455 Weighted-average Class P common units - profit interests - outstanding, basic and diluted — 2,080 Weighted-average Class P common units outstanding, basic and diluted — 13,522 Weighted-average Class P preferred units outstanding, basic and diluted — 17,682 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 $ (0.05 ) $ (1.17 ) Income (loss) per common share from continuing operations, diluted $ (0.05 ) $ (1.17 ) 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 September 30, Nine Months Ended September 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 325 — 591 — 340 — 591 RSUs 679 66 — 308 66 Class P unit options — — — — — — — 1,810 The anti-dilutive shares described above were calculated using the treasury stock method. During the three months ended September 30, 2017 and the three and nine months ended September 30, 2016, the Company had outstanding stock options and RSUs that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss position. During the three and nine months ended September 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 | 9 Months Ended |
Sep. 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 Taipei Medical University (the “University”), from August 1, 2011 through July 31, 2016 and currently serves as a Chair Professor 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 $9,000 in the three months ended and $14,000 and $21,000 in the nine months ended September 30, 2017 and 2016, respectively. The Company, from time to time, performs genetic sequencing services for the University. The Company recognized $20,000 and $160,000 as consideration for such services in the three months ended and $55,000 and $320,000 in the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, zero was due from the Foundation and $41,000 and $30,000 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 September 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. Fulgent Pharma utilizes space in the facility at which our laboratory and corporate headquarters are located. Since the completion of the Pharma Split-Off, Fulgent Pharma reimburses us for the portion of the rent we pay that is attributable to the space it uses, which amounts are not significant. As of September 30, 2017 and December 31,2016, $5,000 and zero, respectively, was due from Fulgent Pharma as a result of this arrangement, which is recorded in Other receivable in Other current assets in the accompanying condensed consolidated balance sheets. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 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 60,000,000 renminbi (“ RMB”) 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 September 30, 2017, 43,600,000 RMB (or approximately $6.6 million U.S. dollars) remains to be contributed to the investee under the terms of the JV agreement. The Company has purchased and contributed equipment with an aggregate fair value of $2.5 million pursuant to its contribution commitment under the JV Agreement, all of which was contributed in the three months ended September 30, 2017. The Company accounted for this contribution in accordance with ASC 845, Nonmonetary Transactions, and recorded an investment based on the fair value of the contributed equipment, which is the same as carryover basis. 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 nine months ended September 30, 2017 in the accompanying condensed consolidated statements of operations, and recorded its contribution during the period, net of its proportionate share in the accumulated losses of FF Gene Biotech, in the accompanying condensed consolidated balance sheet as of September 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 for the three and nine months ended September 30, 2017. Equity method investments consisted of the following: September 30, 2017 Carrying Value Ownership Percentage (in thousands) FF Gene Biotech $ 2,184 30 % Total equity method investments $ 2,184 30 % Summary Financial Information Summary financial information for FF Gene Biotech is as follows: Nine Months Ended September 30, 2017 2016 Statement of Operations Data: (in thousands) Net Sales $ 40 $ — Gross Profit (16 ) — Net Loss (1,500 ) (669 ) Share of loss from investments accounted for using the equity method* (277 ) — * The Company's share of loss is based on pro-rated net loss beginning April 25, 2017, the date on which the Company entered into the JV Agreement. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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. |
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 nine months ended September 30, 2017, after aggregating customers that are under common control or are affiliates, one customer contributed 11% of our revenue |
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 |
Foreign Currency Translation and Foreign Currency Transactions | Foreign Currency Translation and Foreign Currency Transactions The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation included in other comprehensive income (loss) in the accompanying condensed consolidated statements of stockholders’ equity. The Company’s subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period, and inventories, property and nonmonetary assets and liabilities at historical rates. Gains and losses from these remeasurements were not significant in the three and nine months ended September 30, 2017. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, In the three months ended September 30, 2017, the Company performed an analysis of the impact of the new revenue recognition standard described in the preceding paragraph, which included a review of existing contracts with customers, an evaluation of the specific terms of such contracts and their appropriate treatment under the new standard, and a comparison of such new treatment to the Company’s existing accounting policies to identify differences. To date, the Company has not identified any material differences between the Company’s existing accounting policies and the new standard with respect to the treatment of its existing revenue-generating contracts, but the actual impact of the new standard upon adoption, if any, will depend upon the Company’s revenue-generating agreements in place at the adoption date. The Company is also currently evaluating the potential impact on the Company’s internal control over financial reporting to identify any necessary changes. The Company expects to complete its analysis in the quarter ending December 31, 2017, and draft disclosures and calculate any transition adjustments, if required, once the analysis is complete. The Company will continue to monitor new customer contracts through the remainder of 2017 and analyze such contracts in light of the new standard as necessary. 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 Present24
Overview and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Major Components of Statements of Operations Data Comprising Income from Discontinued Operations | The major components of statements of operations data comprising the income from discontinued operations are as follows: Nine Months Ended September 30, 2016 (in thousands) Operating expenses: Research and development $ 350 General and administrative 9 Total operating expenses 359 Operating income (loss) (359 ) Other income 400 Income (loss) $ 41 Income (loss) allocated to Class P common units - profit interests $ — Income (loss) allocated to Class P common units $ 18 Income (loss) allocated to Class P preferred units $ 23 Income (loss) per Class P common units - profit interests, basic and diluted $ — Income (loss) per Class P common units, basic and diluted $ 0 Income (loss) per Class P preferred units, basic and diluted $ 0 Weighted-average Class P common units - profit interests, basic and diluted 2,080 Weighted-average Class P common units, basic and diluted 13,522 Weighted-average Class P preferred units, basic and diluted 17,682 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities | The Company’s marketable securities consisted of the following: September 30, 2017 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Money market accounts $ 1,127 $ — $ — $ 1,127 Corporate debt securities 34,519 1 (90 ) 34,430 Less: Cash equivalents (1,127 ) — — (1,127 ) Total marketable securities $ 34,519 $ 1 $ (90 ) $ 34,430 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) | 9 Months Ended |
Sep. 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: September 30, 2017 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities: Corporate debt securities $ 34,430 $ — $ 34,430 $ — Money market accounts 1,127 1,127 — — Total marketable securities $ 35,557 $ 1,127 $ 34,430 $ — 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) | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Major Classes of Fixed Assets | Major classes of fixed assets consisted of the following: September 30, December 31, Useful Lives 2017 2016 (in thousands) Computer hardware 3 Years $ 1,393 $ 1,293 Computer software 3 Years 354 354 Machinery and equipment 5 Years — 177 Medical lab equipment 5 Years 6,256 4,678 General equipment 3 Years — 59 Furniture and fixtures 5 Years 100 86 Leasehold improvements Shorter of lease term or estimated useful life 664 520 Assets not yet placed in service 1,016 1,114 Total 9,783 8,281 Less: Accumulated depreciation (3,293 ) (2,047 ) Property and equipment, net $ 6,490 $ 6,234 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: September 30, December 31, 2017 2016 (in thousands) Reagents $ 260 $ 322 Prepaid expenses 810 375 Prepaid income taxes 1,053 — Marketable securities interest receivable 210 209 Other receivable 63 — Total $ 2,396 $ 906 |
Reporting Segment and Geograp29
Reporting Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Region | Revenue by region was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) (in thousands) Revenue: United States $ 2,191 $ 2,147 $ 6,568 $ 6,283 Foreign: Canada $ 937 937 $ 3,168 2,676 PRC $ 561 1,148 $ 2,608 1,148 Other Countries $ 814 779 $ 2,105 2,315 Total $ 4,503 $ 5,011 $ 14,449 $ 12,422 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Cost of revenue $ 133 $ 586 $ 341 $ 586 Research and development 194 959 602 959 Selling and marketing 93 396 213 396 General and administrative 129 552 382 2,178 Total $ 549 $ 2,493 $ 1,538 $ 4,119 |
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 nine months ended September 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 (71 ) $ 0.38 Canceled (9 ) $ 5.71 Balance at September 30, 2017 476 0.83 8.3 $ 2,019 Exercisable as of September 30, 2017 178 $ 0.74 8.2 $ 761 |
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 nine months ended September 30, 2017: Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Balance at December 31, 2016 362 $ 9.69 Granted 459 $ 8.32 Vested and settled (24 ) $ 11.00 Forfeited (33 ) $ 9.37 Balance at September 30, 2017 764 $ 8.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes and Effective Tax Rate | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Provision (benefit) for income taxes $ (415 ) $ 417 $ (419 ) $ 417 Effective tax rate 31 % -60 % 41 % -7 % |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ (1,093 ) $ — $ (1,093 ) $ (1,107 ) $ — $ (1,107 ) Distribution to Class D-1 preferred unitholder — — (4,592 ) — (4,592 ) Income (loss) allocable to common stockholders $ (1,093 ) — $ (1,093 ) $ (5,699 ) $ — $ (5,699 ) Income (loss) allocated to common stockholders $ (1,093 ) $ (5,699 ) Income (loss) allocated to Class P common units - profit interests $ — $ — Income (loss) allocated to Class P common units $ — $ — Income (loss) allocated to Class P preferred units $ — $ — Weighted-average common shares—outstanding, basic 17,752 12,846 Weighted-average common shares—outstanding, diluted 17,752 12,846 Weighted-average Class P common units - profit interests, basic and diluted — — Weighted-average Class P common units, basic and diluted — — Weighted-average Class P preferred units, basic and diluted — — Income (loss) per Class P common units - profit interests, basic and diluted — — 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 $ (0.06 ) $ (0.44 ) Income (loss) per common share from continuing operations, diluted $ (0.06 ) $ (0.44 ) Nine Months Ended September 30, 2017 2016 Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total (in thousands, except per share data) Income (loss) $ (886 ) — $ (886 ) $ (6,201 ) $ 41 $ (6,160 ) Deemed dividend on redemption of Class D-1 preferred units — — — (3,727 ) — (3,727 ) Distribution to Class D-1 preferred unitholder — — — (4,592 ) — (4,592 ) Income (loss) allocable to common stockholders $ (886 ) — $ (886 ) $ (14,520 ) $ 41 $ (14,479 ) Income (loss) allocated to common stockholders $ (886 ) $ (14,520 ) Income (loss) allocated to Class P common units - profit interests $ — $ — Income (loss) allocated to Class P common units $ — $ 18 Income (loss) allocated to Class P preferred units $ — $ 23 Weighted-average common shares—outstanding, basic 17,713 12,455 Weighted-average common shares—outstanding, diluted 17,713 12,455 Weighted-average Class P common units - profit interests - outstanding, basic and diluted — 2,080 Weighted-average Class P common units outstanding, basic and diluted — 13,522 Weighted-average Class P preferred units outstanding, basic and diluted — 17,682 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 $ (0.05 ) $ (1.17 ) Income (loss) per common share from continuing operations, diluted $ (0.05 ) $ (1.17 ) |
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 September 30, Nine Months Ended September 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 325 — 591 — 340 — 591 RSUs 679 66 — 308 66 Class P unit options — — — — — — — 1,810 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity method investments consisted of the following: September 30, 2017 Carrying Value Ownership Percentage (in thousands) FF Gene Biotech $ 2,184 30 % Total equity method investments $ 2,184 30 % |
Summary of Financial Information for Equity Method Investees | Summary financial information for FF Gene Biotech is as follows: Nine Months Ended September 30, 2017 2016 Statement of Operations Data: (in thousands) Net Sales $ 40 $ — Gross Profit (16 ) — Net Loss (1,500 ) (669 ) Share of loss from investments accounted for using the equity method* (277 ) — * The Company's share of loss is based on pro-rated 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) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
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 | |||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 0 | $ 41,000 |
Fulgent Therapeutics LLC | ||||
Description Of Business And Basis Of Presentation [Line Items] | ||||
Ownership percentage in subsidiary | 100.00% | 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 from Discontinued Operations (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Operating expenses: | |
Research and development | $ 350 |
General and administrative | 9 |
Total operating expenses | 359 |
Operating income (loss) | (359) |
Other income | 400 |
Income (loss) | 41 |
Class P Common Units | Discontinued Operations | |
Operating expenses: | |
Income (loss) allocated to Class P common units | $ 18 |
Income (loss) per Class P units, basic and diluted | $ / shares | $ 0 |
Weighted-average Class P common units - profit interests, basic and diluted | shares | 2,080 |
Weighted-average Class P units, basic and diluted | shares | 13,522 |
Class P Preferred Units | Discontinued Operations | |
Operating expenses: | |
Income (loss) allocated to Class P preferred units | $ 23 |
Income (loss) per Class P units, basic and diluted | $ / shares | $ 0 |
Weighted-average Class P units, basic and diluted | shares | 17,682 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) - Revenue - Customer Concentration Risk - Customer | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of customers | 1 | 3 |
Concentration risk, percentage | 11.00% | |
Customer One | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 11.00% | |
Customer Two | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 11.00% | |
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available For Sale Securities [Line Items] | ||
Marketable securities, Amortized Cost Basis | $ 34,519 | $ 38,728 |
Marketable securities, Unrealized Gains | 1 | 3 |
Marketable securities, Unrealized Loses | (90) | (163) |
Marketable securities, Aggregate Fair Value | 34,430 | 38,568 |
Less: Cash equivalents | (1,127) | (1,580) |
Money Market Accounts | ||
Schedule of Available For Sale Securities [Line Items] | ||
Marketable securities, Amortized Cost Basis | 1,127 | 1,580 |
Marketable securities, Aggregate Fair Value | 1,127 | 1,580 |
Corporate Debt Securities | ||
Schedule of Available For Sale Securities [Line Items] | ||
Marketable securities, Amortized Cost Basis | 34,519 | 38,728 |
Marketable securities, Unrealized Gains | 1 | 3 |
Marketable securities, Unrealized Loses | (90) | (163) |
Marketable securities, Aggregate Fair Value | $ 34,430 | $ 38,568 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities less than one year | $ 16,570,000 | $ 12,971,000 |
Marketable securities greater than one year and less than five years | 17,860,000 | 25,597,000 |
Gross unrealized loss | $ 90,000 | $ 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | $ 35,557 | $ 40,148 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 1,127 | 1,580 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 34,430 | 38,568 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 34,430 | 38,568 |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 34,430 | 38,568 |
Money Market Accounts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 1,127 | 1,580 |
Money Market Accounts | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | $ 1,127 | $ 1,580 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Sep. 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 | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 9,783 | $ 8,281 |
Less: Accumulated depreciation | (3,293) | (2,047) |
Fixed assets, net | 6,490 | 6,234 |
Computer Hardware | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 1,393 | 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 | $ 6,256 | 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 | $ 100 | 86 |
Useful life in years | 5 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 664 | 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 | $ 1,016 | $ 1,114 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense on fixed assets | $ 438 | $ 304 | $ 1,255 | $ 750 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Reagents | $ 260 | $ 322 |
Prepaid expenses | 810 | 375 |
Prepaid income taxes | 1,053 | |
Marketable securities interest receivable | 210 | 209 |
Other receivable | 63 | |
Total | $ 2,396 | $ 906 |
Reporting Segment and Geograp44
Reporting Segment and Geographical Information - Additional Information (Details) | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 4,503 | $ 5,011 | $ 14,449 | $ 12,422 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,191 | 2,147 | 6,568 | 6,283 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 937 | 937 | 3,168 | 2,676 |
PRC | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 561 | 1,148 | 2,608 | 1,148 |
Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 814 | $ 779 | $ 2,105 | $ 2,315 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments And Contingencies [Line Items] | ||||
Operating leases, rent expense | $ 70,000 | $ 55,000 | $ 185,000 | $ 179,000 |
Reagents and Equipment | ||||
Commitments And Contingencies [Line Items] | ||||
Purchase obligations | $ 2,400,000 | $ 2,400,000 | ||
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) | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 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 | $ | $ 10,000 | $ 0 | $ 27,000 | $ 0 | |||||
Common stock, shares authorized | shares | 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 | shares | 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 | shares | 0 | 0 | 0 | ||||||
Return of capital contribution | $ | $ 4,600,000 | ||||||||
Class D Common and Preferred Units | |||||||||
Class Of Stock [Line Items] | |||||||||
Tax distribution to former LLC members | $ | $ 1,300,000 | ||||||||
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) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 549,000 | $ 2,493,000 | $ 1,538,000 | $ 4,119,000 |
Fulgent Therapeutics LLC | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 1,400,000 | |||
Cancellation of common stock ratio | 0.1316 | |||
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 | |||
2015 Equity Incentive Plan | Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 1,100,000 | |||
2016 Omnibus Incentive Plan | Class D Common Units | Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Cancellation of common stock ratio | 0.1316 | |||
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 | shares | 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 | 5,800,000 | $ 5,800,000 | ||
Restricted Stock Units (RSUs) | 2015 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock Units (RSUs) | 2016 Omnibus Incentive Plan | Class D Common Units | Fulgent Therapeutics LLC | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Cancellation of common stock ratio | 0.1316 | |||
Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 655,000 | $ 655,000 | ||
Expected to be recognized, weighted-average period | 2 years 1 month 7 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | $ 549 | $ 2,493 | $ 1,538 | $ 4,119 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | 133 | 586 | 341 | 586 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | 194 | 959 | 602 | 959 |
Selling and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | 93 | 396 | 213 | 396 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | $ 129 | $ 552 | $ 382 | $ 2,178 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 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 | (71) | |
Number of Shares Subject to Options, Canceled | (9) | |
Number of Shares Subject to Options, Ending Balance | 476 | 556 |
Number of Shares Subject to Options, Exercisable | 178 | |
Weighted-Average Exercise Price Per Shares, Beginning Balance | $ 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, Ending Balance | 0.83 | $ 0.85 |
Weighted-Average Exercise Price Per Shares, Exercisable | $ 0.74 | |
Weighted-Average Remaining Contractual Life (in years) | 8 years 3 months 19 days | 9 years |
Weighted-Average Remaining Contractual Life (in years), Exercisable | 8 years 2 months 12 days | |
Aggregate Intrinsic Value, Balance | $ 2,019 | $ 5,976 |
Aggregate Intrinsic Value, Exercisable | $ 761 |
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 | 9 Months Ended |
Sep. 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 | 459 |
Number of Shares, Vested and settled | shares | (24) |
Number of Shares, Forfeited/Canceled | shares | (33) |
Number of Shares, Ending Balance | shares | 764 |
Weighted-Average Grant-Date Fair Value, Balance | $ / shares | $ 9.69 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 8.32 |
Weighted-Average Grant-Date Fair Value, Vested and settled | $ / shares | 11 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 9.37 |
Weighted-Average Grant-Date Fair Value, Balance | $ / shares | $ 8.75 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Federal or state tax expense (benefit) prior to reorganization | $ 0 |
U.S. statutory tax rate | 34.00% |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ (415) | $ 417 | $ (419) | $ 417 |
Effective tax rate | 31.00% | (60.00%) | 41.00% | (7.00%) |
Income (Loss) Per Share - Recon
Income (Loss) Per Share - Reconciliation of Basic and Diluted Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Income (loss), continuing operations | $ (1,093) | $ (1,107) | $ (886) | $ (6,201) |
Income (loss) from discontinued operations | 0 | 0 | 0 | 41 |
Income (loss) | (1,093) | (1,107) | (886) | (6,160) |
Income (loss) allocable to common stockholders | $ (1,093) | $ (5,699) | $ (886) | $ (14,479) |
Weighted-average common shares—outstanding, basic | 17,752 | 12,846 | 17,713 | 12,455 |
Weighted-average common shares—outstanding, diluted | 17,752 | 12,846 | 17,713 | 12,455 |
Income (loss) per common share from continuing operations, basic | $ (0.06) | $ (0.44) | $ (0.05) | $ (1.17) |
Income (loss) per common share from continuing operations, diluted | $ (0.06) | $ (0.44) | $ (0.05) | $ (1.17) |
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) | |||
Distribution to Class D-1 preferred unitholder | $ (4,592) | (4,592) | ||
Continuing Operations | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Income (loss) allocable to common stockholders | $ (1,093) | (5,699) | $ (886) | (14,520) |
Income (loss) allocated to common stockholders | $ (1,093) | $ (5,699) | $ (886) | $ (14,520) |
Weighted-average common shares—outstanding, basic | 17,752 | 12,846 | 17,713 | 12,455 |
Weighted-average common shares—outstanding, diluted | 17,752 | 12,846 | 17,713 | 12,455 |
Income (loss) per common share from continuing operations, basic | $ (0.06) | $ (0.44) | $ (0.05) | $ (1.17) |
Income (loss) per common share from continuing operations, diluted | $ (0.06) | $ (0.44) | $ (0.05) | $ (1.17) |
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) | |||
Distribution to Class D-1 preferred unitholder | $ (4,592) | (4,592) | ||
Discontinued Operations | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Income (loss) allocable to common stockholders | 41 | |||
Discontinued Operations | Class P Common Units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Income (loss) allocated to Class P common units | $ 18 | |||
Weighted-average Class P common units - profit interests, basic and diluted | 2,080 | |||
Weighted-average Class P units, basic and diluted | 13,522 | |||
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 | $ 23 | |||
Weighted-average Class P units, basic and diluted | 17,682 | |||
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 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 | |||
Options | Continuing Operations | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted income (loss) per share | 325 | 591 | 340 | 591 |
RSUs | Continuing Operations | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted income (loss) per share | 679 | 66 | 308 | 66 |
Related Party - Additional Info
Related Party - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Xilong Scientific | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 11.00% | 11.00% | |||
Fulgent Pharma | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 5,000 | $ 5,000 | $ 0 | ||
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 | $ 9,000 | $ 14,000 | $ 21,000 | |
Due from related parties | 0 | 0 | 0 | ||
University | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | 20,000 | $ 160,000 | 55,000 | $ 320,000 | |
Due from related parties | $ 41,000 | $ 41,000 | $ 30,000 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017CNY (¥) | Sep. 30, 2017USD ($) | Sep. 30, 2017CNY (¥) | |
Schedule Of Equity Method Investments [Line Items] | |||
Contribution to be made in joint venture | $ | $ 2,184 | ||
Ownership interest to be made in joint venture | 30.00% | 30.00% | |
FF Gene Biotech | |||
Schedule Of Equity Method Investments [Line Items] | |||
Contribution to be made in joint venture | ¥ 60,000,000 | $ 2,184 | |
Contribution period in joint venture | three-year | ||
Ownership interest to be made in joint venture | 30.00% | 30.00% | 30.00% |
Contributions remain for joint venture | $ 6,600 | ¥ 43,600,000 | |
FF Gene Biotech | Equipment | |||
Schedule Of Equity Method Investments [Line Items] | |||
Contributions made to joint venture | $ | $ 2,500 | ||
Xilong Scientific | FF Gene Biotech | |||
Schedule Of Equity Method Investments [Line Items] | |||
Contribution period in joint venture | three-year | ||
Contribution to be made in joint venture | ¥ | ¥ 102,000,000 | ||
Ownership interest to be made in joint venture | 51.00% | ||
FJIP | FF Gene Biotech | |||
Schedule Of Equity Method Investments [Line Items] | |||
Contribution period in joint venture | five-year | ||
Contribution to be made in joint venture | ¥ | ¥ 19,000,000 | ||
Ownership interest to be made in joint venture | 19.00% |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) $ in Thousands | Sep. 30, 2017USD ($) | Apr. 30, 2017CNY (¥) |
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | $ 2,184 | |
Ownership Percentage | 30.00% | |
FF Gene Biotech | ||
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | $ 2,184 | ¥ 60,000,000 |
Ownership Percentage | 30.00% | 30.00% |
Equity Method Investments - Sum
Equity Method Investments - Summary of Financial Information for Equity Method Investees, Statement of Operations Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Share of loss from investments accounted for using the equity method* | $ (172) | $ 0 | $ (277) | $ 0 |
FF Gene Biotech | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net Sales | 40 | |||
Gross Profit | (16) | |||
Net Loss | (1,500) | $ (669) | ||
Share of loss from investments accounted for using the equity method* | $ (277) |