Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FLGT | |
Entity Registrant Name | Fulgent Genetics, Inc. | |
Entity Central Index Key | 0001674930 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,421,792 | |
Entity File Number | 001-37894 | |
Entity Tax Identification Number | 812621304 | |
Entity Address, Address Line One | 4978 Santa Anita Avenue, Suite 205 | |
Entity Address, City or Town | Temple City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91780 | |
City Area Code | 626 | |
Local Phone Number | 350-0537 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 9,165 | $ 6,736 |
Marketable securities | 17,820 | 24,298 |
Trade accounts receivable, net of allowance for doubtful accounts of $585 and $590, as of June 30, 2019 and December 31, 2018, respectively | 5,543 | 5,948 |
Other current assets | 2,267 | 2,561 |
Total current assets | 34,795 | 39,543 |
Marketable securities, long-term | 11,697 | 6,386 |
Equity method investments | 1,084 | 1,512 |
Fixed assets, net | 5,937 | 6,446 |
Operating lease right-of-use asset | 2,756 | |
Other long-term assets | 167 | 17 |
Total assets | 56,436 | 53,904 |
Current liabilities | ||
Accounts payable | 1,175 | 1,313 |
Accrued liabilities | 1,333 | 1,425 |
Operating lease liabilities, short-term | 401 | |
Total current liabilities | 2,909 | 2,738 |
Operating lease liabilities, long-term | 2,385 | |
Other long-term liabilities | 14 | |
Total liabilities | 5,294 | 2,752 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value per share, 50,000 shares authorized, 18,393 and 18,172 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 2 | 2 |
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding at June 30, 2019 and December 31, 2018 | ||
Additional paid-in capital | 115,532 | 114,203 |
Accumulated other comprehensive income (loss) | 203 | (35) |
Accumulated deficit | (64,595) | (63,018) |
Total stockholders’ equity | 51,142 | 51,152 |
Total liabilities and stockholders’ equity | $ 56,436 | $ 53,904 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 585 | $ 590 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,393,000 | 18,172,000 |
Common stock, shares outstanding | 18,393,000 | 18,172,000 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 8,424 | $ 5,400 | $ 13,794 | $ 10,053 |
Cost of revenue | 3,620 | 2,544 | 6,588 | 5,316 |
Gross profit | 4,804 | 2,856 | 7,206 | 4,737 |
Operating expenses: | ||||
Research and development | 1,574 | 1,212 | 2,998 | 2,670 |
Selling and marketing | 1,304 | 1,279 | 2,576 | 2,409 |
General and administrative | 1,631 | 1,366 | 3,160 | 2,853 |
Total operating expenses | 4,509 | 3,857 | 8,734 | 7,932 |
Operating income (loss) | 295 | (1,001) | (1,528) | (3,195) |
Interest and other income, net | 192 | 98 | 399 | 193 |
Income (loss) before income taxes and equity loss in investee | 487 | (903) | (1,129) | (3,002) |
Provision for (benefit from) income taxes | 7 | (100) | 20 | (534) |
Income (loss) before equity loss in investee | 480 | (803) | (1,149) | (2,468) |
Equity loss in investee | (149) | (246) | (428) | (491) |
Net income (loss) | $ 331 | $ (1,049) | $ (1,577) | $ (2,959) |
Net income (loss) per common share: | ||||
Basic | $ 0.02 | $ (0.06) | $ (0.09) | $ (0.17) |
Diluted | $ 0.02 | $ (0.06) | $ (0.09) | $ (0.17) |
Weighted-average common shares: | ||||
Basic | 18,343 | 17,919 | 18,286 | 17,891 |
Diluted | 19,021 | 17,919 | 18,286 | 17,891 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 331 | $ (1,049) | $ (1,577) | $ (2,959) |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | (14) | (43) | 1 | (21) |
Net unrealized gain (loss) on marketable securities, net of tax | 122 | 48 | 237 | (17) |
Comprehensive income (loss) | $ 439 | $ (1,044) | $ (1,339) | $ (2,997) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Stockholders' Equity | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning Balance at Dec. 31, 2017 | $ 54,178 | $ 2 | $ 111,884 | $ (44) | $ (57,664) |
Beginning Balance, Shares at Dec. 31, 2017 | 17,847,000 | ||||
Equity-based compensation | 1,118 | 1,118 | |||
Exercise of common stock options | 9 | 9 | |||
Exercise of common stock options, Shares | 23,000 | ||||
Restricted stock awards, Shares | 93,000 | ||||
Cumulative effect of accounting change | 327 | 327 | |||
Cumulative tax effect of accounting change | (74) | (74) | |||
Other comprehensive gain (loss), net | (38) | (38) | |||
Net income (loss) | (2,959) | (2,959) | |||
Ending Balance at Jun. 30, 2018 | 52,561 | $ 2 | 113,011 | (82) | (60,370) |
Ending Balance, Shares at Jun. 30, 2018 | 17,963,000 | ||||
Beginning Balance at Mar. 31, 2018 | 53,025 | $ 2 | 112,431 | (87) | (59,321) |
Beginning Balance, Shares at Mar. 31, 2018 | 17,876,000 | ||||
Equity-based compensation | 573 | 573 | |||
Exercise of common stock options | 7 | 7 | |||
Exercise of common stock options, Shares | 18,000 | ||||
Restricted stock awards, Shares | 69,000 | ||||
Other comprehensive gain (loss), net | 5 | 5 | |||
Net income (loss) | (1,049) | (1,049) | |||
Ending Balance at Jun. 30, 2018 | 52,561 | $ 2 | 113,011 | (82) | (60,370) |
Ending Balance, Shares at Jun. 30, 2018 | 17,963,000 | ||||
Beginning Balance at Dec. 31, 2018 | $ 51,152 | $ 2 | 114,203 | (35) | (63,018) |
Beginning Balance, Shares at Dec. 31, 2018 | 18,172,000 | 18,172,000 | |||
Equity-based compensation | $ 1,320 | 1,320 | |||
Exercise of common stock options | 9 | 9 | |||
Exercise of common stock options, Shares | 24,000 | ||||
Restricted stock awards, Shares | 197,000 | ||||
Other comprehensive gain (loss), net | 238 | 238 | |||
Net income (loss) | (1,577) | (1,577) | |||
Ending Balance at Jun. 30, 2019 | $ 51,142 | $ 2 | 115,532 | 203 | (64,595) |
Ending Balance, Shares at Jun. 30, 2019 | 18,393,000 | 18,393,000 | |||
Beginning Balance at Mar. 31, 2019 | $ 49,961 | $ 2 | 114,790 | 95 | (64,926) |
Beginning Balance, Shares at Mar. 31, 2019 | 18,286,000 | ||||
Equity-based compensation | 737 | 737 | |||
Exercise of common stock options | 5 | 5 | |||
Exercise of common stock options, Shares | 15,000 | ||||
Restricted stock awards, Shares | 92,000 | ||||
Other comprehensive gain (loss), net | 108 | 108 | |||
Net income (loss) | 331 | 331 | |||
Ending Balance at Jun. 30, 2019 | $ 51,142 | $ 2 | $ 115,532 | $ 203 | $ (64,595) |
Ending Balance, Shares at Jun. 30, 2019 | 18,393,000 | 18,393,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flow from operating activities: | ||
Net loss | $ (1,577,000) | $ (2,959,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Equity-based compensation | 1,320,000 | 1,118,000 |
Depreciation | 1,046,000 | 1,078,000 |
Noncash lease expense | 201,000 | |
Loss on disposal of fixed asset | 11,000 | 55,000 |
Amortization of premium of marketable securities | 44,000 | 160,000 |
Provision for bad debt | 230,000 | |
Deferred taxes | (535,000) | |
Equity loss in investee | 428,000 | 491,000 |
Other | 38,000 | 38,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 368,000 | (990,000) |
Other current and long-term assets | 183,000 | 22,000 |
Accounts payable | (124,000) | (1,344,000) |
Accrued liabilities | (20,000) | 1,288,000 |
Operating lease liabilities | (188,000) | |
Net cash provided by (used in) operations | 1,730,000 | (1,348,000) |
Cash flow from investing activities: | ||
Purchases of fixed assets | (633,000) | (1,152,000) |
Purchase of marketable securities | (10,178,000) | (11,470,000) |
Maturities of marketable securities | 11,500,000 | 11,656,000 |
Purchase of equipment contributed to Equity Method Investee | (510,000) | |
Net cash (used in) provided by investing activities | 689,000 | (1,476,000) |
Cash flow from financing activities: | ||
Proceeds from exercise of stock options | 9,000 | 9,000 |
Net cash provided by financing activities | 9,000 | 9,000 |
Effect of exchange rate changes on cash and cash equivalents | 1,000 | (21,000) |
Net decrease in cash | 2,429,000 | (2,836,000) |
Cash balance at beginning of period | 6,736,000 | 6,490,000 |
Cash balance at end of period | 9,165,000 | 3,654,000 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid | 20,000 | 1,000 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Fixed assets included in accounts payable | $ 5,000 | $ 1,011,000 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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 offering comprehensive genetic testing and providing physicians with clinically actionable diagnostic information they can use to improve the quality of patient care. The Company has developed a proprietary technology platform that allows us to offer a broad and flexible test menu and continually expand and improve its proprietary genetic reference library, while maintaining accessible pricing, high accuracy and competitive turnaround times. Combining next generation sequencing, or NGS, with our technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in single-gene tests; pre-established, multi-gene, disease-specific panels; and customized panels that can be tailored to meet specific customer needs. The Company believes its test menu offers more genes for testing than its competitors in today’s market, which enables it to provide expansive options for test customization and clinically actionable results. A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique genetic testing needs. Unaudited Interim Financial Information The accompanying unaudited 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, 2018 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 2018 Annual Report, including the notes thereto. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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 2018 Annual Report. Use of Estimates The preparation of condensed 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. 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. Gains and losses from these translations were not significant in the first six months of 2019 and 2018. The Company and its 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. Losses from these remeasurements were not significant Leases The Company determines if an arrangement is a lease at inception. Operating leases are included as operating lease right-of-use (“ROU”) assets, operating lease liabilities, short-term, and operating lease liabilities, long-term, on the Company’s condensed consolidated balance sheets. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, including options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments since our leases do not provide an implicit rate. The ROU lease asset includes any base rent payments made and excludes lease incentives and variable operating expenses. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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 months ended June 30, 2019 , after aggregating customers that are under common control or are affiliates, two customers contributed 32% and 15%, respectively, of our revenue for the period. In the six months ended June 30, 2019, after aggregating customers that are under common control or are affiliates, two customers contributed 27% and 10%, respectively, of our revenue for the period. three and six months ended June 30, 2018 aggregating customers that are under common control or are affiliates, one customer contributed 13% of our revenue. Revenue from Contracts with Customers Disaggregation of Revenue The Company classifies its customers into three payor types, Clinical Institutional, Patients who pay directly or Clinical Insurance, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type for the in the first six months of 2019 and 2018 Three months ended June 30, 2019 2018 (in thousands) Genetic Testing Services by payor Institutional $ 8,160 $ 4,782 Patient 143 156 Insurance 121 462 Total Revenue $ 8,424 $ 5,400 Six months ended June 30, 2019 2018 (in thousands) Genetic Testing Services by payor Institutional $ 13,279 $ 9,247 Patient 245 272 Insurance 270 534 Total Revenue $ 13,794 $ 10,053 Contract Balances Receivables from contracts with customers - As of June 30, 2019 and December 31, 2018, receivables from contracts with customers were approximately $5.5 million and $5.9 million, respectively, and are included within Trade accounts receivable on the Condensed Consolidated Balance Sheets. Contracts assets and liabilities - As of June 30, 2019 and December 31, 2018, contract assets and liabilities from contracts with customers were not material. Transaction Price Allocated to Future Performance Obligations The Company does not have material future obligations associated with Genetic Testing Services that extend beyond one year. Recent Accounting Pronouncements Adopted ASU No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases See Note 9, Leases, for further information. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables–Nonrefundable Fees and Other Costs (Subtopic 310-20) ASU No. 2018-02 In February 2018, the FASB issued ASU 2018-02 Income Statement - Reporting Comprehensive Income (ASC 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI), which gives entities the option to reclassify to retained earnings the tax effects resulting from the Tax Act related to items in Additional Other Comprehensive Income (AOCI) that the FASB refers to as having been “stranded” in AOCI. The guidance is effective for annual and interim periods beginning after December 15, 2018, and is applicable to the Company in fiscal year 2019; however, early adoption is permitted. The Company adopted ASU 2018-02 as of January 1, 2019 and elected not to reclassify the income tax effect of the Tax Act from AOCI to retained earnings. The adoption of ASU 2018-02 resulted in no impact to the Company's financial statements. Recent Accounting Pronouncements The Company evaluates all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) for consideration of their applicability. ASUs not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on its Condensed Consolidated Financial Statements. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief ASU No. 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 3. Marketable Securities The Company’s marketable securities consisted of the following: June 30, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Short-term Money market accounts $ 3,722 — — $ 3,722 United States Treasury 999 — — 999 U.S. government agency securities 797 1 — 798 Corporate debt securities 16,014 22 (13 ) 16,023 Less: Cash equivalents (3,722 ) — — (3,722 ) Total short-term marketable securities 17,810 23 (13 ) 17,820 Corporate debt securities 11,561 136 — 11,697 Total long-term marketable securities 11,561 136 — 11,697 Total marketable securities $ 29,371 $ 159 $ (13 ) $ 29,517 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Short-term Money market accounts $ 2,692 $ — $ — $ 2,692 United States Treasury 990 — — 990 U.S. government agency securities 790 — — 790 Corporate debt securities 22,613 1 (96 ) 22,518 Less: Cash equivalents (2,692 ) — — (2,692 ) Total short-term marketable securities 24,393 1 (96 ) 24,298 Corporate debt securities 6,383 11 (8 ) 6,386 Total long-term marketable securities 6,383 11 (8 ) 6,386 Total marketable securities $ 30,776 $ 12 $ (104 ) $ 30,684 Management determined that the gross unrealized losses of $13,000 on the Company’s marketable securities as of June 30, 2019 were temporary in nature. Gross unrealized losses on the Company’s marketable securities were $104,000 as of December 31, 2018. The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired as of June 30, 2019. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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 the 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 tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: June 30, 2019 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities and cash equivalents: Corporate debt securities $ 27,720 $ — $ 27,720 $ — United States Treasury 999 — 999 — U.S. government agency securities 798 — 798 — Money market accounts 3,722 3,722 — — Total marketable securities and cash equivalents $ 33,239 $ 3,722 $ 29,517 $ — December 31, 2018 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities and cash equivalents: Corporate debt securities $ 28,904 $ — $ 28,904 $ — United States Treasury 990 — 990 — U.S. government agency securities 790 — 790 — Money market accounts 2,692 2,692 — — Total marketable securities and cash equivalents $ 33,376 $ 2,692 $ 30,684 $ — The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of United States Treasury, U.S. government agency securities, and corporate debt securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of June 30, 2019, the Company had no investments that were measured using unobservable (Level 3) inputs. There were no transfers between fair value measurement levels during the first six months of 2019. Gross unrealized gains or losses for cash equivalents and marketable securities as of June 30, 2019 June 30, 2019 June 30 |
Fixed Assets
Fixed Assets | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | Note 5. Fixed Assets Major classes of fixed assets consisted of the following: June 30, December 31, Useful Lives 2019 2018 (in thousands) Computer hardware 3 Years $ 1,687 $ 1,579 Computer software 3 Years 530 495 Medical lab equipment 5 Years 8,136 8,136 Furniture and fixtures 5 Years 234 233 Leasehold improvements Shorter of lease term or estimated useful life 802 802 Assets not yet placed in service 1,485 1,087 Total 12,874 12,332 Less: Accumulated depreciation (6,937 ) (5,886 ) Property and equipment, net $ 5,937 $ 6,446 Depreciation expense on fixed assets totaled $511,000 and $562,000 for the three months and $1.0 million and $1.1 million for the six months ended June 30, 2019 and 2018, respectively. |
Significant Balance Sheet Accou
Significant Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Significant Balance Sheet Accounts | Note 6. Significant Balance Sheet Accounts Other current assets consisted of the following: June 30, 2019 December 31, 2018 (in thousands) Reagents $ 405 $ 314 Prepaid expenses 1,024 706 Prepaid income taxes 609 1,251 Marketable securities interest receivable 196 220 Other receivable 33 70 Total $ 2,267 $ 2,561 Reagents are used for DNA sequencing applications in the Company’s DNA sequencing equipment. |
Reporting Segment and Geographi
Reporting Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2019 | |
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 first half of 2019 and 2018. Revenue by region was as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Revenue: United States $ 6,686 $ 3,299 $ 10,300 $ 5,826 Foreign: Canada 516 1,070 1,054 2,040 Other Countries 1,222 1,031 2,440 2,187 Total $ 8,424 $ 5,400 $ 13,794 $ 10,053 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Operating Leases See Note 9, Leases, for further information. FF Gene Biotech See Note 14 for a description of the Company’s commitments related to its joint venture, FF Gene Biotech (as defined in Note 14). Purchase Obligations As of June 30, 2019, the Company had non-cancelable purchase obligations of $5.8 million for reagents, of which, $2.1 million is payable within twelve months, and $3.7 million is payable within the next twenty-four months. 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. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 9. Leases The Company has various non-cancelable operating leases with varying terms through August 2023 primarily for office space. The Company has options to renew some of these leases for three years after their expiration. The determination of whether an arrangement contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. 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. Additional offices are located in El Monte, California and Atlanta, Georgia and are used for certain research and development, customer service, report generation and other administrative functions. Rent expense was approximately $133,000 and $119,000 for the three months ended and $266,000 and $228,000 for the six months ended June 30, 2019 and 2018, respectively. The Company adopted new accounting standard ASC 842, Leases Our incremental borrowing rate was used to determine the present value of lease payments since our leases do not provide an implicit rate. The Company determined its incremental borrowing rate based on inquiries with our bank. The Company’s lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options or asset retirement obligations. Lease expense for our operating leases is recognized on a straight-line basis over the lease term. Our leases do not contain variable lease payments. The Company does not have any short-term leases and thus has excluded short-term costs from the table below. The Company did not enter into any new leases during the six months ended June 30 The following was operating lease expense: Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost $ 146 $ 292 Supplemental cash flow information related to leases was the following: Three months ended June 30, 2019 Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 116 $ 278 Operating cash flows from operating leases $ 101 $ 201 Supplemental balance sheet information related to leases was the following: June 30, 2019 Weighted average remaining lease term - operating leases 6.1 years Weighted average discount rate - operating leases 6.25 % The following is a maturity analysis of operating lease liabilities using undiscounted cash flows on an annual basis with renewal periods included: Operating Leases (in thousands) Year Ending December 31, 2019 (remaining 6 months) $ 281 2020 559 2021 550 2022 558 2023 567 2024 330 Thereafter 532 Total lease payments 3,377 Less imputed interest (591 ) Total $ 2,786 Future minimum payments under non-cancelable operating leases as of December 31, 2018 are as follows: Amounts (in thousands) Year ending December 31, 2019 $ 560 2020 559 2021 550 2022 558 2023 567 Thereafter 862 Total minimum lease payments $ 3,656 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | Note 10. Equity-Based Compensation The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Cost of revenue $ 167 $ 151 $ 309 $ 275 Research and development 233 171 411 303 Selling and marketing 186 113 311 221 General and administrative 151 138 289 319 Total $ 737 $ 573 $ 1,320 $ 1,118 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes Provision for income taxes consists of U.S. federal and state income taxes. A deferred tax liability is recognized for all taxable temporary differences, and a deferred tax asset is recognized for all deductible temporary differences, operating losses and tax credit carryforwards. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. 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, 2019, 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. The Company’s effective tax rate was 1% and -2% for the three and six months ended June 30, 2019, respectively, compared with 11% and 18% for the three and six months ended June 30, 2018, respectively. The change in effective tax rate for the three months and six months ended June 30, 2019, was primarily attributable to the full valuation allowance. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Loss per Share | Note 12. Loss per Share The following table presents the calculation of basic and diluted loss per share Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands, except per share data) Net income (loss) $ 331 $ (1,049 ) $ (1,577 ) $ (2,959 ) Weighted-average common shares—outstanding, basic 18,343 17,919 18,286 17,891 Weighted-average common shares—outstanding, diluted 19,021 17,919 18,286 17,891 Net income (loss) per common share, basic $ 0.02 $ (0.06 ) $ (0.09 ) $ (0.17 ) Net income (loss) per common share, diluted $ 0.02 $ (0.06 ) $ (0.09 ) $ (0.17 ) The following securities have been excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Options 19 436 387 433 RSUs 358 1,055 1,093 961 The anti-dilutive shares described above were calculated using the treasury stock method. During the three months ended June 30, 2018 and the first six months ended June 30, 2019 and 2018, the Company had outstanding stock options and RSUs that were excluded from the weighted-average share calculation due to the Company’s net loss position. |
Related Party
Related Party | 6 Months Ended |
Jun. 30, 2019 | |
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. From time to time, the Company performs research testing services, on an arms-length basis, for the Foundation. The Company recognized $2,000 in revenue during the three and six months ended June 30, 2019 and zero for the three and six months ended June 30, 2018, as consideration for such services. Additionally, the Company subleased certain of its headquarters facilities to the Foundation. The Company recognized $8,000 and zero for the three months and $16,000 and $8,000 for the six months ended June 30, 2019 and 2018, respectively, as consideration for such sublease. As of June 30, 2019, and December 31, 2018, $2,000 and zero, respectively, was owed to the Company by the Foundation in connection with these relationships. From time to time, the Company performs genetic sequencing services, on an arms-length basis, for the University. The Company recognized $9,000 and $7,000 for the three months ended and $22,000 and $16,000 for the six months ended June 30, 2019 and 2018, respectively, as consideration for such services. As of June 30, 2019, and December 31, 2018, $18,000 and $51,000, respectively, was owed to the Company by the University in connection with this relationship. 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 , 2019, 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 June 30, 2019, and December 31, 2018, $29,000 and $22,000, 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 | 6 Months Ended |
Jun. 30, 2019 | |
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 five-year period for a 30% ownership interest in FF Gene Biotech, previously three-year per original agreement. Xilong Scientific has agreed to contribute to FF Gene Biotech 102,000,000 RMB over a five-year period for a 51% ownership interest in the FF Gene Biotech, previously three-year per original agreement. FJIP has agreed to contribute to FF Gene Biotech 19,000,000 RMB over a ten-year period for a 19% ownership interest in FF Gene Biotech, previously five-year per original agreement. 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 , 2019, 40.3 million RMB (or approximately $5.9 million U.S. dollars) remains to be contributed to the investee under the terms of the JV agreement. To date, the Company has purchased and contributed equipment with an aggregate fair value of $3.0 million pursuant to its contribution commitment under the JV Agreement. 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 months ended , 2019 in the accompanying condensed consolidated statements of operations, and recorded its contribution to date, net of its proportionate share in the accumulated losses of FF Gene Biotech, in the accompanying condensed consolidated balance sheet as of , 2019. 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 license agreement expired on December 31, 2018. The Company earned $17,000 and $35,000 for royalties under the license agreement for the three and ended June 30, 2018, respectively. In November 2017, FF Gene Biotech invested and formed a majority-owned subsidiary that focuses on sales and marketing for FF Gene Biotech. Equity method investments as of June 30 June 30, 2019 December 31, 2018 Carrying Value Ownership Percentage Carrying Value Ownership Percentage (in thousands) FF Gene Biotech $ 1,084 30 % $ 1,512 30 % Total equity method investments $ 1,084 30 % $ 1,512 30 % Summary Financial Information Summary financial information for FF Gene Biotech is as follows: June 30, December 31, 2019 2018 Consolidated Balance Sheets Data: (in thousands) Current Assets $ 2,367 $ 1,916 Non-Current Assets 3,892 4,068 Current Liabilities 4,318 2,415 Non-Current Liabilities — — Minority Interest 207 — Shareholders' Equity 1,734 3,569 Six Months Ended June 30 2019 2018 Consolidated Statements of Operations Data: (in thousands) Net Sales $ 1,131 $ 349 Gross Profit 579 (1 ) Net Loss (1,423 ) (1,637 ) Share of loss from investments accounted for using the equity method (1) (428 ) (491 ) (1) 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed 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. |
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. Gains and losses from these translations were not significant in the first six months of 2019 and 2018. The Company and its 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. Losses from these remeasurements were not significant |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included as operating lease right-of-use (“ROU”) assets, operating lease liabilities, short-term, and operating lease liabilities, long-term, on the Company’s condensed consolidated balance sheets. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, including options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments since our leases do not provide an implicit rate. The ROU lease asset includes any base rent payments made and excludes lease incentives and variable operating expenses. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
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 months ended June 30, 2019 , after aggregating customers that are under common control or are affiliates, two customers contributed 32% and 15%, respectively, of our revenue for the period. In the six months ended June 30, 2019, after aggregating customers that are under common control or are affiliates, two customers contributed 27% and 10%, respectively, of our revenue for the period. three and six months ended June 30, 2018 aggregating customers that are under common control or are affiliates, one customer contributed 13% of our revenue. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The Company classifies its customers into three payor types, Clinical Institutional, Patients who pay directly or Clinical Insurance, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type for the in the first six months of 2019 and 2018 Three months ended June 30, 2019 2018 (in thousands) Genetic Testing Services by payor Institutional $ 8,160 $ 4,782 Patient 143 156 Insurance 121 462 Total Revenue $ 8,424 $ 5,400 Six months ended June 30, 2019 2018 (in thousands) Genetic Testing Services by payor Institutional $ 13,279 $ 9,247 Patient 245 272 Insurance 270 534 Total Revenue $ 13,794 $ 10,053 Contract Balances Receivables from contracts with customers - As of June 30, 2019 and December 31, 2018, receivables from contracts with customers were approximately $5.5 million and $5.9 million, respectively, and are included within Trade accounts receivable on the Condensed Consolidated Balance Sheets. Contracts assets and liabilities - As of June 30, 2019 and December 31, 2018, contract assets and liabilities from contracts with customers were not material. Transaction Price Allocated to Future Performance Obligations The Company does not have material future obligations associated with Genetic Testing Services that extend beyond one year. |
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted ASU No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases See Note 9, Leases, for further information. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables–Nonrefundable Fees and Other Costs (Subtopic 310-20) ASU No. 2018-02 In February 2018, the FASB issued ASU 2018-02 Income Statement - Reporting Comprehensive Income (ASC 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI), which gives entities the option to reclassify to retained earnings the tax effects resulting from the Tax Act related to items in Additional Other Comprehensive Income (AOCI) that the FASB refers to as having been “stranded” in AOCI. The guidance is effective for annual and interim periods beginning after December 15, 2018, and is applicable to the Company in fiscal year 2019; however, early adoption is permitted. The Company adopted ASU 2018-02 as of January 1, 2019 and elected not to reclassify the income tax effect of the Tax Act from AOCI to retained earnings. The adoption of ASU 2018-02 resulted in no impact to the Company's financial statements. Recent Accounting Pronouncements The Company evaluates all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) for consideration of their applicability. ASUs not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on its Condensed Consolidated Financial Statements. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief ASU No. 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Standards Update 2014-09 | |
Summary of Revenue from Contracts with Customers by Payor Type | The following table summarizes revenue from contracts with customers by payor type for the in the first six months of 2019 and 2018 Three months ended June 30, 2019 2018 (in thousands) Genetic Testing Services by payor Institutional $ 8,160 $ 4,782 Patient 143 156 Insurance 121 462 Total Revenue $ 8,424 $ 5,400 Six months ended June 30, 2019 2018 (in thousands) Genetic Testing Services by payor Institutional $ 13,279 $ 9,247 Patient 245 272 Insurance 270 534 Total Revenue $ 13,794 $ 10,053 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities | The Company’s marketable securities consisted of the following: June 30, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Short-term Money market accounts $ 3,722 — — $ 3,722 United States Treasury 999 — — 999 U.S. government agency securities 797 1 — 798 Corporate debt securities 16,014 22 (13 ) 16,023 Less: Cash equivalents (3,722 ) — — (3,722 ) Total short-term marketable securities 17,810 23 (13 ) 17,820 Corporate debt securities 11,561 136 — 11,697 Total long-term marketable securities 11,561 136 — 11,697 Total marketable securities $ 29,371 $ 159 $ (13 ) $ 29,517 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Marketable securities: Short-term Money market accounts $ 2,692 $ — $ — $ 2,692 United States Treasury 990 — — 990 U.S. government agency securities 790 — — 790 Corporate debt securities 22,613 1 (96 ) 22,518 Less: Cash equivalents (2,692 ) — — (2,692 ) Total short-term marketable securities 24,393 1 (96 ) 24,298 Corporate debt securities 6,383 11 (8 ) 6,386 Total long-term marketable securities 6,383 11 (8 ) 6,386 Total marketable securities $ 30,776 $ 12 $ (104 ) $ 30,684 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: June 30, 2019 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities and cash equivalents: Corporate debt securities $ 27,720 $ — $ 27,720 $ — United States Treasury 999 — 999 — U.S. government agency securities 798 — 798 — Money market accounts 3,722 3,722 — — Total marketable securities and cash equivalents $ 33,239 $ 3,722 $ 29,517 $ — December 31, 2018 Total Level 1 Level 2 Level 3 (in thousands) Marketable securities and cash equivalents: Corporate debt securities $ 28,904 $ — $ 28,904 $ — United States Treasury 990 — 990 — U.S. government agency securities 790 — 790 — Money market accounts 2,692 2,692 — — Total marketable securities and cash equivalents $ 33,376 $ 2,692 $ 30,684 $ — |
Fixed Assets (Tables)
Fixed Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Major Classes of Fixed Assets | Major classes of fixed assets consisted of the following: June 30, December 31, Useful Lives 2019 2018 (in thousands) Computer hardware 3 Years $ 1,687 $ 1,579 Computer software 3 Years 530 495 Medical lab equipment 5 Years 8,136 8,136 Furniture and fixtures 5 Years 234 233 Leasehold improvements Shorter of lease term or estimated useful life 802 802 Assets not yet placed in service 1,485 1,087 Total 12,874 12,332 Less: Accumulated depreciation (6,937 ) (5,886 ) Property and equipment, net $ 5,937 $ 6,446 |
Significant Balance Sheet Acc_2
Significant Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: June 30, 2019 December 31, 2018 (in thousands) Reagents $ 405 $ 314 Prepaid expenses 1,024 706 Prepaid income taxes 609 1,251 Marketable securities interest receivable 196 220 Other receivable 33 70 Total $ 2,267 $ 2,561 |
Reporting Segment and Geograp_2
Reporting Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Region | Revenue by region was as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Revenue: United States $ 6,686 $ 3,299 $ 10,300 $ 5,826 Foreign: Canada 516 1,070 1,054 2,040 Other Countries 1,222 1,031 2,440 2,187 Total $ 8,424 $ 5,400 $ 13,794 $ 10,053 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Expense | The following was operating lease expense: Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost $ 146 $ 292 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was the following: Three months ended June 30, 2019 Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 116 $ 278 Operating cash flows from operating leases $ 101 $ 201 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was the following: June 30, 2019 Weighted average remaining lease term - operating leases 6.1 years Weighted average discount rate - operating leases 6.25 % |
Schedule of Maturity Analysis of Operating Lease Liabilities using Undiscounted Cash Flows on an Annual Basis | The following is a maturity analysis of operating lease liabilities using undiscounted cash flows on an annual basis with renewal periods included: Operating Leases (in thousands) Year Ending December 31, 2019 (remaining 6 months) $ 281 2020 559 2021 550 2022 558 2023 567 2024 330 Thereafter 532 Total lease payments 3,377 Less imputed interest (591 ) Total $ 2,786 |
Schedule of Future Minimum Payments for Noncancelable Operating Leases | Future minimum payments under non-cancelable operating leases as of December 31, 2018 are as follows: Amounts (in thousands) Year ending December 31, 2019 $ 560 2020 559 2021 550 2022 558 2023 567 Thereafter 862 Total minimum lease payments $ 3,656 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Equity-Based Compensation | The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Cost of revenue $ 167 $ 151 $ 309 $ 275 Research and development 233 171 411 303 Selling and marketing 186 113 311 221 General and administrative 151 138 289 319 Total $ 737 $ 573 $ 1,320 $ 1,118 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Basic and Diluted Loss Per Share Computations | The following table presents the calculation of basic and diluted loss per share Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands, except per share data) Net income (loss) $ 331 $ (1,049 ) $ (1,577 ) $ (2,959 ) Weighted-average common shares—outstanding, basic 18,343 17,919 18,286 17,891 Weighted-average common shares—outstanding, diluted 19,021 17,919 18,286 17,891 Net income (loss) per common share, basic $ 0.02 $ (0.06 ) $ (0.09 ) $ (0.17 ) Net income (loss) per common share, diluted $ 0.02 $ (0.06 ) $ (0.09 ) $ (0.17 ) |
Anti-dilutive Securities Excluded from Calculation of Diluted Loss Per Share | The following securities have been excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Options 19 436 387 433 RSUs 358 1,055 1,093 961 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity method investments as of June 30 June 30, 2019 December 31, 2018 Carrying Value Ownership Percentage Carrying Value Ownership Percentage (in thousands) FF Gene Biotech $ 1,084 30 % $ 1,512 30 % Total equity method investments $ 1,084 30 % $ 1,512 30 % |
Summary of Financial Information for Equity Method Investees | Summary Financial Information Summary financial information for FF Gene Biotech is as follows: June 30, December 31, 2019 2018 Consolidated Balance Sheets Data: (in thousands) Current Assets $ 2,367 $ 1,916 Non-Current Assets 3,892 4,068 Current Liabilities 4,318 2,415 Non-Current Liabilities — — Minority Interest 207 — Shareholders' Equity 1,734 3,569 Six Months Ended June 30 2019 2018 Consolidated Statements of Operations Data: (in thousands) Net Sales $ 1,131 $ 349 Gross Profit 579 (1 ) Net Loss (1,423 ) (1,637 ) Share of loss from investments accounted for using the equity method (1) (428 ) (491 ) (1) 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 Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)Customer | Jun. 30, 2018Customer | Jun. 30, 2019USD ($)Customer | Jun. 30, 2018Customer | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $585 and $590, as of June 30, 2019 and December 31, 2018, respectively | $ 5,543 | $ 5,543 | $ 5,948 | |||
Practical expedient not to disclose amount of transaction price allocated to unsatisfied performance obligations | true | |||||
Operating lease liabilities | 2,786 | $ 2,786 | $ 3,000 | |||
Right-of-use assets | $ 2,756 | $ 2,756 | $ 3,000 | |||
Customer Concentration Risk | Revenue | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of customers | Customer | 2 | 1 | 2 | 1 | ||
Customer Concentration Risk | Revenue | Customer One | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 32.00% | 13.00% | 27.00% | 13.00% | ||
Customer Concentration Risk | Revenue | Customer Two | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 15.00% | 10.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contracts with customers by payor type | $ 8,424 | $ 5,400 | $ 13,794 | $ 10,053 |
Accounting Standards Update 2014-09 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Type of Revenue [Extensible List] | flgt:GeneticTestingServicesMember | flgt:GeneticTestingServicesMember | flgt:GeneticTestingServicesMember | flgt:GeneticTestingServicesMember |
Revenue from contracts with customers by payor type | $ 8,424 | $ 5,400 | $ 13,794 | $ 10,053 |
Accounting Standards Update 2014-09 | Clinical Institutional Contracts | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contracts with customers by payor type | 8,160 | 4,782 | 13,279 | 9,247 |
Accounting Standards Update 2014-09 | Clinical Patient Contracts | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contracts with customers by payor type | 143 | 156 | 245 | 272 |
Accounting Standards Update 2014-09 | Clinical Insurance Contracts | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contracts with customers by payor type | $ 121 | $ 462 | $ 270 | $ 534 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | $ 29,371 | $ 30,776 | ||
Marketable securities, Unrealized Gains | 159 | 12 | ||
Marketable securities, Unrealized Losses | (13) | (104) | ||
Marketable securities, Aggregate Fair Value | 29,517 | 30,684 | ||
Cash and cash equivalents | 9,165 | 6,736 | $ 3,654 | $ 6,490 |
Less: cash equivalents | (3,722) | (2,692) | ||
Short-Term Marketable Securities | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | 17,810 | 24,393 | ||
Marketable securities, Unrealized Gains | 23 | 1 | ||
Marketable securities, Unrealized Losses | (13) | (96) | ||
Marketable securities, Aggregate Fair Value | 17,820 | 24,298 | ||
Short-Term Marketable Securities | Corporate Debt Securities | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | 16,014 | 22,613 | ||
Marketable securities, Unrealized Gains | 22 | 1 | ||
Marketable securities, Unrealized Losses | (13) | (96) | ||
Marketable securities, Aggregate Fair Value | 16,023 | 22,518 | ||
Short-Term Marketable Securities | United States Treasury | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | 999 | 990 | ||
Marketable securities, Aggregate Fair Value | 999 | 990 | ||
Short-Term Marketable Securities | U.S. Government Agency Securities | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | 797 | 790 | ||
Marketable securities, Unrealized Gains | 1 | |||
Marketable securities, Aggregate Fair Value | 798 | 790 | ||
Long-Term Marketable Securities | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | 11,561 | 6,383 | ||
Marketable securities, Unrealized Gains | 136 | 11 | ||
Marketable securities, Unrealized Losses | (8) | |||
Marketable securities, Aggregate Fair Value | 11,697 | 6,386 | ||
Long-Term Marketable Securities | Corporate Debt Securities | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Marketable securities, Amortized Cost Basis | 11,561 | 6,383 | ||
Marketable securities, Unrealized Gains | 136 | 11 | ||
Marketable securities, Unrealized Losses | (8) | |||
Marketable securities, Aggregate Fair Value | 11,697 | 6,386 | ||
Short Term Marketable Securities | Money Market Accounts | ||||
Schedule of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | 3,722 | 2,692 | ||
Cash and cash equivalents fair value disclosure | $ 3,722 | $ 2,692 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||
Gross unrealized loss | $ 13,000 | $ 104,000 |
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) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 29,517 | $ 30,684 |
Fair Value Measurements Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities and cash equivalents | 33,239 | 33,376 |
Fair Value Measurements Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities and cash equivalents | 3,722 | 2,692 |
Fair Value Measurements Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities and cash equivalents | 29,517 | 30,684 |
Fair Value Measurements Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities and cash equivalents | 0 | 0 |
Fair Value Measurements Recurring | Money Market Accounts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents fair value disclosure | 3,722 | 2,692 |
Fair Value Measurements Recurring | Money Market Accounts | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents fair value disclosure | 3,722 | 2,692 |
Fair Value Measurements Recurring | Money Market Accounts | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents fair value disclosure | 0 | 0 |
Fair Value Measurements Recurring | Money Market Accounts | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents fair value disclosure | 0 | 0 |
Fair Value Measurements Recurring | United States Treasury | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 999 | 990 |
Fair Value Measurements Recurring | United States Treasury | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value Measurements Recurring | United States Treasury | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 999 | 990 |
Fair Value Measurements Recurring | United States Treasury | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value Measurements Recurring | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 27,720 | 28,904 |
Fair Value Measurements Recurring | Corporate Debt Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value Measurements Recurring | Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 27,720 | 28,904 |
Fair Value Measurements Recurring | Corporate Debt Securities | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value Measurements Recurring | U.S. Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 798 | 790 |
Fair Value Measurements Recurring | U.S. Government Agency Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value Measurements Recurring | U.S. Government Agency Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 798 | 790 |
Fair Value Measurements Recurring | U.S. Government Agency Securities | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value asset, investments measured using unobservable inputs | $ 0 |
Fair value assets, transfers between levels, amount | 0 |
Unrealized losses for securities in an unrealized loss position for more than 12 months | 13,000 |
Other-than-temporary impairment losses related to marketable securities | $ 0 |
Fixed Assets - Major Classes of
Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 12,874 | $ 12,332 |
Less: Accumulated depreciation | (6,937) | (5,886) |
Fixed assets, net | 5,937 | 6,446 |
Computer Hardware | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 1,687 | 1,579 |
Useful life in years | 3 years | |
Computer Software | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 530 | 495 |
Useful life in years | 3 years | |
Medical Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 8,136 | 8,136 |
Useful life in years | 5 years | |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 234 | 233 |
Useful life in years | 5 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Fixed assets, gross | $ 802 | 802 |
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 | $ 1,485 | $ 1,087 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense on fixed assets | $ 511,000 | $ 562,000 | $ 1,046,000 | $ 1,078,000 |
Significant Balance Sheet Acc_3
Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Reagents | $ 405 | $ 314 |
Prepaid expenses | 1,024 | 706 |
Prepaid income taxes | 609 | 1,251 |
Marketable securities interest receivable | 196 | 220 |
Other receivable | 33 | 70 |
Total | $ 2,267 | $ 2,561 |
Reporting Segment and Geograp_3
Reporting Segment and Geographical Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 1 |
Reporting Segment and Geograp_4
Reporting Segment and Geographical Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 8,424 | $ 5,400 | $ 13,794 | $ 10,053 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,686 | 3,299 | 10,300 | 5,826 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 516 | 1,070 | 1,054 | 2,040 |
Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,222 | $ 1,031 | $ 2,440 | $ 2,187 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Reagents $ in Millions | Jun. 30, 2019USD ($) |
Commitments And Contingencies [Line Items] | |
Non-cancelable purchase obligations | $ 5.8 |
Non-cancelable purchase obligations, payable within next twenty-four months | 3.7 |
Non-cancelable purchase obligations, payable within twelve months | $ 2.1 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | |
Leases [Abstract] | |||||
Operating leases term of expiration | 2023-08 | ||||
Operating leases, renewal term | 3 years | 3 years | |||
Operating leases, rent expense | $ 133,000 | $ 119,000 | $ 266,000 | $ 228,000 | |
Long-term ROU assets | 2,756,000 | 2,756,000 | $ 3,000,000 | ||
Short-term lease liabilities | 401,000 | 401,000 | 384,000 | ||
Long-term lease liabilities | $ 2,385,000 | 2,385,000 | $ 2,600,000 | ||
Impact to retained earnings upon adoption ASC 842 | $ 0 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 146 | $ 292 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 116 | $ 278 |
Operating cash flows from operating leases | $ 101 | $ 201 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term - operating leases | 6 years 1 month 6 days |
Weighted average discount rate - operating leases | 6.25% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Operating Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 (remaining 6 months) | $ 281 | |
2020 | 559 | |
2021 | 550 | |
2022 | 558 | |
2023 | 567 | |
2024 | 330 | |
Thereafter | 532 | |
Total lease payments | 3,377 | |
Less imputed interest | (591) | |
Total | $ 2,786 | $ 3,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments for Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 560 |
2020 | 559 |
2021 | 550 |
2022 | 558 |
2023 | 567 |
Thereafter | 862 |
Total minimum lease payments | $ 3,656 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | $ 737 | $ 573 | $ 1,320 | $ 1,118 |
Cost of Revenue | ||||
Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | 167 | 151 | 309 | 275 |
Research and Development | ||||
Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | 233 | 171 | 411 | 303 |
Selling and Marketing | ||||
Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | 186 | 113 | 311 | 221 |
General and Administrative | ||||
Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Equity-based compensation expense | $ 151 | $ 138 | $ 289 | $ 319 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 1.00% | 11.00% | (2.00%) | 18.00% |
Loss per Share - Reconciliation
Loss per Share - Reconciliation of Basic and Diluted Loss Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 331 | $ (1,049) | $ (1,577) | $ (2,959) |
Weighted-average common shares—outstanding, basic | 18,343 | 17,919 | 18,286 | 17,891 |
Weighted-average common shares—outstanding, diluted | 19,021 | 17,919 | 18,286 | 17,891 |
Net income (loss) per common share, basic | $ 0.02 | $ (0.06) | $ (0.09) | $ (0.17) |
Net income (loss) per common share, diluted | $ 0.02 | $ (0.06) | $ (0.09) | $ (0.17) |
Loss per Share - Anti-dilutive
Loss per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted loss per share | 19 | 436 | 387 | 433 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted loss per share | 358 | 1,055 | 1,093 | 961 |
Related Party - Additional Info
Related Party - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Apr. 30, 2017 | |
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 30.00% | 30.00% | 30.00% | |||
Xilong Scientific | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage of common stock outstanding shares | 11.00% | 11.00% | ||||
Foundation | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | $ 8,000 | $ 0 | $ 16,000 | $ 8,000 | ||
Due from related parties | 2,000 | 2,000 | $ 0 | |||
Foundation | Research Testing Services | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 2,000 | 0 | 2,000 | 0 | ||
University | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 9,000 | $ 7,000 | 22,000 | $ 16,000 | ||
Due from related parties | $ 18,000 | $ 18,000 | 51,000 | |||
FF Gene Biotech | FJIP | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 19.00% | |||||
FF Gene Biotech | Dr. Han Lin Gao | FJIP | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 25.00% | 25.00% | ||||
Fulgent Pharma | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 29,000 | $ 29,000 | $ 22,000 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2017CNY (¥) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||||||
Ownership interest to be made in joint venture | 30.00% | 30.00% | 30.00% | 30.00% | |||
Royalty earned | $ | $ 8,424,000 | $ 5,400,000 | $ 13,794,000 | $ 10,053,000 | |||
Royalty | License Agreement | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Royalty earned | $ | $ 17,000 | $ 35,000 | |||||
FF Gene Biotech | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Contribution to be made in joint venture | ¥ | ¥ 60,000,000 | ||||||
Contribution period in joint venture | 5 years | ||||||
Previous contribution period in joint venture | 3 years | ||||||
Ownership interest to be made in joint venture | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | ||
Contributions remain for joint venture | $ 5,900,000 | $ 5,900,000 | ¥ 40,300,000 | ||||
FF Gene Biotech | Equipment | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Contributions made to joint venture | $ | $ 3,000,000 | ||||||
Xilong Scientific | FF Gene Biotech | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Contribution to be made in joint venture | ¥ | ¥ 102,000,000 | ||||||
Contribution period in joint venture | 5 years | ||||||
Previous contribution period in joint venture | 3 years | ||||||
Ownership interest to be made in joint venture | 51.00% | ||||||
FJIP | FF Gene Biotech | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Contribution to be made in joint venture | ¥ | ¥ 19,000,000 | ||||||
Contribution period in joint venture | 10 years | ||||||
Previous contribution period in joint venture | 5 years | ||||||
Ownership interest to be made in joint venture | 19.00% |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Apr. 30, 2017 |
Schedule Of Equity Method Investments [Line Items] | |||
Carrying Value | $ 1,084 | $ 1,512 | |
Ownership percentage | 30.00% | 30.00% | |
FF Gene Biotech | |||
Schedule Of Equity Method Investments [Line Items] | |||
Carrying Value | $ 1,084 | $ 1,512 | |
Ownership percentage | 30.00% | 30.00% | 30.00% |
Equity Method Investments - Sum
Equity Method Investments - Summary of Financial Information for Equity Method Investees, Balance Sheet Data (Details) - FF Gene Biotech - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Current Assets | $ 2,367 | $ 1,916 |
Non-Current Assets | 3,892 | 4,068 |
Current Liabilities | 4,318 | 2,415 |
Minority Interest | 207 | |
Shareholders' Equity | $ 1,734 | $ 3,569 |
Equity Method Investments - S_2
Equity Method Investments - Summary of Financial Information for Equity Method Investees, Statement of Operations Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Equity loss in investee | $ (149) | $ (246) | $ (428) | $ (491) |
FF Gene Biotech | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net Sales | 1,131 | 349 | ||
Gross Profit | 579 | (1) | ||
Net Loss | (1,423) | (1,637) | ||
Equity loss in investee | $ (428) | $ (491) |