v3.26.1
Other Financial Statement Information
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Statement Information Other Financial Statement Information
Available-for-sale Securities
Available-for-sale securities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$477,135 $— $— $477,135 $441,108 $— $— $441,108 Level 1
Marketable securities:
Government debt securities49,546 — (25)49,521 49,431 12 — 49,443 Level 2
Total available-for-sale securities$526,681 $— $(25)$526,656 $490,539 $12 $— $490,551 
The contractual maturities of marketable securities as of June 30, 2026 were all less than one year.
The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and unrealized losses not related to credit losses are recognized in “Other comprehensive income (loss).” There are no allowances for credit losses for the periods presented.
Inventory
Inventory was comprised of the following (in thousands):
June 30,
2026		December 31,
2025
Finished goods$15,963 $23,183 
Work in progress20,324 17,135 
Purchased materials16,329 16,023 
Inventory$52,616 $56,341 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
June 30,
2026		December 31,
2025
Building$147,608 $147,493 
Leasehold improvements90,400 89,724 
Laboratory equipment and machinery 81,218 78,133 
Land36,765 36,765 
Computer equipment and software15,183 15,281 
Furniture and fixtures9,841 9,850 
Construction in progress2,065 2,929 
Total property and equipment383,080 380,175 
Less: accumulated depreciation and amortization (167,756)(153,464)
Property and equipment, net$215,324 $226,711 
During the six months ended June 30, 2025, the Company recorded impairment charges of $0.1 million related to equipment. The impairment charge was triggered by a decision to discontinue an engineering project.
Intangible Assets, Net
Intangible assets, net consisted of the following (dollars in thousands):
June 30, 2026December 31, 2025
Remaining Useful Life in YearsGross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net
Developed technology5.8$56,338 $(7,458)$48,880 $52,639 $(3,359)$49,280 
Technology licenses8.322,504 (10,226)12,278 22,504 (9,491)13,013 
Assembled workforce01,328 (1,326)2 1,328 (1,292)36 
Customer Relationships0945 (945)— 945 (945)— 
Total intangible assets, net$81,115 $(19,955)$61,160 $77,416 $(15,087)$62,329 
During the three months ended June 30, 2026, the Company recorded developed technology of $3.7 million in connection with the PTG acquisition with an estimated useful life of 10 years. The amortization of developed technology is recorded in cost of revenue. See Note 3, Acquisition, for details related to the intangible asset acquired.
Compensation and Related Benefits
Accrued compensation and related benefits were comprised of the following (in thousands):
June 30,
2026		December 31,
2025
Accrued bonus$15,451 $29,506 
Accrued commissions3,256 5,335 
Accrued payroll and related costs2,909 4,964 
Other3,128 2,695 
Accrued compensation and related benefits$24,744 $42,500 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following (in thousands):
June 30,
2026		December 31,
2025
Taxes payable$6,946 $7,219 
Product warranties3,927 6,828 
Customer refunds and deposits payable2,584 5,542 
Accrued royalties for licensed technologies3,994 4,971 
Accrued professional services3,977 2,914 
Accrued legal and related costs1,874 1,502 
Other7,075 10,995 
Accrued expenses and other current liabilities$30,377 $39,971 
Product Warranties
Changes in the reserve for product warranties were as follows (in thousands):
Six Months Ended
June 30,
20262025
Beginning of period$6,828 $8,615 
Amounts charged to cost of revenue866 6,020 
Repairs and replacements(3,767)(6,179)
End of period$3,927 $8,456 
Revenue and Deferred Revenue
As of June 30, 2026, the aggregate amount of remaining performance obligations primarily related to separately sold extended warranty service agreements or allocated amounts for extended warranty service agreements bundled with sales of instruments was $33.3 million, of which approximately $23.6 million is expected to be recognized as revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $33.3 million and $34.4 million as of June 30, 2026 and December 31, 2025, respectively, primarily consisted of deferred revenue related to extended warranty service agreements.
Six Months Ended
June 30,
(in thousands)20262025
Beginning of period$34,403 $33,171 
Revenue recognized that was included in the contract liability at the beginning of the year(14,499)(11,108)
Revenue deferred excluding amounts recognized as revenue during the period13,389 11,455 
End of period$33,293 $33,518 
The following table represents revenue by source for the periods indicated (in thousands). Spatial includes the Company’s Visium and Xenium products:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Instruments
Single Cell$3,087 $5,727 $8,310 $11,640 
Spatial4,574 8,770 10,613 17,672 
Total instruments revenue7,661 14,497 18,923 29,312 
Consumables
Single Cell88,451 85,788 177,345 169,897 
Spatial42,301 36,397 83,208 67,644 
Total consumables revenue130,752 122,185 260,553 237,541 
Services10,681 8,475 19,514 16,127 
Products and services revenue149,094 145,157 298,990 282,980 
License and royalty revenue1,942 27,751 2,889 44,811 
Total revenue$151,036 $172,908 $301,879 $327,791 
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Americas
United States(1)
$82,109 $103,491 $158,802 $190,309 
Americas (excluding United States)2,917 2,667 6,323 6,419 
Total Americas85,026 106,158 165,125 196,728 
Europe, Middle East and Africa39,972 34,734 76,824 66,629 
Asia-Pacific
China14,968 23,170 30,805 40,053 
Asia-Pacific (excluding China)11,070 8,846 29,125 24,381 
Total Asia-Pacific26,038 32,016 59,930 64,434 
Total revenue$151,036 $172,908 $301,879 $327,791 
______________________________
(1)     Includes license and royalty revenue.
License and Royalty Revenue
In May 2026, the Company settled its patent litigation with Takara Bio USA Holdings, Inc. (“Takara”) and recorded $1.6 million of license and royalty revenue in the three and six months ended June 30, 2026. In February 2025, the Company settled its worldwide patent litigation with Vizgen, Inc. (“Vizgen”). As part of the settlement agreement with Vizgen, the
Company recorded $16.8 million of license and royalty revenue in the six months ended June 30, 2025. In May 2025, the Company entered into a settlement agreement and license agreements with Bruker Corporation (“Bruker”). Under the settlement agreement with Bruker, the Company recorded $27.3 million of license and royalty revenue in the three and six months ended June 30, 2025.
Other Income (Expense), Net
Other income (expense), net consists of gains and losses from foreign currency remeasurements and changes in fair value of the contingent consideration related to the Scale acquisition. The Company recognized foreign currency transaction losses of $0.4 million and $1.1 million for the three and six months ended June 30, 2026, respectively, and foreign currency transaction income of $2.3 million and $3.7 million for the three and six months ended June 30, 2025, respectively. The Company recognized a $3.5 million loss resulting from the change in fair value of the contingent consideration related to the Scale acquisition in the three and six months ended June 30, 2026.