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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,710)	$ (11,229)	$ (22,172)	$ (26,569)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Debt, Commitments and Contingencies	6 Months Ended
Jun. 30, 2024
Debt Commitments And Contingencies Disclosure [Abstract]
Debt, Commitments and Contingencies	Note 8. Debt, Commitments, and Contingencies Debt Notes payable as of June 30, 2024 consisted of $2.9 million of notes payable related to an installment sale contract the Company entered in February 2022 for a building. The notes payable related to the installment sale are due in February 2030, and carry an interest rate of 1.08%. The current portion and noncurrent portion are $0.4 million and $2.5 million, respectively, and the noncurrent portion is included in the other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The related interest expenses for the three and six months ended June 30, 2024 and 2023 were not significant. Purchase Obligations From time to time, the Company enters into certain purchase commitments with its vendors, consisting primarily of services, reagent and supplies, computer software, and medical lab equipment. As of June 30, 2024, the Company had non-cancelable purchase obligations of $45.7 million, of which $32.1 million is payable within twelve months, and the remainder, $13.6 million is payable within the next five years. Contingencies From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. As previously disclosed in the Company’s periodic reports filed pursuant to the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Company has received a Civil Investigative Demand, or CID, issued by the U.S. Department of Justice, or the DOJ, pursuant to the False Claims Act related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law. Among other things, this CID requests information and records relating to certain of the Company’s customers named in the CID. Also, as previously disclosed, the SEC is conducting a non-public formal investigation, which appears to relate to the matters raised in the CID requests and the Company’s Exchange Act reports filed for 2018 through 2020. The Company is fully cooperating with both the U.S. DOJ and the SEC in connection with their requests and investigations. On May 6, 2024, the SEC staff, or the Staff, advised the Company that it has made a preliminary determination to recommend that the SEC file an enforcement action against the Company based on a corporate negligence theory, which, if authorized, would allege violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended, Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Rules 13a-1, 13a-13, and 12b-20 thereunder. The Company does not believe that any enforcement recommendation is warranted and, on June 7, 2024, responded to the Staff’s preliminary recommendation. The Company is engaged in ongoing discussions with the SEC staff and the DOJ regarding these matters. The Company cannot predict when these matters will be resolved, the outcome of these matters, or their potential impact, which may materially and adversely affect the Company’s business, prospects, and financial condition. Similar to other laboratories in the industry, the Company is currently being audited by the U.S. Health Resources and Services Administration, or HRSA, with respect to its reimbursement for COVID-19 tests furnished to patients believed to be uninsured. The Company recorded approximately $548.9 million of reimbursements from HRSA under the Uninsured Program during the years ended December 31, 2022, 2021, and 2020. The Company is fully cooperating and working with HRSA’s auditors to resolve any issues, including any reimbursed amounts that may need to be returned to HRSA. There is uncertainty with respect to the methodology HRSA will use and whether and how they will extrapolate audit results. The results of the HRSA audit may materially and adversely affect the Company’s business, prospects, and financial condition. The Company cannot reasonably estimate the loss or range of loss, if any, that may result from any material government investigations, audits, and reviews in which it is currently involved, given the inherent difficulty in predicting regulatory action, fines and penalties, if any, and the various remedies and levels of judicial review available to the Company in the event of an adverse finding. As a result, the Company has not recorded any liability related to these matters. In relation to a recent advisory opinion issued by the Office of Inspector General of the Department of Health and Human Services, the Company’s subsidiary, Symphony Buyer, Inc., or Inform Diagnostics, initiated a voluntary disclosure process with the appropriate government contact. The Company currently has estimated and recorded $6.9 million as a liability in its financial statements in connection with this voluntary disclosure. This estimate may be incorrect, and the actual amount of liability may be lower or may materially exceed this estimate.

Debt, Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Debt Commitments And Contingencies Disclosure [Abstract]

Debt, Commitments and Contingencies

Note 8. Debt, Commitments, and Contingencies

Debt

Notes payable as of June 30, 2024 consisted of $2.9 million of notes payable related to an installment sale contract the Company entered in February 2022 for a building. The notes payable related to the installment sale are due in February 2030, and carry an interest rate of 1.08%. The current portion and noncurrent portion are $0.4 million and $2.5 million, respectively, and the noncurrent portion is included in the other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The related interest expenses for the three and six months ended June 30, 2024 and 2023 were not significant.

Purchase Obligations

From time to time, the Company enters into certain purchase commitments with its vendors, consisting primarily of services, reagent and supplies, computer software, and medical lab equipment. As of June 30, 2024, the Company had non-cancelable purchase obligations of $45.7 million, of which $32.1 million is payable within twelve months, and the remainder, $13.6 million is payable within the next five years.

Contingencies

From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business.

As previously disclosed in the Company’s periodic reports filed pursuant to the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Company has received a Civil Investigative Demand, or CID, issued by the U.S. Department of Justice, or the DOJ, pursuant to the False Claims Act related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law. Among other things, this CID requests information and records relating to certain of the Company’s customers named in the CID. Also, as previously disclosed, the SEC is conducting a non-public formal investigation, which appears to relate to the matters raised in the CID requests and the Company’s Exchange Act reports filed for 2018 through 2020. The Company is fully cooperating with both the U.S. DOJ and the SEC in connection with their requests and investigations. On May 6, 2024, the SEC staff, or the Staff, advised the Company that it has made a preliminary determination to recommend that the SEC file an enforcement action against the Company based on a corporate negligence theory, which, if authorized, would allege violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended, Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Rules 13a-1, 13a-13, and 12b-20 thereunder. The Company does not believe that any enforcement recommendation is warranted and, on June 7, 2024, responded to the Staff’s preliminary recommendation. The Company is engaged in ongoing discussions with the SEC staff and the DOJ regarding these matters. The Company cannot predict when these matters will be resolved, the outcome of these matters, or their potential impact, which may materially and adversely affect the Company’s business, prospects, and financial condition.

Similar to other laboratories in the industry, the Company is currently being audited by the U.S. Health Resources and Services Administration, or HRSA, with respect to its reimbursement for COVID-19 tests furnished to patients believed to be uninsured. The Company recorded approximately $548.9 million of reimbursements from HRSA under the Uninsured Program during the years ended December 31, 2022, 2021, and 2020. The Company is fully cooperating and working with HRSA’s auditors to resolve any issues, including any reimbursed amounts that may need to be returned to HRSA. There is uncertainty with respect to the methodology HRSA will use and whether and how they will extrapolate audit results. The results of the HRSA audit may materially and adversely affect the Company’s business, prospects, and financial condition.

The Company cannot reasonably estimate the loss or range of loss, if any, that may result from any material government investigations, audits, and reviews in which it is currently involved, given the inherent difficulty in predicting regulatory action, fines and penalties, if any, and the various remedies and levels of judicial review available to the Company in the event of an adverse finding. As a result, the Company has not recorded any liability related to these matters.

In relation to a recent advisory opinion issued by the Office of Inspector General of the Department of Health and Human Services, the Company’s subsidiary, Symphony Buyer, Inc., or Inform Diagnostics, initiated a voluntary disclosure process with the appropriate government contact. The Company currently has estimated and recorded $6.9 million as a liability in its financial statements in connection with this voluntary disclosure. This estimate may be incorrect, and the actual amount of liability may be lower or may materially exceed this estimate.

Leases - Schedule of Operating and Finance Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU asset, net	$ 9,186	$ 10,838
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating lease liabilities, short term	$ 2,288	$ 3,957
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities, long term	$ 7,155	$ 7,147
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease ROU asset, net	$ 1,037	$ 1,316
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance lease liabilities, short term	$ 492	$ 544
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance lease liabilities, long term	$ 535	$ 760
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 71,028	$ 67,853	$ 135,513	$ 134,021
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	71,028	67,853	135,513	134,021
Accounting Standards Update 2014-09 \| Clinical Institutional Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	38,950	34,082	72,554	65,074
Accounting Standards Update 2014-09 \| Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	31,100	33,061	61,143	67,612
Accounting Standards Update 2014-09 \| Clinical Patients Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 978	$ 710	$ 1,816	$ 1,335

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 65,111	$ 97,473
Marketable securities	246,595	326,681
Trade accounts receivable, net of allowance for credit losses of $25,307 as of June 30, 2024, and $25,226 as of December 31, 2023	56,573	51,132
Other current assets	30,825	32,559
Total current assets	399,104	507,845
Marketable securities, long-term	526,163	423,571
Intangible assets, net	138,973	143,053
Fixed assets, net	93,368	83,464
Goodwill, net	22,055	22,055
Redeemable preferred stock investment	20,438	20,438
Other long-term assets	32,138	34,902
Total assets	1,232,239	1,235,328
Current liabilities
Accounts payable	19,873	15,360
Accrued liabilities	26,425	30,737
Customer deposit	26,297	22,700
Contract liabilities	2,744	2,874
Notes payable, current portion	412	1,183
Other current liabilities		164
Total current liabilities	75,751	73,018
Deferred tax liabilities	6,948	7,962
Unrecognized tax benefits	6,295	5,978
Other long-term liabilities	14,397	15,084
Total liabilities	103,391	102,042
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 33,036 shares issued and 30,262 shares outstanding as of June 30, 2024, and 32,416 shares issued and 29,653 shares outstanding as of December 31, 2023	3	3
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding, as of June 30, 2024, and December 31, 2023
Additional paid-in capital	522,420	501,718
Accumulated other comprehensive (loss) income	(877)	1,205
Retained earnings	611,003	633,175
Total Fulgent stockholders' equity	1,132,549	1,136,101
Noncontrolling interest	(3,701)	(2,815)
Total stockholders’ equity	1,128,848	1,133,286
Total liabilities and stockholders’ equity	$ 1,232,239	$ 1,235,328

Leases - Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
2024 (remaining 6 months)	$ 1,389
2025	2,547
2026	1,974
2027	1,886
2028	514
2029	712
Thereafter	1,890
Total lease payments	10,912
Less imputed interest	(1,469)
Total	9,443
Finance Lease
2024 (remaining 6 months)	235
2025	468
2026	366
Total lease payments	1,069
Less imputed interest	(42)
Total	$ 1,027

Equity-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [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,
	2024		2023		2024		2023
	(in thousands)
Cost of revenue	$	1,999	$	2,359	$	4,008	$	4,753
Research and development		4,136		3,670		7,980		7,118
Selling and marketing		1,002		1,094		2,052		2,455
General and administrative		4,498		3,200		9,113		6,262
Total	$	11,635	$	10,323	$	23,153	$	20,588

Goodwill and Acquisition-Related Intangibles - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, net	$ 22,055	$ 22,055
Therapeutic Development
Goodwill [Line Items]
Goodwill, net	$ 22,055	$ 22,055

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three and six months ended June 30, 2024, none of our directors or officers adopted or terminated “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
Director And Officer [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loss per Share

6 Months Ended

Jun. 30, 2024

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 for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Net loss attributable to Fulgent	$	(8,710	)	$	(11,229	)	$	(22,172	)	$	(26,569	)

Weighted-average common shares - outstanding, basic		30,098			29,813			29,933			29,675
Weighted-average common shares - outstanding, diluted		30,098			29,813			29,933			29,675

Loss per share:
Basic	$	(0.29	)	$	(0.38	)	$	(0.74	)	$	(0.90	)
Diluted	$	(0.29	)	$	(0.38	)	$	(0.74	)	$	(0.90	)

The following securities have been excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive due to the Company's net loss position:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Stock options		228		210		228		211
Restricted stock units		2,057		1,274		2,057		1,232
Contingently issuable shares		—		371		—		371

In the three and six months ended June 30, 2023, the Company also had contingently issuable shares for shares held back in connection with the business combination of Fulgent Pharma, or Pharma Hold Back Shares. In May 2024, the Company released the remaining Pharma Hold Back Shares such that no shares remain contingently issuable in connection with the business combination of Fulgent Pharma.

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related parties					$ 164,000
ANP Technologies, Inc., \| Ming Hsieh
Related Party Transaction [Line Items]
Ownership percentage	20.00%		20.00%
AHMC Healthcare Inc. \| Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties		$ 22,000		$ 117,000
ANP Technologies Inc
Related Party Transaction [Line Items]
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
Purchase of COVID-19 antigen rapid tests kits from related party	$ 300,000	$ 500,000	$ 1,000,000	$ 1,500,000

Condensed Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - shares shares in Thousands	Jun. 30, 2024	May 31, 2024	Nov. 30, 2023	Jun. 30, 2023
Common stock shares not issued and holdback as partial security for indemnification obligations				371,006
Common stock shares issued upon expiration of hold back provisions	185,503	185,503	185,503

Reportable Segment and Geographic Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 71,028	$ 67,853	$ 135,513	$ 134,021
United States
Segment Reporting Information [Line Items]
Revenue	64,194	63,051	122,044	125,113
China
Segment Reporting Information [Line Items]
Revenue	2,477	2,694	6,581	4,782
Other countries
Segment Reporting Information [Line Items]
Revenue	4,357	2,108	6,888	4,126
Foreign
Segment Reporting Information [Line Items]
Revenue	$ 6,834	$ 4,802	$ 13,469	$ 8,908

- Definition

+ References

+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the 2023 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 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. The Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly 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 credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of intangible assets and goodwill at time of acquisition and on a recurring basis, and (vi) valuation of investments.

Trade Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable, and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company assesses collectability by reviewing trade accounts receivable on a collective basis where similar risk characteristics exist and on an individual basis when it identifies specific customers that have deterioration in credit quality such that they may no longer share similar risk characteristics with the other receivables. In determining the amount of the allowance for credit losses, the Company uses a loss rate model or probability-of-default and loss given default model. Following the loss rate method, expected credit losses are determined based on an estimated historical loss rate. The probability of default method allows the ability to define a point of default and measure credit losses for receivables that have reached the point of default for purposes of calculating the allowance for credit losses. Loss given default represents the likelihood that a receivable that has reached the point of default will not be collected in full. The Company updates its credit loss rate and factors annually to incorporate the most recent historical data and adjusts the quantitative portion of the reserve through its qualitative reserve overlay. The Company looks at qualitative factors such as general economic conditions in determining expected credit losses.

The roll-forward for the allowance for credit losses for the six months ended June 30, 2024, dollars in thousands, is as follows:


Allowance for credit losses at beginning of year	$	25,226
Current period gain		(4,157	)
Write-downs		(2,855	)
Recoveries of amounts previously charged off		7,093
Allowance for credit losses as of June 30, 2024	$	25,307

Redeemable Preferred Stock Investment

The redeemable preferred stock investment of $20.4 million as of June 30, 2024 represents the fair value of redeemable preferred stock of a private company that the Company purchased in July 2021. The investment is classified as available-for-sale debt securities. The fair value of available-for-sale debt security is included in the Condensed Consolidated Balance Sheets. Since the Company intends on holding the preferred stock, and the preferred stock is not redeemable until July 2027, the investment is recorded as a long-term investment, and unrealized gain (loss) is excluded from earnings and reported in other comprehensive income (loss). The unrealized gain (loss) is insignificant in each of the three and six months ended June 30, 2024, and $(0.1) million and $0.5 million in the three and six months ended June 30, 2023, respectively.

Finite-Lived Intangible assets

Intangible assets, unless determined to be indefinite-lived, are amortized over their estimated useful lives. The Company amortizes intangible assets on a straight-line basis with definite lives generally over periods ranging from three to fourteen years. See Note 14, Goodwill and Acquisition-Related Intangibles, for details of intangible assets.

Impairment of Long-Lived Assets

The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount of the asset.

Goodwill and Indefinite-Lived Intangibles

Intangibles in-process research & development costs, or IPR&D, are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time.

The Company assesses goodwill and indefinite-lived intangibles for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company may choose to bypass a qualitative assessment of impairment for any reporting unit and proceed directly to performing a quantitative assessment. An impairment loss would be recognized for the amount by which the reporting unit's carrying amount exceeds its fair value.

The Company’s quantitative assessment includes estimating the fair value of each reporting unit and comparing it to its carrying value. The Company estimates the fair value of reporting units using both income-based and market-based valuation methods and

typically engages a third-party appraisal firm to assist with the valuation. The estimated fair value for each reporting unit is determined based upon the range of estimated values developed from the income and market-based methods. If the estimated fair value of a reporting unit exceeds its carrying value, the goodwill is not impaired, and no further review is required.

The income-based fair value methodology is based on a reporting unit’s forecasted future cash flows that are discounted to the present value using the reporting unit’s weighted average cost of capital. Under the income-based approach, it requires management's assumptions and judgments regarding economic conditions in the markets in which the company operates and conditions in the capital markets, many of which are outside of management's control. The market-based fair value methodology looks at the guideline public company valuation method to determine the prices of comparable public companies and looks at merger and acquisition methods, similar businesses that were sold recently, to estimate the value of the reporting units. Under the market-based approach, judgment is required in evaluating market multiples and recent transactions.

Fair Value of Financial Instruments

The Company’s financial instruments consist principally of cash and cash equivalents, marketable securities, trade accounts receivable, redeemable preferred stock investment, accounts payable, and accrued liabilities. The carrying amounts of certain of these financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Fair value of marketable securities and redeemable preferred stock investment is disclosed in Note 4, Fair Value Measurements, to the accompanying consolidated financial statements.

Concentrations of Credit Risk, Customers, and Suppliers

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable, and marketable securities, which consist of debt securities and equity securities. As of June 30, 2024, substantially all of the Company’s cash and cash equivalents were deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash and cash equivalents are held.

In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. For the laboratory services business, aggregating customers under common control, one customer comprised of $16.9 million or 24% of total revenue in the three months ended June 30, 2024 and $29.6 million or 22% of the Company's revenue in the six months ended June 30, 2024. The same customer contributed $9.1 million or 13% of the Company's revenue in the three months ended June 30, 2023. No customer contributed more than 10% of the Company's revenue in the six months ended June 30, 2023. One customer comprised 19% of total accounts receivable, net, as of June 30, 2024, and 13% of total accounts receivable, net, as of December 31, 2023. For the therapeutic development business, as of June 30, 2024 and December 31, 2023, there is no concentration risk, as there are no customers or revenue, as it does not have any commercialized or approved product candidates.

The Company relies on a limited number of suppliers for certain laboratory substances used in the chemical reactions incorporated into its processes, referred to as reagents, as well as for the sequencers and various other equipment and materials it uses in its laboratory operations. In particular, the Company relies on a sole supplier for the next generation sequencers and associated reagents it uses to perform its genetic tests and as the sole provider of maintenance and repair services for these sequencers. The operations of the laboratory services business would be interrupted if it encountered delays or difficulties securing these reagents, sequencers, other equipment or materials or maintenance and repair services, which could occur for a variety of reasons, including if the Company needs a replacement or temporary substitute for any of its limited or sole suppliers and is not able to locate and make arrangements with an acceptable replacement or temporary substitute. The Company's development efforts could also be delayed or interrupted if is unable to procure items needed for its therapeutic development activities. The Company’s therapeutic development business also relies on ANP Technologies, Inc., or ANP, for certain laboratory services, equipment, tools, and drug intermediates in connection with research and development efforts. The Company believes there are currently only a few other manufacturers that are capable of supplying and servicing some of the equipment and other materials necessary for its laboratory operations, including collection kits, sequencers and various associated reagents.

Equity Method Investments

The Company uses the equity method to account for investments in entities that it does not control but in which it has the ability to exercise significant influence over operating and financial policies. The Company's 25% interest in Boston Molecules, Inc. is accounted for using the equity method but the investment was reduced to zero in 2020 due to full impairment. The Company has not recorded any additional losses.

Reportable Segment and Geographic Information

Reportable segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM, in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. The Company reports its business in two segments, a laboratory services business and a therapeutic development business. For further financial information about these segments, including information for each of the periods presented regarding revenue, operating income (loss), and other important information, see Note 7, Reportable Segment and Geographic Information.

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. Loss from these translations is recognized in foreign currency translation loss included in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss).

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, whereas reagents and supplies, property and nonmonetary assets and liabilities are measured at historical rates. Gain or loss from these remeasurements was not significant for the three and six months ended June 30, 2024 and 2023.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of net unrealized gain (loss) on available-for-sale debt securities, net of tax, and foreign currency translation adjustments from the Company's subsidiaries not using the U.S. dollar as their functional currency. Reclassification from other comprehensive income (loss) to net loss was $0.3 million and $0.9 million in the three and six months ended June 30, 2024, respectively, and there were no reclassifications from other comprehensive income (loss) to net loss in the three and six months ended June 30, 2023. The tax effect related to net unrealized losses on available-for-sale debt securities was zero in the three and six months ended June 30, 2024 due to the valuation allowance in the current period that precludes the Company from recognizing the deferred tax benefit. The tax effects related to net unrealized gain (loss) on available-for-sale debt securities were $(0.8) million and $1.2 million in the three and six months ended June 30, 2023, respectively.

Disaggregation of Revenue

The Company classifies its customers into three payor types: (i) Insurance, (ii) Institutions, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities, and large corporations, or (iii) Patients who pay directly. The Company believes these classifications best depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue by payor
Institutional	$	38,950	$	34,082	$	72,554	$	65,074
Insurance		31,100		33,061		61,143		67,612
Patient		978		710		1,816		1,335
Total revenue	$	71,028	$	67,853	$	135,513	$	134,021

During three and six months ended June 30, 2024, the Company experienced a change in estimate related to variable consideration. $0.6 million and $1.8 million variable consideration were recognized in the three and six months ended June 30, 2024, respectively, that related to COVID-19 tests completed in the prior periods due to the recent collection efforts, which was included as revenue from insurance in the table above. The Company estimates variable consideration using the expected value method. Any changes in variable consideration estimates that affect transactions are accounted for on a cumulative catch-up basis. There was no material variable consideration recognized in the three and six months ended June 30, 2023.

Contract Balances

Receivables from contracts with customers - Receivables from contracts with customers are included within trade accounts receivable on the Condensed Consolidated Balance Sheets. Net receivable from Insurance and Institutional customers represented 44% and 56%, respectively, as of June 30, 2024, and 39% and 61%, respectively, as of December 31, 2023.

Contracts assets and liabilities - Contract assets from contracts with customers associated with contract execution and certain costs to fulfill a contract are included in other current assets in the accompanying Condensed Consolidated Balance Sheets. The Company did not have any contract assets as of June 30, 2024 and December 31, 2023. Contract liabilities are recorded when the Company receives payment prior to completing its obligation to transfer goods or services to a customer. Contract liabilities are included in the current liabilities in Condensed Consolidated Balance Sheets. Revenues of $0.4 million and $1.2 million were recognized for the three and six months ended June 30, 2024, respectively, and $0.1 million and $1.7 million were recognized for the three and six months ended June 30, 2023, respectively, related to contract liabilities at the beginning of the respective periods.

Recent Accounting Pronouncements

The Company evaluates all Accounting Standards Updates, or ASUs, issued by the Financial Accounting Standards Board, or 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 the Company’s condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segments. This update improves reportable segment disclosure requirements and requires enhanced disclosures related to significant segment expenses regularly provided to the CODM, the amount for other segment items with descriptions of the composition, segment profit or loss, and clarification on if the CODM uses more than one measurement of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impacts of this amendment on the consolidated financial statements and related disclosure.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures. The update requires more detailed information on certain income tax disclosures including the income tax rate reconciliation and income taxes paid. Amendments in this update are effective for annual periods beginning December 15, 2024 for public entities, and early adoption is permitted. The Company is currently evaluating the impacts of this amendment on the consolidated financial statements and related disclosure.

The Company does not expect that any other recently issued accounting guidance will have a significant effect on its consolidated financial statements.

Leases - Schedule of Supplemental Information Related to Operating and Finance Leases (Details)	Jun. 30, 2024
Leases [Abstract]
Weighted average remaining lease term - operating leases	5 years 3 months 21 days
Weighted average discount rate - operating leases	4.53%
Weighted average remaining lease term - finance lease	2 years 3 months 10 days
Weighted average discount rate - finance lease	3.61%

Other Significant Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued legal liabilities	$ 7,026	$ 7,026
Payroll liabilities	6,024	5,741
Vacation accrual	4,134	3,543
Other accrued liabilities	3,738	4,215
Accrued bonus and commission	3,215	6,255
Operating lease liabilities - short term	2,288	3,957
Total	$ 26,425	$ 30,737

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 11,635	$ 10,323	$ 23,153	$ 20,588
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	1,999	2,359	4,008	4,753
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	4,136	3,670	7,980	7,118
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	1,002	1,094	2,052	2,455
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 4,498	$ 3,200	$ 9,113	$ 6,262

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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 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 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 above three-tier fair value hierarchy:


	June 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	443,763	$	—	$	443,763	$	—
U.S. agency debt securities		217,983		—		217,983		—
Money market accounts		55,067		55,067		—		—
U.S. treasury bills		51,646		51,646		—		—
Corporate debt securities		49,095		—		49,095		—
Redeemable preferred stock investment		20,438		—		—		20,438
Preferred stock of privately held company		15,000		—		—		15,000
Municipal bonds		9,807		—		9,807		—
Yankee debt securities		464		—		464		—
Total equity securities, debt securities and cash equivalents	$	863,263	$	106,713	$	721,112	$	35,438


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	365,770	$	—	$	365,770	$	—
U.S. agency debt securities		226,717		—		226,717		—
Corporate debt securities		75,138		—		75,138		—
U.S. treasury bills		69,250		69,250		—		—
Money market accounts		38,291		38,291		—		—
Redeemable preferred stock investment		20,438		—		—		20,438
Preferred stock of privately held company		15,000		—		—		15,000
Municipal bonds		12,685		—		12,685		—
Yankee debt securities		692		—		692		—
Total equity securities, debt securities and cash equivalents	$	823,981	$	107,541	$	681,002	$	35,438

The Company’s Level 1 assets include U.S. treasury bills and money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. government and U.S. agency debt securities, municipal bonds, corporate debt securities and Yankee 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, 2024, the Company had preferred stock of a privately held company, which was included in other long-term assets in the accompanying Condensed Consolidated Balance Sheets, and redeemable preferred stock of a private company that were measured using unobservable (Level 3) inputs. The fair value of redeemable preferred stock as of June 30, 2024 and December 31, 2023 was based on valuation performed by a third-party valuation company utilizing the guideline public company method under market approach and the discounted cash flow method under income approach. For the value of the investment in private equity securities, the Company elected to measure it at cost minus impairment, as the preferred stock of the privately held company did not have a readily determinable fair value, and no impairment loss was recorded as of June 30, 2024.

There were no transfers between fair value measurement levels during the three and six months ended June 30, 2024 and 2023.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,296,682
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4399 Santa Anita Avenue
Entity Address, City or Town	El Monte
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91731
City Area Code	626
Local Phone Number	350-0537
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 138,805	$ 135,097
Less: Accumulated depreciation	(45,437)	(51,633)
Fixed assets, net	93,368	83,464
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 54,152	56,025
Medical Lab Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 months
Medical Lab Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	12 years
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 16,383	7,748
Building Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	6 months
Building Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	39 years
Building
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 15,923	9,781
Useful life in years	39 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 8,039	7,982
Computer Software \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Software \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,882	6,805
Computer Hardware \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Hardware \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,400	6,400
Useful life in years	7 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 5,556	11,222
Useful life in years	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 3,491	3,860
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 904	904
Land Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	15 years
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 450	445
Automobile \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Automobile \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	7 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 108	115
General Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
General Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 12,675	8,800
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,842	$ 15,010

Reportable Segment and Geographic Information - Additional Information (Details) - Segment	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Number of reporting segments	2	1
Number of operating segments	2

Goodwill and Acquisition-Related Intangibles - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, net	$ 74,383
Total intangible assets, net	138,973	$ 143,053
Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, net	74,383	78,463
Laboratory Services \| Royalty-Free Technology
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	5,091	5,211
Less: accumulated amortization	(1,612)	(1,390)
Acquisitions-related intangibles, net	$ 3,479	3,821
Weighted-Average Amortization Period	10 years
Laboratory Services \| Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 83,092	83,119
Less: accumulated amortization	(15,827)	(12,586)
Acquisitions-related intangibles, net	$ 67,265	70,533
Weighted-Average Amortization Period	13 years
Laboratory Services \| Trade Name
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 3,790	3,790
Less: accumulated amortization	(1,154)	(906)
Acquisitions-related intangibles, net	$ 2,636	2,884
Weighted-Average Amortization Period	8 years
Laboratory Services \| In-Place Lease Intangible Assets
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 360	360
Less: accumulated amortization	(151)	(116)
Acquisitions-related intangibles, net	$ 209	244
Weighted-Average Amortization Period	5 years
Laboratory Services \| Laboratory Information System Platform
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,860	1,860
Less: accumulated amortization	(1,085)	(899)
Acquisitions-related intangibles, net	$ 775	961
Weighted-Average Amortization Period	5 years
Laboratory Services \| Purchased Patent
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 28	28
Less: accumulated amortization	(9)	(8)
Acquisitions-related intangibles, net	$ 19	20
Weighted-Average Amortization Period	10 years
Therapeutic Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 64,590	64,590
Therapeutic Development \| In-Process Research & Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 64,590	$ 64,590

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss from consolidated operations	$ (9,090)	$ (11,590)	$ (22,936)	$ (27,439)
Other comprehensive income (loss):
Foreign currency translation loss	(111)	(1,965)	(444)	(1,797)
Net gain (loss) on available-for-sale debt securities, net of tax	312	(2,132)	(1,760)	3,197
Comprehensive loss from consolidated operations	(8,889)	(15,687)	(25,140)	(26,039)
Net loss attributable to noncontrolling interests	380	361	764	870
Foreign currency translation loss (gain) attributable to noncontrolling interest	24	547	122	(1,243)
Comprehensive loss (income) attributable to noncontrolling interest	404	908	886	(373)
Comprehensive loss attributable to Fulgent	$ (8,485)	$ (14,779)	$ (24,254)	$ (26,412)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	228	210	228	211
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	2,057	1,274	2,057	1,232
Contingently Issuable Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share		371		371

Retirement Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

Note 16. Retirement Plans

The Company offers a 401(k) retirement savings plan, or the 401(k) Plan, for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company provides safe harbor match of the employee contribution to his or her 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $1.0 million and $1.9 million for the three and six months ended June 30, 2024, respectively, and $0.8 million and $1.8 million for the three and six months ended June 30, 2023, respectively.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 9. Leases

Lessee

The Company is a lessee to various non-cancelable operating leases with varying terms through March 2034 primarily for laboratory and office space and equipment. The Company has options to renew some of these leases after their expirations. On a lease-by-lease basis, the Company considers such options, which may be elected at the Company’s sole discretion, in determining the lease term. The Company also has various finance leases for lab equipment with varying terms through December 2026, some of which were acquired in business combinations. The Company does not have any leases with variable lease payments. The Company’s operating lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options, or asset retirement obligations.

The Company’s headquarters are located in El Monte, California, which is comprised of various corporate offices and a laboratory certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, accredited by the College of American Pathologists, or CAP, and licensed by the State of California Department of Public Health. Other CLIA-certified laboratories are located in Coppell, Texas; Needham, Massachusetts; Phoenix, Arizona; Alpharetta, Georgia; and New York, New York.

The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease ROU asset, net	$	9,186	$	10,838
Operating lease liabilities, short term	$	2,288	$	3,957
Operating lease liabilities, long term	$	7,155	$	7,147
Finance lease ROU asset, net	$	1,037	$	1,316
Finance lease liabilities, short term	$	492	$	544
Finance lease liabilities, long term	$	535	$	760

The following were operating and finance lease expenses:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Operating lease cost	$	1,348	$	1,834	$	2,977	$	3,536
Finance lease cost:
Amortization of ROU assets		136		243		273		486
Interest on lease liabilities		11		25		23		52
Short-term lease cost		322		506		638		1,007
Total lease cost	$	1,817	$	2,608	$	3,911	$	5,081

Supplemental information related to operating and finance leases were the following:


	June 30, 2024
Weighted-average remaining lease term, operating leases	5.31 years
Weighted-average discount rate, operating leases		4.53	%
Weighted-average remaining lease term, finance lease	2.28 years
Weighted-average discount rate, finance lease		3.61	%

The following is a maturity analysis of operating and finance lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:


	Operating Leases			Finance Lease
	(in thousands)
Year Ending December 31,
2024 (remaining 6 months)	$	1,389		$	235
2025		2,547			468
2026		1,974			366
2027		1,886			—
2028		712			—
2029		514			—
Thereafter		1,890			—
Total lease payments		10,912			1,069
Less imputed interest		(1,469	)		(42	)
Total	$	9,443		$	1,027

Lessor

The Company leases out space in buildings it owns and leases to third-party tenants under noncancelable operating leases. As of June 30, 2024, the remaining lease term is 6 months, including renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments from tenants recognized on a straight-line basis over the application lease term. Variable lease income represents tenant payments for real estate taxes, insurance, and maintenance. The lease income was included in interest and other income, net, in the accompanying Condensed Consolidated Statements of Operations, and was not significant for three and six months ended June 30, 2024 and 2023. Future lease payments from tenants as of June 30, 2024 are not significant.

Equity and Debt Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Equity and Debt Securities

The Company’s equity and debt securities consisted of the following:


	June 30, 2024
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		98,931			2		(588	)		98,345
U.S. agency debt securities		77,972			—		(674	)		77,298
U.S. treasury bills		51,651			—		(5	)		51,646
Corporate debt securities		13,325			—		(188	)		13,137
Money market accounts		55,067			—		—			55,067
Municipal bonds		6,189			—		(20	)		6,169
Less: Cash equivalents		(55,067	)		—		—			(55,067	)
Total debt securities due within 1 year		248,068			2		(1,475	)		246,595
After 1 year through 5 years
U.S. government debt securities		348,055			147		(2,784	)		345,418
U.S. agency debt securities		142,196			—		(1,511	)		140,685
Corporate debt securities		36,518			—		(560	)		35,958
Municipal bonds		2,888			2		(14	)		2,876
Yankee debt securities		501			—		(37	)		464
Redeemable preferred stock investment		20,000			438		—			20,438
Total debt securities due after 1 year through 5 years		550,158			587		(4,906	)		545,839
After 5 years through 10 years
Municipal bonds		765			1		(4	)		762
Total debt securities due after 5 years through 10 years		765			1		(4	)		762
Total available-for-sale debt securities		798,991			590		(6,385	)		793,196
Total equity and debt securities	$	813,991		$	590	$	(6,385	)	$	808,196


	December 31, 2023
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		119,739			8		(1,765	)		117,982
U.S. agency debt securities		72,310			—		(1,414	)		70,896
U.S. treasury bills		69,214			36		—			69,250
Corporate debt securities		63,810			—		(792	)		63,018
Money market accounts		38,291			—		—			38,291
Municipal bonds		5,557			1		(23	)		5,535
Less: Cash equivalents		(38,291	)		—		—			(38,291	)
Total debt securities due within 1 year		330,630			45		(3,994	)		326,681
After 1 year through 5 years
U.S. government debt securities		247,104			1,262		(578	)		247,788
U.S. agency debt securities		156,150			161		(490	)		155,821
Corporate debt securities		12,885			—		(765	)		12,120
Municipal bonds		6,337			2		(48	)		6,291
Yankee debt securities		752			—		(60	)		692
Redeemable preferred stock investment		20,000			438		—			20,438
Total debt securities due after 1 year through 5 years		443,228			1,863		(1,941	)		443,150
After 5 years through 10 years
Municipal bonds		868			1		(10	)		859
Total debt securities due after 5 years through 10 years		868			1		(10	)		859
Total available-for-sale debt securities		774,726			1,909		(5,945	)		770,690
Total equity and debt securities	$	789,726		$	1,909	$	(5,945	)	$	785,690

Goodwill and Acquisition-Related Intangibles - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 Segment
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments			2
Number of reporting segments			2		1
Amortization of intangible assets \| $	$ 1,990	$ 1,962	$ 3,980	$ 3,930

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

As of August 2, 2024, no subsequent events are being reported.

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Net loss attributable to Fulgent	$	(8,710	)	$	(11,229	)	$	(22,172	)	$	(26,569	)

Weighted-average common shares - outstanding, basic		30,098			29,813			29,933			29,675
Weighted-average common shares - outstanding, diluted		30,098			29,813			29,933			29,675

Loss per share:
Basic	$	(0.29	)	$	(0.38	)	$	(0.74	)	$	(0.90	)
Diluted	$	(0.29	)	$	(0.38	)	$	(0.74	)	$	(0.90	)

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 due to the Company's net loss position:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Stock options		228		210		228		211
Restricted stock units		2,057		1,274		2,057		1,232
Contingently issuable shares		—		371		—		371

Summary of Significant Accounting Policies - Roll-Forward for Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of year	$ 25,226
Current period gain	(4,157)	$ (1,984)
Write-downs	(2,855)
Recoveries of amounts previously charged off	7,093
Allowance for credit losses as of June 30, 2024	$ 25,307

Fixed Assets (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Major Classes of Fixed Assets

Major classes of fixed assets consisted of the following:


	Useful Lives	June 30, 2024			December 31, 2023
		(in thousands)
Medical lab equipment	5 months to 12 Years	$	54,152		$	56,025
Building improvements	6 months to 39 Years		16,383			7,748
Building	39 Years		15,923			9,781
Computer software	1 to 5 Years		8,039			7,982
Computer hardware	1 to 5 Years		6,882			6,805
Aircraft	7 Years		6,400			6,400
Leasehold improvements	Shorter of lease term or estimated useful life		5,556			11,222
Furniture and fixtures	1 to 5 Years		3,491			3,860
Land improvements	5 to 15 Years		904			904
Automobile	3 to 7 Years		450			445
General equipment	3 to 5 Years		108			115
Land			12,675			8,800
Assets not yet placed in service			7,842			15,010
Total			138,805			135,097
Less: Accumulated depreciation			(45,437	)		(51,633	)
Fixed assets, net		$	93,368		$	83,464

Goodwill and Acquisition-Related Intangibles - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite Lived Intangible Assets [Line Items]
2024 (remaining 6 months)	$ 3,979
2025	7,959
2026	7,657
2027	7,198
2028	7,163
2029	6,906
Thereafter	33,521
Acquisitions-related intangibles, net	$ 74,383

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Significant Balance Sheet Accounts

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Other Significant Balance Sheet Accounts

Note 6. Other Significant Balance Sheet Accounts

Other current assets consisted of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Prepaid income taxes	$	9,363	$	12,675
Prepaid expenses		7,294		7,744
Reagents and supplies		7,026		5,827
Marketable securities interest receivable		5,917		4,994
Other receivable		1,225		1,319
Total	$	30,825	$	32,559

Accrued liabilities consisted of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Accrued legal liabilities	$	7,026	$	7,026
Payroll liabilities		6,024		5,741
Vacation accrual		4,134		3,543
Other accrued liabilities		3,738		4,215
Accrued bonus and commission		3,215		6,255
Operating lease liabilities - short term		2,288		3,957
Total	$	26,425	$	30,737

Accrued legal liabilities as of June 30, 2024, and December 31, 2023, included $6.9 million in connection with the Company's voluntary disclosure process as described in Note 8, Debt, Commitments, and Contingencies. Other accrued liabilities included short-term finance lease liabilities, health insurance liabilities, and third-party billing services.

Other long-term liabilities consisted of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease liabilities, long term	$	7,155	$	7,147
Other long-term liabilities		4,749		4,973
Notes payable, long term		2,493		2,964
Total	$	14,397	$	15,084

Reportable Segment and Geographic Information - Summary of Property, Plant and Equipment, Net by Geographic Distribution (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Fixed assets, net	$ 93,368	$ 83,464
United States
Segment Reporting Information [Line Items]
Fixed assets, net	88,715	77,938
Foreign
Segment Reporting Information [Line Items]
Fixed assets, net	$ 4,653	$ 5,526

Related Parties

6 Months Ended

Jun. 30, 2024

Related Parties

Note 13. Related Parties

Linda Marsh, who is a member of the Company’s Board of Directors, or the Board, currently serves as the Senior Executive Vice President of AHMC Healthcare Inc., or AHMC. The Company performs testing services, on an arms-length basis, for AHMC, and recognized $22,000 and $117,000 in revenue from AHMC in the three and six months ended June 30, 2023, respectively. The revenue recognized for the three and six months ended June 30, 2024 was not significant. As of June 30, 2024 and December 31, 2023, insignificant amounts were owed to the Company by AHMC, which is included in trade accounts receivable, net, in the accompanying Condensed Consolidated Balance Sheets, in connection with this relationship.

Ming Hsieh, the Chief Executive Officer and Chairperson of the Board, is on the board of directors and an approximately 20% owner of ANP, from which the Company entered into certain drug-related licensing and development service agreements. The Chief Executive Officer of Fulgent Pharma, Ray Yin, is the Founder, President and Chief Technology Officer of ANP. The Company incurred $0.3 million and $1.0 million related to the licensing and development services in the three and six months ended June 30, 2024, respectively, and $0.5 million and $1.5 million in the three and six months ended June 30, 2023, respectively. As of June 30, 2024 and December 31, 2023, the Company did not owe anything to ANP in connection with these relationships. The Company also entered into an employee service agreement with ANP in April 2023 and recognized insignificant amounts in the three and six months ended June 30, 2024 and 2023, and insignificant amounts were owed to the Company by ANP in connection with the employee service agreement as of June 30, 2024 and December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	$ 863,263	$ 823,981
U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	443,763	365,770
U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	217,983	226,717
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	49,095	75,138
U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	51,646	69,250
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	55,067	38,291
Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	20,438	20,438
Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,000	15,000
Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	9,807	12,685
Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	464	692
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	106,713	107,541
Level 1 \| U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	51,646	69,250
Level 1 \| Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	55,067	38,291
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	721,112	681,002
Level 2 \| U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	443,763	365,770
Level 2 \| U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	217,983	226,717
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	49,095	75,138
Level 2 \| Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	9,807	12,685
Level 2 \| Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	464	692
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	35,438	35,438
Level 3 \| Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	20,438	20,438
Level 3 \| Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	$ 15,000	$ 15,000

Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Company matching contributions to the 401(k) plan	$ 1.0	$ 0.8	$ 1.9	$ 1.8

Goodwill and Acquisition-Related Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquisition-Related Intangibles

Note 14. Goodwill and Acquisition-Related Intangibles

There was no change in the carrying amount in the six months ended June 30, 2024. Goodwill, net, as of June 30, 2024 and December 31, 2023 by reporting unit was as follows:


	June 30, 2024		December 31, 2023
	(in thousands)
Goodwill, net:
Laboratory services	$	—	$	—
Therapeutic development		22,055		22,055
Total	$	22,055	$	22,055

The Company has identified its laboratory services business and its therapeutic development business as its two operating segments, and the Company determined that the two operating segments represented the two reporting units.

The Company tests for goodwill impairment at the reporting unit level on December 31st of each year and more frequently if events or circumstances indicate a potential impairment.

Laboratory Services

The Company recognized a full goodwill impairment loss for the goodwill of its laboratory services reporting unit as of December 31, 2023 due to a continued decline in its share price and market capitalization.

Therapeutic Development

Based upon the results of the quantitative assessments the Company performed as of December 31, 2023, the Company concluded that the fair values of the therapeutic development reporting unit and the IPR&D asset at December 31, 2023, were greater than the carrying values and that there was no impairment. There have been no significant changes in the six months ended June 30, 2024.

There can be no assurance that the estimates and assumptions management made for the purposes of the goodwill or IPR&D impairment analysis will prove to be accurate predictions of future performance. It is possible that the conclusions regarding impairment or recoverability of goodwill or intangible assets could change in future periods. Management will continue to monitor the therapeutic development reporting unit. For all IPR&D projects, there are major risks and uncertainties associated with the timely and successful completion of development and commercialization of these product candidates, including the ability to confirm their efficacy based on data from clinical trials, the ability to obtain necessary regulatory approvals, and the ability to successfully complete these tasks within budgeted costs. The Company is not able to market a human therapeutic without obtaining regulatory approvals, and such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. In addition, the availability and extent of coverage and reimbursement from third-party payors, including government healthcare programs and private insurance plans, impact the revenues a product can generate. Consequently, the eventual realized value, if any, of these acquired IPR&D projects may vary from their estimated fair values.

Summaries of intangible asset balances as of June 30, 2024 and December 31, 2023 were as follows:


	Weighted-Average Amortization Period	June 30, 2024			December 31, 2023
		(in thousands)
Laboratory Services:
Royalty-free technology	10 Years	$	5,091		$	5,211
Less: accumulated amortization			(1,612	)		(1,390	)
Royalty-free technology, net			3,479			3,821

Customer Relationships	13 Years		83,092			83,119
Less: accumulated amortization			(15,827	)		(12,586	)
Customer relationships, net			67,265			70,533

Trade name	8 Years		3,790			3,790
Less: accumulated amortization			(1,154	)		(906	)
Trade name, net			2,636			2,884

In-place lease intangible assets	5 Years		360			360
Less: accumulated amortization			(151	)		(116	)
In-place lease intangible assets, net			209			244

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(1,085	)		(899	)
Laboratory information system platform, net			775			961

Purchased patent	10 Years		28			28
Less: accumulated amortization			(9	)		(8	)
Purchased patent, net			19			20
Total			74,383			78,463

Therapeutic Development:
In-process research & development	n/a		64,590			64,590
Total			64,590			64,590
Total intangible assets, net		$	138,973		$	143,053

Acquisition-related intangibles included in the above tables are generally finite-lived and are carried at cost less accumulated amortization, except for IPR&D, which is related to the business combination of Fulgent Pharma in 2022 and has an indefinite life until research and development efforts are completed or abandoned. All other finite-lived acquisition-related intangibles related to the business combinations in 2022 and 2021 are amortized on a straight-line basis over their estimated lives, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.

Amortization of intangible assets was $2.0 million and $4.0 million in the three and six months ended June 30, 2024, respectively, and $2.0 million and $3.9 million for the three and six months ended June 30, 2023, respectively.

Based on the carrying value of finite-lived intangible assets recorded as of June 30, 2024, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for intangible assets is expected to be as follows:


	Amounts
	(in thousands)
Year Ending December 31,
2024 (remaining 6 months)	$	3,979
2025		7,959
2026		7,657
2027		7,198
2028		7,163
2029		6,906
Thereafter		33,521
Total	$	74,383

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Debt, Commitments and Contingencies [Line Items]
Notes payable, current portion	$ 412,000		$ 412,000					$ 1,183,000
Notes payable, noncurrent portion	2,493,000		2,493,000					$ 2,964,000
Non-cancelable purchase obligations	45,700,000		45,700,000
Non-cancelable purchase obligations, payable within twelve months	32,100,000		32,100,000
Purchase obligations, payable within next five years	13,600,000		13,600,000
Estimated and recorded liability	6,900,000		6,900,000
HRSA Uninsured Program Member
Debt, Commitments and Contingencies [Line Items]
Contingencies reimbursements					$ 548,900,000	$ 548,900,000	$ 548,900,000
Xilong Scientific \| FF Gene Biotech
Debt, Commitments and Contingencies [Line Items]
Interest expense	0	$ 0	0	$ 0
Installment Sale Contract
Debt, Commitments and Contingencies [Line Items]
Notes payable	2,900,000		2,900,000
Notes payable, current portion	$ 400,000		$ 400,000
Debt instrument, interest rate terms			The notes payable related to the installment sale are due in February 2030, and carry an interest rate of 1.08%.
Debt instrument, interest rate	1.08%		1.08%
Installment Sale Contract \| Other Long-Term Liabilities
Debt, Commitments and Contingencies [Line Items]
Notes payable, noncurrent portion	$ 2,500,000		$ 2,500,000

Goodwill and Acquisition-Related Intangibles (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Goodwill

There was no change in the carrying amount in the six months ended June 30, 2024. Goodwill, net, as of June 30, 2024 and December 31, 2023 by reporting unit was as follows:


	June 30, 2024		December 31, 2023
	(in thousands)
Goodwill, net:
Laboratory services	$	—	$	—
Therapeutic development		22,055		22,055
Total	$	22,055	$	22,055

Summaries of Goodwill and Acquisitions-Related Intangibles Balances

Summaries of intangible asset balances as of June 30, 2024 and December 31, 2023 were as follows:


	Weighted-Average Amortization Period	June 30, 2024			December 31, 2023
		(in thousands)
Laboratory Services:
Royalty-free technology	10 Years	$	5,091		$	5,211
Less: accumulated amortization			(1,612	)		(1,390	)
Royalty-free technology, net			3,479			3,821

Customer Relationships	13 Years		83,092			83,119
Less: accumulated amortization			(15,827	)		(12,586	)
Customer relationships, net			67,265			70,533

Trade name	8 Years		3,790			3,790
Less: accumulated amortization			(1,154	)		(906	)
Trade name, net			2,636			2,884

In-place lease intangible assets	5 Years		360			360
Less: accumulated amortization			(151	)		(116	)
In-place lease intangible assets, net			209			244

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(1,085	)		(899	)
Laboratory information system platform, net			775			961

Purchased patent	10 Years		28			28
Less: accumulated amortization			(9	)		(8	)
Purchased patent, net			19			20
Total			74,383			78,463

Therapeutic Development:
In-process research & development	n/a		64,590			64,590
Total			64,590			64,590
Total intangible assets, net		$	138,973		$	143,053

Summary of Annual Amortization Expense For Acquisition-Related Intangibles


	Amounts
	(in thousands)
Year Ending December 31,
2024 (remaining 6 months)	$	3,979
2025		7,959
2026		7,657
2027		7,198
2028		7,163
2029		6,906
Thereafter		33,521
Total	$	74,383

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Equity and Debt Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Equity and Debt Securities

Note 3. Equity and Debt Securities

The Company’s equity and debt securities consisted of the following:


	June 30, 2024
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		98,931			2		(588	)		98,345
U.S. agency debt securities		77,972			—		(674	)		77,298
U.S. treasury bills		51,651			—		(5	)		51,646
Corporate debt securities		13,325			—		(188	)		13,137
Money market accounts		55,067			—		—			55,067
Municipal bonds		6,189			—		(20	)		6,169
Less: Cash equivalents		(55,067	)		—		—			(55,067	)
Total debt securities due within 1 year		248,068			2		(1,475	)		246,595
After 1 year through 5 years
U.S. government debt securities		348,055			147		(2,784	)		345,418
U.S. agency debt securities		142,196			—		(1,511	)		140,685
Corporate debt securities		36,518			—		(560	)		35,958
Municipal bonds		2,888			2		(14	)		2,876
Yankee debt securities		501			—		(37	)		464
Redeemable preferred stock investment		20,000			438		—			20,438
Total debt securities due after 1 year through 5 years		550,158			587		(4,906	)		545,839
After 5 years through 10 years
Municipal bonds		765			1		(4	)		762
Total debt securities due after 5 years through 10 years		765			1		(4	)		762
Total available-for-sale debt securities		798,991			590		(6,385	)		793,196
Total equity and debt securities	$	813,991		$	590	$	(6,385	)	$	808,196


	December 31, 2023
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		119,739			8		(1,765	)		117,982
U.S. agency debt securities		72,310			—		(1,414	)		70,896
U.S. treasury bills		69,214			36		—			69,250
Corporate debt securities		63,810			—		(792	)		63,018
Money market accounts		38,291			—		—			38,291
Municipal bonds		5,557			1		(23	)		5,535
Less: Cash equivalents		(38,291	)		—		—			(38,291	)
Total debt securities due within 1 year		330,630			45		(3,994	)		326,681
After 1 year through 5 years
U.S. government debt securities		247,104			1,262		(578	)		247,788
U.S. agency debt securities		156,150			161		(490	)		155,821
Corporate debt securities		12,885			—		(765	)		12,120
Municipal bonds		6,337			2		(48	)		6,291
Yankee debt securities		752			—		(60	)		692
Redeemable preferred stock investment		20,000			438		—			20,438
Total debt securities due after 1 year through 5 years		443,228			1,863		(1,941	)		443,150
After 5 years through 10 years
Municipal bonds		868			1		(10	)		859
Total debt securities due after 5 years through 10 years		868			1		(10	)		859
Total available-for-sale debt securities		774,726			1,909		(5,945	)		770,690
Total equity and debt securities	$	789,726		$	1,909	$	(5,945	)	$	785,690

Gross unrealized losses on the Company’s equity and debt securities were $6.4 million and $5.9 million as of June 30, 2024 and December 31, 2023, respectively. Proceeds from sale of available-for-sale securities were $18.7 million and $75.6 million for the three and six months ended June 30, 2024, respectively. Gross realized losses on the Company's available-for-sale securities were $0.3 million and $0.9 million for the three and six months ended June 30, 2024, respectively, and the gross realized income was insignificant for the three and six months ended June 30, 2024. There was no sale of available-for-sale securities or realized gain or loss for each of the three and six months ended June 30, 2023. The cost of any marketable securities sold is based on the specific-identification method. The Company did not recognize any credit losses for its available-for-sale debt securities during each of the three and six months ended June 30, 2024 and 2023.

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [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,
	2024		2023		2024		2023
	(in thousands)
Cost of revenue	$	1,999	$	2,359	$	4,008	$	4,753
Research and development		4,136		3,670		7,980		7,118
Selling and marketing		1,002		1,094		2,052		2,455
General and administrative		4,498		3,200		9,113		6,262
Total	$	11,635	$	10,323	$	23,153	$	20,588

Stock Repurchase Program - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount						$ 250,000,000
Number of shares repurchased	0		0	10,000	0
Aggregate cost of shares repurchased	$ 200,000	$ 225,000		$ 200,000
Stock repurchase program, remaining authorized amount	$ 150,500,000			$ 150,500,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Operating and Finance Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities

The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease ROU asset, net	$	9,186	$	10,838
Operating lease liabilities, short term	$	2,288	$	3,957
Operating lease liabilities, long term	$	7,155	$	7,147
Finance lease ROU asset, net	$	1,037	$	1,316
Finance lease liabilities, short term	$	492	$	544
Finance lease liabilities, long term	$	535	$	760

Schedule of Operating and Finance Lease Expenses

The following were operating and finance lease expenses:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Operating lease cost	$	1,348	$	1,834	$	2,977	$	3,536
Finance lease cost:
Amortization of ROU assets		136		243		273		486
Interest on lease liabilities		11		25		23		52
Short-term lease cost		322		506		638		1,007
Total lease cost	$	1,817	$	2,608	$	3,911	$	5,081

Schedule of Supplemental Information Related to Operating and Finance Leases

Supplemental information related to operating and finance leases were the following:


	June 30, 2024
Weighted-average remaining lease term, operating leases	5.31 years
Weighted-average discount rate, operating leases		4.53	%
Weighted-average remaining lease term, finance lease	2.28 years
Weighted-average discount rate, finance lease		3.61	%

Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis

The following is a maturity analysis of operating and finance lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:


	Operating Leases			Finance Lease
	(in thousands)
Year Ending December 31,
2024 (remaining 6 months)	$	1,389		$	235
2025		2,547			468
2026		1,974			366
2027		1,886			—
2028		712			—
2029		514			—
Thereafter		1,890			—
Total lease payments		10,912			1,069
Less imputed interest		(1,469	)		(42	)
Total	$	9,443		$	1,027

Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases

Future lease payments from tenants as of June 30, 2024 are not significant.

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense on fixed assets	$ 4.0	$ 4.1	$ 8.6	$ 8.8

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 25,307	$ 25,226
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	33,036,000	32,416,000
Common stock, shares outstanding	30,262,000	29,653,000
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 Statements of Stockholders' Equity (unaudited) - USD ($)
$ in Thousands

Total

Stockholders' Equity

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Fulgent Stockholders' Equity

Noncontrolling Interest

Beginning Balance at Dec. 31, 2022

$ 1,269,875

$ 3

$ 486,585

$ (20,903)

$ 801,000

$ 1,266,685

$ 3,190

Beginning Balance, Shares at Dec. 31, 2022

^[1]

29,438,000

Equity-based compensation

10,265

Restricted stock awards, Shares

^[1]

280,000

Common stock withholding for employee tax obligations

(869)

Common stock withholding for employee tax obligations, Shares

^[1]

(26,000)

Other comprehensive income (loss)

5,497

3,707

1,790

Net loss

(15,849)

(15,340)

(509)

Ending Balance at Mar. 31, 2023

1,268,919

$ 3

495,981

(17,196)

785,660

1,264,448

4,471

Ending Balance, Shares at Mar. 31, 2023

^[1]

29,692,000

Beginning Balance at Dec. 31, 2022

$ 1,269,875

$ 3

486,585

(20,903)

801,000

1,266,685

3,190

Beginning Balance, Shares at Dec. 31, 2022

^[1]

29,438,000

Repurchase of common stock, Shares

Net loss

$ (27,439)

Ending Balance at Jun. 30, 2023

1,263,326

$ 3

506,075

(20,746)

774,431

1,259,763

3,563

Ending Balance, Shares at Jun. 30, 2023

^[1]

29,917,000

Beginning Balance at Mar. 31, 2023

1,268,919

$ 3

495,981

(17,196)

785,660

1,264,448

4,471

Beginning Balance, Shares at Mar. 31, 2023

^[1]

29,692,000

Equity-based compensation

10,323

Exercise of common stock options

Exercise of common stock options, Shares

^[1]

8,000

Restricted stock awards, Shares

^[1]

225,000

Common stock withholding for employee tax obligations

$ (232)

(232)

Common stock withholding for employee tax obligations, Shares

^[1]

(8,000)

Repurchase of common stock, Shares

Other comprehensive income (loss)

$ (4,097)

(3,550)

(547)

Net loss

(11,590)

(11,229)

(361)

Ending Balance at Jun. 30, 2023

1,263,326

$ 3

506,075

(20,746)

774,431

1,259,763

3,563

Ending Balance, Shares at Jun. 30, 2023

^[1]

29,917,000

Beginning Balance at Dec. 31, 2023

$ 1,133,286

$ 3

501,718

1,205

633,175

1,136,101

(2,815)

Beginning Balance, Shares at Dec. 31, 2023

32,416,000

29,653,000

^[2]

Equity-based compensation

$ 11,518

11,518

Exercise of common stock options, Shares

^[2]

1,000

Restricted stock awards, Shares

^[2]

315,000

Common stock withholding for employee tax obligations

(1,682)

Common stock withholding for employee tax obligations, Shares

^[2]

(69,000)

Repurchase of common stock

(225)

Repurchase of common stock, Shares

^[2]

(10,000)

Other comprehensive income (loss)

(2,405)

(2,307)

(98)

Net loss

(13,846)

(13,462)

(384)

Ending Balance at Mar. 31, 2024

1,126,646

$ 3

511,329

(1,102)

619,713

1,129,943

(3,297)

Ending Balance, Shares at Mar. 31, 2024

^[2]

29,890,000

Beginning Balance at Dec. 31, 2023

$ 1,133,286

$ 3

501,718

1,205

633,175

1,136,101

(2,815)

Beginning Balance, Shares at Dec. 31, 2023

32,416,000

29,653,000

^[2]

Repurchase of common stock

$ (200)

Repurchase of common stock, Shares

(10,000)

Net loss

$ (22,936)

Ending Balance at Jun. 30, 2024

$ 1,128,848

$ 3

522,420

(877)

611,003

1,132,549

(3,701)

Ending Balance, Shares at Jun. 30, 2024

33,036,000

30,262,000

^[2]

Beginning Balance at Mar. 31, 2024

$ 1,126,646

$ 3

511,329

(1,102)

619,713

1,129,943

(3,297)

Beginning Balance, Shares at Mar. 31, 2024

^[2]

29,890,000

Equity-based compensation

11,635

Restricted stock awards, Shares

^[2]

212,000

Common stock withholding for employee tax obligations

(544)

Common stock withholding for employee tax obligations, Shares

^[2]

(26,000)

Repurchase of common stock

$ (200)

Repurchase of common stock, Shares

Common stock issued in a business combination, Shares

^[2]

186,000

Other comprehensive income (loss)

$ 201

225

(24)

Net loss

(9,090)

(8,710)

(380)

Ending Balance at Jun. 30, 2024

$ 1,128,848

$ 3

$ 522,420

$ (877)

$ 611,003

$ 1,132,549

$ (3,701)

Ending Balance, Shares at Jun. 30, 2024

33,036,000

30,262,000

^[2]

[1]

As of June 30, 2023, 371,006 shares of the Company's common stock were not issued and were held back by the Company as partial security for the indemnification obligations in connection with the business combination of Fulgent Pharma, in 2022. 185,503 shares of the Company’s common stock were issued upon expiration of these hold back provisions in November 2023, and 185,503 shares were issued upon expiration of these hold back provisions in May 2024.

[2]

185,503 shares of the Company's common stock were issued in May 2024 by the Company upon expiration of hold back provisions in connection with the business combination of Fulgent Pharma Holdings, Inc., or Fulgent Pharma, in 2022.

Overview and Basis of Presentation

6 Months Ended

Jun. 30, 2024

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, or U.S. GAAP. These financial statements include the assets, liabilities, revenues and expenses of all 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 (i) the power to direct the economically significant activities of the entity and (ii) 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 intercompany accounts and transactions are eliminated from the accompanying condensed consolidated financial statements.

Nature of the Business

Fulgent Genetics, Inc., together with its subsidiaries and affiliated professional corporations, or PCs (collectively referred to as the Company, unless otherwise noted or the context otherwise requires), is a technology-based company with a well-established laboratory services business and a therapeutic development business. Its laboratory services business – to which the Company formerly referred as its clinical diagnostic business, includes technical laboratory services and professional interpretation of laboratory results by licensed physicians. Its therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs.

Unaudited Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2023, which are included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 28, 2024, or the 2023 Annual Report, and, in the opinion of management, include all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or any other period. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2023 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. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the 2023 Annual Report, including the notes thereto.

Stock Repurchase Program

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stock Repurchase Program

Note 15. Stock Repurchase Program

In March 2022, the Board authorized a $250.0 million stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock repurchase program has no expiration from the date of authorization.

During the three and six months ended June 30, 2024, the Company repurchased zero and 10,000 shares of its common stock, respectively, at an aggregate cost of $0.2 million, under the stock repurchase program. During the three and six months ended June 30, 2023, the Company did not repurchase any shares of its common stock. As of June 30, 2024, a total of approximately $150.5 million remained available for future repurchases of its common stock under the stock repurchase program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Other Significant Balance Sheet Accounts (Tables)

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Prepaid income taxes	$	9,363	$	12,675
Prepaid expenses		7,294		7,744
Reagents and supplies		7,026		5,827
Marketable securities interest receivable		5,917		4,994
Other receivable		1,225		1,319
Total	$	30,825	$	32,559

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Accrued legal liabilities	$	7,026	$	7,026
Payroll liabilities		6,024		5,741
Vacation accrual		4,134		3,543
Other accrued liabilities		3,738		4,215
Accrued bonus and commission		3,215		6,255
Operating lease liabilities - short term		2,288		3,957
Total	$	26,425	$	30,737

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease liabilities, long term	$	7,155	$	7,147
Other long-term liabilities		4,749		4,973
Notes payable, long term		2,493		2,964
Total	$	14,397	$	15,084

Equity and Debt Securities - Summary of Equity and Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Less: Cash equivalents, Carrying Value	$ (55,067)	$ (38,291)
Less: Cash equivalents, Fair Value	(55,067)	(38,291)
Equity and debt securities, Amortized Cost Basis	813,991	789,726
Equity and debt securities, Unrealized Gains	590	1,909
Equity and debt securities, Unrealized Losses	(6,385)	(5,945)
Equity and debt securities, Aggregate Fair Value	808,196	785,690
Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	798,991	774,726
Debt securities, Unrealized Gains	590	1,909
Debt securities, Unrealized Losses	(6,385)	(5,945)
Debt securities, Aggregate Fair Value	793,196	770,690
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	248,068	330,630
Debt securities, Unrealized Gains	2	45
Debt securities, Unrealized Losses	(1,475)	(3,994)
Debt securities, Aggregate Fair Value	246,595	326,681
Short-Term Marketable Securities \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	98,931	119,739
Debt securities, Unrealized Gains	2	8
Debt securities, Unrealized Losses	(588)	(1,765)
Debt securities, Aggregate Fair Value	98,345	117,982
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	13,325	63,810
Debt securities, Unrealized Losses	(188)	(792)
Debt securities, Aggregate Fair Value	13,137	63,018
Short-Term Marketable Securities \| U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	77,972	72,310
Debt securities, Unrealized Losses	(674)	(1,414)
Debt securities, Aggregate Fair Value	77,298	70,896
Short-Term Marketable Securities \| U.S. Treasury Bills
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	51,651	69,214
Debt securities, Unrealized Gains		36
Debt securities, Unrealized Losses	(5)
Debt securities, Aggregate Fair Value	51,646	69,250
Short-Term Marketable Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	55,067	38,291
Debt securities, Aggregate Fair Value	55,067	38,291
Short-Term Marketable Securities \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	6,189	5,557
Debt securities, Unrealized Gains		1
Debt securities, Unrealized Losses	(20)	(23)
Debt securities, Aggregate Fair Value	6,169	5,535
Long Term Equity Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000	15,000
Long Term Equity Securities \| Preferred Stock Of Privately Held Company
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000	15,000
Debt Securities due After 1 Year through 5 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	550,158	443,228
Debt securities, Unrealized Gains	587	1,863
Debt securities, Unrealized Losses	(4,906)	(1,941)
Debt securities, Aggregate Fair Value	545,839	443,150
Debt Securities due After 1 Year through 5 Years \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	348,055	247,104
Debt securities, Unrealized Gains	147	1,262
Debt securities, Unrealized Losses	(2,784)	(578)
Debt securities, Aggregate Fair Value	345,418	247,788
Debt Securities due After 1 Year through 5 Years \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	36,518	12,885
Debt securities, Unrealized Losses	(560)	(765)
Debt securities, Aggregate Fair Value	35,958	12,120
Debt Securities due After 1 Year through 5 Years \| U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	142,196	156,150
Debt securities, Unrealized Gains		161
Debt securities, Unrealized Losses	(1,511)	(490)
Debt securities, Aggregate Fair Value	140,685	155,821
Debt Securities due After 1 Year through 5 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	2,888	6,337
Debt securities, Unrealized Gains	2	2
Debt securities, Unrealized Losses	(14)	(48)
Debt securities, Aggregate Fair Value	2,876	6,291
Debt Securities due After 1 Year through 5 Years \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	501	752
Debt securities, Unrealized Losses	(37)	(60)
Debt securities, Aggregate Fair Value	464	692
Debt Securities due After 1 Year through 5 Years \| Redeemable Preferred Stock Investment
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	20,000	20,000
Debt securities, Unrealized Gains	438	438
Debt securities, Aggregate Fair Value	20,438	20,438
Debt Securities due After 5 Year through 10 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	765	868
Debt securities, Unrealized Gains	1	1
Debt securities, Unrealized Losses	(4)	(10)
Debt securities, Aggregate Fair Value	762	859
Debt Securities due After 5 Year through 10 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	765	868
Debt securities, Unrealized Gains	1	1
Debt securities, Unrealized Losses	(4)	(10)
Debt securities, Aggregate Fair Value	$ 762	$ 859

Fixed Assets

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 5. Fixed Assets

Major classes of fixed assets consisted of the following:


	Useful Lives	June 30, 2024			December 31, 2023
		(in thousands)
Medical lab equipment	5 months to 12 Years	$	54,152		$	56,025
Building improvements	6 months to 39 Years		16,383			7,748
Building	39 Years		15,923			9,781
Computer software	1 to 5 Years		8,039			7,982
Computer hardware	1 to 5 Years		6,882			6,805
Aircraft	7 Years		6,400			6,400
Leasehold improvements	Shorter of lease term or estimated useful life		5,556			11,222
Furniture and fixtures	1 to 5 Years		3,491			3,860
Land improvements	5 to 15 Years		904			904
Automobile	3 to 7 Years		450			445
General equipment	3 to 5 Years		108			115
Land			12,675			8,800
Assets not yet placed in service			7,842			15,010
Total			138,805			135,097
Less: Accumulated depreciation			(45,437	)		(51,633	)
Fixed assets, net		$	93,368		$	83,464

Depreciation expenses on fixed assets totaled $4.0 million and $8.6 million for the three and six months ended June 30, 2024, respectively, and $4.1 million and $8.8 million for the three and six months ended June 30, 2023, respectively.

Leases - Additional Information (Details)	6 Months Ended
Leases - Additional Information (Details)	Jun. 30, 2024
Lessee Lease Description [Line Items]
Operating leases term of expiration	2034-03
Finance leases term of expiration	2026-12
Building
Lessee Lease Description [Line Items]
Remaining term including renewal options	6 months

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon several significant estimates and judgments, including the estimated annual pre-tax income (loss) of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense can be impacted by changes in tax rates or laws and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

The Company recorded consolidated benefit from income taxes of $2.1 million and $2.5 million for the three and six months ended June 30, 2024, respectively, compared with $3.1 million and $8.3 million for the three and six months ended June 30, 2023, respectively. The Company’s effective tax rates were 19% and 10% for the three and six months ended June 30, 2024, respectively, compared to 21% and 23% for the three and six months ended June 30, 2023, respectively. The change in the effective tax rate compared to prior periods is due to the valuation allowance in the current period that precludes the Company from recognizing the full benefit from net operating losses.

The Company is under examination by certain tax authorities for the 2020 to 2021 tax years. While the timing of the conclusion of the examination is uncertain, the Company believes that adequate amounts have been reserved for adjustments that may result.

During 2024, the statutes of limitations will lapse on the Company’s 2020 federal tax year and certain 2019 and 2020 state tax years. The Company does not believe the federal or state statute lapses or any other event will significantly impact the balance of unrecognized tax benefits in the next twelve months.

The Company received $0.7 million and $7.0 million in income tax refunds in the three and six months ended June 30, 2024, respectively, and an insignificant amount and $0.7 million in the three and six months ended June 30, 2023, respectively. The income tax refunds received, which were due to overpayment in prior years, were not netted in the income tax paid amounts included in the supplemental disclosure in the accompanying Condensed Consolidated Statements of Cash Flows.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Other Significant Balance Sheet Accounts - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Operating lease liabilities, long term	$ 7,155	$ 7,147
Other long-term liabilities	4,749	4,973
Notes payable, long term	2,493	2,964
Total	$ 14,397	$ 15,084

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 above three-tier fair value hierarchy:


	June 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	443,763	$	—	$	443,763	$	—
U.S. agency debt securities		217,983		—		217,983		—
Money market accounts		55,067		55,067		—		—
U.S. treasury bills		51,646		51,646		—		—
Corporate debt securities		49,095		—		49,095		—
Redeemable preferred stock investment		20,438		—		—		20,438
Preferred stock of privately held company		15,000		—		—		15,000
Municipal bonds		9,807		—		9,807		—
Yankee debt securities		464		—		464		—
Total equity securities, debt securities and cash equivalents	$	863,263	$	106,713	$	721,112	$	35,438


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	365,770	$	—	$	365,770	$	—
U.S. agency debt securities		226,717		—		226,717		—
Corporate debt securities		75,138		—		75,138		—
U.S. treasury bills		69,250		69,250		—		—
Money market accounts		38,291		38,291		—		—
Redeemable preferred stock investment		20,438		—		—		20,438
Preferred stock of privately held company		15,000		—		—		15,000
Municipal bonds		12,685		—		12,685		—
Yankee debt securities		692		—		692		—
Total equity securities, debt securities and cash equivalents	$	823,981	$	107,541	$	681,002	$	35,438

Equity and Debt Securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss			$ 6,400,000		$ 5,900,000
Proceeds from sale of available-for-sale securities	$ 18,700,000		75,600,000
Realized gain available-for-sale securities		$ 0		$ 0
Realized losses available-for-sale securities	$ 300,000	$ 0	$ 900,000	$ 0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Roll-Forward for Allowance for Credit Losses

The roll-forward for the allowance for credit losses for the six months ended June 30, 2024, dollars in thousands, is as follows:


Allowance for credit losses at beginning of year	$	25,226
Current period gain		(4,157	)
Write-downs		(2,855	)
Recoveries of amounts previously charged off		7,093
Allowance for credit losses as of June 30, 2024	$	25,307

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue by payor
Institutional	$	38,950	$	34,082	$	72,554	$	65,074
Insurance		31,100		33,061		61,143		67,612
Patient		978		710		1,816		1,335
Total revenue	$	71,028	$	67,853	$	135,513	$	134,021

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flow from operating activities:
Net loss from consolidated operations	$ (22,936)	$ (27,439)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity-based compensation	23,153	20,588
Depreciation and amortization	12,816	13,191
Adjustment for credit losses	(4,157)	(1,984)
Noncash lease expense	2,679	3,268
Loss on disposal of fixed asset	172	11
Amortization of discount of marketable securities	(2,670)	(1,192)
Deferred taxes	(1,014)	(8,418)
Unrecognized tax benefits	317
Net realized loss on marketable securities	871
Other	(5)	20
Changes in operating assets and liabilities:
Trade accounts receivable	(1,393)	19,658
Other current and long-term assets	4,097	(3,764)
Accounts payable	1,596	(4,447)
Contract liabilities	(130)	(598)
Customer deposit	3,604	3,599
Accrued liabilities and other liabilities	(2,762)	(7,519)
Operating lease liabilities	(2,687)	(3,144)
Net cash provided by operating activities	11,551	1,830
Cash flow from investing activities:
Purchase of marketable securities	(258,829)	(250,537)
Purchases of fixed assets	(17,000)	(14,178)
Maturities of marketable securities	160,073	258,847
Proceeds from sale of marketable securities	75,599
Proceeds from sale of fixed assets	275	418
Net cash used in investing activities	(39,882)	(5,450)
Cash flow from financing activities:
Common stock withholding for employee tax obligations	(2,226)	(1,101)
Repayment of notes payable	(1,229)	(799)
Principal paid for finance lease	(273)	(463)
Repurchase of common stock	(225)
Repayment of investment margin loan		(15,000)
Proceeds from exercise of stock options		3
Net cash used in financing activities	(3,953)	(17,360)
Effect of exchange rate changes on cash and cash equivalents	(78)	(178)
Net decrease in cash and cash equivalents	(32,362)	(21,158)
Cash and cash equivalents at beginning of period	97,473	79,506
Cash and cash equivalents at end of period	65,111	58,348
Supplemental disclosures of cash flow information:
Income taxes paid	1,903	2,636
Interest Paid	452	919
Supplemental disclosures of non-cash investing and financing activities:
Purchases of fixed assets in accounts payable	4,783	3,725
Operating lease right-of-use assets obtained in exchange for lease liabilities	1,146	2,661
Operating lease right-of-use assets reduced due to lease modification and termination	$ 57
Finance lease right-of-use assets reduced due to lease modification and termination		$ 696

Reportable Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Information Regarding Operations and Assets for Operating Segments

Information regarding the Company’s operations and assets for its reportable segments as well as geographic information are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue:
Laboratory services:
Precision diagnostics	$	43,144	$	31,935	$	80,590	$	59,840
Anatomic pathology		23,431		27,390		46,538		53,801
BioPharma services		3,612		7,771		6,268		16,191
COVID-19		841		757		2,117		4,189
Total laboratory services		71,028		67,853		135,513		134,021
Therapeutic development		—		—		—		—
Total	$	71,028	$	67,853	$	135,513	$	134,021


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Loss before income taxes:
Operating loss
Laboratory services	$	(11,823	)	$	(16,282	)	$	(28,577	)	$	(37,885	)
Therapeutic development		(7,083	)		(3,516	)		(12,127	)		(6,737	)
Total operating loss		(18,906	)		(19,798	)		(40,704	)		(44,622	)
Interest and other income, net		7,692			5,098			15,317			8,873
Loss before income taxes	$	(11,214	)	$	(14,700	)	$	(25,387	)	$	(35,749	)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Depreciation and amortization:
Laboratory services	$	5,979	$	6,146	$	12,468	$	12,866
Therapeutic development		174		166		348		325
Total	$	6,153	$	6,312	$	12,816	$	13,191


	June 30, 2024		December 31, 2023
	(in thousands)
Assets:
Laboratory services	$	1,143,531	$	1,146,192
Therapeutic development		88,708		89,136
Total	$	1,232,239	$	1,235,328

Summary of Revenue by Geographic Region

Geographic distribution of revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue:
United States	$	64,194	$	63,051	$	122,044	$	125,113
Foreign
China		2,477		2,694		6,581		4,782
Other countries		4,357		2,108		6,888		4,126
Total foreign		6,834		4,802		13,469		8,908
Total	$	71,028	$	67,853	$	135,513	$	134,021

Summary of Property, Plant and Equipment, Net by Geographic Distribution

Geographic distribution of property, plant and equipment, net:


	June 30, 2024		December 31, 2023
	(in thousands)
Fixed assets:
United States	$	88,715	$	77,938
Foreign		4,653		5,526
Total	$	93,368	$	83,464

Reportable Segment and Geographic Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reportable Segment and Geographic Information

Note 7. Reportable Segment and Geographic Information

The Company viewed and managed its operations in one reportable segment prior to December 2023. Given the advancement of the therapeutic development business, the Company made certain changes, including the bifurcation of financial information for the Company’s budget and forecast planning process in December 2023. The CODM manages the operations of the Company and reviews discrete financial information to make resource decisions for its two operating segments separately. These are laboratory services and therapeutic development. The laboratory services operating segment offers technical laboratory services and professional interpretation of laboratory results by licensed physicians who specialize in pathology and oncology. The therapeutic development operating segment is a pharmaceutical research and development entity that the Company acquired in November 2022. These operating segments do not meet the aggregation criteria and therefore represent the Company’s reportable segments.

There is no inter-segment allocation of interest expense and income taxes. There is no inter-segment revenue and operating income or loss. Information regarding the Company’s operations and assets for its reportable segments as well as geographic information are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue:
Laboratory services:
Precision diagnostics	$	43,144	$	31,935	$	80,590	$	59,840
Anatomic pathology		23,431		27,390		46,538		53,801
BioPharma services		3,612		7,771		6,268		16,191
COVID-19		841		757		2,117		4,189
Total laboratory services		71,028		67,853		135,513		134,021
Therapeutic development		—		—		—		—
Total	$	71,028	$	67,853	$	135,513	$	134,021


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Loss before income taxes:
Operating loss
Laboratory services	$	(11,823	)	$	(16,282	)	$	(28,577	)	$	(37,885	)
Therapeutic development		(7,083	)		(3,516	)		(12,127	)		(6,737	)
Total operating loss		(18,906	)		(19,798	)		(40,704	)		(44,622	)
Interest and other income, net		7,692			5,098			15,317			8,873
Loss before income taxes	$	(11,214	)	$	(14,700	)	$	(25,387	)	$	(35,749	)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Depreciation and amortization:
Laboratory services	$	5,979	$	6,146	$	12,468	$	12,866
Therapeutic development		174		166		348		325
Total	$	6,153	$	6,312	$	12,816	$	13,191


	June 30, 2024		December 31, 2023
	(in thousands)
Assets:
Laboratory services	$	1,143,531	$	1,146,192
Therapeutic development		88,708		89,136
Total	$	1,232,239	$	1,235,328

Geographic distribution of revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue:
United States	$	64,194	$	63,051	$	122,044	$	125,113
Foreign
China		2,477		2,694		6,581		4,782
Other countries		4,357		2,108		6,888		4,126
Total foreign		6,834		4,802		13,469		8,908
Total	$	71,028	$	67,853	$	135,513	$	134,021

Geographic distribution of property, plant and equipment, net:


	June 30, 2024		December 31, 2023
	(in thousands)
Fixed assets:
United States	$	88,715	$	77,938
Foreign		4,653		5,526
Total	$	93,368	$	83,464

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to Fulgent	$ (8,710)	$ (11,229)	$ (22,172)	$ (26,569)
Weighted-average common shares—outstanding, basic	30,098	29,813	29,933	29,675
Weighted-average effect of dilutive securities:
Weighted-average common shares—outstanding, diluted	30,098	29,813	29,933	29,675
Loss per Share, basic	$ (0.29)	$ (0.38)	$ (0.74)	$ (0.9)
Loss per Share, diluted	$ (0.29)	$ (0.38)	$ (0.74)	$ (0.9)

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Paragraph 5
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Leases - Schedule of Operating and Financing Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,348	$ 1,834	$ 2,977	$ 3,536
Finance lease cost:
Amortization of ROU assets	136	243	273	486
Interest on lease liabilities	11	25	23	52
Short-term lease cost	322	506	638	1,007
Total lease cost	$ 1,817	$ 2,608	$ 3,911	$ 5,081

Other Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid income taxes	$ 9,363	$ 12,675
Prepaid expenses	7,294	7,744
Reagents and supplies	7,026	5,827
Marketable securities interest receivable	5,917	4,994
Other receivable	1,225	1,319
Total	$ 30,825	$ 32,559

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) Customer	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Customer Segment	Jun. 30, 2023 USD ($) Customer	Dec. 31, 2023 USD ($) Segment
Summary Of Significant Accounting Policies [Line Items]
Redeemable preferred stock investment	$ 20,438,000		$ 20,438,000		$ 20,438,000
Number of reporting segments \| Segment			2		1
Contract with customer liability, revenue recognized	400,000	$ 100,000	$ 1,200,000	$ 1,700,000
Reclassification from other comprehensive income (loss)	300,000		$ 900,000
Unrealized gain (loss)		(100,000)		500,000
Preferred stock, redemption date			Jul. 31, 2027
Tax effects related to unrealized holding gain (loss) on available-for-sale debt securities	0	(800,000)	$ 0	$ 1,200,000
Variable consideration	600,000		1,800,000
Contract assets	$ 0		$ 0		$ 0
Boston Molecules, Inc.
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage	25.00%		25.00%
Carrying value of equity	$ 0		$ 0
Insurance Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of net accounts receivable from contract	44.00%		44.00%		39.00%
Institutional Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of net accounts receivable from contract	56.00%		56.00%		61.00%
Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	1			0
Revenues	$ 16,900,000	$ 9,100,000	$ 29,600,000
Concentration risk, percentage	24.00%	13.00%	22.00%
Customer Concentration Risk \| Accounts Receivable \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer			1
Concentration risk, percentage			19.00%		13.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life	3 years		3 years
Minimum \| Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				10.00%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life	14 years		14 years

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Trade Accounts Receivable and Allowance for Credit Losses

The roll-forward for the allowance for credit losses for the six months ended June 30, 2024, dollars in thousands, is as follows:


Allowance for credit losses at beginning of year	$	25,226
Current period gain		(4,157	)
Write-downs		(2,855	)
Recoveries of amounts previously charged off		7,093
Allowance for credit losses as of June 30, 2024	$	25,307

Redeemable Preferred Stock Investment

Finite-Lived Intangible assets

Impairment of Long-Lived Assets

Goodwill and Indefinite-Lived Intangibles

Fair Value of Financial Instruments

Concentrations of Credit Risk, Customers, and Suppliers

Equity Method Investments

Reportable Segment and Geographic Information

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Income (Loss)

Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue by payor
Institutional	$	38,950	$	34,082	$	72,554	$	65,074
Insurance		31,100		33,061		61,143		67,612
Patient		978		710		1,816		1,335
Total revenue	$	71,028	$	67,853	$	135,513	$	134,021

Contract Balances

Recent Accounting Pronouncements

The Company does not expect that any other recently issued accounting guidance will have a significant effect on its consolidated financial statements.

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 71,028	$ 67,853	$ 135,513	$ 134,021
Cost of revenue	44,537	47,281	86,918	94,638
Gross profit	26,491	20,572	48,595	39,383
Operating expenses:
Research and development	13,486	9,692	24,920	19,474
Selling and marketing	8,595	10,723	17,584	20,806
General and administrative	21,326	17,993	42,815	39,795
Amortization of intangible assets	1,990	1,962	3,980	3,930
Total operating expenses	45,397	40,370	89,299	84,005
Operating loss	(18,906)	(19,798)	(40,704)	(44,622)
Interest and other income, net	7,692	5,098	15,317	8,873
Loss before income taxes	(11,214)	(14,700)	(25,387)	(35,749)
Benefit from income taxes	(2,124)	(3,110)	(2,451)	(8,310)
Net loss from consolidated operations	(9,090)	(11,590)	(22,936)	(27,439)
Net loss attributable to noncontrolling interests	380	361	764	870
Net loss attributable to Fulgent	$ (8,710)	$ (11,229)	$ (22,172)	$ (26,569)
Net loss attributable to Fulgent
Basic	$ (0.29)	$ (0.38)	$ (0.74)	$ (0.9)
Diluted	$ (0.29)	$ (0.38)	$ (0.74)	$ (0.9)
Weighted-average common shares:
Basic	30,098	29,813	29,933	29,675
Diluted	30,098	29,813	29,933	29,675

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between levels, amount	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ (2,124)	$ (3,110)	$ (2,451)	$ (8,310)
Effective income tax rate	19.00%	21.00%	10.00%	23.00%
Income tax refund	$ 700		$ 7,000	$ 700

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Reportable Segment and Geographic Information - Schedule of Information Regarding Operations and Assets for Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 71,028	$ 67,853	$ 135,513	$ 134,021
Operating loss	(18,906)	(19,798)	(40,704)	(44,622)
Interest and other income, net	7,692	5,098	15,317	8,873
Loss before income taxes	(11,214)	(14,700)	(25,387)	(35,749)
Depreciation and amortization	6,153	6,312	12,816	13,191
Assets	1,232,239		1,232,239		$ 1,235,328
Laboratory Services
Segment Reporting Information [Line Items]
Revenue	71,028	67,853	135,513	134,021
Operating loss	(11,823)	(16,282)	(28,577)	(37,885)
Depreciation and amortization	5,979	6,146	12,468	12,866
Assets	1,143,531		1,143,531		1,146,192
Laboratory Services \| Precision Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue	43,144	31,935	80,590	59,840
Laboratory Services \| Anatomic Pathology [Member]
Segment Reporting Information [Line Items]
Revenue	23,431	27,390	46,538	53,801
Laboratory Services \| BioPharma Services [Member]
Segment Reporting Information [Line Items]
Revenue	3,612	7,771	6,268	16,191
Laboratory Services \| COVID-19 [Member]
Segment Reporting Information [Line Items]
Revenue	841	757	2,117	4,189
Therapeutic Development
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Operating loss	(7,083)	(3,516)	(12,127)	(6,737)
Depreciation and amortization	174	$ 166	348	$ 325
Assets	$ 88,708		$ 88,708		$ 89,136

Other Significant Balance Sheet Accounts - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Significant Balance Sheet Accounts [Line Items]
Accrued legal liabilities	$ 7,026	$ 7,026
Voluntary Disclosure Process
Other Significant Balance Sheet Accounts [Line Items]
Accrued legal liabilities	$ 6,900	$ 6,900