0001564590-21-011526 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	FLGT
Entity Registrant Name	FULGENT GENETICS, INC.
Entity Central Index Key	0001674930
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,874,395
Entity Public Float			$ 191.3
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4978 Santa Anita Avenue
Entity Address, City or Town	Temple City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91780
City Area Code	626
Local Phone Number	350-0537
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the registrant’s definitive proxy statement for its 2021 annual meeting of stockholders are incorporated by reference in Part III of this report.

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 87,426,000	$ 11,965,000
Marketable securities	211,941,000	16,304,000
Trade accounts receivable, net of allowance for doubtful accounts of $1,898 and $751, as of December 31, 2020 and 2019, respectively	183,857,000	6,555,000
Other current assets	40,392,000	2,255,000
Total current assets	523,616,000	37,079,000
Marketable securities, long-term	132,502,000	41,947,000
Equity method investments		872,000
Fixed assets, net	40,199,000	5,974,000
Operating lease right-of-use asset	828,000	2,633,000
Other long-term assets	3,316,000	251,000
Total assets	700,461,000	88,756,000
Current liabilities
Accounts payable	26,488,000	1,581,000
Accrued liabilities	8,446,000	1,333,000
Income tax payable	53,319,000	24,000
Contract liabilities	26,576,000	365,000
Investment margin loan	15,019,000
Operating lease liabilities, short-term	267,000	420,000
Total current liabilities	130,115,000	3,723,000
Operating lease liabilities, long-term	568,000	2,256,000
Unrecognized tax benefits	377,000
Other long-term liabilities	14,000
Total liabilities	131,074,000	5,979,000
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 28,178 and 21,483 shares issued and outstanding at December 31, 2020 and 2019, respectively	3,000	2,000
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding at December 31, 2020 and 2019
Additional paid-in capital	418,065,000	146,058,000
Accumulated other comprehensive income	438,000	146,000
Retained earnings (accumulated deficit)	150,881,000	(63,429,000)
Total stockholders’ equity	569,387,000	82,777,000
Total liabilities and stockholders’ equity	$ 700,461,000	$ 88,756,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1,898	$ 751
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,178,000	21,483,000
Common stock, shares outstanding	28,178,000	21,483,000
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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 294,978	$ 101,716	$ 17,265	$ 7,753	$ 8,387	$ 10,347	$ 8,424	$ 5,370	$ 421,712	$ 32,528
Cost of revenue	51,772	26,261	7,717	4,057	3,634	3,885	3,620	2,968	89,807	14,107
Gross profit	243,206	75,455	9,548	3,696	4,753	6,462	4,804	2,402	331,905	18,421
Operating expenses:
Research and development	4,576	3,177	1,849	1,978	1,795	1,744	1,574	1,424	11,580	6,537
Selling and marketing	5,081	5,014	3,260	1,597	1,635	1,687	1,304	1,272	14,952	5,898
General and administrative	7,640	3,741	1,799	2,035	1,732	1,522	1,631	1,529	15,215	6,414
Total operating expenses	17,297	11,932	6,908	5,610	5,162	4,953	4,509	4,225	41,747	18,849
Operating income (loss)	225,909	63,523	2,640	(1,914)	(409)	1,509	295	(1,823)	290,158	(428)
Interest and other income, net	589	421	275	241	249	189	192	207	1,526	837
Income before income taxes, equity loss in investee and impairment loss	226,498	63,944	2,915	(1,673)	(160)	1,698	487	(1,616)	291,684	409
Provision for income taxes	58,571	14,526	(599)	34	(38)	61	7	13	72,532	43
Income before equity loss in investee and impairment loss	167,927	49,418	3,514	(1,707)	(122)	1,637	480	(1,629)	219,152	366
Equity loss in investee	143	(189)	(193)	(249)	(174)	(175)	(149)	(279)	(488)	(777)
Impairment loss in equity-method investments	(1,763)	(2,591)							(4,354)
Net income (loss)	$ 166,307	$ 46,638	$ 3,321	$ (1,956)	$ (296)	$ 1,462	$ 331	$ (1,908)	$ 214,310	$ (411)
Net income (loss) per common share:
Basic	$ 6.55	$ 2.11	$ 0.15	$ (0.09)	$ (0.01)	$ 0.08	$ 0.02	$ (0.10)	$ 9.44	$ (0.02)
Diluted	$ 6.16	$ 1.98	$ 0.14	$ (0.09)	$ (0.01)	$ 0.08	$ 0.02	$ (0.10)	$ 8.91	$ (0.02)
Weighted-average common shares:
Basic									22,694	18,709
Diluted									24,056	18,709

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 214,310	$ (411)
Other comprehensive income (loss)
Foreign currency translation gain (loss)	20	(17)
Net unrealized gain on marketable debt securities, net of tax	272	198
Comprehensive income (loss)	$ 214,602	$ (230)

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	2019 Equity Distribution Agreement	2020 Equity Distribution Agreement	September 2020 Equity Distribution Agreement	November 2020 Equity Distribution Agreement	Stockholders' Equity	Stockholders' Equity 2019 Equity Distribution Agreement	Stockholders' Equity 2020 Equity Distribution Agreement	Stockholders' Equity September 2020 Equity Distribution Agreement	Stockholders' Equity November 2020 Equity Distribution Agreement	Additional Paid-In Capital	Additional Paid-In Capital 2019 Equity Distribution Agreement	Additional Paid-In Capital 2020 Equity Distribution Agreement	Additional Paid-In Capital September 2020 Equity Distribution Agreement	Additional Paid-In Capital November 2020 Equity Distribution Agreement	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Beginning Balance at Dec. 31, 2018	$ 51,152					$ 2					$ 114,203					$ (35)	$ (63,018)
Beginning Balance, Shares at Dec. 31, 2018						18,172,000
Equity-based compensation	3,209										3,209
Exercise of common stock options	38										38
Exercise of common stock options, Shares						100,000
Restricted stock awards, Shares						434,000
Issuance of common stock		$ 979	$ 27,650									$ 979	$ 27,650
Issuance of common stock, Shares							104,000	2,674,000
Repurchases of capital stock	(21)										(21)
Repurchases of capital stock, Shares						(1,000)
Other comprehensive gain, net	181															181
Net income (loss)	(411)																(411)
Ending Balance at Dec. 31, 2019	$ 82,777					$ 2					146,058					146	(63,429)
Ending Balance, Shares at Dec. 31, 2019	21,483,000					21,483,000
Equity-based compensation	$ 8,157										8,157
Exercise of common stock options	104										104
Exercise of common stock options, Shares						56,000
Restricted stock awards, Shares						655,000
Issuance of common stock		$ 42,655		$ 122,103	$ 99,051				$ 1			$ 42,655		$ 122,102	$ 99,051
Issuance of common stock, Shares							1,108,000		2,846,000	2,034,000
Repurchases of capital stock	(62)										(62)
Repurchases of capital stock, Shares						(4,000)
Other comprehensive gain, net	292															292
Net income (loss)	214,310																214,310
Ending Balance at Dec. 31, 2020	$ 569,387					$ 3					$ 418,065					$ 438	$ 150,881
Ending Balance, Shares at Dec. 31, 2020	28,178,000					28,178,000

Consolidated Statements of Stockholders' Equity (Parenthetical) - Weighted-Average - Stockholders' Equity - $ / shares	Dec. 31, 2020	Dec. 31, 2019
2019 Equity Distribution Agreement
Selling price per share	$ 38.50	$ 9.37
2020 Equity Distribution Agreement
Selling price per share		$ 10.34
September 2020 Equity Distribution Agreement
Selling price per share	42.90
November 2020 Equity Distribution Agreement
Selling price per share	$ 48.70

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities:
Net income (loss)	$ 214,310,000	$ (411,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation	8,157,000	3,209,000
Depreciation	2,962,000	2,107,000
Noncash lease expense	409,000	413,000
Loss on disposal of fixed asset	672,000	11,000
Amortization of premium of marketable securities	857,000	106,000
Provision for bad debt	1,170,000	189,000
Deferred taxes	(1,775,000)	(21,000)
Unrecognized tax benefits	377,000
Holding loss on equity securities	90,000
Equity loss in investee	488,000	777,000
Impairment loss in equity method investments	4,354,000
Other	8,000	52,000
Changes in operating assets and liabilities:
Accounts receivable	(178,480,000)	(839,000)
Other current and long-term assets	(21,149,000)	374,000
Accounts payable	22,617,000	(329,000)
Accrued liabilities and other liabilities	32,655,000	264,000
Income tax payable	53,295,000	24,000
Operating lease liabilities	(389,000)	(409,000)
Net cash provided by operations	140,628,000	5,517,000
Cash flow from investing activities:
Purchases of fixed assets	(35,130,000)	(1,182,000)
Proceeds from sale of fixed assets	8,000
Purchase of marketable securities	(324,359,000)	(52,077,000)
Maturities of marketable securities	19,919,000	24,350,000
Purchase of equipment contributed to equity-method investee	(1,380,000)	(137,000)
Proceeds from sale of marketable securities	17,095,000	0
Investment in equity method investee	(2,591,000)
Net cash used in investing activities	(326,438,000)	(29,046,000)
Cash flow from financing activities:
Proceeds from public offerings of common stock, net of issuance costs	246,190,000	28,758,000
Proceeds from exercise of stock options	104,000	38,000
Repurchases of capital stock	(62,000)	(21,000)
Borrowing under margin account	15,019,000
Net cash provided by financing activities	261,251,000	28,775,000
Effect of exchange rate changes on cash and cash equivalents	20,000	(17,000)
Net increase in cash and cash equivalents	75,461,000	5,229,000
Cash and cash equivalents at beginning of period	11,965,000	6,736,000
Cash and cash equivalents at end of period	87,426,000	11,965,000
Supplemental disclosures of cash flow information:
Income taxes paid	20,612,000	20,000
Supplemental disclosures of non-cash investing and financing activities:
Purchases of fixed assets in accounts payable	3,402,000	557,000
Operating lease right-of-use assets obtained in exchange for lease liabilities	402,000	110,000
Operating lease liabilities removed due to purchasing of underlying assets	1,853,000
Public offerings proceeds in other receivable included in other current assets	17,799,000
Public offerings costs included in accounts payable	$ 359,000	$ 129,000

Overview and Basis of Presentation

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

The accompanying 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 wholly-owned subsidiaries and entities in which the Company has a controlling financial interest or is deemed to be the primary beneficiary. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (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 significant intercompany accounts and transactions are eliminated from the accompanying consolidated financial statements.

Nature of the Business

Fulgent Genetics, Inc., together with its subsidiaries, collectively referred to as the Company, unless otherwise noted or the context otherwise requires, is a technology company offering comprehensive genetic testing providing physicians with clinically actionable diagnostic information they can use to improve the quality of patient care. The Company has developed a proprietary technology platform that allows it to offer a broad and flexible test menu and continually expand and improve its proprietary genetic reference library, while maintaining accessible pricing, high accuracy and competitive turnaround times. Combining next generation sequencing, or NGS, with its technology platform, the Company performs full-gene sequencing with deletion/duplication analysis in single-gene tests; pre-established, multi-gene, disease-specific panels; and customized panels that can be tailored to meet specific customer needs. In 2019, the Company launched its first patient-initiated product, Picture Genetics, a new line of at-home screening tests that combines the Company’s advanced NGS solutions with actionable results and genetic counseling options for individuals. Since March 2020, the Company has commercially launched several tests for the detection of SARS-CoV-2, the virus that causes the novel coronavirus, or COVID-19, including NGS and reverse transcription polymerase chain reaction – based, or RT-PCR-based, tests. The Company has received an Emergency Use Authorization, or EUA, from the U.S. Food and Drug Administration, or the FDA, for the RT-PCR-based tests for the detection of SARS-CoV-2 using upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) and for the at-home testing service through Picture Genetics. The Company’s at-home testing service for COVID-19 and RT-PCR-based test have been granted an EUA by the FDA only for the detection of nucleic acid from SARS-CoV-2, not for any other viruses or pathogens. The Company believes its test menu offers more genes for testing than its competitors in today’s market, which enables it to provide expansive options for test customization and clinically actionable results. A cornerstone of the Company’s business is its ability to provide expansive options and flexibility for all clients’ unique testing needs.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities 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 consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances, including but not limited to the potential impacts arising from the recent global pandemic related to COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, 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 doubtful accounts, (iii) the useful lives of fixed assets, (iv) estimates of tax liabilities and (v) valuation of equity method investments.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and money market accounts. Cash equivalents are stated at fair value.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are stated at the amount the Company expects to collect. The Company performs credit evaluations of its customers and generally does not require collateral. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information that assists in management’s evaluation. The Company writes off accounts receivable following a review by management and a determination that the receivable is uncollectible.

A roll-forward of the activity in the Company’s allowance for doubtful accounts is as follows:

	December 31,
	2020			2019
	(in thousands)
Allowance for doubtful accounts at beginning of year	$	751		$	590
Bad debt expense		1,170			189
Write-offs		(23	)		(28	)
Allowance for doubtful accounts at end of year	$	1,898		$	751

Marketable Securities

All marketable debt securities, which consist of corporate debt securities, U.S. government agency debt securities, and Yankee debt securities issued by foreign governments or entities and denominated in U.S. dollars, have been classified as “available for sale” and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Realized gains and losses and declines in value judged to be other than temporary, if any, on marketable debt securities are included in interest and other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable debt securities sold is based on the specific-identification method. The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable debt securities is included in interest and other income, net. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is three years.

The Company’s investments in marketable equity securities are measured at fair value with the related gains and losses, realized and unrealized, recognized in interest and other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable equity securities sold is based on the specific-identification method.

The Company regularly evaluates whether declines in the fair value of its investments below their cost are other than temporary. The evaluation includes consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether the Company has the intent to sell the securities, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. If the Company determines that the decline in fair value of an investment is below its accounting basis and this decline is other than temporary, the Company would reduce the carrying value of the security it holds and record a loss for the amount of such decline. The Company has not recorded any realized losses or declines in value judged to be other than temporary on its investments.

Fair Value of Financial Instruments

The Company's financial instruments consist principally of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and investment margin loan. The carrying amounts of certain of these financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and investment margin loan, approximate fair value due to their short maturities. Fair value of marketable securities 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, accounts receivable and marketable securities, which consist of debt securities and equity securities. As of December 31, 2020, 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. Aggregating customers that are under common control or are affiliates, two customers comprised 28% and 10% of total revenue in the year ended December 31, 2020, and one customer comprised 28% of total revenue in the year ended December 31, 2019. No customer comprised at least 10% of total accounts receivable as of December 31, 2020 and 2019.

Revenue from the U.S. government was less than 10% of total revenue in each of the years ended December 31, 2020 and 2019.

The Company relies on a limited number of suppliers for its test collection kits and 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 Company’s laboratory operations would be interrupted if it encountered delays or difficulties securing these test collection kits, 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 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 proportionate share of the net income or loss of these companies is included in consolidated net earnings. Judgments regarding the level of influence over each equity method investment include consideration of key factors such as the Company's ownership interest, representation on the board of directors or other management body and participation in policy-making decisions.

The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry in which the investee operates and the Company’s strategic plans for holding the investment in relation to the period of time expected for an anticipated recovery of its carrying value. If the investments is determined to have a decline in value deemed to be other than temporary it is written down to estimated fair value.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included as operating lease right-of-use, or ROU, assets, operating lease liabilities, short-term, and operating lease liabilities, long-term, on the Company’s Consolidated Balance Sheets.

ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, including options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments since its leases do not provide an implicit rate. The ROU lease asset includes any base rent payments made and excludes lease incentives and variable operating expenses. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company leases out space in buildings it owns in El Monte, California, to third-party tenants under noncancelable operating leases and has leased out such space since the Company purchased such buildings. The Company determines whether a lease exists at inception. The Company recognizes lease payments as income over the lease terms on a straight-line basis and recognizes variable lease payments as income in the period in which the changes in facts and circumstances on which the variable lease payment are based occur. The net rental income is included in the interest and other income, net, in the accompanying Consolidated Statement of Operations.

Fixed Assets

Fixed assets are recorded at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, which is generally between three and thirty-nine years. Leasehold improvements are capitalized and amortized over the shorter of their expected lives or the applicable lease term, including renewal options, if available. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred.

Software for Internal Use

The Company capitalizes certain costs incurred to purchase computer software for internal use. These costs include purchased software packages for Company use. Capitalized computer software costs are amortized over the estimated useful life of the computer software, which is generally three years. Internally developed software costs are capitalized after management has committed to funding the project, it is probable that the project will be completed and the software will be used for its intended function. Costs that do not meet that criteria and costs incurred on projects in the preliminary and post-implementation phases are expensed as incurred.

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. To date, there have been no such impairment losses.

Reporting Segment and Geographic Information

Reporting segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company views its operations and manages its business in one reporting segment.

Revenue Recognition

The Company generates revenue from sales of its COVID-19 and genetic tests. The Company currently receives payments from primarily three different customer types: insurance customers, institutional customers, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, and patients who pay directly.

The Company’s test results are primarily delivered electronically. The Company bills certain customers for shipping and handling fees incurred by the Company associated with COVID-19 tests, and shipping and handlings fees billed to customers are included in revenue, and shipping and handling fees incurred are included in cost of revenue in the accompanying Consolidated Statements of Operations.

Performance Obligations

COVID-19 and Genetic Testing Services

Institutional and Patient Direct Pay

The Company’s institutional contracts for COVID-19 and genetic testing services typically have a single performance obligation to deliver COVID-19 or genetic testing services to the ordering facility or patient. Some arrangements involve the delivery of genetic testing services to research institutions, which the Company refers to as “sequencing as a service.” In arrangements with institutions, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, and patients who pay directly, the transaction price is stated within the contract and is therefore fixed consideration. For most of the Company’s testing volume, the Company identified the institutions, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, and patients as the customer in Step 1 of the model and have determined a contract exists with those customers in Step 1. As these contracts typically have a single performance obligation, no allocation of the transaction price is required in Step 4 of the model. Control over COVID-19 or genetic testing services is transferred to the Company’s ordering facility at a point in time. Specifically, the Company determined the customer obtains control of the promised service upon delivery of test results.

Insurance

The Company’s insurance contracts for COVID-19 and genetic testing services typically have a single performance obligation to deliver COVID-19 or genetic testing services to the ordering facility or patient. For most of the Company’s insurance volume, the Company identified the patient as the customer in Step 1 of the model and have determined a contract exists with the patient in Step 1. In arrangements with insurance patients, the transaction price is typically stated within the contract, however, the Company may accept payments from third-party payors that are less than the contractually stated price and is therefore variable consideration. In developing the estimate of variable consideration, the Company utilizes the expected value method under a portfolio approach. The Company’s estimate requires significant judgment and is developed using known reimbursement rates and historical reimbursement data from payors and patients. As these contracts typically have a single performance obligation, no allocation of the transaction price is required in Step 4 of the model. Control over COVID-19 and genetic testing services is transferred to the Company’s ordering physicians at a point in time. Specifically, the Company determined the customer obtains control of the promised service upon delivery of the test results.

Certain incremental costs pertaining to both insurance and institutional, such as commissions, are incurred in obtaining contracts. Historically contract costs have not been significant to the financial statements.

Significant Judgments and Contract Estimates

COVID-19 and Genetic Testing Services

Accounting for insurance contracts includes estimation of the transaction price, defined as the amount the Company expects to be entitled to receive in exchange for providing the services under the contract. Due to the Company’s out-of-network status with the majority of payors, estimation of the transaction price represents variable consideration. In order to estimate variable consideration, the Company utilizes a portfolio approach in which payors with similar reimbursement experience are grouped into portfolios. The Company’s estimates of variable consideration are based primarily on historical reimbursement data. Certain assumptions will also be adjusted based on known and anticipated factors not reflected in the historical reimbursement data. The Company monitors these accrual estimates at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. Both the initial accrual estimate and any subsequent revision to the estimate contain uncertainty and require the use of judgment in the estimation of the transaction price and application of the constraint for variable consideration. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect revenue and earnings in the period such variances become known.

Contract Liabilities

Contract liabilities are recorded when the Company receives payment or bills prior to completing its obligation to transfer goods or services to a customer, and the Company subsequently recognizes contract liabilities as revenue in the period in which the applicable revenue recognition criteria, as described above, are met.

Overhead Expenses

The Company allocates overhead expenses, such as rent and utilities, to cost of revenue and operating expense categories based on headcount. As a result, an overhead expense allocation is reflected in cost of revenue and each operating expense category.

Cost of Revenue

Cost of revenue reflects the aggregate costs incurred in delivering test results and consists of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; costs of laboratory supplies; depreciation of laboratory equipment; amortization of leasehold and building improvements and allocated overhead. Costs associated with performing tests are recorded as tests are processed.

Research and Development Expenses

Research and development expenses represent costs incurred to develop the Company’s technology and future tests. These costs consist of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; laboratory supplies; consulting costs and allocated overhead. The Company expenses all research and development costs in the periods in which they are incurred.

Selling and Marketing Expenses

Selling and marketing expenses consist of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; customer service expenses; direct marketing expenses; educational and promotional expenses; market research and analysis and allocated overhead. The Company expenses all selling and marketing costs as incurred.

General and Administrative Expenses

General and administrative expenses include executive, finance and accounting, legal and human resources functions. These expenses consist of: personnel costs, including salaries, employee benefit costs, bonuses and equity-based compensation expenses; audit and legal expenses; consulting costs and allocated overhead. The Company expenses all general and administrative expenses as incurred.

Income Taxes

Income taxes are accounted for under the asset and liability method. The Company provides for federal, state and foreign income taxes currently payable, as well as for taxes deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enactment date.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount with a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. For income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in its consolidated financial statements. The Company records interest and penalties related to uncertain tax positions, if applicable, as a component of income tax expense.

Equity-Based Compensation

The Company grants various types of equity-based awards to its employees, consultants and non-employee directors. Equity-based compensation costs are reflected in the accompanying Consolidated Statements of Operations based upon each award recipient’s role with the Company. The Company primarily grants to its employees restricted stock unit, or RSU, awards that generally vest over a specified period of time upon the satisfaction of service-based conditions. The Company measures compensation expense for equity-based awards granted to employees based on the fair value of the award on the grant date of the award. Compensation expense for employee RSU awards with a service-based vesting condition is recognized ratably over the vesting period of the award.

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 average rates in effect during the period. Gains and losses from these translations are recognized in foreign currency translation included in other comprehensive income (loss) as a component in the accompanying Consolidated Statements of Stockholders’ Equity. The Company’s subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period, and inventories, property and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from the remeasurements are included in interest and other income, net in the accompanying Consolidated Statements of Operations. Gains and losses from these remeasurements were not significant in the year ended December 31, 2020.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gain or loss on marketable debt securities and foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency. The Company did not have reclassifications from other comprehensive income (loss) to net loss during the year ended December 31, 2020. The tax effects related to unrealized holding gains on marketable debt securities were $147,000 in 2020. The tax effects related to unrealized gain was insignificant in 2019 due to valuation allowance.

Basic and Diluted Net Income or Loss per Share

Basic net income or loss per common share is computed by dividing the net income or loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income or loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period.

Emerging Growth Company

Pursuant to the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company, but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.

Disaggregation of Revenue

The Company classifies its customers into three payor types: (i) Insurance, (ii) Institutional, including hospitals, medical institutions, other laboratories, governmental bodies, municipalities and large corporations, or (iii) Patients who pay directly, as the Company believes this best depicts 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 for the years ended December 31, 2020 and 2019.

	Year Ended December 31,
	2020		2019
	(in thousands)
Testing Services by payor
Insurance	$	257,587	$	705
Institutional		163,083		31,284
Patient		1,042		539
Total Revenue	$	421,712	$	32,528

There was no material variable consideration recognized in the current period that relates to performance obligations that were completed in the prior period.

Contract Balances

Receivables from contracts with customers - As of December 31, 2020 and 2019, receivables from contracts with customers were approximately $183.9 million and $6.6 million, respectively, and are included within Trade accounts receivable on the Consolidated Balance Sheets.

Contracts assets and liabilities - As of December 31, 2020 and 2019, contract assets from contracts with customers were $1.4 million and $150,000, respectively, associated with contract execution and certain costs to fulfill a contract, which is included in other current assets in the accompanying Consolidated Balance Sheets. Contract liabilities are recorded when the Company receives payment prior to completing its obligation to transfer goods or services to a customer. The Company had $26.6 million and $365,000 of contract liabilities as of December 31, 2020 and 2019, respectively. Revenues of $257,000 and $59,000 for the years ended December 31, 2020 and 2019, respectively, related to contract liabilities at the beginning of the respective periods were recognized.

Transaction Price Allocated to Future Performance Obligations

The Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers, issued by the Financial Accounting Standards Board, or FASB, requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as December 31, 2020. ASC 606 provides certain practical expedients that limit the requirement to disclose the aggregate amount of transaction price allocated to unsatisfied performance obligations.

The Company applied the practical expedient to not disclose the amount of transaction price allocated to unsatisfied performance obligations when the performance obligation is part of a contract that has an original expected duration of one year or less. The Company does not have material future obligations associated with COVID 19 or genetic testing Services that extend beyond one year.

Recent Accounting Pronouncements

The Company evaluates all Accounting Standards Updates, or ASUs, issued by 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 consolidated financial statements or disclosures.

ASU No. 2016-13

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those reporting periods for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early application of the amendments is permitted. The Company does not expect the adoption of the new guidance under the standard to materially affect its financial position or results of operations and plans to adopt during fiscal year 2021.

ASU No. 2018-15

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which provides new guidance on the accounting for implementation, set-up, and other upfront costs incurred in a hosted cloud computing arrangement. Under the new guidance, entities will apply the same criteria for capitalizing implementation costs as they would for an internal-use software license arrangement. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This ASU can be adopted prospectively to eligible costs incurred on or after the date of adoption or retrospectively. The adoption of this update did not have a material impact on the Company’s consolidated financial statements or disclosures.

ASU No. 2019-12

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), which is intended to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. The amendment in this update simplifies the accounting for income taxes by removing some exceptions including the incremental approach for intraperiod tax allocation, the requirement to recognize a deferred tax liability for equity method investments, the ability not to recognize a deferred tax liability for a foreign subsidiary, and the general methodology for calculating income taxes in an interim period. Other changes include requiring entities to recognize franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, evaluate tax basis step-up in goodwill obtained in a transaction that is not a business combination, and reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, making minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method, and specifying that an entity is not required to allocate the consolidated current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. This amendment is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company does not expect the adoption of the new guidance under the standard to materially affect its financial position or results of operations and plans to adopt during fiscal year 2021.

Marketable Securities

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

Marketable Securities

Note 3. Marketable Securities

The Company’s marketable securities consisted of the following:

	December 31, 2020
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Equity securities
Bond fund	$	153,269		$	67	$	(151	)	$	153,185
Exchange traded funds		17,614			—		(5	)		17,609
Available-for-sale debt securities
Money market accounts		47,461			—		—			47,461
Corporate debt securities		41,061			101		(15	)		41,147
Less: Cash equivalents		(47,461	)		—		—			(47,461	)
Total short-term marketable securities		211,944			168		(171	)		211,941
Long-term
Corporate debt securities		124,989			580		(117	)		125,452
U.S. government agency debt securities		1,000			2		—			1,002
Yankee debt securities		6,054			4		(10	)		6,048
Total long-term marketable securities		132,043			586		(127	)		132,502
Total marketable securities	$	343,987		$	754	$	(298	)	$	344,443

	December 31, 2019
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Money market accounts	$	4,700		$	—	$	—		$	4,700
Corporate debt securities		17,962			43		(2	)		18,003
Less: Cash equivalents		(6,399	)		—		—			(6,399	)
Total short-term marketable securities		16,263			43		(2	)		16,304
Long-term
Corporate debt securities		41,861			116		(30	)		41,947
Total long-term marketable securities		41,861			116		(30	)		41,947
Total marketable securities	$	58,124		$	159	$	(32	)	$	58,251

Management determined that the gross unrealized losses of $298,000 on the Company’s marketable securities as of December 31, 2020 were temporary in nature. Gross unrealized losses on the Company’s marketable securities were $32,000 as of December 31, 2019. The Company currently does not intend to sell the debt securities prior to maturity and does not consider these investments to be other-than-temporarily impaired as of December 31, 2020.

The proceeds and gross realized gains from sale of available-for-sale securities for the year ended December 31, 2020 were $8.1 million and $131,000, respectively. The proceeds and gross realized gains from sale of equity securities for the year ended December 31, 2020 were $9.0 million and $24,000, respectively. The Company did not sell any marketable securities in 2019. The net unrealized loss related to equity securities still held at December 31, 2020 was $89,000. The Company did not hold any equity securities in 2019.

The Company’s available-for-sale debt securities of $221.1 million are used as collateral for an outstanding margin account borrowing. As of December 31, 2020, the Company had an outstanding borrowing of $15.0 million under its margin account. Margin account borrowings were used for the purchase of real property located in El Monte, California.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:

Level 1:	Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2:	Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:	Inputs are unobservable inputs for the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:

	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Bond Fund	$	153,185	$	153,185	$	—	$	—
Exchange traded funds		17,609		17,609		—		—
Corporate debt securities		166,599		—		166,599		—
U.S. government agency debt securities		1,002		—		1,002		—
Yankee debt securities		6,048		—		6,048		—
Money market accounts		47,461		47,461		—		—
Total marketable securities and cash equivalents	$	391,904	$	218,255	$	173,649	$	—

	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Corporate debt securities	$	59,950	$	—	$	59,950	$	—
Money market accounts		4,700		4,700		—		—
Total marketable securities and cash equivalents	$	64,650	$	4,700	$	59,950	$	—

The Company’s Level 1 assets include marketable equity securities and money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. government agency debt securities, 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 December 31, 2020 and 2019, the Company had no investments that were measured using unobservable (Level 3) inputs.

There were no transfers between fair value measurement levels during the years ended December 31, 2020 and 2019.

There were no gross unrealized losses for cash equivalents as of December 31, 2020, and gross unrealized losses for marketable securities as of December 31, 2020 were not material. There were no unrealized losses for securities in an unrealized loss position for more than 12 months. During the years ended December 31, 2020 and 2019, the Company did not recognize other-than-temporary impairment losses related to its marketable securities.

Fixed Assets

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Fixed Assets

Note 5. Fixed Assets

Major classes of fixed assets consisted of the following:

		December 31,
	Useful Lives	2020			2019
		(in thousands)
Medical lab equipment	5 Years	$	20,849		$	10,493
Building	39 Years		6,731			—
Aircraft	7 Years		6,503			—
Computer hardware	3 Years		3,699			1,705
Leasehold improvements	Shorter of lease term or estimated useful life		1,580			876
Building improvements	6 months to 5 Years		707			—
Computer software	3 Years		541			541
Furniture and fixtures	5 Years		454			235
Land improvements	5 to 15 Years		403			—
Automobile	5 Years		53			—
General equipment	5 Years		44			—
Land			7,500			—
Assets not yet placed in service			2,055			114
Total			51,119			13,964
Less: Accumulated depreciation			(10,920	)		(7,990	)
Property and equipment, net		$	40,199		$	5,974

Depreciation expense on fixed assets totaled $3.0 million and $2.1 million for the years ended December 31, 2020 and 2019, respectively.

Other Current Assets

12 Months Ended

Dec. 31, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

	December 31,
	2020		2019
	(in thousands)
Other receivable	$	17,810	$	16
Reagents and supplies		16,491		277
Prepaid expenses		3,682		1,288
Contract assets		1,379		150
Marketable securities interest receivable		1,016		478
Prepaid income taxes		14		46
Total	$	40,392	$	2,255

Reagents and supplies include reagents and consumables used for DNA sequencing applications in the Company’s DNA sequencing equipment and collection kits for COVID-19 tests. Other receivable primarily consists of proceeds to be received from public offerings of the Company’s common stock.

Reporting Segment and Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

Note 7. Reporting Segment and Geographic Information

The Company views its operations and manages its business in one reporting segment. All long-lived assets were located in the United States as of December 31, 2020 and 2019 with an insignificant amount located in Canada. Revenue by region for the years ended December 31, 2020 and 2019 were as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Revenue:
United States	$	415,334	$	25,014
Foreign:
Canada		1,725		2,245
Other Countries		4,653		5,269
Total	$	421,712	$	32,528

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt, Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Debt Commitments And Contingencies Disclosure [Abstract]

Debt, Commitments and Contingencies

Note 8. Debt, Commitments and Contingencies

Debt

In 2020, the Company purchased a real property located at 4399 - 4401 Santa Anita Avenue, El Monte, California, or the Property, from 4401 Santa Anita Corporation, a California corporation, or the Seller. The Company paid an aggregate of $15.4 million in exchange for the Property, or the Property Purchase Agreement, which consists of approximately 61,612 total square feet of building situated on 2.6 acres of land. In connection with the signing of the Property Purchase Agreement, the Company provided a refundable $350,000 deposit to the Seller. In connection with the closing of escrow, the Company paid the remaining amount owed pursuant to the Property Purchase Agreement of approximately $15.0 million to the Seller. The $15.0 million paid in connection with the close of escrow was financed using a margin loan with the custodian of the Company’s marketable debt security investment account. The marketable securities in the brokerage account were used as collateral for the margin loan. The custodian can issue a margin call at any time. The interest rate on the margin loan was the effective federal funds rate, or EFFR, plus a spread, and the EFFR and/or the spread can be changed by Bank of New York at any time. The interest was 1% at the time of withdrawal of $15.0 million from the margin account, and the interest rate at December 31, 2020 was 0.78%. The Company did not make any other withdrawals from the margin account, and the outstanding balance of $15.0 million is included in the accompanying Consolidated Balance Sheets. The related interest expenses for the year ended December 31, 2020 was $20,000.

Operating Leases

See Note 9, Leases, for further information.

Gene Biotech

See Note 15, Equity Method Investments, for a description of the Company’s commitments related to its joint venture, FF Gene Biotech, as defined in Note 15.

Purchase Obligations

As of December 31, 2020, the Company had non-cancelable purchase obligations of $27.6 million, of which, $23.6 million for reagents and other supplies and $3.3 million for medical lab equipment are payable within twelve months, and $700,000 for medical lab equipment is payable within the next twenty-four months.

Contingencies

From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. Management does not believe that the outcome of any of these matters will have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 9. Leases

Lessee

The Company has various non-cancelable operating leases with varying terms through October 2025 primarily for office space and equipment. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. The Company does not have any finance leases or leases with variable lease payments.

The determination of whether an arrangement contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

The Company’s headquarters is located in Temple City, California, which is comprised of various corporate offices and a laboratory certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, accredited by the College of American Pathologists and licensed by the State of California Department of Public Health. Additional offices are located in El Monte, California, and in 2020, the Company purchased the real property from the landlord. The Company paid an aggregate of $15.4 million in exchange for the real property which consists of approximately 61,612 total square feet of building situated on 2.6 acres of land. Additional offices are located in Atlanta, Georgia and are used for certain report generation functions. During the year ended December 31, 2020, the Company opened another CLIA-certified laboratory in Houston, Texas to expand its capacity.

The Company adopted new accounting standard ASC 842, Leases, on January 1, 2019, including the practical expedient on not separating lease components from nonlease components for all operating leases. Upon adoption, the Company recorded ROU assets of $3.0 million and short-term and long-term lease liabilities of $384,000 and $2.6 million, respectively. The difference between the ROU asset and liability is due to the existing balance of deferred rent at the date of adoption. There was no impact to retained earnings upon adoption. The Company entered into three operating leases with an existing landlord during the year. Upon entering into the leases, the Company recorded ROU assets of $393,000 and short-term and long-term lease liabilities of $58,000 and $335,000, respectively. These three leases along with other leases for the office spaces in El Monte were terminated due to the Company’s purchase of the buildings from the landlord. The difference between the carrying amount of ROU assets and lease liabilities immediately before the purchase was recorded as an adjustment to the carrying amount of the buildings. The Company entered an operating lease for a copier during the year. Upon entering into the lease, the Company recorded ROU assets of $9,000 and short-term and long-term lease liabilities of $1,000 and $8,000, respectively. The Company also entered into fifteen short-term leases during the year ended December 31, 2020 and elected short-term lease recognition exemption for such leases.

As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the discount rate used to calculate present value lease payment. The Company determined its incremental borrowing rate based on inquiries with its bank. The Company’s lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options or asset retirement obligations. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. The Company’s leases do not contain variable lease payments.

The following was operating lease expense:

	Year Ended December 31,
	2020		2019
	(in thousands)
Operating lease cost	$	566	$	587
Short-term lease cost		142		—
Total lease cost	$	708	$	587

Supplemental cash flow information related to leases was the following:

	Year Ended December 31,
	2020		2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	801	$	535
Noncash lease expense	$	409	$	413
Right-of-assets obtained in exchange for new operating lease liabilities	$	402	$	110

Supplemental information related to leases was the following:

	December 31, 2020
Weighted average remaining lease term - operating leases	3.0 years
Weighted average discount rate - operating leases		6.22	%

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

	Operating Leases
	(in thousands)
Year Ending December 31,
2021	$	311
2022		309
2023		270
2024		24
2025		2
Thereafter		1
Total lease payments		917
Less imputed interest		(82	)
Total	$	835

Lessor

The Company leases out space in buildings it owns to third-party tenants under noncancelable operating leases and has leased out such space since the Company purchased such buildings in October 2020. The Company determines whether a lease exists at inception. The remaining terms left after purchasing the buildings are from 2 months to 4 years 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 $145,000 for 2020, which was included in interest and other income, net, in the accompanying Consolidated Statements of Operations. There was no lease income in 2019. Total lease income for 2020 was as follows:

	Year Ended
	December 31, 2020
	(in thousands)
Lease income	$	144
Variable lease income		1
Total lease income	$	145

Future fixed lease payments from tenants for all noncancelable operating leases as of December 31, 2020 are as follows:

	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2021	$	335
2022		190
2023		95
2024		61
Total	$	681

Equity-Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

Note 10. Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Consolidated Statements of Operations as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Cost of revenue	$	1,452	$	676
Research and development		2,693		1,024
Selling and marketing		2,092		845
General and administrative		1,920		664
Total	$	8,157	$	3,209

Award Activity

Option Awards

The following table summarizes activity for options to acquire shares of the Company’s common stock in the years ended December 31, 2020 and 2019:

	Number of Shares Subject to Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands) (1)
Balance at December 31, 2018		417		$	0.64				7.1	$	1,116
Granted		30		$	6.98	$	4.58
Exercised		(100	)	$	0.38	$	5.36
Canceled		(6	)	$	0.38	$	7.10
Balance at December 31, 2019		341		$	1.27				6.4	$	3,960
Granted		10		$	15.82	$	11.45
Exercised		(56	)	$	1.86	$	5.04
Canceled		(8	)	$	4.18	$	4.68
Balance at December 31, 2020		287		$	1.59				5.5	$	14,484
Exercisable as of December 31, 2020		258		$	0.65				5.1	$	13,274

(1)	Aggregate intrinsic value is calculated as the difference between (i) the exercise price of options and (ii) the market value of the Company’s common stock as of the applicable date.

The total fair value of options that vested during the years ended December 31, 2020 and 2019 was $223,000 and $549,000, respectively. As of December 31, 2020, the remaining unrecognized compensation expense related to all outstanding option awards was $178,000 and is expected to be recognized over a weighted-average period of 3.0 year.

RSU Awards

RSUs are awards that entitle the holder to receive shares of the Company’s common stock upon satisfaction of vesting conditions. Each RSU represents the contingent right to receive one share of the Company’s common stock upon vesting and settlement.

The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the years ended December 31, 2020 and 2019:

	Number of Shares (in thousands)			Weighted-Average Grant Date Fair Value
Balance at December 31, 2018		1,086		$	5.94
Granted		982		$	7.00
Vested and settled		(434	)	$	6.39
Forfeited		(123	)	$	5.38
Balance at December 31, 2019		1,511		$	6.54
Granted		1,389		$	24.86
Vested and settled		(655	)	$	7.97
Forfeited		(160	)	$	11.17
Balance at December 31, 2020		2,085		$	17.93

The RSU awards granted in the years ended December 31, 2020 and 2019 will result in aggregate equity-based compensation expense of $34.5 million and $6.9 million, respectively, to be recognized over the vesting periods from the grant date of each award granted in the period. As of December 31, 2020, the remaining unrecognized compensation expense related to all outstanding RSU awards was $33.5 million and is expected to be recognized over a weighted-average period of 3.4 years. As of December 31, 2019, the remaining unrecognized compensation expense related to all outstanding RSU awards was $8.7 million and was expected to be recognized over a weighted-average period of 2.9 years.

Fair Value Assumptions for Option Awards

The Company uses the Black-Scholes option-pricing model to measure the fair value of option awards. The Black-Scholes option-pricing model requires the input of various assumptions, each of which is subjective and requires significant judgment. These assumptions include the following:

•

Expected Term. The expected term represents the period that the Company’s equity-based awards are expected to be outstanding. The Company determines the expected term assumption based on the vesting terms, exercise terms and contractual terms of the options.

•

Risk-Free Interest Rate. The Company determines the risk-free interest rate by using the equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant.

•

Dividend Yield. The assumed dividend yield is based on the Company’s expectation that it will not pay dividends in the foreseeable future, which is consistent with its history of not paying dividends.

•

Expected Volatility. The Company calculates expected volatility based on historical volatility data of its stock that is publicly traded.

•

Forfeiture Rate. The Company accounts for forfeitures as they occur.

Awards to Employees

The table below sets forth the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of options to acquire shares of the Company’s common stock granted to employees during the year ended December 31, 2020 and 2019.

	Year Ended December 31,
	2020			2019
Expected term (in years)		6.1			6.1
Risk-free interest rates		0.4	%		1.8	%
Dividend yield		—			—
Expected volatility		87.5	%		73.6	%

Determination of Fair Value on Grant Dates

The fair value of the shares of the Company’s common stock underlying option and RSU awards is determined by the Company’s board of directors or the compensation committee thereof based on the closing sales price of the Company’s common stock on the date of grant as reported by the Nasdaq Global Market.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

Provision for income taxes consists of U.S. federal and state income taxes. A deferred tax liability is recognized for all taxable temporary differences, and a deferred tax asset is recognized for all deductible temporary differences, operating losses and tax credit carryforwards. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The following table summarizes income (loss) before income taxes, equity loss in investee and impairment loss in equity-method investments:

	Year Ended December 31,
	2020			2019
	(in thousands)
U.S. income before income taxes, equity loss in investee and impairment loss	$	291,739		$	679
Foreign loss before income taxes and equity loss in investee		(55	)		(270	)
Income before income taxes, equity loss in investee and impairment loss	$	291,684		$	409

Income tax expense (benefit) consisted of the following:

	Year Ended December 31,
	2020			2019
	(in thousands)
Current:
Federal	$	53,794		$	5
State		20,513			38
Total Current		74,307			43
Deferred:
Federal		(248	)		(249	)
State		(14	)		(280	)
Change in valuation allowance		(1,513	)		529
Total Deferred		(1,775	)		—
Total income tax expense	$	72,532		$	43

Reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate is as follows:

	Year Ended December 31,
	2020			2019
Tax provision at federal statutory rate		21.00	%		21.00	%
State taxes		5.68	%		-46.76	%
Foreign tax rate differential		0.00	%		13.83	%
Uncertain Tax Positions		0.13	%		0.00	%
Stock based compensation		-0.92	%		-53.53	%
Return to provision		-0.11	%		-57.11	%
Other permanent differences		0.02	%		3.87	%
Other		-0.41	%		0.01	%
Change in valuation allowance		-0.52	%		129.22	%
Tax provision		24.87	%		10.53	%

The following table summarizes the elements of the deferred tax assets (liabilities):

	Year Ended December 31,
	2020			2019
	(in thousands)
Deferred tax assets
Accrued vacation and other accrued expenses	$	166		$	97
Provision for bad debts		513			180
Net operating losses		206			445
Stock based compensation		1,424			609
State income taxes		4,306			8
Foreign		1,220			545
Credits		—			680
Lease liability		226			643
Equity loss in investment		700			—
Other		89			—
Gross deferred tax assets		8,850			3,207
Less: Valuation allowance		(2,021	)		(2,125	)
Net deferred tax assets		6,829			1,082
Deferred tax liabilities
Depreciation		4,830			419
Right of use asset		224			633
Other		147			30
Total deferred tax liabilities		5,201			1,082
Net deferred tax assets	$	1,628		$	—

As of December 31, 2020, the Company has no estimated federal net operating loss, or NOL, carryforwards and estimated state NOL carryforwards of $1.9 million. The Company’s state NOLs are scheduled to expire from 2022 through 2042. The Company also has foreign NOL carryforwards of $405,000 which are scheduled to expire from 2021 through 2025.

FASB ASC 740 requires that deferred income tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred income tax assets will not be realized. The Company has evaluated the realizability of its deferred tax assets and has concluded that it is more likely than not that the Company may not realize the benefit of certain deferred tax assets. These deferred tax assets consist primarily of equity losses in joint ventures and foreign net operating loss carryforwards; accordingly, a valuation allowance of $2.0 million has been recorded on these deferred tax assets as of December 31, 2020. At December 31, 2019, the Company concluded that it was more likely than not that the Company may not realize the benefit of its deferred tax assets, primarily as a result of operating losses in recent years and, accordingly, provided a full valuation allowance of $2.1 million. The decrease in the valuation allowance of $104,000 for the year ended December 31, 2020 was primarily due to current and expected future operating profits.

During 2020 and 2019 the Company recorded deferred tax assets related to its equity method investment in FF Gene Biotech. When realized, the asset will generate a capital loss which may only be used to offset capital gain income. The Company does not currently have any capital gain income and has therefore recorded a full valuation allowance against this asset. During 2020, the Company recorded a deferred tax asset related to the impairment of its investment in BostonMolecules, Inc. When realized, the asset will generate a capital loss which may only be used to offset capital gain income; therefore, the Company has recorded a full valuation allowance against this asset. The net deferred assets are included in other long-term assets in the accompanying Consolidated Balance Sheets.

Uncertain Tax Positions

The Company is subject to income taxation by the United States government and certain states in which the Company's activities give rise to an income tax filing requirement. The Company does not have any significant income tax filing requirements in any foreign jurisdiction. As of December 31, 2020, there were no pending tax audits in any jurisdiction. The tax returns are subject to statutes of limitations that vary by jurisdiction. At December 31, 2020, the Company remains subject to income tax examinations in the U.S. and various states for tax years 2017 through 2020. However, due to the Company’s NOL carryforwards in various jurisdictions, tax authorities have the ability to adjust carryforwards related to closed years until the statute expires on the year(s) in which the NOL carryforwards are utilized.

A reconciliation of the Company’s gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Balance at beginning of year	$	—	$	—
Increases to prior positions		141		—
Increases for current year positions		236		—
Balance at end of year	$	377	$	—

As of December 31, 2020, the Company has $377,000 of gross unrecognized tax benefits, related to research and experimental tax credits. The Company has $377,000 of unrecognized tax benefits as of December 31, 2020, which, if recognized, would affect the annual effective tax rate. The Company has no accrual for interest or penalties at December 31, 2020 or 2019, and has not recognized interest or penalties during the years ended December 31, 2020 and 2019. Although it is possible that the amount of unrecognized benefits with respect to our uncertain tax positions will increase or decrease in the next twelve months, the Company does not expect material changes.

While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could differ from the Company's accrued positions. Accordingly, additional provisions on federal, state and foreign tax-related matters could be recorded in future periods as revised estimates are settled or otherwise resolved.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Income (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Income (Loss) Per Share

Note 12. Income (Loss) per Share

The following is a reconciliation of the basic and diluted income (loss) per share computations:

	Year Ended December 31,
	2020		2019
	(in thousands, except per share data)
Net income (loss)	$	214,310	$	(411	)
Weighted-average common shares - outstanding, basic		22,694		18,709
Weighted-average common shares - outstanding, diluted		24,056		18,709
Net income (loss) per common share, basic	$	9.44	$	(0.02	)
Net income (loss) per common share, diluted	$	8.91	$	(0.02	)

The following securities have been excluded from the calculation of diluted loss per share for all periods presented because their effect would have been anti-dilutive:

	Year Ended December 31,
	2020		2019
	(in thousands)
Options		10		36
RSUs		347		161

The anti-dilutive shares described above were calculated using the treasury stock method. During the year ended December 31, 2019, the Company had outstanding options and RSUs that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions.

Retirement Plans

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

Note 13. 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 will match up to 3% of an employee’s compensation that the employee contributes to his or her 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $422,000 and $237,000 in the years ended December 31, 2020 and 2019, respectively.

Related Party

12 Months Ended

Dec. 31, 2020

Related Party

Note 14. Related Party

Linda Marsh, who is a member of the Company’s board of directors, is currently the Senior Executive Vice President of AHMC Healthcare Inc., or AHMC. The Company performs genetic testing and other testing services, on an arms-length basis, for AHMC, and the Company recognized $3.1 million in revenue in the year ended December 31, 2020. As of December 31, 2020, $1.8 million was owed to the Company by AHMC, which is included in trade accounts receivable, net, in the accompanying Consolidated Balance Sheets, in connection with this relationship.

The Spouse of the Company’s founder, Chief Executive Officer and Chairman of the Company’s board of directors, Ming Hsieh, is the owner of JEM Enterprise, or JEM. In the year ended December 31, 2020, the Company purchased $200,000 of office furniture and supplies from JEM. The Company believed $200,000 was a fair market price for the furniture purchased. As of December 31, 2020, zero was owed to JEM by the Company in connection with this relationship.

The Chief Executive Officer and Chairman of the Company’s board of directors, Ming Hsieh, is the owner of PTJ Associates Inc., or PTJ. PTJ provides flight services to the Company on an arms-length basis. In the year ended December 31, 2020, the Company incurred $343,000 in expenses for flights between California and Texas to transport employees and supplies. As of December 31, 2020, $94,000 was owed to PTJ by the Company, which is included in accounts payable in the accompanying Consolidated Balance Sheets, in connection with this relationship.

As more fully described in Note 15, Equity Method Investments, in April 2017, the Company, through an affiliated company formed for the purpose of the relationship, entered into a cooperation agreement, or JV Agreement, with Xilong Scientific Co., Ltd., or Xilong Scientific, and Fuzhou Jinqiang Investment Partnership (LP), or FJIP, to form a joint venture under the laws of the People’s Republic of China, or China, called Fujian Fujun Gene Biotech Co., Ltd., or FF Gene Biotech. Xilong Scientific is an affiliate of Xi Long USA, Inc., a company which at one point owned greater than 10% of the Company’s common stock. XiLong USA, Inc. has since reported beneficial ownership of 4.92% of the Company’s common stock in a Schedule 13G filed with the SEC on June 12, 2020. FJIP is owned by key management of FF Gene Biotech, including Dr. Han Lin Gao, the Chief Scientific Officer and a large stockholder of the Company and the owner of approximately 25% of FJIP.

The Company and Fulgent Pharma LLC, the Company’s former subsidiary, are party to shared services arrangements where research and development and administrative services and office space and equipment are provided between the companies, on an arms-length basis. Ming Hsieh is the Manager and a member of Fulgent Pharma LLC. During the year ended December 31, 2020, the research development service rendered by Fulgent Pharma LLC was $427,000 and costs allocated to Fulgent Pharma, LLC were $52,000. Costs allocated to Fulgent Pharma LLC were not significant during the year ended December 31, 2019. As of December 31, 2020, $409,000 was owed to Fulgent Pharma LLC by the Company, which is included in accrued liabilities in the accompanying Consolidated Balance Sheets, and as of December 31, 2019, $26,000 was owed to the Company by Fulgent Pharma, which is recorded in other receivable in other current assets in the accompanying Consolidated Balance Sheet, in connection with these relationships.

Equity Method Investments

12 Months Ended

Dec. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Equity Method Investments

Note 15. Equity Method Investments

In April 2017, the Company, through an affiliated company formed for the purpose of the relationship, entered into the JV Agreement with Xilong Scientific and FJIP to form FF Gene Biotech, a joint venture formed under the laws of China to offer genetic testing services to customers in China. Pursuant to the terms of the JV Agreement, the Company has agreed to contribute to FF Gene Biotech genetic sequencing and other equipment with a total cost of 60.0 million renminbi, or RMB, over a five-year period for a 30% ownership interest in FF Gene Biotech, previously three-year per original agreement and amended in April 2019. Xilong Scientific has agreed to contribute to FF Gene Biotech 102.0 million RMB over a five-year period for a 51% ownership interest in the FF Gene Biotech, previously three-year per original agreement and amended in April 2019. FJIP has agreed to contribute to FF Gene Biotech 19.0 million RMB over a ten-year period for a 19% ownership interest in FF Gene Biotech, previously five-year per original agreement and amended in April 2019. The Company’s maximum exposure to fund losses of FF Gene Biotech as a result of its minority ownership of this entity is equal to its contribution obligation under the JV Agreement as described above. As of December 31, 2020, 29.7 million RMB (or approximately $4.5 million U.S. dollars) remained to be contributed to FF Gene Biotech by the Company under the terms of the JV Agreement, and the Company has purchased and contributed equipment with an aggregate fair value of $4.5 million pursuant to its contribution commitment under the JV Agreement, of which, $1.4 million and $137,000 were contributed in the year ended December 31, 2020 and 2019, respectively. The Company accounted for this contribution in accordance with ASC 845, Nonmonetary Transactions, and recorded an investment based on the fair value of the contributed equipment, which is the same as carryover basis. In the year ended December 31, 2020, the Company recorded an impairment loss of $1.8 million from the investment on FF Gene Biotech as the decline in the fair value of the investment compared to the pro forma carrying value is more than the current carrying value, and the Company believes the decline is other-than-temporary.

The Company concluded FF Gene Biotech is a variable interest entity as FF Gene Biotech lacks sufficient capital to operate independently. The Company concluded that it alone does not have the power to direct the most significant activities of FF Gene Biotech and therefore is not the primary beneficiary of the entity. Judgment regarding the level of influence over FF Gene Biotech includes consideration of key factors such as the Company's ownership interest, representation on the board of directors or other management body and participation in policy-making decisions.

The Company accounts for its 30% interest in FF Gene Biotech using the equity method of accounting. The Company recorded its proportionate share of the losses of FF Gene Biotech for the year ended December 31, 2020 and 2019 in the accompanying Consolidated Statements of Operations, and recorded its contribution during the period, net of its proportionate share in the accumulated losses and impairment loss of FF Gene Biotech, in the accompanying Consolidated Balance Sheet as of December 31, 2020 and 2019. FF Gene Biotech provided curation services, on an arms-length basis, for the Company, the cost of such services was insignificant for the year ended December 31, 2020 and 2019.

Summary Financial Information

In the year ended December 31, 2020, FF Gene did not constitute 10 percent or more of the Company’s consolidated assets, equity or income from continuing operation, thus the results of operations of FF Gene were not significant to the Company. Summarized financial information for FF Gene Biotech for 2019 is as follows.

	December 31,
	2019
Consolidated Balance Sheet Data:	(in thousands)
Current assets	$	3,007
Non-current assets	$	4,457
Current liabilities	$	3,748
Non-current liabilities	$	889
Minority interest	$	(426	)
Stockholders' equity	$	3,253

	Year Ended December 31,
	2019
Consolidated Statement of Operations Data:	(in thousands)
Net sales	$	4,055
Gross profit	$	1,354
Net loss	$	(3,009	)

Share of loss from investments accounted for using the equity method	$	(777	)

BostonMolecules, Inc.

In September 2020, the Company entered into a Series A Preferred Stock Purchase Agreement, or the Series A Purchase Agreement, with BostonMolecules, Inc., or BostonMolecules, a Delaware corporation, pursuant to which the Company purchased 333 shares of Series A Preferred Stock of BostonMolecules, $0.0001 par value per share, or the BostonMolecules Shares, at a purchase price of $7,500 per share and an aggregate purchase price of $2.5 million. The BostonMolecules Shares represent an approximate 25% ownership interest in BostonMolecules. In connection with its purchase of the BostonMolecules Shares, the Company was granted the right to designate a member of BostonMolecules board of directors and the Company has designated Ming Hsieh to hold this position.

The Company concluded that it has the ability to exercise significant influence over the operating and financial policies of BostonMolecules and therefore concluded the purchase is an equity-method investment. Judgment regarding the level of influence over BostonMolecules includes consideration of key factors such as the Company's ownership interest and representation on the board of directors.

The Company initially accounted for its 25% interest in BostonMolecules using the equity method of accounting. The primary purpose of the investment was to gain access to certain technologies and products BostonMolecules was developing, however, after the investment was made, similar products became available in the market, and the development of BostonMolecules’ products was delayed. Since the current expected performance of BostonMolecules is significantly worse than anticipated when the investment was initially made and recoverability of the Company's investment is not expected, the Company determined its investment has been fully impaired. Total investment and direct costs associated with the investment were $2.6 million for the year ended December 31, 2020. The Company recorded the impairment loss using the equity method in the accompanying Consolidated Statements of Operations.

The Company also entered into a distribution agreement with BostonMolecules in June 2020, or the Distribution Agreement, and upon the closing of the aforementioned investment, the Distribution Agreement was amended and restated, as amended and restated, the Amended Distribution Agreement. Pursuant to the Amended Distribution Agreement, the Company will purchase, use and distribute COVID-19 test kits from BostonMolecules and offer a testing service using these test kits for its customers within the United States and Canada. Pursuant to the Amended Distribution Agreement, the Company may purchase the COVID-19 test kits from BostonMolecules at a price that is no less favorable than the lowest price charged by BostonMolecules to any third party in the United States and Canada for these test kits or their substantial equivalent during the same calendar year. The Company did not purchase any test kits from BostonMolecules in the year ended December 31, 2020.

Equity method investments as of December 31, 2020 and 2019 consisted of the following:

	December 31,
	2020					2019
	Carrying Value		Ownership Percentage			Carrying Value		Ownership Percentage
	(in thousands)					(in thousands)
FF Gene Biotech	$	—		30	%	$	872		30	%
BostonMolecules		—		25	%		—		0	%
Total equity method investments	$	—				$	872

Equity Distribution Agreements

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity Distribution Agreements

Note 16. Equity Distribution Agreements

In August 2019, the Company entered into an Equity Distribution Agreement, or the 2019 Equity Distribution Agreement, with Piper Jaffray & Co., or Piper, as sales agent, which was amended on August 4, 2020. During the year ended December 31, 2019, the Company sold an aggregate of 104,000 shares of its common stock pursuant to the 2019 Equity Distribution Agreement at a weighted-average net selling price of $9.37 per share, which resulted in $979,000 of net proceeds to the Company. During the year ended December 31, 2020, the Company sold an aggregate of 1.1 million shares of its common stock pursuant to the 2019 Equity Distribution Agreement at a weighted-average net selling price of $38.50 per share, which resulted in $42.7 million of net proceeds to the Company. Shares sold under the 2019 Equity Distribution Agreement were offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-233227) filed with the SEC on August 12, 2019 and declared effective on August 23, 2019, and prospectus supplements and accompanying base prospectus filed with the SEC on August 30, 2019, May 6, 2020 and August 5, 2020.

In September 2020, the Company entered into an Equity Distribution Agreement, or the September 2020 Equity Distribution Agreement, with Piper as sales agent, pursuant to which the Company sold an aggregate of 2.8 million shares of its common stock at a weighted-average net selling price of $42.90 per share, which resulted in $122.1 million of net proceeds to the Company. Shares sold under the September 2020 Equity Distribution Agreement were offered and sold pursuant to the Company’s registration statement on Form S-3 (File No. 333-239964) filed with the SEC on July 21, 2020, as amended on August 5, 2020, and declared effective on August 12, 2020, and a prospectus supplement and accompanying base prospectus filed with the SEC on September 25, 2020.

In November 2020, the Company entered into an Equity Distribution Agreement, or the November 2020 Equity Distribution Agreement, with Piper, Oppenheimer & Co. Inc., and BTIG LLC, as sales agents, pursuant to which the Company may offer and sell, from time to time through Piper, shares of its common stock having an aggregate offering price of up to $175.0 million. Piper may receive a commission of up to 3% of the gross proceeds received by the Company for sales pursuant to the November 2020 Equity Distribution Agreement. During the year ended December 31, 2020, the Company sold an aggregate of 2.0 million shares of its common stock pursuant to the November 2020 Equity Distribution Agreement at a weighted-average net selling price of $48.70 per share, which resulted in $99.1 million of net proceeds to the Company. Shares sold under the November 2020 Equity Distribution Agreement were offered and sold pursuant to the Company’s registration statement on Form S-3 (File No. 333-239964) filed with the SEC on July 21, 2020, as amended on August 5, 2020, and declared effective on August 12, 2020, and a prospectus supplement and accompanying base prospectus filed with the SEC on November 20, 2020.

Underwriting Agreement

12 Months Ended

Dec. 31, 2020

Underwriting Agreement [Abstract]

Underwriting Agreement

Note 17. Underwriting Agreement

On November 13, 2019, the Company entered into a purchase agreement with Piper as representative of the several underwriters, pursuant to which the Company sold 2,673,750 shares of its common stock at a price of $10.51875 per share, with a public offering price of $11.25 per share. The Company received net proceeds of approximately $27.6 million, after deducting underwriting discounts and commissions and offering expenses paid or payable by us of approximately $2.4 million. The shares issued and sold in the underwritten offering were sold pursuant to a shelf registration statement registered under the Securities Act on a registration statement on Form S-3 (File No. 333-233227), as amended, and a prospectus supplement and accompanying base prospectus filed with the SEC on November 13, 2019.

Subsequent Event

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Event

Note 18. Subsequent Event

Subsequent to December 31, 2020, the Company sold an aggregate of 582,650 shares of its common stock pursuant to the November 2020 Equity Distribution Agreement at a weighted-average selling price of $53.15 per share, which resulted in approximately $31.0 million of gross proceeds to the Company. Shares sold under the November 2020 Equity Distribution Agreement were offered and sold pursuant to the Company’s registration statement on Form S-3 (File No. 333-239964) filed with the SEC on July 21, 2020, as amended on August 5, 2020, and declared effective on August 12, 2020, and a prospectus supplement and accompanying base prospectus filed with the SEC on November 20, 2020.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

Note 19. Selected Quarterly Financial Data (Unaudited)

The tables below set forth the Company’s quarterly Consolidated Statements of Operations data for the eight quarters ended December 31, 2020. In the opinion of management, this quarterly data has been prepared on the same basis as the accompanying consolidated financial statements and includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the report in which these consolidated financial statements are included for descriptions of the effects of any extraordinary, unusual or infrequently occurring items recognized in any of the periods covered by this data. The results for any one quarter are not indicative of the results to be expected in the current period or any future period.

	Three Months Ended
	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sept. 30, 2019			June 30, 2019			Mar. 31, 2019
	(dollars in thousands, except per share data)
Statement of Operations Data:
Revenue	$	294,978		$	101,716		$	17,265		$	7,753		$	8,387		$	10,347		$	8,424		$	5,370
Cost of revenue		51,772			26,261			7,717			4,057			3,634			3,885			3,620			2,968
Gross profit		243,206			75,455			9,548			3,696			4,753			6,462			4,804			2,402
Operating expenses:
Research and development		4,576			3,177			1,849			1,978			1,795			1,744			1,574			1,424
Selling and marketing		5,081			5,014			3,260			1,597			1,635			1,687			1,304			1,272
General and administrative		7,640			3,741			1,799			2,035			1,732			1,522			1,631			1,529
Total operating expenses		17,297			11,932			6,908			5,610			5,162			4,953			4,509			4,225
Operating income (loss)		225,909			63,523			2,640			(1,914	)		(409	)		1,509			295			(1,823	)
Interest and other income, net		589			421			275			241			249			189			192			207
Income (loss) before income taxes, equity earnings (loss) in investee and impairment loss		226,498			63,944			2,915			(1,673	)		(160	)		1,698			487			(1,616	)
Provision for (benefit from) income taxes		58,571			14,526			(599	)		34			(38	)		61			7			13
Income (loss) before equity earnings (loss) in investee and impairment loss		167,927			49,418			3,514			(1,707	)		(122	)		1,637			480			(1,629	)
Equity earnings (loss) in investee		143			(189	)		(193	)		(249	)		(174	)		(175	)		(149	)		(279	)
Impairment loss in equity-method investment		(1,763	)		(2,591	)		—			—			—			—			—			—
Net income (loss)	$	166,307		$	46,638		$	3,321		$	(1,956	)	$	(296	)	$	1,462		$	331		$	(1,908	)

Net income (loss) per common share:
Basic	$	6.55		$	2.11		$	0.15		$	(0.09	)	$	(0.01	)	$	0.08		$	0.02		$	(0.10	)
Diluted	$	6.16		$	1.98		$	0.14		$	(0.09	)	$	(0.01	)	$	0.08		$	0.02		$	(0.10	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

A roll-forward of the activity in the Company’s allowance for doubtful accounts is as follows:

	December 31,
	2020			2019
	(in thousands)
Allowance for doubtful accounts at beginning of year	$	751		$	590
Bad debt expense		1,170			189
Write-offs		(23	)		(28	)
Allowance for doubtful accounts at end of year	$	1,898		$	751

Marketable Securities

Fair Value of Financial Instruments

Concentrations of Credit Risk, Customers and Suppliers

Revenue from the U.S. government was less than 10% of total revenue in each of the years ended December 31, 2020 and 2019.

Equity Method Investments

Leases

Fixed Assets

Software for Internal Use

Impairment of Long-Lived Assets

Reporting Segment and Geographic Information

Revenue Recognition

Performance Obligations

COVID-19 and Genetic Testing Services

Institutional and Patient Direct Pay

Insurance

Significant Judgments and Contract Estimates

COVID-19 and Genetic Testing Services

Disaggregation of Revenue

	Year Ended December 31,
	2020		2019
	(in thousands)
Testing Services by payor
Insurance	$	257,587	$	705
Institutional		163,083		31,284
Patient		1,042		539
Total Revenue	$	421,712	$	32,528

There was no material variable consideration recognized in the current period that relates to performance obligations that were completed in the prior period.

Contract Balances

Transaction Price Allocated to Future Performance Obligations

Contract Liabilities

Overhead Expenses

Cost of Revenue

Research and Development Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Income Taxes

Equity-Based Compensation

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Income (Loss)

Basic and Diluted Net Income or Loss per Share

Emerging Growth Company

Recent Accounting Pronouncements

ASU No. 2016-13

ASU No. 2018-15

ASU No. 2019-12

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Roll-Forward of Activity in Allowance for Doubtful Accounts

A roll-forward of the activity in the Company’s allowance for doubtful accounts is as follows:

	December 31,
	2020			2019
	(in thousands)
Allowance for doubtful accounts at beginning of year	$	751		$	590
Bad debt expense		1,170			189
Write-offs		(23	)		(28	)
Allowance for doubtful accounts at end of year	$	1,898		$	751

Accounting Standards Update 2014-09

Summary of Revenue from Contracts with Customers by Payor Type

The following table summarizes revenue from contracts with customers by payor type for the years ended December 31, 2020 and 2019.

	Year Ended December 31,
	2020		2019
	(in thousands)
Testing Services by payor
Insurance	$	257,587	$	705
Institutional		163,083		31,284
Patient		1,042		539
Total Revenue	$	421,712	$	32,528

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Marketable Securities

The Company’s marketable securities consisted of the following:

	December 31, 2020
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Equity securities
Bond fund	$	153,269		$	67	$	(151	)	$	153,185
Exchange traded funds		17,614			—		(5	)		17,609
Available-for-sale debt securities
Money market accounts		47,461			—		—			47,461
Corporate debt securities		41,061			101		(15	)		41,147
Less: Cash equivalents		(47,461	)		—		—			(47,461	)
Total short-term marketable securities		211,944			168		(171	)		211,941
Long-term
Corporate debt securities		124,989			580		(117	)		125,452
U.S. government agency debt securities		1,000			2		—			1,002
Yankee debt securities		6,054			4		(10	)		6,048
Total long-term marketable securities		132,043			586		(127	)		132,502
Total marketable securities	$	343,987		$	754	$	(298	)	$	344,443

	December 31, 2019
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Marketable securities:
Short-term
Money market accounts	$	4,700		$	—	$	—		$	4,700
Corporate debt securities		17,962			43		(2	)		18,003
Less: Cash equivalents		(6,399	)		—		—			(6,399	)
Total short-term marketable securities		16,263			43		(2	)		16,304
Long-term
Corporate debt securities		41,861			116		(30	)		41,947
Total long-term marketable securities		41,861			116		(30	)		41,947
Total marketable securities	$	58,124		$	159	$	(32	)	$	58,251

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:

	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Bond Fund	$	153,185	$	153,185	$	—	$	—
Exchange traded funds		17,609		17,609		—		—
Corporate debt securities		166,599		—		166,599		—
U.S. government agency debt securities		1,002		—		1,002		—
Yankee debt securities		6,048		—		6,048		—
Money market accounts		47,461		47,461		—		—
Total marketable securities and cash equivalents	$	391,904	$	218,255	$	173,649	$	—

	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Marketable securities and cash equivalents:
Corporate debt securities	$	59,950	$	—	$	59,950	$	—
Money market accounts		4,700		4,700		—		—
Total marketable securities and cash equivalents	$	64,650	$	4,700	$	59,950	$	—

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Major Classes of Fixed Assets

Major classes of fixed assets consisted of the following:

		December 31,
	Useful Lives	2020			2019
		(in thousands)
Medical lab equipment	5 Years	$	20,849		$	10,493
Building	39 Years		6,731			—
Aircraft	7 Years		6,503			—
Computer hardware	3 Years		3,699			1,705
Leasehold improvements	Shorter of lease term or estimated useful life		1,580			876
Building improvements	6 months to 5 Years		707			—
Computer software	3 Years		541			541
Furniture and fixtures	5 Years		454			235
Land improvements	5 to 15 Years		403			—
Automobile	5 Years		53			—
General equipment	5 Years		44			—
Land			7,500			—
Assets not yet placed in service			2,055			114
Total			51,119			13,964
Less: Accumulated depreciation			(10,920	)		(7,990	)
Property and equipment, net		$	40,199		$	5,974

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:

	December 31,
	2020		2019
	(in thousands)
Other receivable	$	17,810	$	16
Reagents and supplies		16,491		277
Prepaid expenses		3,682		1,288
Contract assets		1,379		150
Marketable securities interest receivable		1,016		478
Prepaid income taxes		14		46
Total	$	40,392	$	2,255

Reporting Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summary of Revenue by Geographic Region

Revenue by region for the years ended December 31, 2020 and 2019 were as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Revenue:
United States	$	415,334	$	25,014
Foreign:
Canada		1,725		2,245
Other Countries		4,653		5,269
Total	$	421,712	$	32,528

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Operating Lease Expense

The following was operating lease expense:

	Year Ended December 31,
	2020		2019
	(in thousands)
Operating lease cost	$	566	$	587
Short-term lease cost		142		—
Total lease cost	$	708	$	587

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was the following:

	Year Ended December 31,
	2020		2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	801	$	535
Noncash lease expense	$	409	$	413
Right-of-assets obtained in exchange for new operating lease liabilities	$	402	$	110

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was the following:

	December 31, 2020
Weighted average remaining lease term - operating leases	3.0 years
Weighted average discount rate - operating leases		6.22	%

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

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

	Operating Leases
	(in thousands)
Year Ending December 31,
2021	$	311
2022		309
2023		270
2024		24
2025		2
Thereafter		1
Total lease payments		917
Less imputed interest		(82	)
Total	$	835

Schedule of Lease Income

Total lease income for 2020 was as follows:

	Year Ended
	December 31, 2020
	(in thousands)
Lease income	$	144
Variable lease income		1
Total lease income	$	145

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

Future fixed lease payments from tenants for all noncancelable operating leases as of December 31, 2020 are as follows:

	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2021	$	335
2022		190
2023		95
2024		61
Total	$	681

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Consolidated Statements of Operations as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Cost of revenue	$	1,452	$	676
Research and development		2,693		1,024
Selling and marketing		2,092		845
General and administrative		1,920		664
Total	$	8,157	$	3,209

Summary of Activity for Options to Acquire Common Shares

The following table summarizes activity for options to acquire shares of the Company’s common stock in the years ended December 31, 2020 and 2019:

	Number of Shares Subject to Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands) (1)
Balance at December 31, 2018		417		$	0.64				7.1	$	1,116
Granted		30		$	6.98	$	4.58
Exercised		(100	)	$	0.38	$	5.36
Canceled		(6	)	$	0.38	$	7.10
Balance at December 31, 2019		341		$	1.27				6.4	$	3,960
Granted		10		$	15.82	$	11.45
Exercised		(56	)	$	1.86	$	5.04
Canceled		(8	)	$	4.18	$	4.68
Balance at December 31, 2020		287		$	1.59				5.5	$	14,484
Exercisable as of December 31, 2020		258		$	0.65				5.1	$	13,274

(1)	Aggregate intrinsic value is calculated as the difference between (i) the exercise price of options and (ii) the market value of the Company’s common stock as of the applicable date.

Summary of Activity for RSUs Relating to Shares of Company's Common Stock

The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the years ended December 31, 2020 and 2019:

	Number of Shares (in thousands)			Weighted-Average Grant Date Fair Value
Balance at December 31, 2018		1,086		$	5.94
Granted		982		$	7.00
Vested and settled		(434	)	$	6.39
Forfeited		(123	)	$	5.38
Balance at December 31, 2019		1,511		$	6.54
Granted		1,389		$	24.86
Vested and settled		(655	)	$	7.97
Forfeited		(160	)	$	11.17
Balance at December 31, 2020		2,085		$	17.93

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options to Acquire Shares of Company's Common Stock

	Year Ended December 31,
	2020			2019
Expected term (in years)		6.1			6.1
Risk-free interest rates		0.4	%		1.8	%
Dividend yield		—			—
Expected volatility		87.5	%		73.6	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Income Taxes and Equity Loss in Investee and Impairment Loss

The following table summarizes income (loss) before income taxes, equity loss in investee and impairment loss in equity-method investments:

	Year Ended December 31,
	2020			2019
	(in thousands)
U.S. income before income taxes, equity loss in investee and impairment loss	$	291,739		$	679
Foreign loss before income taxes and equity loss in investee		(55	)		(270	)
Income before income taxes, equity loss in investee and impairment loss	$	291,684		$	409

Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:

	Year Ended December 31,
	2020			2019
	(in thousands)
Current:
Federal	$	53,794		$	5
State		20,513			38
Total Current		74,307			43
Deferred:
Federal		(248	)		(249	)
State		(14	)		(280	)
Change in valuation allowance		(1,513	)		529
Total Deferred		(1,775	)		—
Total income tax expense	$	72,532		$	43

Reconciliation of Difference between Federal Statutory Income Tax Rate and Effective Income Tax Rate

Reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate is as follows:

	Year Ended December 31,
	2020			2019
Tax provision at federal statutory rate		21.00	%		21.00	%
State taxes		5.68	%		-46.76	%
Foreign tax rate differential		0.00	%		13.83	%
Uncertain Tax Positions		0.13	%		0.00	%
Stock based compensation		-0.92	%		-53.53	%
Return to provision		-0.11	%		-57.11	%
Other permanent differences		0.02	%		3.87	%
Other		-0.41	%		0.01	%
Change in valuation allowance		-0.52	%		129.22	%
Tax provision		24.87	%		10.53	%

Summary of Elements of Deferred Tax Assets (Liabilities)

The following table summarizes the elements of the deferred tax assets (liabilities):

	Year Ended December 31,
	2020			2019
	(in thousands)
Deferred tax assets
Accrued vacation and other accrued expenses	$	166		$	97
Provision for bad debts		513			180
Net operating losses		206			445
Stock based compensation		1,424			609
State income taxes		4,306			8
Foreign		1,220			545
Credits		—			680
Lease liability		226			643
Equity loss in investment		700			—
Other		89			—
Gross deferred tax assets		8,850			3,207
Less: Valuation allowance		(2,021	)		(2,125	)
Net deferred tax assets		6,829			1,082
Deferred tax liabilities
Depreciation		4,830			419
Right of use asset		224			633
Other		147			30
Total deferred tax liabilities		5,201			1,082
Net deferred tax assets	$	1,628		$	—

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the Company’s gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2020		2019
	(in thousands)
Balance at beginning of year	$	—	$	—
Increases to prior positions		141		—
Increases for current year positions		236		—
Balance at end of year	$	377	$	—

Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Income (Loss) Per Share Computations

The following is a reconciliation of the basic and diluted income (loss) per share computations:

	Year Ended December 31,
	2020		2019
	(in thousands, except per share data)
Net income (loss)	$	214,310	$	(411	)
Weighted-average common shares - outstanding, basic		22,694		18,709
Weighted-average common shares - outstanding, diluted		24,056		18,709
Net income (loss) per common share, basic	$	9.44	$	(0.02	)
Net income (loss) per common share, diluted	$	8.91	$	(0.02	)

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 for all periods presented because their effect would have been anti-dilutive:

	Year Ended December 31,
	2020		2019
	(in thousands)
Options		10		36
RSUs		347		161

Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Summary of Financial Information for Equity Method Investees

Summarized financial information for FF Gene Biotech for 2019 is as follows.

	December 31,
	2019
Consolidated Balance Sheet Data:	(in thousands)
Current assets	$	3,007
Non-current assets	$	4,457
Current liabilities	$	3,748
Non-current liabilities	$	889
Minority interest	$	(426	)
Stockholders' equity	$	3,253

	Year Ended December 31,
	2019
Consolidated Statement of Operations Data:	(in thousands)
Net sales	$	4,055
Gross profit	$	1,354
Net loss	$	(3,009	)

Share of loss from investments accounted for using the equity method	$	(777	)

Schedule of Equity Method Investments

Equity method investments as of December 31, 2020 and 2019 consisted of the following:

	December 31,
	2020					2019
	Carrying Value		Ownership Percentage			Carrying Value		Ownership Percentage
	(in thousands)					(in thousands)
FF Gene Biotech	$	—		30	%	$	872		30	%
BostonMolecules		—		25	%		—		0	%
Total equity method investments	$	—				$	872

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Data

The tables below set forth the Company’s quarterly Consolidated Statements of Operations data for the eight quarters ended December 31, 2020.

	Three Months Ended
	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sept. 30, 2019			June 30, 2019			Mar. 31, 2019
	(dollars in thousands, except per share data)
Statement of Operations Data:
Revenue	$	294,978		$	101,716		$	17,265		$	7,753		$	8,387		$	10,347		$	8,424		$	5,370
Cost of revenue		51,772			26,261			7,717			4,057			3,634			3,885			3,620			2,968
Gross profit		243,206			75,455			9,548			3,696			4,753			6,462			4,804			2,402
Operating expenses:
Research and development		4,576			3,177			1,849			1,978			1,795			1,744			1,574			1,424
Selling and marketing		5,081			5,014			3,260			1,597			1,635			1,687			1,304			1,272
General and administrative		7,640			3,741			1,799			2,035			1,732			1,522			1,631			1,529
Total operating expenses		17,297			11,932			6,908			5,610			5,162			4,953			4,509			4,225
Operating income (loss)		225,909			63,523			2,640			(1,914	)		(409	)		1,509			295			(1,823	)
Interest and other income, net		589			421			275			241			249			189			192			207
Income (loss) before income taxes, equity earnings (loss) in investee and impairment loss		226,498			63,944			2,915			(1,673	)		(160	)		1,698			487			(1,616	)
Provision for (benefit from) income taxes		58,571			14,526			(599	)		34			(38	)		61			7			13
Income (loss) before equity earnings (loss) in investee and impairment loss		167,927			49,418			3,514			(1,707	)		(122	)		1,637			480			(1,629	)
Equity earnings (loss) in investee		143			(189	)		(193	)		(249	)		(174	)		(175	)		(149	)		(279	)
Impairment loss in equity-method investment		(1,763	)		(2,591	)		—			—			—			—			—			—
Net income (loss)	$	166,307		$	46,638		$	3,321		$	(1,956	)	$	(296	)	$	1,462		$	331		$	(1,908	)

Net income (loss) per common share:
Basic	$	6.55		$	2.11		$	0.15		$	(0.09	)	$	(0.01	)	$	0.08		$	0.02		$	(0.10	)
Diluted	$	6.16		$	1.98		$	0.14		$	(0.09	)	$	(0.01	)	$	0.08		$	0.02		$	(0.10	)

Summary of Significant Accounting Policies - Roll-Forward of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowance for doubtful accounts at beginning of year	$ 751	$ 590
Bad debt expense	1,170	189
Write-offs	(23)	(28)
Allowance for doubtful accounts at end of year	$ 1,898	$ 751

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) Customer Segment	Dec. 31, 2019 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Securities maturity period from date of purchase	3 years
Impairment losses of long-lived assets	$ 0
Number of reporting segments \| Segment	1
Number of customer types \| Customer	3
Tax effects related to unrealized holding gains on marketable debt securities	$ 147,000
Receivables from contract with customers	183,857,000	$ 6,555,000
Contract liabilities	26,576,000	365,000
Contract with customer liability, revenue recognized	$ 257,000	$ 59,000
Practical expedient not to disclose amount of transaction price allocated to unsatisfied performance obligations	true
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201815Member	us-gaap:AccountingStandardsUpdate201602Member
Accounting standards update, adopted	true	true
Accounting standards update, immaterial effect	true
Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Contract assets from contract with customers	$ 1,400,000	$ 150,000
Computer Software
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets	3 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets	39 years
Customer Concentration Risk \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	2	1
Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	28.00%	28.00%
Customer Concentration Risk \| Revenue \| Customer Two
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%
Customer Concentration Risk \| Accounts Receivable \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	0	0
Concentration risk, percentage	10.00%	10.00%

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 294,978	$ 101,716	$ 17,265	$ 7,753	$ 8,387	$ 10,347	$ 8,424	$ 5,370	$ 421,712	$ 32,528
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Type of Revenue [Extensible List]									flgt:TestingServiceMember	flgt:TestingServiceMember
Revenue from contracts with customers by payor type									$ 421,712	$ 32,528
Accounting Standards Update 2014-09 \| Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									257,587	705
Accounting Standards Update 2014-09 \| Clinical Institutional Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									163,083	31,284
Accounting Standards Update 2014-09 \| Clinical Patient Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type									$ 1,042	$ 539

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Marketable Securities - Summary of Marketable Securities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	$ 87,426,000	$ 11,965,000
Less: Cash equivalents	(47,461,000)	(6,399,000)
Marketable securities, Aggregate Fair Value		0
Marketable securities, Amortized Cost Basis	343,987,000	58,124,000
Marketable securities, Unrealized Gains	754,000	159,000
Marketable securities, Unrealized Losses	(298,000)	(32,000)
Marketable securities, Aggregate Fair Value	344,443,000	58,251,000
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	211,944,000	16,263,000
Marketable securities, Unrealized Gains	168,000	43,000
Marketable securities, Unrealized Losses	(171,000)	(2,000)
Marketable securities, Aggregate Fair Value	211,941,000	16,304,000
Short-Term Marketable Securities \| Bond Fund
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	153,269,000
Marketable securities, Unrealized Gains	67,000
Marketable securities, Unrealized Losses	(151,000)
Marketable securities, Aggregate Fair Value	153,185,000
Short-Term Marketable Securities \| Exchange Traded Funds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	17,614,000
Marketable securities, Unrealized Losses	(5,000)
Marketable securities, Aggregate Fair Value	17,609,000
Short-Term Marketable Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cash and cash equivalents	47,461,000	4,700,000
Cash and cash equivalents fair value disclosure	47,461,000	4,700,000
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	41,061,000	17,962,000
Marketable securities, Unrealized Gains	101,000	43,000
Marketable securities, Unrealized Losses	(15,000)	(2,000)
Marketable securities, Aggregate Fair Value	41,147,000	18,003,000
Long-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	132,043,000	41,861,000
Marketable securities, Unrealized Gains	586,000	116,000
Marketable securities, Unrealized Losses	(127,000)	(30,000)
Marketable securities, Aggregate Fair Value	132,502,000	41,947,000
Long-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	124,989,000	41,861,000
Marketable securities, Unrealized Gains	580,000	116,000
Marketable securities, Unrealized Losses	(117,000)	(30,000)
Marketable securities, Aggregate Fair Value	125,452,000	$ 41,947,000
Long-Term Marketable Securities \| U.S. Government Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	1,000,000
Marketable securities, Unrealized Gains	2,000
Marketable securities, Aggregate Fair Value	1,002,000
Long-Term Marketable Securities \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable securities, Amortized Cost Basis	6,054,000
Marketable securities, Unrealized Gains	4,000
Marketable securities, Unrealized Losses	(10,000)
Marketable securities, Aggregate Fair Value	$ 6,048,000

Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 298,000	$ 32,000
Proceeds from sale of available-for-sale securities	8,100,000
Realized gain on available for sale securities	131,000
Proceeds from sale of marketable equity securities	9,000,000
Realized gain on sale of equity securities	24,000
Unrealized loss on equity securities	89,000
Proceeds from sale of marketable securities	17,095,000	0
Marketable securities, Aggregate Fair Value		$ 0
Outstanding borrowing amount	15,019,000
Margin Account Borrowing
Schedule Of Available For Sale And Trading Securities [Line Items]
Available-for-sale securities	$ 221,100,000

Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities		$ 0
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	$ 391,904,000	64,650,000
Fair Value Measurements Recurring \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	153,185,000
Fair Value Measurements Recurring \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	17,609,000
Fair Value Measurements Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	218,255,000	4,700,000
Fair Value Measurements Recurring \| Level 1 \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	153,185,000
Fair Value Measurements Recurring \| Level 1 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	17,609,000
Fair Value Measurements Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	173,649,000	59,950,000
Fair Value Measurements Recurring \| Level 2 \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0
Fair Value Measurements Recurring \| Level 2 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0
Fair Value Measurements Recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	0	0
Fair Value Measurements Recurring \| Level 3 \| Bond Fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0
Fair Value Measurements Recurring \| Level 3 \| Exchange Traded Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity trading securities	0
Fair Value Measurements Recurring \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	166,599,000	59,950,000
Fair Value Measurements Recurring \| Corporate Debt Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Fair Value Measurements Recurring \| Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	166,599,000	59,950,000
Fair Value Measurements Recurring \| Corporate Debt Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Fair Value Measurements Recurring \| Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	47,461,000	4,700,000
Fair Value Measurements Recurring \| Money Market Accounts \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	47,461,000	4,700,000
Fair Value Measurements Recurring \| Money Market Accounts \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Fair Value Measurements Recurring \| Money Market Accounts \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	$ 0
Fair Value Measurements Recurring \| U.S. Government Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	1,002,000
Fair Value Measurements Recurring \| U.S. Government Agency Debt Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0
Fair Value Measurements Recurring \| U.S. Government Agency Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	1,002,000
Fair Value Measurements Recurring \| U.S. Government Agency Debt Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0
Fair Value Measurements Recurring \| Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	6,048,000
Fair Value Measurements Recurring \| Yankee Debt Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	0
Fair Value Measurements Recurring \| Yankee Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	6,048,000
Fair Value Measurements Recurring \| Yankee Debt Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities	$ 0

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value asset, investments measured using unobservable inputs	$ 0	$ 0
Fair value assets, transfers between levels, amount	0	0
Gross unrealized losses	298,000	32,000
Unrealized losses for securities in an unrealized loss position for more than 12 months	0
Other-than-temporary impairment losses related to marketable securities	0	$ 0
Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross unrealized losses	0
Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gross unrealized losses	$ 0

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 51,119	$ 13,964
Less: Accumulated depreciation	(10,920)	(7,990)
Fixed assets, net	$ 40,199	5,974
Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Maximum
Property Plant And Equipment [Line Items]
Useful life in years	39 years
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 20,849	10,493
Useful life in years	5 years
Building
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,731
Useful life in years	39 years
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,503
Useful life in years	7 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 3,699	1,705
Useful life in years	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 1,580	876
Useful life in years	Shorter of lease term or estimated useful life
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 707
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	5 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 541	541
Useful life in years	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 454	235
Useful life in years	5 years
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 403
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	$ 53
Useful life in years	5 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 44
Useful life in years	5 years
Land
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,500
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 2,055	$ 114

Fixed Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation expense on fixed assets	$ 2,962	$ 2,107

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other receivable	$ 17,810	$ 16
Reagents and supplies	16,491	277
Prepaid expenses	3,682	1,288
Contract assets	1,379	150
Marketable securities interest receivable	1,016	478
Prepaid income taxes	14	46
Total	$ 40,392	$ 2,255

Reporting Segment and Geographical Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 Segment
Segment Reporting [Abstract]
Number of reporting segments	1

Reporting Segment and Geographical Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 294,978	$ 101,716	$ 17,265	$ 7,753	$ 8,387	$ 10,347	$ 8,424	$ 5,370	$ 421,712	$ 32,528
United States
Segment Reporting Information [Line Items]
Revenue									415,334	25,014
Canada
Segment Reporting Information [Line Items]
Revenue									1,725	2,245
Other Countries
Segment Reporting Information [Line Items]
Revenue									$ 4,653	$ 5,269

- Definition

+ References

+ Details

Debt, Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) ft² a
Debt, Commitments and Contingencies [Line Items]
Payments to aggregate purchase price	$ 15,400,000
Area of property (Square feet) \| ft²	61,612
Area of land (acres) \| a	2.6
Refundable deposit	$ 350,000
Payments for remaining amount owed to property purchase agreement	15,000,000
Payments for closing of escrow, financed under margin loan	$ 15,000,000
Interest on loan withdrawn from margin account	1.00%
Interest rate	0.78%
Outstanding borrowing amount	$ 15,019,000
Interest expense	20,000
Non-cancelable purchase obligations	27,600,000
Reagents and Other Supplies
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations	23,600,000
Medical Lab Equipment
Debt, Commitments and Contingencies [Line Items]
Non-cancelable purchase obligations, payable within twelve months	3,300,000
Non-cancelable purchase obligations, payable within next twenty-four months	$ 700,000

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2020 USD ($) ft² a Lease	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating leases term of expiration	2025-10
Operating leases, renewal term	3 years
Payments to aggregate purchase price	$ 15,400,000
Area of property (Square feet) \| ft²	61,612
Area of land (acres) \| a	2.6
Accounting standards update, adopted	true	true
Change In Accounting Principle Accounting Standards Update, Adoption Date		Jan. 01, 2019
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201815Member	us-gaap:AccountingStandardsUpdate201602Member
Long-term ROU assets	$ 828,000	$ 2,633,000	$ 3,000,000
Short-term lease liabilities	267,000	420,000	384,000
Long-term lease liabilities	568,000	2,256,000	2,600,000
Impact to retained earnings upon adoption of new accounting standard	150,881,000	(63,429,000)
Lease income	145,000	$ 0
Interest and Other Income, Net
Lessee Lease Description [Line Items]
Lease income	145,000
Office Space Lease
Lessee Lease Description [Line Items]
Long-term ROU assets	393,000
Short-term lease liabilities	58,000
Long-term lease liabilities	$ 335,000
Number of operating leases entered \| Lease	3
Number of short-term leases entered \| Lease	15
Copier
Lessee Lease Description [Line Items]
Long-term ROU assets	$ 9,000
Short-term lease liabilities	1,000
Long-term lease liabilities	$ 8,000
Building \| Minimum
Lessee Lease Description [Line Items]
Remaining terms including renewal options	2 months
Building \| Maximum
Lessee Lease Description [Line Items]
Remaining terms including renewal options	4 years
Cumulative Effect Period Of Adoption Adjustment \| Accounting Standards Update 2016-02
Lessee Lease Description [Line Items]
Impact to retained earnings upon adoption of new accounting standard			$ 0

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 566	$ 587
Short-term lease cost	142
Total lease cost	$ 708	$ 587

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 801	$ 535
Noncash lease expense	409	413
Right-of-assets obtained in exchange for new operating lease liabilities	$ 402	$ 110

Leases - Schedule of Supplemental Information Related to Leases (Details)	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term - operating leases	3 years
Weighted average discount rate - operating leases	6.22%

Leases - Schedule of Maturity Analysis of Operating Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 311
2022	309
2023	270
2024	24
2025	2
Thereafter	1
Total lease payments	917
Less imputed interest	(82)
Total	$ 835

Leases - Schedule of Lease Income (Details) - USD ($)	12 Months Ended
Leases - Schedule of Lease Income (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lease income	$ 144,000
Variable lease income	1,000
Total lease income	$ 145,000	$ 0

Leases - Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 335
2022	190
2023	95
2024	61
Total	$ 681

Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 8,157	$ 3,209
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	1,452	676
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	2,693	1,024
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	2,092	845
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 1,920	$ 664

Equity-Based Compensation - Summary of Activity for Options to Acquire Common Shares (Details) - Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units/Shares Subject to Options, Beginning Balance	341	417
Number of Units/Shares Subject to Options, Granted	10	30
Number of Units/Shares Subject to Options, Exercised	(56)	(100)
Number of Units/Shares Subject to Options, Canceled	(8)	(6)
Number of Units/Shares Subject to Options, Ending Balance	287	341	417
Number of Units/Shares Subject to Options, Exercisable	258
Weighted-Average Exercise Price Per Shares, Beginning Balance	$ 1.27	$ 0.64
Weighted-Average Exercise Price Per Shares, Granted	15.82	6.98
Weighted-Average Exercise Price Per Shares, Exercised	1.86	0.38
Weighted-Average Exercise Price Per Shares, Canceled	4.18	0.38
Weighted-Average Exercise Price Per Shares, Ending Balance	1.59	1.27	$ 0.64
Weighted-Average Exercise Price Per Shares, Exercisable	0.65
Weighted-Average Grant Date Fair Value, Granted	11.45	4.58
Weighted-Average Grant Date Fair Value, Exercised	5.04	5.36
Weighted-Average Grant Date Fair Value, Canceled	$ 4.68	$ 7.10
Weighted-Average Remaining Contractual Life (in years)	5 years 6 months	6 years 4 months 24 days	7 years 1 month 6 days
Weighted-Average Remaining Contractual Life (in years), Exercisable	5 years 1 month 6 days
Aggregate Intrinsic Value, Balance	$ 14,484	$ 3,960	$ 1,116
Aggregate Intrinsic Value, Exercisable	$ 13,274

Equity-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of options vested	$ 223,000	$ 549,000
Unrecognized compensation expense	$ 178,000
Expected to be recognized, weighted-average period	3 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected to be recognized, weighted-average period	3 years 4 months 24 days	2 years 10 months 24 days
Total compensation cost not yet recognized on grant date	$ 34,500,000	$ 6,900,000
Unrecognized compensation expense	$ 33,500,000	$ 8,700,000

Equity-Based Compensation - Summary of Activity for RSUs Relating to Shares of Company's Common Stock (Details) - Restricted Stock Units (RSUs) - 2016 Omnibus Incentive Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Number of Shares, Beginning Balance	1,511	1,086
Number of Shares, Granted	1,389	982
Number of Shares, Vested and settled	(655)	(434)
Number of Shares, Forfeited	(160)	(123)
Number of Shares, Ending Balance	2,085	1,511
Weighted-Average Grant-Date Fair Value, Balance	$ 6.54	$ 5.94
Weighted-Average Grant-Date Fair Value, Granted	24.86	7.00
Weighted-Average Grant-Date Fair Value, Vested and settled	7.97	6.39
Weighted-Average Grant-Date Fair Value, Forfeited	11.17	5.38
Weighted-Average Grant-Date Fair Value, Balance	$ 17.93	$ 6.54

Equity-Based Compensation - Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options to Acquire Shares of Company's Common Stock (Details) - Options	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rates	0.40%	1.80%
Expected volatility	87.50%	73.60%

Income Taxes - Summary of Income (Loss) Before Income Taxes and Equity Loss in Investee and Impairment Loss (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. income before income taxes, equity loss in investee and impairment loss									$ 291,739	$ 679
Foreign loss before income taxes and equity loss in investee									(55)	(270)
Income before income taxes, equity loss in investee and impairment loss	$ 226,498	$ 63,944	$ 2,915	$ (1,673)	$ (160)	$ 1,698	$ 487	$ (1,616)	$ 291,684	$ 409

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal									$ 53,794	$ 5
State									20,513	38
Total Current									74,307	43
Deferred:
Federal									(248)	(249)
State									(14)	(280)
Change in valuation allowance									(1,513)	529
Total Deferred									(1,775)
Total income tax expense	$ 58,571	$ 14,526	$ (599)	$ 34	$ (38)	$ 61	$ 7	$ 13	$ 72,532	$ 43

Income Taxes - Reconciliation of Difference between Federal Statutory Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax provision at federal statutory rate	21.00%	21.00%
State taxes	5.68%	(46.76%)
Foreign tax rate differential	0.00%	13.83%
Uncertain Tax Positions	0.13%	0.00%
Stock based compensation	(0.92%)	(53.53%)
Return to provision	(0.11%)	(57.11%)
Other permanent differences	0.02%	3.87%
Other	(0.41%)	0.01%
Change in valuation allowance	(0.52%)	129.22%
Tax provision	24.87%	10.53%

Income Taxes - Summary of Elements of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Accrued vacation and other accrued expenses	$ 166	$ 97
Provision for bad debts	513	180
Net operating losses	206	445
Stock based compensation	1,424	609
State income taxes	4,306	8
Foreign	1,220	545
Credits		680
Lease liability	226	643
Equity loss in investment	700
Other	89
Gross deferred tax assets	8,850	3,207
Less: Valuation allowance	(2,021)	(2,125)
Net deferred tax assets	6,829	1,082
Deferred tax liabilities
Depreciation	4,830	419
Right of use asset	224	633
Other	147	30
Total deferred tax liabilities	5,201	$ 1,082
Net deferred tax assets	$ 1,628

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Valuation allowance	$ 2,021,000	$ 2,125,000
Increase in valuation allowance	(1,513,000)	529,000
Unrecognized tax benefits	377,000
Unrecognized income tax benefit that would impact effective tax rate if recognized	377,000
Accrual for interests or penalties	0	0
Interest or penalties recognized	$ 0	$ 0
Earliest Tax Year
Income Taxes [Line Items]
Years subject to income tax examination	2017
Latest Tax Year
Income Taxes [Line Items]
Years subject to income tax examination	2020
Research and Development Credits and Depreciation Adjustments
Income Taxes [Line Items]
Increase in valuation allowance	$ 104,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	0
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 1,900,000
Net operating loss carryforwards expiration beginning year	2022
Net operating loss carryforwards expiration ending year	2042
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	$ 405,000
Net operating loss carryforwards expiration beginning year	2021
Net operating loss carryforwards expiration ending year	2025

Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Increases to prior positions	$ 141,000
Increases for current year positions	236,000
Balance at end of year	$ 377,000

Income (Loss) Per Share - Reconciliation of Basic and Diluted Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 166,307	$ 46,638	$ 3,321	$ (1,956)	$ (296)	$ 1,462	$ 331	$ (1,908)	$ 214,310	$ (411)
Weighted-average common shares - outstanding, basic									22,694	18,709
Weighted-average common shares - outstanding, diluted									24,056	18,709
Net income (loss) per common share, basic	$ 6.55	$ 2.11	$ 0.15	$ (0.09)	$ (0.01)	$ 0.08	$ 0.02	$ (0.10)	$ 9.44	$ (0.02)
Net income (loss) per common share, diluted	$ 6.16	$ 1.98	$ 0.14	$ (0.09)	$ (0.01)	$ 0.08	$ 0.02	$ (0.10)	$ 8.91	$ (0.02)

- Definition

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

+ References

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 220
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- 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.

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+ Details

- Definition

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

+ References

+ Details

Income (Loss) Per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income (loss) per share	10	36
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income (loss) per share	347	161

Retirement Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Company matching contributions to the 401(k) plan	$ 422,000	$ 237,000
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	3.00%

Related Party - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2017
Xilong Scientific \| Minimum
Related Party Transaction [Line Items]
Ownership percentage of common stock outstanding shares	10.00%
AHMC Healthcare Inc. \| Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties	$ 3,100,000
Trade accounts receivable, net from related parties	1,800,000
JEM Enterprise \| Office Furniture and Supplies
Related Party Transaction [Line Items]
Purchased from related parties	200,000
Due to related parties	0
Fair market price of furniture purchased	200,000
PTJ Associates Inc
Related Party Transaction [Line Items]
Expenses to transport employees and supplies	343,000
Accounts payable to related parties	$ 94,000
FF Gene Biotech \| FJIP
Related Party Transaction [Line Items]
Ownership percentage			19.00%
FF Gene Biotech \| Dr. Han Lin Gao \| FJIP
Related Party Transaction [Line Items]
Ownership percentage	25.00%
Beneficial Ownership \| XiLong USA
Related Party Transaction [Line Items]
Ownership percentage of common stock outstanding shares	4.92%
Fulgent Pharma LLC
Related Party Transaction [Line Items]
Due to related parties	$ 409,000
Related party costs	52,000	$ 0
Due from related parties	26,000
Fulgent Pharma LLC \| Research Development Service
Related Party Transaction [Line Items]
Expenses to transport employees and supplies	$ 427,000

Equity Method Investments - Additional Information (Details) $ / shares in Units, shares in Thousands, ¥ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares	Apr. 30, 2017 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 CNY (¥)
Schedule Of Equity Method Investments [Line Items]
Impairment loss			$ 0	$ 0
FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Contribution to be made in joint venture \| ¥		¥ 60.0
Contribution period in joint venture		5 years
Previous contribution period in joint venture		3 years
Ownership interest to be made in joint venture		30.00%	30.00%	30.00%	30.00%
Contributions remain for joint venture			$ 4,500,000		¥ 29.7
Contributions made to joint venture			1,400,000	$ 137,000
Impairment loss			$ 1,800,000
FF Gene Biotech \| Maximum \| Equity Method Investment, Nonconsolidated Investee
Schedule Of Equity Method Investments [Line Items]
Percentage of consolidated assets, equity and income from continuing operations			10.00%		10.00%
FF Gene Biotech \| Equipment
Schedule Of Equity Method Investments [Line Items]
Contributions made to joint venture			$ 4,500,000
Boston Molecules, Inc.
Schedule Of Equity Method Investments [Line Items]
Ownership interest to be made in joint venture	25.00%		25.00%	0.00%	25.00%
Investment and Direct Costs			$ 2,600,000
Boston Molecules, Inc. \| Series A Preferred Stock
Schedule Of Equity Method Investments [Line Items]
Ownership interest to be made in joint venture	25.00%
Number of shares purchased \| shares	333
Selling price per share \| $ / shares	$ 0.0001
Purchase price per share \| $ / shares	$ 7,500
Payments to aggregate purchase price	$ 2,500,000
Xilong Scientific \| FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Contribution to be made in joint venture \| ¥		¥ 102.0
Contribution period in joint venture		5 years
Previous contribution period in joint venture		3 years
Ownership interest to be made in joint venture		51.00%
FJIP \| FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Contribution to be made in joint venture \| ¥		¥ 19.0
Contribution period in joint venture		10 years
Previous contribution period in joint venture		5 years
Ownership interest to be made in joint venture		19.00%

Equity Method Investments - Summary of Financial Information for Equity Method Investees, Balance Sheet Data (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 523,616	$ 37,079
Current liabilities	$ 130,115	3,723
FF Gene Biotech \| Equity Method Investment, Nonconsolidated Investee
Schedule Of Equity Method Investments [Line Items]
Current assets		3,007
Non-current assets		4,457
Current liabilities		3,748
Non-current liabilities		889
Minority interest		(426)
Stockholders' equity		$ 3,253

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References + Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

+ References

+ Details

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References + Details

- Definition

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References + Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Equity Method Investments - Summary of Financial Information for Equity Method Investees, Statement of Operations Data (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Gross profit	$ 243,206	$ 75,455	$ 9,548	$ 3,696	$ 4,753	$ 6,462	$ 4,804	$ 2,402	$ 331,905	$ 18,421
Net loss									214,310	(411)
Share of loss from investments accounted for using the equity method	$ 143	$ (189)	$ (193)	$ (249)	$ (174)	$ (175)	$ (149)	$ (279)	$ (488)	(777)
FF Gene Biotech \| Equity Method Investment, Nonconsolidated Investee
Schedule Of Equity Method Investments [Line Items]
Net sales										4,055
Gross profit										1,354
Net loss										(3,009)
Share of loss from investments accounted for using the equity method										$ (777)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Apr. 30, 2017
Schedule Of Equity Method Investments [Line Items]
Carrying Value			$ 872
FF Gene Biotech
Schedule Of Equity Method Investments [Line Items]
Carrying Value			$ 872
Ownership percentage	30.00%		30.00%	30.00%
Boston Molecules, Inc.
Schedule Of Equity Method Investments [Line Items]
Ownership percentage	25.00%	25.00%	0.00%

Equity Distribution Agreements - Additional Information (Details) - Common Stock - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
2019 Equity Distribution Agreement
Equity Distribution Agreements [Line Items]
Number of shares sold			1,100,000	104,000
Sale of stock, weighted average net selling price per share			$ 38.50	$ 9.37
Net proceeds from sale of stock			$ 42,700,000	$ 979,000
September 2020 Equity Distribution Agreement
Equity Distribution Agreements [Line Items]
Number of shares sold		2,800,000
Sale of stock, weighted average net selling price per share		$ 42.90
Net proceeds from sale of stock		$ 122,100,000
November 2020 Equity Distribution Agreement
Equity Distribution Agreements [Line Items]
Number of shares sold			2,000,000
Sale of stock, weighted average net selling price per share			$ 48.70
Net proceeds from sale of stock			$ 99,100,000
November 2020 Equity Distribution Agreement \| Maximum
Equity Distribution Agreements [Line Items]
Aggregate offering price	$ 175,000,000
Percentage of commission to be paid from gross proceeds	3.00%

Underwriting Agreement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 13, 2019	Dec. 31, 2020	Dec. 31, 2019
Underwriting Agreement [Line Items]
Net proceeds from sale of stock		$ 246,190	$ 28,758
Purchase Agreement \| Common Stock
Underwriting Agreement [Line Items]
Number of shares sold	2,673,750
Selling price per share	$ 10.51875
Public offering price per share	$ 11.25
Net proceeds from sale of stock	$ 27,600
Payments of underwriting discounts and commissions and offering expenses	$ 2,400

Subsequent Event - Additional Information (Details) - November 2020 Equity Distribution Agreement - Common Stock - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 05, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Number of shares sold		2,000,000
Gross proceeds from sale of stock		$ 99.1
Subsequent Event
Subsequent Event [Line Items]
Number of shares sold	582,650
Sale of stock, weighted average selling price per share	$ 53.15
Gross proceeds from sale of stock	$ 31.0

Selected Quarterly Financial Data (Unaudited) - Unaudited Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Operations Data:
Revenue	$ 294,978	$ 101,716	$ 17,265	$ 7,753	$ 8,387	$ 10,347	$ 8,424	$ 5,370	$ 421,712	$ 32,528
Cost of revenue	51,772	26,261	7,717	4,057	3,634	3,885	3,620	2,968	89,807	14,107
Gross profit	243,206	75,455	9,548	3,696	4,753	6,462	4,804	2,402	331,905	18,421
Operating expenses:
Research and development	4,576	3,177	1,849	1,978	1,795	1,744	1,574	1,424	11,580	6,537
Selling and marketing	5,081	5,014	3,260	1,597	1,635	1,687	1,304	1,272	14,952	5,898
General and administrative	7,640	3,741	1,799	2,035	1,732	1,522	1,631	1,529	15,215	6,414
Total operating expenses	17,297	11,932	6,908	5,610	5,162	4,953	4,509	4,225	41,747	18,849
Operating income (loss)	225,909	63,523	2,640	(1,914)	(409)	1,509	295	(1,823)	290,158	(428)
Interest and other income, net	589	421	275	241	249	189	192	207	1,526	837
Income before income taxes, equity loss in investee and impairment loss	226,498	63,944	2,915	(1,673)	(160)	1,698	487	(1,616)	291,684	409
Provision for income taxes	58,571	14,526	(599)	34	(38)	61	7	13	72,532	43
Income before equity loss in investee and impairment loss	167,927	49,418	3,514	(1,707)	(122)	1,637	480	(1,629)	219,152	366
Equity earnings (loss) in investee	143	(189)	(193)	(249)	(174)	(175)	(149)	(279)	(488)	(777)
Impairment loss in equity-method investment	(1,763)	(2,591)							(4,354)
Net income (loss)	$ 166,307	$ 46,638	$ 3,321	$ (1,956)	$ (296)	$ 1,462	$ 331	$ (1,908)	$ 214,310	$ (411)
Net income (loss) per common share:
Basic	$ 6.55	$ 2.11	$ 0.15	$ (0.09)	$ (0.01)	$ 0.08	$ 0.02	$ (0.10)	$ 9.44	$ (0.02)
Diluted	$ 6.16	$ 1.98	$ 0.14	$ (0.09)	$ (0.01)	$ 0.08	$ 0.02	$ (0.10)	$ 8.91	$ (0.02)