0000950170-24-022233 | 10-K | XBRL Viewer

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Income Taxes - Reconciliation of Difference between Federal Statutory Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax provision at federal statutory rate	21.00%	21.00%	21.00%
State taxes	0.22%	9.03%	6.13%
Uncertain tax positions	0.18%	0.92%	0.05%
Stock based compensation	(1.65%)	(1.12%)	(1.96%)
Nondeductible compensation - 162(m)	(0.55%)	0.00%	0.00%
Goodwill impairment	(10.62%)	0.00%	0.00%
Federal return to provision	(0.21%)	(3.92%)	(0.17%)
State return to provision	3.41%	(2.02%)	(0.14%)
Other permanent differences	(1.15%)	1.33%	1.09%
Research & development credit	3.19%	(2.98%)	(0.33%)
Foreign tax rate differential	(2.42%)	0.00%	0.00%
Other	0.11%	0.34%	0.19%
Change in valuation allowance	(12.20%)	0.12%	(0.10%)
Effective tax rate	(0.69%)	22.70%	25.76%

Other Significant Balance Sheet Accounts - Schedule of other long-term liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Operating lease liabilities, long term	$ 7,147	$ 8,795
Other long-term liabilities	4,973	6,068
Notes payable, long term	2,964	3,372
Total	$ 15,084	$ 18,235

Equity and Debt Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Equity and Debt Securities

Note 3. Equity and Debt Securities

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


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


	December 31, 2022
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		189,333			—		(3,373	)		185,960
Corporate debt securities		120,480			—		(2,222	)		118,258
U.S. treasury bills		69,991			—		(193	)		69,798
U.S. agency debt securities		68,411			—		(342	)		68,069
Money market accounts		27,455			—		—			27,455
Municipal bonds		7,371			—		(80	)		7,291
Yankee debt securities		2,347			—		(5	)		2,342
Less: Cash equivalents		(32,444	)		—		—			(32,444	)
Total debt securities due within 1 year		452,944			—		(6,215	)		446,729
After 1 year through 5 years
U.S. government debt securities		152,435			2		(6,349	)		146,088
U.S. agency debt securities		92,054			—		(3,435	)		88,619
Corporate debt securities		80,647			—		(4,756	)		75,891
Municipal bonds		12,065			—		(217	)		11,848
Yankee debt securities		753			—		(85	)		668
Redeemable preferred stock investment		20,000			—		(7,615	)		12,385
Total debt securities due after 1 year through 5 years		357,954			2		(22,457	)		335,499
After 5 years through 10 years
Municipal bonds		3,617			—		(83	)		3,534
Total debt securities due after 5 years through 10 years		3,617			—		(83	)		3,534
Total available-for-sale debt securities		814,515			2		(28,755	)		785,762
Total equity and debt securities	$	829,515		$	2	$	(28,755	)	$	800,762

Gross unrealized losses on the Company’s equity and debt securities were $5.9 million and $28.8 million as of December 31, 2023 and 2022, respectively. The Company did not recognize any credit losses for its available-for-sale debt securities in 2023 and 2022.

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense on fixed assets	$ 17.5	$ 25.5	$ 9.3

Goodwill and Intangible Assets - Summary of Carrying Amount of Goodwill, Net of Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, Beginning Balance		$ 143,027
Impairment	$ 0	(120,234)
Goodwill, Ending Balance		22,055	$ 143,027
Laboratory Services
Goodwill [Line Items]
Goodwill, Beginning Balance		120,972	50,897
Goodwill acquired during year		0	71,845
Impairment		(120,234)
Foreign currency impact		(738)	(1,770)
Goodwill, Ending Balance			120,972
Therapeutic Development
Goodwill [Line Items]
Goodwill, Beginning Balance		22,055
Goodwill acquired during year			22,055
Goodwill, Ending Balance		$ 22,055	$ 22,055

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

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

+ References

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+ Details

Other Significant Balance Sheet Accounts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Other Significant Balance Sheet Accounts [Line Items]
Maturities of marketable securities	$ 19,100
Accrued legal liabilities	$ 1,276	$ 7,026
Voluntary Disclosure Process
Other Significant Balance Sheet Accounts [Line Items]
Accrued legal liabilities		$ 6,900

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenue		$ 24,022
Inform Diagnostics
Business Acquisition [Line Items]
Revenue	$ 659,386	1,140,184
Net income attributable to Fulgent	$ 140,288	$ 493,313
Basic earnings per common share attributable to Fulgent	$ 4.66	$ 16.77
Diluted earnings per common share attributable to Fulgent	$ 4.53	$ 15.93

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, 2023	Dec. 31, 2022	Dec. 31, 2021
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	6 years 1 month 6 days
Risk-free interest rates	3.80%	2.60%	1.10%
Expected volatility	87.30%	88.70%	94.60%

- Definition

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

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+ Details

Stock Repurchase Program

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stock Repurchase Program

Note 16. Stock Repurchase Program

In March 2022, the Company’s Board authorized a $250.0 million stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock

repurchase program has no expiration from the date of authorization. During the year ended December 31, 2023, the Company repurchased 953,000 shares of its common stock at an aggregate cost of $25.1 million under the stock repurchase program. During the year ended December 31, 2022, the Company repurchased $1.8 million shares of its common stock at an aggregate cost of $74.3 million under the stock repurchase program. As of December 31, 2023, a total of approximately $150.7 million remained available for future repurchases of its common stock under the stock repurchase program.

- Definition

The entire disclosure for equity.

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-URI https://asc.fasb.org//505/tableOfContent

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

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

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

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

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

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

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

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

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

+ Details

Leases - Schedule of Operating and Financing Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 6,875	$ 5,429	$ 1,262
Finance lease cost:
Amortization of ROU assets	758	683	7
Interest on lease liabilities	80	95	1
Short-term lease cost	1,758	1,528	296
Total lease cost	$ 9,471	$ 7,735	$ 1,566

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Number of Shares, Beginning Balance	2,631	1,619	2,085
Number of Shares, Granted	853	1,895	477
Number of Shares, Vested and settled	(1,066)	(699)	(836)
Number of Shares, Forfeited	(208)	(184)	(107)
Number of Shares, Ending Balance	2,210	2,631	1,619
Weighted-Average Grant-Date Fair Value, Balance	$ 47.76	$ 40.74	$ 17.93
Weighted-Average Grant-Date Fair Value, Granted	34.38	49.98	95.33
Weighted-Average Grant-Date Fair Value, Vested and settled	43.84	34.01	15.43
Weighted-Average Grant-Date Fair Value, Forfeited	54.72	61.11	37.83
Weighted-Average Grant-Date Fair Value, Balance	$ 43.84	$ 47.76	$ 40.74

Reportable Segment and Geographic Information - Schedule of Information Regarding Operations and Assets for Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 289,213	$ 618,968	$ 992,584
Operating (loss) income	(195,529)	178,527	675,953
Depreciation and Amortization	26,143	32,662	11,004
Assets	1,235,328	1,386,053
Laboratory Services
Segment Reporting Information [Line Items]
Revenue	289,213	618,968	992,584
Operating (loss) income	(180,585)	179,343	675,953
Depreciation and Amortization	25,453	32,557	11,004
Assets	1,146,192	1,292,821
Laboratory Services \| Precision Diagnostics
Segment Reporting Information [Line Items]
Revenue	131,990	93,685	82,565
Laboratory Services \| Anatomic Pathology
Segment Reporting Information [Line Items]
Revenue	104,655	74,799	0
Laboratory Services \| COVID-19
Segment Reporting Information [Line Items]
Revenue	27,152	437,507	899,699
Laboratory Services \| BioPharma Services
Segment Reporting Information [Line Items]
Revenue	25,416	12,977	10,320
Therapeutic Development
Segment Reporting Information [Line Items]
Revenue	0	0	0
Operating (loss) income	(14,944)	(816)	0
Depreciation and Amortization	690	105	$ 0
Assets	$ 89,136	$ 93,232

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 97,473	$ 79,506
Marketable securities	326,681	446,729
Trade accounts receivable, net of allowance for credit losses of $25,226 and $41,205	51,132	52,749
Other current assets	32,559	48,889
Total current assets	507,845	627,873
Marketable securities, long-term	423,571	326,648
Redeemable preferred stock investment	20,438	12,385
Fixed assets, net	83,464	81,353
Intangible assets, net	143,053	150,643
Goodwill, net	22,055	143,027
Other long-term assets	34,902	44,124
Total assets	1,235,328	1,386,053
Current liabilities
Accounts payable	15,360	23,093
Accrued liabilities	30,737	24,981
Contract liabilities	2,874	3,199
Customer deposit	22,700	10,895
Investment margin loan		14,999
Notes payable, current portion	1,183	5,639
Other current liabilities	164	5,301
Total current liabilities	73,018	88,107
Unrecognized tax benefits	5,978	9,836
Deferred tax liabilities	7,962
Other long-term liabilities	15,084	18,235
Total liabilities	102,042	116,178
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 32,416 shares issued and 29,653 shares outstanding and 31,248 shares issued and 29,438 shares outstanding	3	3
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	501,718	486,585
Accumulated other comprehensive income (loss)	1,205	(20,903)
Retained earnings	633,175	801,000
Total Fulgent stockholders' equity	1,136,101	1,266,685
Noncontrolling interest	(2,815)	3,190
Total stockholders’ equity	1,133,286	1,269,875
Total liabilities and stockholders’ equity	$ 1,235,328	$ 1,386,053

Leases - Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 4,309
2025	2,358
2026	1,782
2027	1,693
2028	550
Thereafter	1,550
Total lease payments	12,242
Less imputed interest	(1,138)
Total	11,104
Finance Lease
2024	532
2025	470
2026	366
Total lease payments	1,368
Less imputed interest	(64)
Total	$ 1,304

Summary of Significant Accounting Policies - Roll-Forward of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of year	$ 41,205	$ 11,217	$ 1,898
Retained earnings	633,175	801,000
Current period (gain) provision	(880)	32,596	8,931
Write-downs	(15,099)	(2,608)	(499)
Allowance for credit losses at end of year	$ 25,226	$ 41,205	11,217
ASU 2016-13
Accounts Receivable Allowance For Credit Losses [Line Items]
Retained earnings			$ 887

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Business Combinations - Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands			1 Months Ended			12 Months Ended
	Apr. 26, 2022	Apr. 16, 2022	Aug. 31, 2021	May 31, 2021	Apr. 30, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Cash, net of cash received						$ 399	$ 172,679	$ 61,868
Goodwill						$ 22,055	$ 143,027
Inform Diagnostics
Business Acquisition [Line Items]
Cash, net of cash received	$ 137,755
Total Considerations		$ 170,000
Net working capital	(15,024)
Fixed assets	20,242
ROU assets - operating	12,653
ROU assets - finance	1,183
Deferred tax assets	3,410
Other long-term assets	4,711
Identifiable intangible assets	57,060
Operating lease liabilities	(12,653)
Finance lease liabilities	(1,183)
Income tax payable	(40)
Other long-term liabilities	(4,449)
Recognized amounts of identifiable assets acquired and liabilities assumed, net	65,910
Goodwill	71,845
Total	$ 137,755
FF Gene Biotech
Business Acquisition [Line Items]
Cash, net of cash received				$ 18,974
Fair value of the Company's 30% equity interest held before the business combination				3,734
Total Considerations				22,708	$ 19,000
Financial assets				3,181
Reagents and supplies				1,288
Fixed assets				3,874
Other tangible assets				944
Identifiable intangible assets				6,958
Other current liabilities				(2,585)
Notes payable				(5,893)
Recognized amounts of identifiable assets acquired and liabilities assumed, net				7,767
Noncontrolling interest				(8,141)	$ (8,100)
Goodwill				23,082
Total				$ 22,708
Cytometry Specialists, Inc
Business Acquisition [Line Items]
Cash			$ 43,359
Contingent consideration			10,000
Total Considerations			53,359
Debt-free net working capital			4,270
Fixed assets			6,855
ROU assets - operating			4,988
ROU assets - finance			49
Other long-term assets			160
Identifiable intangible assets			30,540
Deferred tax liability			(9,881)
Operating lease liabilities			(4,988)
Finance lease liabilities			(49)
Other long-term liabilities			(6,069)
Recognized amounts of identifiable assets acquired and liabilities assumed, net			25,875
Goodwill			27,484
Total			$ 53,359

Reportable Segment and Geographical Information - Summary of Property, Plant and Equipment, Net by Geographic Distribution (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Fixed assets, net	$ 83,464	$ 81,353
United States
Segment Reporting Information [Line Items]
Fixed assets, net	77,938	72,617
Foreign
Segment Reporting Information [Line Items]
Fixed assets, net	$ 5,526	$ 8,736

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Income Taxes and Gain on Equity-Method Investments

The following table summarizes income (loss) before income taxes and gain on equity-method investments:


	Year Ended December 31,
	2023			2022			2021
	(in thousands)
U.S. (loss) income before income taxes and gain on equity-method investments	$	(147,464	)	$	189,406		$	681,403
Foreign loss before income taxes and gain on equity-method investments		(26,621	)		(5,381	)		(4,103	)
(Loss) income before income taxes and gain on equity-method investments	$	(174,085	)	$	184,025		$	677,300

Income Tax Expense (Benefit)

Income tax expense consisted of the following:


	Year Ended December 31,
	2023			2022			2021
	(in thousands)
Current:
Federal	$	(5,590	)	$	31,140		$	131,907
State		(4,722	)		19,242			51,076
Total Current		(10,312	)		50,382			182,983
Deferred:
Federal		(12,771	)		(3,763	)		(7,471	)
State		4,100			(4,517	)		(717	)
Foreign		(188	)		224			669
Change in valuation allowance		20,325			(224	)		(669	)
Total Deferred		11,466			(8,280	)		(8,188	)
Total income tax expense	$	1,154		$	42,102		$	174,795

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,
	2023			2022			2021
Tax provision at federal statutory rate		21.00	%	21.00%			21.00%
State taxes		0.22	%		9.03	%		6.13	%
Uncertain tax positions		0.18	%	0.92%			0.05%
Stock based compensation		-1.65	%		-1.12	%		-1.96	%
Nondeductible compensation - 162(m)		-0.55	%		0.00	%		0.00	%
Goodwill impairment		-10.62	%		0.00	%		0.00	%
Federal return to provision		-0.21	%		-3.92	%		-0.17	%
State return to provision		3.41	%		-2.02	%		-0.14	%
Other permanent differences		-1.15	%	1.33%			1.09%
Research & development credit		3.19	%		-2.98	%		-0.33	%
Foreign tax rate differential		-2.42	%		0.00	%		0.00	%
Other		0.11	%	0.34%			0.19%
Change in valuation allowance		-12.20	%	0.12%				-0.10	%
Effective tax rate		-0.69	%	22.70%			25.76%

Summary of Elements of Deferred Tax Assets (Liabilities)

The following table summarizes the elements of the deferred tax assets (liabilities). Net deferred tax assets are included in other long-term assets in the Consolidated Balance Sheets.


	As of December 31,
	2023			2022
	(in thousands)
Deferred tax assets
Accrued vacation and other accrued expenses	$	807		$	1,488
Provision for credit losses		818			10,255
Net operating losses		17,496			16,345
Stock based compensation		906			2,550
State income taxes		211			4,892
Excess tax basis in FF Gene Biotech net assets		2,256			2,032
Lease liability		2,345			4,086
Unrealized gain/loss on available-for-sale debt securities		406			7,664
Research and development credits		1,258			—
Section 174 research & experimental expenditures		18,606			6,573
Equity loss in investment		503			503
Other		107			199
Gross deferred tax assets		45,719			56,587
Less: Valuation allowance		(15,900	)		(2,832	)
Net deferred tax assets		29,819			53,755
Deferred tax liabilities
Intangible assets		30,558			39,199
Depreciation		3,901			5,500
Right of use asset		2,299			4,056
Other		1,023			1,496
Total deferred tax liabilities		37,781			50,251
Net deferred tax assets	$	(7,962	)	$	3,504

Reconciliation of Gross Unrecognized Tax Benefits

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


	Year Ended December 31,
	2023			2022		2021
	(in thousands)
Balance at beginning of year	$	9,742		$	710	$	377
Increases to prior year positions		(3,845	)		2,843		—
Increases for current year positions		(64	)		6,189		333
Balance at end of year	$	5,833		$	9,742	$	710

Other Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Prepaid income taxes	$ 12,675	$ 15,434
Prepaid expenses	7,744	6,814
Reagents and supplies	5,827	4,280
Marketable securities interest receivable	4,994	2,525
Other receivable	1,319	19,836
Total	$ 32,559	$ 48,889

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock shares not issued and holdback as partial security for indemnification obligations	185,503	371,006
2021 Equity Distribution Agreement
Selling price per share			$ 64.83

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between levels, amount	$ 0	$ 0	$ 0

Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

Note 18. Subsequent Event

As of February 28, 2024, no subsequent events are being reported.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net (loss) income from consolidated operations	$ (175,239)	$ 141,923	$ 506,239
Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill impairment loss	120,234
Equity-based compensation	42,922	32,640	15,882
Depreciation and amortization	26,143	32,662	11,004
Provision (gain) for credit losses	(880)	32,596	8,931
Noncash lease expense	6,412	4,913	1,154
Loss on disposal of fixed asset	305	502	850
Amortization (Discount) of premium of marketable securities	(3,911)	4,767	7,596
Deferred taxes	11,466	(8,280)	(8,188)
Unrecognized tax benefits	(3,858)	9,111	348
Net loss on marketable securities	589	692	1,186
Gain in equity-method investments			(3,734)
Other	(21)	(11)	(15)
Changes in operating assets and liabilities:
Trade accounts receivable	2,388	68,638	42,300
Other current and long-term assets	(572)	(4,337)	7,804
Accounts payable	(6,896)	(25,339)	(12,206)
Accrued liabilities and other liabilities	14,208	(31,299)	13,081
Income tax payable		(827)	(52,532)
Operating and finance lease liabilities	(6,287)	(4,831)	(1,123)
Net cash provided by operating activities	27,003	253,520	538,577
Cash flow from investing activities:
Purchases of fixed assets	(22,207)	(18,775)	(23,812)
Purchases of intangible assets			(32)
Proceeds from sale of fixed assets	775	412	63
Purchase of marketable securities	(491,914)	(417,982)	(710,490)
Purchase of preferred stock of privately held company		(15,000)
Contingent consideration payout related to a business acquisition		(10,000)
Purchase of redeemable preferred stock			(20,000)
Maturities of marketable securities	508,558	232,534	83,842
Proceeds from sale of marketable securities	44,085	140,176	185,749
Acquisition of businesses, net of cash acquired	(399)	(172,679)	(61,868)
Net cash provided by (used in) investing activities	38,898	(261,314)	(546,548)
Cash flow from financing activities:
Repurchase of common stock	(25,060)	(74,337)
Common stock withholding for employee tax obligations	(2,732)	(1,768)	(4,155)
Proceeds from public offerings of common stock, net of issuance costs			89,475
Proceeds from noncontrolling interest			10
Proceeds from exercise of stock options	3	31	86
Principal paid for finance leases	(730)	(700)	(7)
Repayment of notes payable	(4,266)	(367)	(4)
Re-payment for the margin account	(15,000)
Net cash (used in) provided by financing activities	(47,785)	(77,141)	85,405
Effect of exchange rate changes on cash and cash equivalents	(149)	(453)	34
Net increase (decrease) in cash and cash equivalents	17,967	(85,388)	77,468
Cash and cash equivalents at beginning of period	79,506	164,894	87,426
Cash and cash equivalents at end of period	97,473	79,506	164,894
Supplemental disclosures of cash flow information:
Income taxes paid	3,261	56,193	237,069
Cash paid for interest	960
Supplemental disclosures of non-cash investing and financing activities:
Stock consideration in a business combination		28,111
Maturities of marketable securities in other current assets		19,120
Purchases of fixed assets in notes payable		3,833
Purchases of fixed assets in accounts payable	1,799	2,989	1,075
Finance lease right-of-use assets obtained in exchange for lease liabilities		573	1,693
Operating lease right-of-use assets reduced due to lease modification or termination	142	66	399
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,661	$ 52	1,797
Finance lease right-of-use assets reduced due to lease modification or termination	$ 696
Contingent consideration for business acquisition included in current liabilities			10,000
Public offerings costs included in accounts payable			$ 5

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 289,213	$ 618,968	$ 992,584
Cost of revenue	184,757	252,067	215,533
Gross profit	104,456	366,901	777,051
Operating expenses:
Research and development	41,440	28,910	24,219
Selling and marketing	41,467	38,918	24,439
General and administrative	88,999	111,074	50,732
Amortization of intangible assets	7,845	6,497	1,708
Goodwill impairment loss	120,234
Restructuring costs		2,975
Total operating expenses	299,985	188,374	101,098
Operating (loss) income	(195,529)	178,527	675,953
Interest and other income, net	21,444	5,498	1,347
(Loss) income before income taxes and gain on equity-method investments	(174,085)	184,025	677,300
Provision for income taxes	1,154	42,102	174,795
(Loss) income before gain on equity-method investments	(175,239)	141,923	502,505
Gain on equity-method investments			3,734
Net (loss) income from consolidated operations	(175,239)	141,923	506,239
Net loss attributable to noncontrolling interests	7,414	1,480	1,125
Net (loss) income attributable to Fulgent	$ (167,825)	$ 143,403	$ 507,364
Net (loss) income per common share attributable to Fulgent:
Basic	$ (5.63)	$ 4.76	$ 17.25
Diluted	$ (5.63)	$ 4.63	$ 16.38
Weighted-average common shares:
Basic	29,784	30,097	29,408
Diluted	29,784	30,964	30,976

Business Combinations Additional Information (Details) - USD ($)				1 Months Ended			12 Months Ended
	Nov. 07, 2022	Apr. 26, 2022	Apr. 16, 2022	Aug. 31, 2021	May 31, 2021	Apr. 30, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill							$ 22,055,000	$ 143,027,000
Revenue							289,213,000	618,968,000	$ 992,584,000
Operating income (loss)							(195,529,000)	178,527,000	675,953,000
Fair value of noncontrolling interest							$ (2,815,000)	3,190,000
Contigent consideration paid								10,000,000
Xilong Scientific [Member]
Business Acquisition [Line Items]
Equity interest to be made in joint venture					72.00%
Ownership Post -Restructuring of FF Gene Biotech
Business Acquisition [Line Items]
Minority interest ownership percentage						28.00%
Inform Diagnostics
Business Acquisition [Line Items]
Percentage of acquisition of outstanding equity		100.00%
Total purchase price payable			$ 170,000,000
Goodwill		$ 71,845,000
Identifiable intangible assets		57,060,000
Revenue		83,600,000
Operating income (loss)		17,000,000
Acquisition related transaction costs								9,600,000
Other adjustments related to net income								772,000	2,300
Other adjustments related to revenue								962,000	3,900,000
Inform Diagnostics \| Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Acquisition related transaction costs								6,600,000
Inform Diagnostics \| Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets		$ 54,000,000
Estimated amortization life of identified intangible assets assumed		14 years
Inform Diagnostics \| Trade Name
Business Acquisition [Line Items]
Identifiable intangible assets		$ 2,700,000
Estimated amortization life of identified intangible assets assumed		7 years
Inform Diagnostics \| In-Place Lease Intangible Assets
Business Acquisition [Line Items]
Identifiable intangible assets		$ 360,000,000
Estimated amortization life of identified intangible assets assumed		5 years
Cytometry Specialists, Inc
Business Acquisition [Line Items]
Percentage of acquisition of outstanding equity				100.00%
Total purchase price payable				$ 53,359,000
Goodwill				27,484,000
Identifiable intangible assets				30,540,000
Undiscounted amounts required to pay under contingent consideration agreement, minimum				0
Undiscounted amounts required to pay under contingent consideration agreement, maximum				10,000,000
Fair value of the contingent consideration recognized				10,000,000
Contigent consideration paid								10,000,000
Cytometry Specialists, Inc \| Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets				$ 27,600,000
Estimated amortization life of identified intangible assets assumed				12 years
Cytometry Specialists, Inc \| Trade Name
Business Acquisition [Line Items]
Identifiable intangible assets				$ 1,100,000
Estimated amortization life of identified intangible assets assumed				10 years
Cytometry Specialists, Inc \| Laboratory Information System Platform
Business Acquisition [Line Items]
Identifiable intangible assets				$ 1,900,000
Estimated amortization life of identified intangible assets assumed				5 years
Fulgent Pharma Holdings, Inc
Business Acquisition [Line Items]
Percentage of acquisition of outstanding equity	100.00%
Goodwill	$ 22,100,000
Revenue	0
Operating income (loss)	816,000
Restricted cash	$ 5,000,000
Fulgent Pharma Holdings, Inc \| Restricted Stock Units
Business Acquisition [Line Items]
Restricted stock units vesting period	4 years
Fulgent Pharma Holdings, Inc \| Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Acquisition related transaction costs								$ 1,400,000
Fulgent Pharma Holdings, Inc \| Research and Development
Business Acquisition [Line Items]
Identifiable intangible assets	$ 64,600,000
FF Gene Biotech
Business Acquisition [Line Items]
Percentage of acquisition of outstanding equity						30.00%
Total purchase price payable					$ 22,708,000	$ 19,000,000
Goodwill					23,082,000
Identifiable intangible assets					6,958,000
Business Combination,Fair value of noncontrolling interest					$ 8,141,000	$ 8,100,000
Percentage of effective investment						42.00%
Gain recognized on preexisting investment									$ 3,700,000
Percentage of preexisting equity interest					30.00%				30.00%
FF Gene Biotech \| Discount for Lack of Marketability
Business Acquisition [Line Items]
Business combination, measurement input						0.28
FF Gene Biotech \| Discount Owed to Market Participant Acquisition Premium
Business Acquisition [Line Items]
Business combination, measurement input						0.10
FF Gene Biotech \| Discount
Business Acquisition [Line Items]
Business combination, measurement input						0.35
FF Gene Biotech \| Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets						$ 1,200,000
Estimated amortization life of identified intangible assets assumed						5 years
FF Gene Biotech \| Royalty-Free Technology
Business Acquisition [Line Items]
Identifiable intangible assets						$ 5,700,000
Estimated amortization life of identified intangible assets assumed						10 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Roll-Forward of Activity in Allowance for Credit Losses

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


	December 31,
	2023			2022			2021
	(in thousands)
Allowance for credit losses at beginning of year	$	41,205		$	11,217		$	1,898
Impact of ASU 2016-13 adoption		—		—				887
Current period (gain) provision		(880	)		32,596			8,931
Write-downs		(15,099	)		(2,608	)		(499	)
Allowance for credit losses at end of year	$	25,226		$	41,205		$	11,217

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, 2023, 2022 and 2021.


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Testing Services by payor
Insurance	$	151,946	$	377,873	$	555,762
Institutional		134,191		239,961		435,688
Patient		3,076		1,134		1,134
Total Revenue	$	289,213	$	618,968	$	992,584

Overview and Basis of Presentation

12 Months Ended

Dec. 31, 2023

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 subsidiaries and entities in which the Company has a controlling financial interest or is deemed to be the primary beneficiary. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company uses the equity method to account for its investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions are eliminated from the accompanying consolidated financial statements.

Nature of the Business

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

Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease income	$ 154	$ 269	$ 413
Variable lease income	10	12	7
Total lease income	$ 164	$ 281	$ 420
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Other Income	Interest and Other Income	Interest and Other Income

Reportable Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reportable Segment and Geographic Information

Note 7. Reportable Segment and Geographic Information

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

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


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Revenue from services:
Laboratory services:
Precision diagnostics	$	131,990	$	93,685	$	82,565
Anatomic pathology		104,655		74,799		—
COVID-19		27,152		437,507		899,699
BioPharma services		25,416		12,977		10,320
Total laboratory services		289,213		618,968		992,584
Therapeutic development		—		—		—
Total	$	289,213	$	618,968	$	992,584


	Year Ended December 31,
	2023			2022			2021
	(in thousands)
Operating (loss) income:
Laboratory services	$	(180,585	)	$	179,343		$	675,953
Therapeutic development		(14,944	)		(816	)		—
Total	$	(195,529	)	$	178,527		$	675,953


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Depreciation and amortization:
Laboratory services	$	25,453	$	32,557	$	11,004
Therapeutic development		690		105		—
Total	$	26,143	$	32,662	$	11,004


	December 31,
	2023		2022
	(in thousands)
Assets:
Laboratory services	$	1,146,192	$	1,292,821
Therapeutic development		89,136		93,232
Total	$	1,235,328	$	1,386,053

Geographic distribution of revenue:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Revenue:
United States	$	268,977	$	603,148	$	978,978
Foreign		20,236		15,820		13,606
Total	$	289,213	$	618,968	$	992,584

Geographic distribution of property, plant and equipment, net:


	December 31,
	2023		2022
	(in thousands)
Fixed assets:
Unites States	$	77,938	$	72,617
Foreign		5,526		8,736
Total	$	83,464	$	81,353

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Equity and Debt Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Equity and Debt Securities

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


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


	December 31, 2022
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Long-term
Preferred stock of privately held company	$	15,000		$	—	$	—		$	15,000
Total equity securities		15,000			—		—			15,000
Available-for-sale debt securities
Short-term
U.S. government debt securities		189,333			—		(3,373	)		185,960
Corporate debt securities		120,480			—		(2,222	)		118,258
U.S. treasury bills		69,991			—		(193	)		69,798
U.S. agency debt securities		68,411			—		(342	)		68,069
Money market accounts		27,455			—		—			27,455
Municipal bonds		7,371			—		(80	)		7,291
Yankee debt securities		2,347			—		(5	)		2,342
Less: Cash equivalents		(32,444	)		—		—			(32,444	)
Total debt securities due within 1 year		452,944			—		(6,215	)		446,729
After 1 year through 5 years
U.S. government debt securities		152,435			2		(6,349	)		146,088
U.S. agency debt securities		92,054			—		(3,435	)		88,619
Corporate debt securities		80,647			—		(4,756	)		75,891
Municipal bonds		12,065			—		(217	)		11,848
Yankee debt securities		753			—		(85	)		668
Redeemable preferred stock investment		20,000			—		(7,615	)		12,385
Total debt securities due after 1 year through 5 years		357,954			2		(22,457	)		335,499
After 5 years through 10 years
Municipal bonds		3,617			—		(83	)		3,534
Total debt securities due after 5 years through 10 years		3,617			—		(83	)		3,534
Total available-for-sale debt securities		814,515			2		(28,755	)		785,762
Total equity and debt securities	$	829,515		$	2	$	(28,755	)	$	800,762

Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 9,742	$ 710	$ 377
Increases to prior year positions		2,843
Decreases to prior year positions	(3,845)
Increases for current year positions		6,189	333
Decreases for current year positions	(64)
Balance at end of year	$ 5,833	$ 9,742	$ 710

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation

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


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cost of revenue	$	9,749	$	8,704	$	3,563
Research and development		14,873		10,449		6,326
Selling and marketing		4,964		4,373		2,513
General and administrative		13,336		9,114		3,480
Total	$	42,922	$	32,640	$	15,882

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, 2023, 2022 and 2021:


	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, 2020		287		$	1.59				5.5	$	14,484
Granted		5		$	73.64	$	56.34
Exercised		(76	)	$	1.13	$	8.40
Canceled		—		$	—	$	—
Balance at December 31, 2021		216		$	3.42				4.6	$	20,965
Granted		10		$	59.54	$	44.56
Exercised		(5	)	$	7.16	$	7.41
Canceled		(9	)	$	43.30	$	33.53
Balance at December 31, 2022		212		$	4.21				3.7	$	5,420
Granted		20		$	33.14	$	24.85
Exercised		(9	)	$	0.38	$	10.76
Canceled		—		$	—	$	—
Balance at December 31, 2023		223		$	6.96				3.3	$	4,906
Exercisable as of December 31, 2023		196		$	2.40				2.5

(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, 2023, 2022, and 2021:


	Number of Shares (in thousands)			Weighted-Average Grant Date Fair Value
Balance at December 31, 2020		2,085		$	17.93
Granted		477		$	95.33
Vested and settled		(836	)	$	15.43
Forfeited		(107	)	$	37.83
Balance at December 31, 2021		1,619		$	40.74
Granted		1,895		$	49.98
Vested and settled		(699	)	$	34.01
Forfeited		(184	)	$	61.11
Balance at December 31, 2022		2,631		$	47.76
Granted		853		$	34.38
Vested and settled		(1,066	)	$	43.84
Forfeited		(208	)	$	54.72
Balance at December 31, 2023		2,210		$	43.84

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

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 years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
	2023			2022		2021
Expected term (in years)		6.1			6.1		6.1
Risk-free interest rates		3.8	%	2.6%		1.1%
Dividend yield		—		—		—
Expected volatility		87.3	%	88.7%		94.6%

Retirement Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Company matching contributions to the 401(k) plan	$ 3,200,000	$ 2,500,000	$ 697,000
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	3.00%

Equity-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

Note 10. Equity-Based Compensation

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


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cost of revenue	$	9,749	$	8,704	$	3,563
Research and development		14,873		10,449		6,326
Selling and marketing		4,964		4,373		2,513
General and administrative		13,336		9,114		3,480
Total	$	42,922	$	32,640	$	15,882

The actual tax (expense) benefit realized from tax deductions related to awards vested or exercised were ($2.7) million, $2.1 million, and $13.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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, 2023, 2022 and 2021:


	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, 2020		287		$	1.59				5.5	$	14,484
Granted		5		$	73.64	$	56.34
Exercised		(76	)	$	1.13	$	8.40
Canceled		—		$	—	$	—
Balance at December 31, 2021		216		$	3.42				4.6	$	20,965
Granted		10		$	59.54	$	44.56
Exercised		(5	)	$	7.16	$	7.41
Canceled		(9	)	$	43.30	$	33.53
Balance at December 31, 2022		212		$	4.21				3.7	$	5,420
Granted		20		$	33.14	$	24.85
Exercised		(9	)	$	0.38	$	10.76
Canceled		—		$	—	$	—
Balance at December 31, 2023		223		$	6.96				3.3	$	4,906
Exercisable as of December 31, 2023		196		$	2.40				2.5

(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, 2023, 2022 and 2021 was $172,000, $126,000 and $76,000, respectively. As of December 31, 2023, the remaining unrecognized compensation expense related to all outstanding option awards was $695,000 and is expected to be recognized over a weighted-average period of 2.9 years.

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, 2023, 2022, and 2021:


	Number of Shares (in thousands)			Weighted-Average Grant Date Fair Value
Balance at December 31, 2020		2,085		$	17.93
Granted		477		$	95.33
Vested and settled		(836	)	$	15.43
Forfeited		(107	)	$	37.83
Balance at December 31, 2021		1,619		$	40.74
Granted		1,895		$	49.98
Vested and settled		(699	)	$	34.01
Forfeited		(184	)	$	61.11
Balance at December 31, 2022		2,631		$	47.76
Granted		853		$	34.38
Vested and settled		(1,066	)	$	43.84
Forfeited		(208	)	$	54.72
Balance at December 31, 2023		2,210		$	43.84

The RSU awards granted in the years ended December 31, 2023, 2022 and 2021 will result in aggregate equity-based compensation expense of $29.3 million, $94.8 million and $45.5 million, respectively, to be recognized over the vesting periods from the grant date of each award granted in the period. As of December 31, 2023, the remaining unrecognized compensation expense related to all outstanding RSU awards was $86.8 million and is expected to be recognized over a weighted-average period of 2.5 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


	Year Ended December 31,
	2023			2022		2021
Expected term (in years)		6.1			6.1		6.1
Risk-free interest rates		3.8	%	2.6%		1.1%
Dividend yield		—		—		—
Expected volatility		87.3	%	88.7%		94.6%

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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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. The Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates.

On an on-going basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of goodwill and indefinite-lived intangible assets at time of acquisition and on a recurring basis, and (vi) valuation of investments.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company. 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.

Marketable Securities

All marketable debt securities, which consist of U.S. government and agency debt securities, U.S. treasury bills, corporate debt securities, municipal bonds, 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. Net 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 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.

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.

For available-for-sale debt securities, in an unrealized loss, the Company determines whether a credit loss exists. The credit loss is estimated by considering available information relevant to the collectability of the security and information about past events, current conditions, and reasonable and supportable forecasts. The Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows to be collected is less than the amortized basis of the security, a credit loss exists, and an allowance for credit losses is recorded for the credit loss, limited by the amount of unrealized loss. Changes in the allowance are recorded in the period of changes as credit loss expense. If the Company has an intent to sell, or if it is more likely than not that the Company will be required to sell a debt security in an unrealized loss position before recovery of its amortized cost basis, the Company will write down the security to its fair value and record the corresponding charge as a component of interest and other income, net.

Trade Accounts Receivable and Allowance for Credit Losses

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

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


	December 31,
	2023			2022			2021
	(in thousands)
Allowance for credit losses at beginning of year	$	41,205		$	11,217		$	1,898
Impact of ASU 2016-13 adoption		—		—				887
Current period (gain) provision		(880	)		32,596			8,931
Write-downs		(15,099	)		(2,608	)		(499	)
Allowance for credit losses at end of year	$	25,226		$	41,205		$	11,217

Redeemable Preferred Stock Investment

The redeemable preferred stock investment of $20.4 million as of December 31, 2023 represents the fair value of redeemable preferred stock of a private company that the Company purchased in July 2021. The investment is classified as available-for-sale debt securities. The fair value of available-for-sale debt security is included in the Consolidated Statement of Balance Sheets. Unrealized gain of $8.1 million were excluded from earnings and reported in other comprehensive income (loss) for the year ended December 31, 2023. Unrealized losses of $9.6 million are excluded from earnings and reported in other comprehensive income (loss) for the year ended December 31, 2022. Since the Company intends on holding the preferred stock, and the preferred stock is not redeemable until July 2027, the investment is recorded as a long-term investment.

Business Combinations

The Company uses the acquisition method of accounting and allocates the fair value of purchase consideration to the assets acquired and liabilities assumed from an acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

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. 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. See Note 5, Fixed Assets, for useful lives for each major class of fixed assets.

Finite-Lived Intangible assets

Intangible assets, unless determined to be indefinite-lived, are amortized over their estimated useful lives. The Company amortizes intangible assets on a straight-line basis with definite lives generally over periods ranging from three to fourteen years. See Note 17, Goodwill and Intangible Assets, for details of intangible assets.

Goodwill and Indefinite-lived Intangibles

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

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

The Company’s quantitative assessment includes estimating the fair value of each reporting unit and comparing it to its carrying value. The Company estimates the fair value of reporting units using both income-based and market-based valuation methods and typically engages a third-party appraisal firm to assist with the valuation. The estimated fair value for each reporting unit is determined based upon the range of estimated values developed from the income and market-based methods. If the estimated fair value of a reporting unit exceeds its carrying value, the goodwill is not impaired, and no further review is required.

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

The Company performed an annual goodwill and intangible asset impairment test on December 31, 2023, and elected to bypass the optional qualitative test and perform the quantitative assessments for both the laboratory services and therapeutic development reporting units, which includes an indefinite-lived intangible asset.

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.

Reagents and Supplies

The Company maintains reagents and other consumables primarily used in testing which are valued at the lower of cost or net realizable value. Cost is determined using actual costs on a first-in, first-out basis. The reagents and other consumables were included in other current assets in the accompanying Consolidated Balance Sheets.

Fair Value of Financial Instruments

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

Concentrations of Credit Risk, Customers and Suppliers

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable, and marketable securities, which consist of debt securities and equity securities. As of December 31, 2023, substantially all of the Company’s cash and cash equivalents were deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash and cash equivalents are held.

In certain periods, a small number of customers has accounted for a significant portion of the Company’s revenue. For the laboratory services segment, aggregating customers under common control, one customer comprised of $35.7 million or 12% of total revenue in the years ended December 31, 2023, and a different customer comprised of $115.6 million or 19% and $260.2 million or 26% of total revenue in the year ended December 31, 2022 and 2021, respectively. One customer comprised 13% of total accounts receivable, net, as of December 31, 2023, and a different customer comprised 17% of total accounts receivable, net, as of December 31, 2022. For the therapeutic development segment, the Company doesn't have customers or revenue as it does not have any commercialized or approved product candidates.

The Company’s therapeutic development business relies on ANP Technologies, Inc. for certain laboratory services, equipment, tools, and drug intermediates in connection with research and development efforts. The Company also relies on a limited number of suppliers for certain laboratory substances used in the chemical reactions incorporated into its processes, referred to as reagents, as well as for the sequencers and various other equipment and materials it uses in its laboratory operations. In particular, the Company relies on a sole supplier for the next generation sequencers and associated reagents it uses to perform its genetic tests and as the sole provider of maintenance and repair services for these sequencers. The Company’s laboratory operations would be interrupted if it encountered delays or difficulties securing these reagents, sequencers, other equipment or materials or maintenance and repair services, which could occur for a variety of reasons, including if the Company needs a replacement or temporary substitute for any of its limited or sole suppliers and is not able to locate and make arrangements with an acceptable replacement or temporary substitute. The Company's development efforts could also be delayed or interrupted if is unable to procure items needed for its therapeutic development activities. The Company 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. 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 recognizes its share of the earnings or losses of an investee in net earnings or loss in the periods for which they are reported by the investee. The Company evaluates any equity method investments for impairment whenever events or changes in circumstances would indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation would include, 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 were determined to have a decline in value deemed to be other than temporary it is written down to estimated fair value.

The Company’s 25% interest in Boston Molecules was originally accounted for using the equity method, and the Company discontinued applying the equity method since the investment was reduced to zero in 2020 due to the full impairment loss recorded. The Company did not record any additional losses.

Leases

The Company determines if an arrangement is a lease 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. Operating and finance lease right-of-use assets, or ROU assets, short-term lease liabilities, and long-term lease liabilities are included in other long-term assets, accrued liabilities, and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.

Lease ROU assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease ROU 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, including inquiries with its bank, in determining the present value of lease payments when its leases do not provide an implicit or explicit rate. Lease ROU assets consist of initial measurement of lease liabilities, any lease payments made to lessor on or before the lease commencement date, minus any lease incentive received, and any initial direct costs incurred by the Company. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance lease, ROU assets are amortized on a straight-line basis from the commencement date to the earlier of the end of useful life of the ROU assets or the end of the lease term. Amortization of ROU assets and interest on the lease liability for finance leases are included as charges to the accompanying Consolidated Statements of Operations.

Lease ROU assets and liabilities arising from business combinations are recognized and measured at the acquisition dates as if an acquired lease were a new lease at the date of acquisition using the Company’s incremental borrowing rate unless the discount rate is implicit in the lease. The Company elects to not to recognize assets or liabilities as of the acquisition dates for leases that, on the acquisition dates, have a remaining lease term of 12 months or less. The Company also retains the acquirees’ classification of the leases if there are no modifications as part of the business combinations.

The Company leases out space in buildings it owns to third-party tenants or subtenants under noncancelable operating leases. 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 payments are based occur. The net rental income is included in the interest and other income, net, in the accompanying Consolidated Statements of Operations.

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 one to five 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.

Reporting Segment and Geographic Information

Reportable 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 reports its business in two segments, a laboratory services business and a therapeutic development business. For further financial information about these segments, including information for each of the last three fiscal years regarding revenue, operating income (loss), and other important information, see Note 7, Reportable Segment and Geographic Information.

Revenue Recognition

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

The Company recognizes revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised goods or services to its customers. To determine revenue recognition for contracts with customers, the Company performs the following steps described in ASC 606: (1) identifies the contract with the customer, or Step 1, (2) identifies the performance obligations in the contract, or Step 2, (3) determines the transaction price, or Step 3, (4) allocates the transaction price to the performance obligations in the contract, or Step 4, and (5) recognizes revenue when (or as) the entity satisfies a performance obligation, or Step 5.

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

Performance Obligations

Institutional and Patient Direct Pay

The Company’s institutional contracts for its testing services typically have a single performance obligation to deliver testing services to the ordering facility or patient. Some arrangements involve the delivery of 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, 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 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. Control over 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 testing services typically have a single performance obligation to deliver testing services to the ordering facility or patient. For most of the Company’s insurance revenue, the Company identified the patient as the customer in Step 1 and 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, therefore estimation of the transaction price is considered variable consideration. In developing the estimate of variable consideration, the Company utilizes the expected value method under a portfolio approach. As these contracts typically have a single performance obligation, no allocation of the transaction price is required in Step 4. Control over testing services is transferred to the Company’s ordering parties 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. Contract costs are capitalized if the Company expects to recover them, and amortization of contract costs is classified in the general and administrative expense in the Consolidated Statements of Operations. Historically contract costs have not been significant to the financial statements.

Significant Judgments and Contract Estimates

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 insurance payors for COVID-19 tests, estimation of the transaction price represents variable consideration.

In the absence of Medicare coverage, contractually established reimbursement rates or other coverage, we have concluded that our contracts include variable consideration because the amounts paid by Medicare or commercial health insurance carriers may be paid at less than our standard rates or not paid at all, with such differences considered implicit price concessions. Variable consideration attributable to these price concessions measured at the expected value using the “most likely amount” method under ASC 606. The amounts are determined by the historical average collection rates by test type and payor category taking into

consideration the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as the judgment and actions of third parties. Such variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. Variable consideration may be constrained and excluded form the transaction price in situations where there is no contractually agreed upon reimbursement coverage or in the absence of a predictable pattern and history of collectability with a payor.

The Company re-assesses its estimated transaction price at the end of each reporting period, including an assessment of whether the estimate variable consideration is constrained to the extent that is probable that a significant reversal of cumulative revenue will not occur once any uncertainty is resolved. The Company records any necessary adjustments in the current period’s revenue. $23.0 million variable consideration was recognized as additional revenue in the year ended December 31, 2023 that related to collections for COVID-19 tests completed in the prior period.

Disaggregation of Revenue

The Company classifies its customers into three payor types: (i) Insurance, including claim reimbursement from HRSA for uninsured individuals, (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, 2023, 2022 and 2021.


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Testing Services by payor
Insurance	$	151,946	$	377,873	$	555,762
Institutional		134,191		239,961		435,688
Patient		3,076		1,134		1,134
Total Revenue	$	289,213	$	618,968	$	992,584

The insurance revenue category above includes zero, $83.1 million, and $310.4 million for the years ended December 31, 2023, 2022, and 2021, respectively, for services related to claims covered by the HRSA COVID-19 Uninsured Program.

$23.0 million variable consideration was recognized in the year ended December 31, 2023 that related to COVID-19 tests completed in the prior periods due to the recent collection efforts, which was included as revenue from insurance in the table above. During the year ended December 31, 2023, the Company experienced a change in estimate related to variable consideration. This change resulted in a cumulative catch-up adjustment of $23.0 million. The Company estimates variable consideration using the expected value method. Any changes in variable consideration estimates that affect transactions are accounted for on a cumulative catch-up basis.

Contract Balances

Receivables from contracts with customers - Receivables from contracts with customers are included within trade accounts receivable on the Consolidated Balance Sheets. Receivables from Insurance and Institutional customers represented 39% and 61%, respectively, as of December 31, 2023 and 14% and 86%, respectively, as of December 31, 2022.

Contracts assets and liabilities - Contract assets from contracts with customers associated with contract execution and certain costs to fulfill a contract are included in other current assets in the accompanying 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. Contract liabilities are included in the Consolidated Balance Sheets. Revenues of $2.2 million, $14.4 million and $26.4 million for the years ended December 31, 2023, 2022, and 2021, respectively, related to contract liabilities at the beginning of the respective periods were recognized.

Transaction Price Allocated to Future Performance Obligations

ASC 606 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, 2023. 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, molecular diagnostic or genetic testing services that extend beyond one year.

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.

Customer Deposit

Customer deposit in the accompanying Consolidated Balance Sheets consists of payments received from customers in excess of their outstanding trade accounts receivable balances. These deposits will be offset against future testing receivables or refunded to the customers.

Overhead Expenses

The Company allocates overhead expenses, such as facility, rent, and utilities, to cost of revenue and operating expense categories based on headcount or square footage. 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.

Restructuring Costs

Restructuring costs represent one-time employee termination benefits provided to employees associated with a newly acquired entity that were involuntarily terminated. A plan of termination was approved and authorized by management in the second quarter of 2022. The plan identified specific employees to be terminated and established terms of benefits those employees would receive upon termination. No additional costs are expected to be incurred under the plan of termination post 2022, and the full amount was paid off by August 2023.

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 awards, or RSU awards, that generally vest over a specified period of time upon the satisfaction of service-based conditions or performance conditions. Compensation expense for employee RSU awards with a service-based vesting condition is recognized ratably over the vesting period of the award. Compensation expense for employee RSU awards with a performance condition is based on the probable outcome of that performance condition. 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.

Foreign Currency Translation and Foreign Currency Transactions

The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation gain (loss) included in the accompanying Consolidated Statements of Comprehensive Income (Loss). The Company and its subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period, and inventories, property and nonmonetary assets and liabilities at historical rates. Gains and losses from these measurements are included in interest and other income, net, in the accompanying Consolidated Statements of Operations. Losses from foreign currency exchange were not significant in 2023, 2022 and 2021.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of net unrealized gain or loss on available-for-sale debt securities, net of tax, and foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency. Reclassifications from other comprehensive income (loss) to net earnings were not significant in 2023 or 2022. The Company did not have reclassifications from other comprehensive income (loss) to net loss in 2021. The tax effects related to net unrealized gain or loss on available-for-sale debt securities were zero, $7.2 million, and $437,000 in 2023, 2022, and 2021, respectively.

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 income or loss attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period.

Recent Accounting Pronouncements

The Company evaluates all 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.

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

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

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

Business Combinations - Summary of Revenue and Operating Income or Loss (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Net Sales	$ 24,022
Operating Income (loss)	(2,756)
FF Gene Biotech
Business Acquisition [Line Items]
Net Sales	6,632
Operating Income (loss)	(3,894)
Cytometry Specialists, Inc
Business Acquisition [Line Items]
Net Sales	17,390
Operating Income (loss)	$ 1,138

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units/Shares Subject to Options, Beginning Balance	212	216	287
Number of Units/Shares Subject to Options, Granted	20	10	5
Number of Units/Shares Subject to Options, Exercised	(9)	(5)	(76)
Number of Units/Shares Subject to Options, Canceled		(9)
Number of Units/Shares Subject to Options, Ending Balance	223	212	216	287
Number of Units/Shares Subject to Options, Exercisable	196
Weighted-Average Exercise Price Per Shares, Beginning Balance	$ 4.21	$ 3.42	$ 1.59
Weighted-Average Exercise Price Per Shares, Granted	33.14	59.54	73.64
Weighted-Average Exercise Price Per Shares, Exercised	0.38	7.16	1.13
Weighted-Average Exercise Price Per Shares, Canceled		43.30
Weighted-Average Exercise Price Per Shares, Ending Balance	6.96	4.21	3.42	$ 1.59
Weighted-Average Exercise Price Per Shares, Exercisable	2.40
Weighted-Average Grant Date Fair Value, Granted	24.85	44.56	56.34
Weighted-Average Grant Date Fair Value, Exercised	$ 10.76	7.41	$ 8.40
Weighted-Average Grant Date Fair Value, Canceled		$ 33.53
Weighted-Average Remaining Contractual Life (in years)	3 years 3 months 18 days	3 years 8 months 12 days	4 years 7 months 6 days	5 years 6 months
Weighted-Average Remaining Contractual Life (in years), Exercisable	2 years 6 months
Aggregate Intrinsic Value, Balance	$ 4,906	$ 5,420	$ 20,965	$ 14,484

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations

Note 15. Business Combinations

Inform Diagnostics

On April 26, 2022, the Company completed the acquisition of 100% of the outstanding equity of Inform Diagnostics, a leading national independent pathology laboratory based in Irving, Texas. Under the terms of the Agreement and Plan of Merger, dated April 16, 2022, or the Inform Merger Agreement, the total purchase price payable to the securityholders of Inform Diagnostics was approximately $170 million, as adjusted for closing cash, closing indebtedness, closing working capital, closing transaction expenses and other transaction matters. With the addition of Inform Diagnostics, the Company will further expand the Company’s genomic testing footprint and extend its test menu into breast pathology, gastrointestinal pathology, dermatopathology, urologic pathology, neuropathology, and hematopathology.

The financial results of Inform Diagnostics are included in the consolidated financial statements from the date of acquisition. The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Consideration
Cash, net of cash received	$	137,755


Recognized amounts of identifiable assets acquired and liabilities assumed
Net working capital	$	(15,024	)
Fixed assets		20,242
ROU assets - operating		12,653
ROU assets - finance		1,183
Deferred tax assets		3,410
Other long-term assets		4,711
Identifiable intangible assets		57,060
Operating lease liabilities		(12,653	)
Finance lease liabilities		(1,183	)
Income tax payable		(40	)
Other long-term liabilities		(4,449	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		65,910
Goodwill		71,845
Total	$	137,755

The goodwill of $71.8 million arising from the acquisition is attributed to the expected synergies, assembled workforce, other benefits that will be potentially generated from the combination and deferred tax. The goodwill recognized is not deductible for tax purposes.

The identifiable intangible assets acquired consisted of $54.0 million customer relationships with an estimated amortization life of 14 years, $2.7 million trade name with an estimated amortization life of 7 years, and $360,000 in-place lease intangible asset to be amortized over the remaining lease term of 5 years.

The fair value of the customer relationship was estimated using the Multiperiod Excess Earnings Method, or MPEEM, of the income approach. Under the MPEEM, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash

flows attributable only to the subject intangible asset after deducting contributory asset charges. The incremental after-tax cash flows attributable to the customer relationships are then discounted to their present value at a risk-adjusted rate of return. The fair value of the trade name was estimated using the relief from royalty, or RFR, method. The RFR method estimates the portion of the Company’s earnings attributable to an intangible asset based on the royalty rate the Company would have paid for the use of the asset if it did not own it. The fair value of in-place lease intangible asset was estimated using the discounted cash flow under the income approach. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic and other factors that may limit the useful life. The customer relationships and trade name are amortized on a straight-line basis over their estimated useful lives.

Revenue and operating loss from the Inform Diagnostics acquisition since the acquisition date were $83.6 million and $17.0 million, respectively, for year ended December 31, 2022, which are included in the accompanying Consolidated Statements of Operating.

The transaction costs associated with the acquisition of Inform Diagnostics consisted primarily of legal, regulatory and financial advisory fees of approximately $6.6 million for the year ended December 31, 2022, respectively. These transaction costs were expensed as incurred as general and administrative expense in the respective period.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information summarizes the combined results of operations of Fulgent and Inform Diagnostics as if the companies had been combined as of the beginning of 2021. The pro forma financial information has been adjusted for the following:

Acquisition-related costs - Acquisition-related costs incurred by both Fulgent and Inform Diagnostics were excluded from the net income attributable to Fulgent, and total costs were $9.6 million for the year ended December 31, 2022.

Other adjustments to the net income attributable to Fulgent were $772,000 and $2.3 million for the year ended December 31, 2022 and 2021, respectively. Other adjustments to revenue were $962,000 and $3.9 million for or the year ended December 31, 2022 and 2021, respectively.


	Year Ended December 31,
	2022		2021

Revenue	$	659,386	$	1,140,184
Net income attributable to Fulgent	$	140,288	$	493,313
Basic earnings per common share attributable to Fulgent	$	4.66	$	16.77
Diluted earnings per common share attributable to Fulgent	$	4.53	$	15.93

Fulgent Pharma Holdings, Inc

On November 7, 2022, the Company completed the acquisition of 100% of the outstanding equity of Fulgent Pharma, a clinical-stage, therapeutic development company focused on perfecting drug candidates for treating a broad range of cancers. Under the terms of the Agreement and Plan of Merger, dated November 7, 2022, or the Pharma Merger Agreement, the total merger consideration was paid in a combination of cash, the Company’s common stock, or the Stock Consideration, and assumed RSUs subject to customary adjustments for closing cash, closing indebtedness, transaction expenses and other transaction matters. A portion of the Stock Consideration was held back for a duration of time after the closing of the transaction to satisfy certain indemnification obligations of the Pharma Stockholders as described in the Pharma Merger Agreement. The RSUs are subject to vesting over the four-year period immediately following the date of their original grant, subject to the holder’s continuing service. The integrated companies plan to offer a vertically integrated solution to combat cancer with the potential to unlock significant long-term upsides for both the therapeutic and diagnostic businesses, while effectively managing risk.

The financial results of Fulgent Pharma are included in the consolidated financial statements from the date of acquisition. The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:

The goodwill of $22.1 million arising from the acquisition is attributed to Fulgent Pharma's rights to intellectual property, expected synergies, assembled workforce, and other benefits that will potentially be generated from the combination and deferred tax. The goodwill recognized is not deductible for tax purposes.

The identified intangible assets acquired consisted of $64.6 million in IPR&D. Fulgent Pharma has developed a novel nanoencapsulation and targeted therapy platform, which is designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The lead drug candidate, FID-007, has achieved proof-of-concept in preliminary human clinical trials for the treatment of various cancer types, including head and neck, ampullary, pancreatic, non-small cell lung cancer, and breast. The fair value of the IPR&D was estimated using MPEEM. The method involves forecasting after-tax operating income from existing clients, subtracting the portions attributable to a contributory asset, and discounting the remaining earnings to present value. The useful life of IPR&D is indefinite.

Revenue and operating loss from the Fulgent Pharma acquisition since the acquisition date are zero and $816,000, respectively, which are included in the accompanying Consolidated Statements of Operations, for the year ended December 31, 2022.

The transaction costs associated with the acquisition of Fulgent Pharma consisted primarily of legal, regulatory and financial advisory fees of approximately $1.4 million for the year ended December 31, 2022. These transaction costs were expensed as incurred as general and administrative expense in the respective period.

The $5.0 million restricted cash received represents cash consideration payable pursuant to the share transfer agreement Fulgent Pharma entered prior to Fulgent Pharma acquisition date. The cash consideration was not paid as of Fulgent Pharma acquisition date and was included in noncurrent or non-operating liabilities in above table.

FF Gene Biotech

In April 2017, the Company acquired a 30% equity interest in FF Gene Biotech, a newly formed a joint venture with Xilong Scientific and Fuzhou Jinqiang Investment Partnership (LP), or FJIP. The joint venture was formed under the laws of China to offer genetic testing services to customers in China.

In May 2021, we entered into a restructuring agreement with Xilong Scientific and FJIP, resulting in the Company indirectly acquiring a controlling financial interest of 72%in FF Gene Biotech. FF Gene Biotech was founded to bring the Company’s next generation sequencing, or NGS, capabilities to the Chinese genetic testing market through entities separate from the Company’s U.S. operations, and FF Gene Biotech is pursuing this separate from the Company’s business elsewhere. As a result of the acquisition of FF Gene Biotech, or the FF Gene Biotech Acquisition, the Company seeks to be more strategically aligned with its geographic expansion strategy. It also expects to reduce costs through economies of scale.

The Company allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on estimated fair values. As additional information becomes available, such as the finalization of the estimated fair value of tax-related items, the Company may further update the preliminary purchase price allocation during the remainder of the measurement period (up to one year from the FF Gene Biotech Acquisition date). The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the FF Gene Biotech Acquisition date, as well as the fair value of the noncontrolling interest at the FF Gene Biotech Acquisition date.


	Amounts
	(in thousands)
Considerations
Cash	$	18,974
Fair value of the Company’s 30% equity interest held before the business combination		3,734
	$	22,708
Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$	3,181
Reagents and supplies		1,288
Fixed assets		3,874
Other tangible assets		944
Identifiable intangible assets		6,958
Other current liabilities		(2,585	)
Notes payable		(5,893	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		7,767
Noncontrolling interest		(8,141	)
Goodwill		23,082
Total	$	22,708

The fair value of the noncontrolling interest, or NCI, in FF Gene Biotech, a private entity, $8.1 million, was estimated by applying the income approach and market approach. The fair value measurement was based on significant inputs that are not observable in the market and thus represents a fair value categorized within Level 3 of the three-tier fair value hierarchy. The NCI represents a minority interest of 28% in the post-restructuring FF Gene Biotech. Since the NCI is the result of the restructuring, the implied value was utilized to value the NCI based on the 42% effective investment. After determining the implied value, a discount for lack of marketability was applied to the 28% interest representing lack of marketability related to the holding period to monetize the NCI in a future initial public offering, or IPO, or sale, and marketability related to market participant acquisition premiums implied in the value of the $19.0 million purchase price for a 42% interest. The resultant total discount applied was 35%, which is supported both by the put option analyses related to the potential holding period, and a 10% discount owed to a market participant acquisition premium.

The Company recognized a gain of $3.7 million as a result of remeasuring to fair value its 30% equity interest held before the FF Gene Biotech Acquisition. The fair value of the preexisting equity interest was determined based on the characteristics before consummating the FF Gene Biotech Acquisition and estimated by applying income approach and utilized the discounted cash flow method. The Company did not apply the market approach based on its characteristics before consummating the restructuring. The gain on the equity-method investment is included in the Company’s Consolidated Statements of Operations for the year ended December 31, 2021.

The goodwill of $23.1 million arising from the FF Gene Biotech Acquisition is attributed to the expected synergies and other benefits that will be potentially generated from the combination of the Company and FF Gene Biotech. The goodwill recognized is not deductible for tax purposes.

The identifiable intangible assets acquired in the FF Gene Biotech Acquisition consisted of a $5.7 million royalty-free technology with an estimated amortization life of 10 years and $1.2 million customer relationships with an estimated amortization life of 5 years. The value of these assets was based upon the preliminary fair values as of the closing date of the FF Gene Biotech Acquisition.

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 has the power to direct the most significant activities of FF Gene Biotech and therefore is the primary beneficiary of the entity post the FF Gene Biotech Acquisition. 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.

CSI Acquisition

In August 2021, the Company acquired 100% of the outstanding equity of Cytometry Specialist, Inc, or CSI, a multi-site reference laboratory business in the United States. This acquisition of CSI, or the CSI Acquisition, expands the Company’s national reference laboratory presence in the United States.

The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. As additional information becomes available, such as the finalization of the estimated fair value of tax-related items, the Company may further update the preliminary purchase price allocation during the remainder of the measurement period (up to one year from the CSI Acquisition date).The following tables summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the CSI Acquisition date:


	Amounts
	(in thousands)
Considerations
Cash	$	43,359
Contingent consideration		10,000
	$	53,359
Recognized amounts of identifiable assets acquired and liabilities assumed
Debt-free net working capital	$	4,270
Fixed assets		6,855
ROU assets - operating		4,988
ROU assets - finance		49
Other assets		160
Identifiable intangible assets		30,540
Deferred tax liability		(9,881	)
Operating lease liabilities		(4,988	)
Finance lease liabilities		(49	)
Other liabilities		(6,069	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		25,875
Goodwill		27,484
Total	$	53,359

The CSI Acquisition includes a contingent consideration arrangement that requires additional consideration to be paid by the Company based on CSI’s achievement of a minimum level of earnings, for the year ending December 31, 2021, as described in the acquisition agreement. The range of undiscounted amounts the Company may be required to pay under the contingent consideration agreement is between zero and $10.0 million. The fair value of the contingent consideration recognized on the CSI Acquisition date of $10.0 million was estimated by applying the income approach using discounted cash flows. Given the short-term nature of the contingent consideration, the most significant assumption is the probability weighted cash flow. The actual contingent consideration paid in 2022 was $10.0 million.

The goodwill of $27.5 million arising from the CSI Acquisition is attributed to the expected synergies, assembled workforce, other benefits that will be potentially generated from the combination and deferred tax. The goodwill recognized is not deductible for tax purposes.

The identifiable intangible assets acquired in the CSI Acquisition consisted of $27.6 million customer relationships with an estimated amortization life of 12 years, $1.9 million laboratory information system platform with an estimated amortization life of 5 years, and $1.1 million trade name with an estimated amortization life of 10 years.

Prior to the acquisitions, the financial results for FF Gene Biotech and CSI were not significant for pro forma financial information. Post the acquisitions, the financial results for FF Gene Biotech and CSI are included in the Company’s consolidated financial statements. Revenue and operating income or loss from both acquisitions since the respective 2021 acquisition dates are included in the accompanying Consolidated Statements of Operations as follows, in thousands, for the year ended December 31, 2021:


	Net Sales		Operating Income (Loss)
FF Gene Biotech	$	6,632	$	(3,894	)
CSI		17,390		1,138
Total	$	24,022	$	(2,756	)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Valuation allowance	$ 15,900,000	$ 2,832,000
Increase in valuation allowance	(20,325,000)	224,000	$ 669,000
Unrecognized income tax benefit	5,833,000	9,742,000	$ 710,000	$ 377,000
Unrecognized income tax benefit that would impact effective tax rate if recognized	2,300,000
Accrual for interests	145,000	94,000
Interest recognized	$ 145,000	$ 94,000
Earliest Tax Year
Income Taxes [Line Items]
Years subject to income tax examination	2018
Latest Tax Year
Income Taxes [Line Items]
Years subject to income tax examination	2023
Research and Development Credits and Depreciation Adjustments
Income Taxes [Line Items]
Increase in valuation allowance	$ 13,100,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	63,000,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 63,000,000
Net operating loss carryforwards expiration beginning year	2024
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	$ 13,600,000
Net operating loss carryforwards expiration beginning year	2024
Net operating loss carryforwards expiration ending year	2028

Debt, Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Debt Commitments And Contingencies Disclosure [Abstract]

Debt, Commitments and Contingencies

Note 8. Debt, Commitments and Contingencies

Debt

Notes payable as of December 31, 2023, consisted of $3.4 million of notes payable related to an installment sale contract the Company entered in February 2022 for a building and $775,000 of notes payable to Xilong Scientific Co., or Xilong Scientific, by Fujian Fujun Gene Biotech Co., Ltd., or FF Gene Biotech. The notes payable related to the installment sale are due in February 2030, and the interest rate is 1.08%. The current portion and noncurrent portion are $408,000 and $3.0 million, respectively, and the noncurrent portion is included in the other long-term liabilities in the accompanying Consolidated Balance Sheets. The notes payable to Xilong Scientific is due on March 31, 2024, and the interest rate on the loan is 4.97%. The related interest expenses in 2023, 2022 and 2021 were $37,000, $304,000, and $177,000, respectively. The Company did not have the installment sale contract in 2021.

Operating and Finance Leases

See Note 9, Leases, for further information.

Purchase Obligations

The Company entered certain purchase commitments with its vendors, which primarily consist of services, reagent and supplies, computer software, and medical lab equipment. As of December 31, 2023, the Company had purchase obligations of $51.9 million, of which $29.7 million is payable within twelve months, and the remainder, $22.2 million, is payable within the next five years.

Contingencies

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

The Company has received a Civil Investigative Demand, or CID, issued by the U.S. Department of Justice pursuant to the False Claims Act related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law. Among other things, this CID requests information and records relating to certain of the Company’s customers named in the CID, which represent a small portion of the Company’s revenues. As disclosed in the Company’s prior filings, the U.S. Securities and Exchange Commission, or the SEC is also conducting a non-public formal investigation, which appears to relate to the matters raised in the CID requests and our Exchange Act reports filed for 2018 through 2020. The Company is fully cooperating with the U.S. Department of Justice and the SEC to promptly respond to the requests for information in this CID and investigation. The Company cannot predict when these matters will be resolved, the outcome of these matters, or their potential impact, which may ultimately be greater than what the Company currently expects.

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

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

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

Goodwill and Intangible Assets - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite Lived Intangible Assets [Line Items]
2024	$ 7,976
2025	7,976
2026	7,671
2027	7,210
2028	7,175
Thereafter	40,455
Acquisitions-related intangibles, net	$ 78,463

Summary of Significant Accounting Policies - Additional Information (Details)		9 Months Ended	12 Months Ended
	Nov. 07, 2022 USD ($)	Sep. 30, 2023 Segment	Dec. 31, 2023 USD ($) Customer Segment	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, redemption date			Jul. 31, 2027
Redeemable preferred stock investment			$ 20,438,000	$ 12,385,000
Unrealized gain (losses)			$ 8,100,000	$ (9,600,000)
Number of reporting segments \| Segment		1	2	1
Number of customer types \| Customer			3
Tax effects related to unrealized holding loss on available-for-sale debt securities			$ 0	$ 7,200,000	$ 437,000
Revenue			289,213,000	618,968,000	992,584,000
Variable consideration			23,000,000
Cumulative catch-up adjustment			23,000,000
Contract with customer liability, revenue recognized			$ 2,200,000	14,400,000	26,400,000
Practical expedient not to disclose amount of transaction price allocated to unsatisfied performance obligations			true
Additional costs expected to be incurred			$ 0
Payable balance, expected paid off date			2023-08
Boston Molecules, Inc.
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage			25.00%
Carrying value of equity						$ 0
Clinical Insurance Contracts \| HSRA COVID-19 Uninsured Program
Summary Of Significant Accounting Policies [Line Items]
Revenue			$ 0	$ 83,100,000	310,400,000
Insurance Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of accounts receivable from contract			39.00%	14.00%
Institutional Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of accounts receivable from contract			61.00%	86.00%
Customer Concentration Risk \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer			1
Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Revenue			$ 35,700,000	$ 115,600,000	$ 260,200,000
Concentration risk, percentage			12.00%	19.00%	26.00%
Customer Concentration Risk \| Accounts Receivable, Net \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer			1
Concentration risk, percentage			13.00%	17.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life			14 years
Maximum [Member] \| Computer Software
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets			5 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life			3 years
Minimum \| Computer Software
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets			1 year
Fulgent Pharma Holdings
Summary Of Significant Accounting Policies [Line Items]
Revenue	$ 0

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	November 2020 Equity Distribution Agreement	Stockholders' Equity	Stockholders' Equity November 2020 Equity Distribution Agreement	Additional Paid-In Capital	Additional Paid-In Capital November 2020 Equity Distribution Agreement	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Fulgent Stockholders' Equity	Fulgent Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Fulgent Stockholders' Equity November 2020 Equity Distribution Agreement	Noncontrolling Interest
Beginning Balance at Dec. 31, 2020	$ 569,387	$ (887)		$ 3		$ 418,065		$ 438	$ 150,881	$ (887)	$ 569,387	$ (887)
Beginning Balance, Shares at Dec. 31, 2020				28,178,000
Equity-based compensation	15,882					15,882					15,882
Exercise of common stock options	86					86					86
Exercise of common stock options, Shares				76,000
Restricted stock awards, Shares				836,000
Issuance of common stock			$ 72,030				$ 72,030						$ 72,030
Issuance of common stock, Shares					1,111,000
Common stock withholding for employee tax obligations	(4,155)					(4,155)					(4,155)
Common stock withholding for employee tax obligations, Shares				(41,000)
Cumulative tax effect of accounting change	239								239		239
Noncontrolling interest assumed related to acquisitions	8,151													$ 8,151
Other comprehensive income (loss), net	(1,092)							(1,197)			(1,197)			105
Net loss	506,239								507,364		507,364			(1,125)
Ending Balance at Dec. 31, 2021	1,165,880			$ 3		501,908		(759)	657,597		1,158,749			7,131
Ending Balance, Shares at Dec. 31, 2021				30,160,000
Equity-based compensation	32,640					32,640					32,640
Exercise of common stock options	31					31					31
Exercise of common stock options, Shares				5,000
Restricted stock awards, Shares				699,000
Common stock withholding for employee tax obligations	(1,768)					(1,768)					(1,768)
Common stock withholding for employee tax obligations, Shares				(32,000)
Repurchase of common stock	$ (74,337)					(74,337)					(74,337)
Repurchase of common stock, Shares	(1,800,000)			(1,810,000)
Common stock issued in a business combination	$ 28,111					28,111					28,111
Common stock issued in a business combination, Shares				416,000
Other comprehensive income (loss), net	(22,605)							(20,144)			(20,144)			(2,461)
Net loss	141,923								143,403		143,403			(1,480)
Ending Balance at Dec. 31, 2022	$ 1,269,875			$ 3		486,585		(20,903)	801,000		1,266,685			3,190
Ending Balance, Shares at Dec. 31, 2022	31,248,000			29,438,000
Equity-based compensation	$ 42,922					42,922					42,922
Exercise of common stock options	3					3					3
Exercise of common stock options, Shares				9
Restricted stock awards, Shares				1,066
Common stock withholding for employee tax obligations	(2,732)					(2,732)					(2,732)
Common stock withholding for employee tax obligations, Shares				(93)
Repurchase of common stock	$ (25,060)					(25,060)					(25,060)
Repurchase of common stock, Shares	(953,000)			(953)
Common stock issued in a business combination, Shares				186
Other comprehensive income (loss), net	$ 23,517							22,108			22,108			1,409
Net loss	(175,239)								(167,825)		(167,825)			(7,414)
Ending Balance at Dec. 31, 2023	$ 1,133,286			$ 3		$ 501,718		$ 1,205	$ 633,175		$ 1,136,101			$ (2,815)
Ending Balance, Shares at Dec. 31, 2023	32,416,000			29,653,000

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income from consolidated operations	$ (175,239)	$ 141,923	$ 506,239
Other comprehensive income (loss):
Foreign currency translation (loss) gain	(1,200)	(2,665)	456
Net gain (loss) on available-for-sale debt securities, net of tax	24,717	(19,940)	(1,548)
Comprehensive (loss) income from consolidated operations	(151,722)	119,318	505,147
Net loss attributable to noncontrolling interest	7,414	1,480	1,125
Foreign currency translation (gain) loss attributable to noncontrolling interest	(1,409)	2,461	(105)
Comprehensive loss attributable to noncontrolling interest	6,005	3,941	1,020
Comprehensive (loss) income attributable to Fulgent	$ (145,717)	$ 123,259	$ 506,167

Reportable Segment and Geographical Information - Additional Information (Details) - Segment	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of reporting segments	1	2	1
Number of operating segments		2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 25,226	$ 41,205
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	32,416,000	31,248,000
Common stock, shares outstanding	29,653,000	29,438,000
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

Fixed Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 5. Fixed Assets

Major classes of fixed assets consisted of the following:


		December 31,
	Useful Lives	2023			2022
		(in thousands)
Medical lab equipment	5 months to 10 Years	$	56,025		$	53,503
Leasehold improvements	Shorter of lease term or estimated useful life		11,222			11,804
Building	39 Years		9,781			6,731
Computer software	1 to 5 Years		7,982			6,982
Building improvements	6 months to 39 Years		7,748			5,865
Computer hardware	1 to 5 Years		6,805			6,979
Aircraft	7 Years		6,400			6,400
Furniture and fixtures	1 to 5 Years		3,860			4,248
Land improvements	5 to 15 Years		904			904
Automobile	2 to 5 Years		445			797
General equipment	3 to 5 Years		115			44
Land			8,800			7,500
Assets not yet placed in service			15,010			12,877
Total			135,097			124,634
Less: Accumulated depreciation			(51,633	)		(43,281	)
Fixed assets, net		$	83,464		$	81,353

Depreciation expense on fixed assets totaled $17.5 million, $25.5 million and $9.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [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 $3.2 million, $2.5 million and $697,000 in the years ended December 31, 2023, 2022 and 2021, respectively.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 42,922	$ 32,640	$ 15,882
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	9,749	8,704	3,563
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	14,873	10,449	6,326
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	4,964	4,373	2,513
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 13,336	$ 9,114	$ 3,480

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,784,771
Entity Public Float			$ 628.5
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4399 Santa Anita Avenue
Entity Address, City or Town	El Monte
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91731
City Area Code	626
Local Phone Number	350-0537
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Financial Statement Error Correction [Flag]	false
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	true
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Los Angeles, California
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the registrant’s definitive proxy statement for its 2024 annual meeting of stockholders are incorporated by reference in Part III of this report.

Leases - Schedule of Supplemental Information Related to Leases (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term - operating leases	4 years 4 months 13 days
Weighted average discount rate - operating leases	4.02%
Weighted average remaining lease term -finance leases	2 years 7 months 28 days
Weighted average discount rate - finance leases	3.74%

Equity-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax (expense) benefit realized from deductions to awards vested or exercised	$ (2,700,000)	$ 2,100,000	$ 13,300,000
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of options vested	172,000	126,000	76,000
Unrecognized compensation expense	$ 695,000
Expected to be recognized, weighted-average period	2 years 10 months 24 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected to be recognized, weighted-average period	2 years 6 months
Total compensation cost not yet recognized on grant date	$ 29,300,000	$ 94,800,000	$ 45,500,000
Unrecognized compensation expense	$ 86,800,000

- Definition

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

+ References

+ Details

Equity and Debt Securities - Summary of Equity and Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Less: Cash equivalents, Carrying Value	$ (38,291)	$ (32,444)
Less: Cash equivalents, Fair Value	(38,291)	(32,444)
Equity and debt securities, Amortized Cost Basis	789,726	829,515
Equity and debt securities, Unrealized Gains	1,909	2
Equity and debt securities, Unrealized Losses	(5,945)	(28,755)
Equity and debt securities, Aggregate Fair Value	785,690	800,762
Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	774,726	814,515
Debt securities, Unrealized Gains	1,909	2
Debt securities, Unrealized Losses	(5,945)	(28,755)
Debt securities, Aggregate Fair Value	770,690	785,762
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	330,630	452,944
Debt securities, Unrealized Gains	45
Debt securities, Unrealized Losses	(3,994)	(6,215)
Debt securities, Aggregate Fair Value	326,681	446,729
Short-Term Marketable Securities \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	119,739	189,333
Debt securities, Unrealized Gains	8
Debt securities, Unrealized Losses	(1,765)	(3,373)
Debt securities, Aggregate Fair Value	117,982	185,960
Short-Term Marketable Securities \| U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	72,310	68,411
Debt securities, Unrealized Losses	(1,414)	(342)
Debt securities, Aggregate Fair Value	70,896	68,069
Short-Term Marketable Securities \| U.S. Treasury Bills
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	69,214	69,991
Debt securities, Unrealized Gains	36
Debt securities, Unrealized Losses		(193)
Debt securities, Aggregate Fair Value	69,250	69,798
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	63,810	120,480
Debt securities, Unrealized Losses	(792)	(2,222)
Debt securities, Aggregate Fair Value	63,018	118,258
Short-Term Marketable Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	38,291
Debt securities, Aggregate Fair Value	38,291	27,455
Short-Term Marketable Securities \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	5,557	7,371
Debt securities, Unrealized Gains	1
Debt securities, Unrealized Losses	(23)	(80)
Debt securities, Aggregate Fair Value	5,535	7,291
Short-Term Marketable Securities \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		2,347
Debt securities, Unrealized Losses		(5)
Debt securities, Aggregate Fair Value		2,342
Short-Term Equity Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		27,455
Long Term Equity Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000	15,000
Long Term Equity Securities \| Preferred Stock Of Privately Held Company
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,000	15,000
Marketable and non-marketable securities, Aggregate Fair Value	15,000	15,000
Debt Securities due After 1 Year through 5 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	443,228	357,954
Debt securities, Unrealized Gains	1,863	2
Debt securities, Unrealized Losses	(1,941)	(22,457)
Debt securities, Aggregate Fair Value	443,150	335,499
Debt Securities due After 1 Year through 5 Years \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	247,104	152,435
Debt securities, Unrealized Gains	1,262	2
Debt securities, Unrealized Losses	(578)	(6,349)
Debt securities, Aggregate Fair Value	247,788	146,088
Debt Securities due After 1 Year through 5 Years \| U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	156,150	92,054
Debt securities, Unrealized Gains	161
Debt securities, Unrealized Losses	(490)	(3,435)
Debt securities, Aggregate Fair Value	155,821	88,619
Debt Securities due After 1 Year through 5 Years \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	12,885	80,647
Debt securities, Unrealized Losses	(765)	(4,756)
Debt securities, Aggregate Fair Value	12,120	75,891
Debt Securities due After 1 Year through 5 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	6,337	12,065
Debt securities, Unrealized Gains	2
Debt securities, Unrealized Losses	(48)	(217)
Debt securities, Aggregate Fair Value	6,291	11,848
Debt Securities due After 1 Year through 5 Years \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	752	753
Debt securities, Unrealized Losses	(60)	(85)
Debt securities, Aggregate Fair Value	692	668
Debt Securities due After 1 Year through 5 Years \| Redeemable Preferred Stock Investment
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	20,000	20,000
Debt securities, Unrealized Gains	438
Debt securities, Unrealized Losses		(7,615)
Debt securities, Aggregate Fair Value	20,438	12,385
Debt Securities due After 5 Year through 10 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	868	3,617
Debt securities, Unrealized Gains	1
Debt securities, Unrealized Losses	(10)	(83)
Debt securities, Aggregate Fair Value	859	3,534
Debt Securities due After 5 Year through 10 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	868	3,617
Debt securities, Unrealized Gains	1
Debt securities, Unrealized Losses	(10)	(83)
Debt securities, Aggregate Fair Value	$ 859	$ 3,534

Income (Loss) per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	224	10	5
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	2,210	728	182
Contingently Issuable Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	186	0	0

Goodwill and Intangible Assets - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 22,055	$ 143,027
Acquisitions-related intangibles, net	78,463
Total intangible assets, net	143,053	150,643
Laboratory Services
Goodwill And Intangible Assets [Line Items]
Goodwill		120,972	$ 50,897
Acquisitions-related intangibles, net	78,463	86,053
Therapeutic Development
Goodwill And Intangible Assets [Line Items]
Goodwill	22,055	22,055
Acquisitions-related intangibles, gross	64,590	64,590
In-Process Research & Development \| Therapeutic Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	64,590	64,590
Royalty-Free Technology \| Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	5,211	5,364
Less: accumulated amortization	(1,390)	(894)
Acquisitions-related intangibles, net	$ 3,821	4,470
Weighted-Average Amortization Period	10 years
Customer Relationships \| Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 83,119	82,750
Less: accumulated amortization	(12,586)	(6,215)
Acquisitions-related intangibles, net	$ 70,533	76,535
Weighted-Average Amortization Period	13 years
Trade Name \| Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 3,790	3,790
Less: accumulated amortization	(906)	(412)
Acquisitions-related intangibles, net	$ 2,884	3,378
Weighted-Average Amortization Period	8 years
In-Place Lease Intangible Assets \| Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 360	360
Less: accumulated amortization	(116)	(46)
Acquisitions-related intangibles, net	$ 244	314
Weighted-Average Amortization Period	5 years
Laboratory Information System Platform \| Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,860	1,860
Less: accumulated amortization	(899)	(527)
Acquisitions-related intangibles, net	$ 961	1,333
Weighted-Average Amortization Period	5 years
Purchased Patent \| Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 28	29
Less: accumulated amortization	(8)	(6)
Acquisitions-related intangibles, net	$ 20	$ 23
Weighted-Average Amortization Period	10 years

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	332,048	$	—	$	332,048	$	—
Corporate debt securities		194,149		—		194,149		—
U.S. agency debt securities		156,688		—		156,688		—
U.S. treasury bills		69,798		69,798		—		—
Money market accounts		27,455		27,455		—		—
Municipal bonds		22,673		—		22,673		—
Preferred stock of privately held company		15,000		—		—		15,000
Redeemable preferred stock investment		12,385		—		—		12,385
Yankee debt securities		3,010		—		3,010		—
Total equity securities, debt securities and cash equivalents	$	833,206	$	97,253	$	708,568	$	27,385

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Goodwill, Net Of Impairment

Changes in the carrying amount of goodwill, net of impairment, by reporting unit for the years ended December 31, 2023 and 2022 are as follows:


	Laboratory Services						Therapeutic Development
	December 31, 2023			December 31, 2022			December 31, 2023		December 31, 2022
	(in thousands)
Balance as of January 1	$	120,972		$	50,897		$	22,055	$	—
Goodwill acquired during year		—			71,845			—		22,055
Impairment		(120,234	)		—			—		—
Foreign currency impact		(738	)		(1,770	)		—		—
Balance at the end of year	$	—		$	120,972		$	22,055	$	22,055

Summaries of Goodwill and Acquisitions-Related Intangibles Balances

Summaries of intangible assets balances as of December 31, 2023 and 2022 were as follows:


		December 31,

	Weighted-Average Amortization Period	2023			2022
		(in thousands)
Laboratory services:
Royalty-free technology	10 Years	$	5,211		$	5,364
Less: accumulated amortization			(1,390	)		(894	)
Royalty-free technology, net			3,821			4,470

Customer relationships	13 Years		83,119			82,750
Less: accumulated amortization			(12,586	)		(6,215	)
Customer relationships, net			70,533			76,535

Trade name	8 Years		3,790			3,790
Less: accumulated amortization			(906	)		(412	)
Trade name, net			2,884			3,378

In-place lease intangible assets	5 Years		360			360
Less: accumulated amortization			(116	)		(46	)
In-place lease intangible assets, net			244			314

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(899	)		(527	)
Laboratory information system platform, net			961			1,333

Purchased patent	10 Years		28			29
Less: accumulated amortization			(8	)		(6	)
Purchased patent, net			20			23
Total			78,463			86,053

Therapeutic development:
In-process research & development	n/a		64,590			64,590
Total			64,590			64,590
Total intangible assets, net		$	143,053		$	150,643

Summary of Annual Amortization Expense For Acquisition-Related Intangibles

Based on the carrying value of intangible assets recorded as of December 31, 2023, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for intangible assets is expected to be as follows:


	Amounts
	(in thousands)
2024	$	7,976
2025		7,976
2026		7,671
2027		7,210
2028		7,175
Thereafter		40,455
Total	$	78,463

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	$ 823,981	$ 833,206
U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	365,770	332,048
U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	226,717	156,688
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	75,138	194,149
U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	69,250	69,798
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	38,291	27,455
Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	20,438	12,385
Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,000	15,000
Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	12,685	22,673
Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	692	3,010
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	107,541	97,253
Level 1 \| U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	69,250	69,798
Level 1 \| Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	38,291	27,455
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	681,002	708,568
Level 2 \| U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	365,770	332,048
Level 2 \| U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	226,717	156,688
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	75,138	194,149
Level 2 \| Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	12,685	22,673
Level 2 \| Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	692	3,010
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	35,438	27,385
Level 3 \| Redeemable Preferred Stock Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	20,438	12,385
Level 3 \| Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	$ 15,000	$ 15,000

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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

The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of December 31, 2023, and 2022 were as follows:


	December 31,
	2023		2022
	(in thousands)
Operating lease ROU asset, net	$	10,838	$	14,784
Operating lease liabilities, short term	$	3,957	$	6,132
Operating lease liabilities, long term	$	7,147	$	8,795
Finance lease ROU asset, net	$	1,316	$	2,784
Finance lease liabilities, short term	$	544	$	943
Finance lease liabilities, long term	$	760	$	1,818

Schedule of Operating and Finance Lease Expense

The following was operating and finance lease expense:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Operating lease cost	$	6,875	$	5,429	$	1,262
Finance lease cost:
Amortization of ROU assets		758		683		7
Interest on lease liabilities		80		95		1
Short-term lease cost		1,758		1,528		296
Total lease cost	$	9,471	$	7,735	$	1,566

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was the following:


	December 31, 2023
Weighted average remaining lease term - operating leases	4.37 years
Weighted average discount rate - operating leases		4.02	%
Weighted average remaining lease term -finance leases	2.66 years
Weighted average discount rate - finance leases		3.74	%

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

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


	Operating Leases			Financing Leases
	(in thousands)
Year Ending December 31,
2024	$	4,309		$	532
2025		2,358			470
2026		1,782			366
2027		1,693			—
2028		550			—
Thereafter		1,550			—
Total lease payments		12,242			1,368
Less imputed interest		(1,138	)		(64	)
Total	$	11,104		$	1,304

Schedule of Lease Income

Total lease income was as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Lease income	$	154	$	269	$	413
Variable lease income		10		12		7
Total lease income	$	164	$	281	$	420

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, 2023 are as follows:


	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2024	$	90
Total	$	90

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 135,097	$ 124,634
Less: Accumulated depreciation	(51,633)	(43,281)
Fixed assets, net	83,464	81,353
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 56,025	53,503
Medical Lab Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 months
Medical Lab Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	10 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 11,222	11,804
Useful life in years	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Building
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 9,781	6,731
Useful life in years	39 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,982	6,982
Computer Software \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Software \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 7,748	5,865
Building Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	6 months
Building Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	39 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,805	6,979
Computer Hardware \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Hardware \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,400	6,400
Useful life in years	7 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 3,860	4,248
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 904	904
Land Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	15 years
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 445	797
Automobile \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	2 years
Automobile \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 115	44
General Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
General Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 8,800	7,500
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 15,010	$ 12,877

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2023 Laboratory
Lessee Lease Description [Line Items]
Operating leases term of expiration	2033-04
Finance leases term of expiration	2026-12
Number of laboratories certified under clinical laboratory improvement	2
Building
Lessee Lease Description [Line Items]
Remaining terms including renewal options	1 year

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 9. Leases

Lessee

The Company is party as a lessee to various non-cancelable operating leases with varying terms through April 2033 primarily for laboratory and office space and equipment. The Company has options to renew some of these leases after their expirations. On a lease-by-lease basis, the Company considers such options, which may be elected at the Company’s sole discretion, in determining the lease term. The Company also has various finance leases for lab equipment with varying terms through December 2026, of which, some were acquired in business combinations. The Company does not have any leases with variable lease payments. The Company’s operating lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options or asset retirement obligations.

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

The operating and finance lease right-of-use asset, short-term lease liabilities, and long-term lease liabilities as of December 31, 2023, and 2022 were as follows:


	December 31,
	2023		2022
	(in thousands)
Operating lease ROU asset, net	$	10,838	$	14,784
Operating lease liabilities, short term	$	3,957	$	6,132
Operating lease liabilities, long term	$	7,147	$	8,795
Finance lease ROU asset, net	$	1,316	$	2,784
Finance lease liabilities, short term	$	544	$	943
Finance lease liabilities, long term	$	760	$	1,818

The following was operating and finance lease expense:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Operating lease cost	$	6,875	$	5,429	$	1,262
Finance lease cost:
Amortization of ROU assets		758		683		7
Interest on lease liabilities		80		95		1
Short-term lease cost		1,758		1,528		296
Total lease cost	$	9,471	$	7,735	$	1,566

Supplemental information related to leases was the following:


	December 31, 2023
Weighted average remaining lease term - operating leases	4.37 years
Weighted average discount rate - operating leases		4.02	%
Weighted average remaining lease term -finance leases	2.66 years
Weighted average discount rate - finance leases		3.74	%

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


	Operating Leases			Financing Leases
	(in thousands)
Year Ending December 31,
2024	$	4,309		$	532
2025		2,358			470
2026		1,782			366
2027		1,693			—
2028		550			—
Thereafter		1,550			—
Total lease payments		12,242			1,368
Less imputed interest		(1,138	)		(64	)
Total	$	11,104		$	1,304

Lessor

The Company leases out space in buildings it owns to third-party tenants under noncancelable operating leases. As of December 31, 2023, the remaining lease term is 1 year, including renewal options and may include rent escalation clauses. Lease income

primarily represents fixed lease payments from tenants recognized on a straight-line basis over the application lease term. Variable lease income represents tenant payments for real estate taxes, insurance and maintenance.

The lease income was included in interest and other income, net, in the accompanying Consolidated Statements of Operations. Total lease income was as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Lease income	$	154	$	269	$	413
Variable lease income		10		12		7
Total lease income	$	164	$	281	$	420

Future fixed lease payments from tenants for all noncancelable operating leases as of December 31, 2023 are as follows:


	Lease Payments
	from Tenants
	(in thousands)
Year Ending December 31,
2024	$	90
Total	$	90

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Major Classes of Fixed Assets

Major classes of fixed assets consisted of the following:


		December 31,
	Useful Lives	2023			2022
		(in thousands)
Medical lab equipment	5 months to 10 Years	$	56,025		$	53,503
Leasehold improvements	Shorter of lease term or estimated useful life		11,222			11,804
Building	39 Years		9,781			6,731
Computer software	1 to 5 Years		7,982			6,982
Building improvements	6 months to 39 Years		7,748			5,865
Computer hardware	1 to 5 Years		6,805			6,979
Aircraft	7 Years		6,400			6,400
Furniture and fixtures	1 to 5 Years		3,860			4,248
Land improvements	5 to 15 Years		904			904
Automobile	2 to 5 Years		445			797
General equipment	3 to 5 Years		115			44
Land			8,800			7,500
Assets not yet placed in service			15,010			12,877
Total			135,097			124,634
Less: Accumulated depreciation			(51,633	)		(43,281	)
Fixed assets, net		$	83,464		$	81,353

Reportable Segment and Geographical Information - Summary of Revenue by Geographic Distribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 289,213	$ 618,968	$ 992,584
United States
Segment Reporting Information [Line Items]
Revenue	268,977	603,148	978,978
Foreign
Segment Reporting Information [Line Items]
Revenue	$ 20,236	$ 15,820	$ 13,606

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Related Party - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties	$ 164,000	$ 5,301,000
AHMC Healthcare Inc. \| Genetic Sequencing Services
Related Party Transaction [Line Items]
Revenue from related parties	$ 125,000	$ 1,500,000	$ 3,400,000
Revenue, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Trade accounts receivable, net from related parties	$ 13,000	$ 93,000
Accounts Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
PTJ Associates Inc
Related Party Transaction [Line Items]
Operating costs and expenses	$ 0	$ 235,000	$ 142,000
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accounts payable	$ 0	$ 0
Accounts Payable, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
ANP Technologies Inc
Related Party Transaction [Line Items]
Due to related parties	$ 0	$ 607,000
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Purchased from related parties	$ 2,400,000	$ 1,200,000	$ 0
ANP Technologies Inc \| Employee Service Agreements
Related Party Transaction [Line Items]
Due to related parties	$ 29,000
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember
Service of related party	$ 115,000
ANP Technologies, Inc., \| Ming Hsieh
Related Party Transaction [Line Items]
Ownership percentage	20.00%

Other Significant Balance Sheet Accounts

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Other Significant Balance Sheet Accounts

Note 6. Other Significant Balance Sheet Accounts

Other current assets consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Prepaid income taxes	$	12,675	$	15,434
Prepaid expenses		7,744		6,814
Reagents and supplies		5,827		4,280
Marketable securities interest receivable		4,994		2,525
Other receivable		1,319		19,836
Total	$	32,559	$	48,889

Other receivables as of December 31, 2022 included $19.1 million of maturities of marketable securities that did not settle until after period-end.

Accrued liabilities consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Accrued legal liabilities	$	7,026	$	1,276
Accrued bonus and commission		6,255		5,558
Payroll liabilities		5,741		6,667
Other accrued liabilities		4,215		2,134
Operating lease liabilities - short term		3,957		6,132
Vacation accrual		3,543		3,214
Total	$	30,737	$	24,981

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

Other long-term liabilities consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Operating lease liabilities, long term	$	7,147	$	8,795
Other long-term liabilities		4,973		6,068
Notes payable, long term		2,964		3,372
Total	$	15,084	$	18,235

Other long-term liabilities included long term finance lease liabilities and long-term liabilities assumed from a business combination in 2022.

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (5,590)	$ 31,140	$ 131,907
State	(4,722)	19,242	51,076
Total Current	(10,312)	50,382	182,983
Deferred:
Federal	(12,771)	(3,763)	(7,471)
State	4,100	(4,517)	(717)
Foreign	(188)	224	669
Change in valuation allowance	20,325	(224)	(669)
Total Deferred	11,466	(8,280)	(8,188)
Total income tax expense	$ 1,154	$ 42,102	$ 174,795

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquisition-Related Intangibles

Note 17. Goodwill and Intangible Assets

Changes in the carrying amount of goodwill, net of impairment, by reporting unit for the years ended December 31, 2023 and 2022 are as follows:


	Laboratory Services						Therapeutic Development
	December 31, 2023			December 31, 2022			December 31, 2023		December 31, 2022
	(in thousands)
Balance as of January 1	$	120,972		$	50,897		$	22,055	$	—
Goodwill acquired during year		—			71,845			—		22,055
Impairment		(120,234	)		—			—		—
Foreign currency impact		(738	)		(1,770	)		—		—
Balance at the end of year	$	—		$	120,972		$	22,055	$	22,055

As of September 30, 2023, the Company had a single reporting unit. The Company monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis. During the third quarter, the Company evaluated the significant decrease in its share price which had occurred over a period of about three months, and also performed a market approach supplemental qualitative analysis. Based on the short duration of the share price decline and the analysis performed, the Company did not recognize a goodwill impairment charge during the third quarter of 2023.

As of December 1, 2023, the Company has identified its laboratory services business and its therapeutic development business as its two operating segments and the Company determined that the operating segments represented the two reporting units. The Company has reassigned goodwill to its two reporting units using the relative fair value approach.

The Company tests for goodwill impairment at the reporting unit level on December 31st of each year and more frequently if events or circumstances indicate a potential impairment. During the fourth quarter of 2023, the Company witnessed a continued decline in its share price and market capitalization which prompted a quantitative impairment analysis as of December 31, 2023.

Laboratory Services

As of December 31, 2023, the fair value for the laboratory services reporting unit was calculated using the (i) income approach (discounted cash flows) weighted at 50% with an assumed weighted average cost of capital, or WACC, of 13% and assumed residual revenue growth rate of 2.5%, and (ii) a market approach weighted at 50%. Within the market approach, the Company used two methods, the guideline public company method weighted at 25% and the merger & acquisition method also weighted at 25%. Based on the quantitative results of the impairment analysis, the carrying value exceeded the fair value on the laboratory services reporting unit. The Company recognized a full goodwill impairment loss and recorded a pre-tax impairment loss of $120.2 million in the Consolidated Statements of Operations.

Therapeutic Development

As of December 31, 2023 the fair value for the therapeutic development reporting unit was calculated using the income approach weighted at 100% with a WACC of 36%. This reporting unit includes IPR&D, an intangible asset with an indefinite life that was initially recognized as part of the Fulgent Pharma acquisition in 2022 and which the Company appraised using the income approach known as multi-period excess earnings method.

Based upon the results of the quantitative assessments, the Company concluded that the fair values of the therapeutic development reporting unit and the IPR&D asset, at December 31, 2023, were greater than the carrying values and that there was no impairment. The fair value of this reporting unit was $74.2 million and exceeded the carrying value of $64.3 million by approximately 15%, and the fair value of IPR&D was $71.5 million and exceeded the carrying value of $64.6 million by approximately 11%.

There can be no assurance that the estimates and assumptions management made for the purposes of the goodwill or IPR&D impairment analysis will prove to be accurate predictions of future performance. It is possible that the conclusions regarding impairment or recoverability of goodwill or intangible assets could change in future periods. Management will continue to monitor the

therapeutic development reporting unit. For all IPR&D projects, there are major risks and uncertainties associated with the timely and successful completion of development and commercialization of these product candidates, including the ability to confirm their efficacy based on data from clinical trials, the ability to obtain necessary regulatory approvals, and the ability to successfully complete these tasks within budgeted costs. The Company is not able to market a human therapeutic without obtaining regulatory approvals, and such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. In addition, the availability and extent of coverage and reimbursement from third-party payers, including government healthcare programs and private insurance plans, impact the revenues a product can generate. Consequently, the eventual realized value, if any, of these acquired IPR&D projects may vary from their estimated fair values.

Summaries of intangible assets balances as of December 31, 2023 and 2022 were as follows:


		December 31,

	Weighted-Average Amortization Period	2023			2022
		(in thousands)
Laboratory services:
Royalty-free technology	10 Years	$	5,211		$	5,364
Less: accumulated amortization			(1,390	)		(894	)
Royalty-free technology, net			3,821			4,470

Customer relationships	13 Years		83,119			82,750
Less: accumulated amortization			(12,586	)		(6,215	)
Customer relationships, net			70,533			76,535

Trade name	8 Years		3,790			3,790
Less: accumulated amortization			(906	)		(412	)
Trade name, net			2,884			3,378

In-place lease intangible assets	5 Years		360			360
Less: accumulated amortization			(116	)		(46	)
In-place lease intangible assets, net			244			314

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(899	)		(527	)
Laboratory information system platform, net			961			1,333

Purchased patent	10 Years		28			29
Less: accumulated amortization			(8	)		(6	)
Purchased patent, net			20			23
Total			78,463			86,053

Therapeutic development:
In-process research & development	n/a		64,590			64,590
Total			64,590			64,590
Total intangible assets, net		$	143,053		$	150,643

Acquisition-related intangibles included in the above tables are generally finite-lived and are carried at cost less accumulated amortization, except for IPR&D, which is related to the acquisition of Fulgent Pharma in 2022 and has an indefinite life until research and development efforts are completed or abandoned. All other finite-lived acquisition-related intangibles related to the business

combinations in 2022 and 2021 are amortized on a straight-line basis over their estimated lives, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.

Amortization of intangible assets was $7.8 million and $6.5 million in 2023 and 2022, respectively.


	Amounts
	(in thousands)
2024	$	7,976
2025		7,976
2026		7,671
2027		7,210
2028		7,175
Thereafter		40,455
Total	$	78,463

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt, Commitments and Contingencies [Line Items]
Notes payable, current portion	$ 1,183,000	$ 5,639,000
Notes payable, noncurrent portion	2,964,000	3,372,000
Purchase obligations	51,900,000
Purchase obligations, payable within twelve months	29,700,000
Purchase obligations, payable within next five years	22,200,000
Estimated and recorded liability	6,900,000
HRSA Uninsured Program Member
Debt, Commitments and Contingencies [Line Items]
Contingencies reimbursements		548,900,000	$ 548,900,000	$ 548,900,000
Xilong Scientific
Debt, Commitments and Contingencies [Line Items]
Notes payable	775,000
Xilong Scientific \| FF Gene Biotech
Debt, Commitments and Contingencies [Line Items]
Interest expense	$ 37,000	$ 304,000	177,000
Debt instrument, interest rate terms	The notes payable to Xilong Scientific is due on March 31, 2024, and the interest rate on the loan is 4.97%.
Debt instrument, interest rate	4.97%
Installment Sale Contract
Debt, Commitments and Contingencies [Line Items]
Notes payable	$ 3,400,000		$ 0
Notes payable, current portion	$ 408,000
Debt instrument, interest rate terms	The notes payable related to the installment sale are due in February 2030, and the interest rate is 1.08%.
Debt instrument, interest rate	1.08%
Installment Sale Contract \| Other Long-Term Liabilities
Debt, Commitments and Contingencies [Line Items]
Notes payable, noncurrent portion	$ 3,000,000

Income (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Reconciliation of the 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,
	2023			2022		2021
	(in thousands, except per share data)
Net (loss) income attributable to common shareholders	$	(167,825	)	$	143,403	$	507,364

Weighted-average common shares - outstanding, basic		29,784			30,097		29,408
Weighted-average effect of dilutive securities:
Stock options		—			199		230
Restricted stock units		—			613		1,338
Contingently issuable shares		—			55		—
Weighted-average common shares - outstanding, diluted		29,784			30,964		30,976

(Loss) earnings per share:
Basic	$	(5.63	)	$	4.76	$	17.25
Diluted	$	(5.63	)	$	4.63	$	16.38

Anti-dilutive Securities Excluded from Calculation of Diluted Income Per Share

The following securities have been excluded from the calculation of diluted income per share because their effect would have been anti-dilutive:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Stock Options		224		10		5
Restricted Stock Units		2,210		728		182
Contingently Issuable Shares		186		—		—

Equity and Debt Securities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 5.9	$ 28.8

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Acquisition [Line Items]

Summary of Unaudited Pro Forma Financial Information


	Year Ended December 31,
	2022		2021

Revenue	$	659,386	$	1,140,184
Net income attributable to Fulgent	$	140,288	$	493,313
Basic earnings per common share attributable to Fulgent	$	4.66	$	16.77
Diluted earnings per common share attributable to Fulgent	$	4.53	$	15.93

Summary of Revenue and Operating Income or Loss


	Net Sales		Operating Income (Loss)
FF Gene Biotech	$	6,632	$	(3,894	)
CSI		17,390		1,138
Total	$	24,022	$	(2,756	)

Inform Diagnostics

Business Acquisition [Line Items]

Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed

The following tables summarizes the consideration paid and the updated amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Consideration
Cash, net of cash received	$	137,755


Recognized amounts of identifiable assets acquired and liabilities assumed
Net working capital	$	(15,024	)
Fixed assets		20,242
ROU assets - operating		12,653
ROU assets - finance		1,183
Deferred tax assets		3,410
Other long-term assets		4,711
Identifiable intangible assets		57,060
Operating lease liabilities		(12,653	)
Finance lease liabilities		(1,183	)
Income tax payable		(40	)
Other long-term liabilities		(4,449	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		65,910
Goodwill		71,845
Total	$	137,755

FF Gene Biotech

Business Acquisition [Line Items]

Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the FF Gene Biotech Acquisition date, as well as the fair value of the noncontrolling interest at the FF Gene Biotech Acquisition date.


	Amounts
	(in thousands)
Considerations
Cash	$	18,974
Fair value of the Company’s 30% equity interest held before the business combination		3,734
	$	22,708
Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$	3,181
Reagents and supplies		1,288
Fixed assets		3,874
Other tangible assets		944
Identifiable intangible assets		6,958
Other current liabilities		(2,585	)
Notes payable		(5,893	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		7,767
Noncontrolling interest		(8,141	)
Goodwill		23,082
Total	$	22,708

Cytometry Specialists, Inc

Business Acquisition [Line Items]

Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed

The following tables summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the CSI Acquisition date:


	Amounts
	(in thousands)
Considerations
Cash	$	43,359
Contingent consideration		10,000
	$	53,359
Recognized amounts of identifiable assets acquired and liabilities assumed
Debt-free net working capital	$	4,270
Fixed assets		6,855
ROU assets - operating		4,988
ROU assets - finance		49
Other assets		160
Identifiable intangible assets		30,540
Deferred tax liability		(9,881	)
Operating lease liabilities		(4,988	)
Finance lease liabilities		(49	)
Other liabilities		(6,069	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		25,875
Goodwill		27,484
Total	$	53,359

Income Taxes - Summary of Elements of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Accrued vacation and other accrued expenses	$ 807	$ 1,488
Provision for credit losses	818	10,255
Net operating losses	17,496	16,345
Stock based compensation	906	2,550
State income taxes	211	4,892
Excess tax basis in FF Gene Biotech net assets	2,256	2,032
Lease liability	2,345	4,086
Unrealized gain/loss on available-for-sale debt securities	406	7,664
Research and development credits	1,258
Section 174 research & experimental expenditures	18,606	6,573
Equity loss in investment	503	503
Other	107	199
Gross deferred tax assets	45,719	56,587
Less: Valuation allowance	(15,900)	(2,832)
Net deferred tax assets	29,819	53,755
Deferred tax liabilities
Intangible assets	30,558	39,199
Depreciation	3,901	5,500
Right of use asset	2,299	4,056
Other	1,023	1,496
Total deferred tax liabilities	37,781	50,251
Net deferred tax assets		$ 3,504
Net deferred tax assets (liabilities)	$ (7,962)

Business Combinations - Summary of Consideration Paid and Amount of Assets Acquired and Liabilities Assumed (Parenthetical) (Details)	Dec. 31, 2021	May 31, 2021
FF Gene Biotech
Business Acquisition [Line Items]
Fair value equity interest held before the business combination	30.00%	30.00%

Leases - Schedule of Future Fixed Lease Payments from Tenants for All Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 90
Total	$ 90

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents:
U.S. government debt securities	$	332,048	$	—	$	332,048	$	—
Corporate debt securities		194,149		—		194,149		—
U.S. agency debt securities		156,688		—		156,688		—
U.S. treasury bills		69,798		69,798		—		—
Money market accounts		27,455		27,455		—		—
Municipal bonds		22,673		—		22,673		—
Preferred stock of privately held company		15,000		—		—		15,000
Redeemable preferred stock investment		12,385		—		—		12,385
Yankee debt securities		3,010		—		3,010		—
Total equity securities, debt securities and cash equivalents	$	833,206	$	97,253	$	708,568	$	27,385

The Company’s Level 1 assets include U.S. treasury bills and money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. government and U.S. agency debt securities, municipal bonds, corporate debt securities and Yankee debt securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of December 31, 2023 and 2022, the Company had preferred stock of a privately held company, which was included in other long-term assets in the accompanying Consolidated Balance Sheets, and redeemable preferred stock of a private company that were measured using unobservable (Level 3) inputs. The fair value of redeemable preferred stock as of December 31, 2023 and 2022 was based on valuation performed by a third-party valuation company utilizing the guideline public company method under market approach and the discounted cash flow method under income approach. For the value of the investment in private equity securities, the Company elected to measure it at cost minus impairment, as the preferred stock of the privately held company did not have a readily determinable fair value, and no impairment loss was recorded as of December 31, 2023.

There were no transfers between fair value measurement levels in 2023, 2022, and 2021.

Goodwill and Intangible Assets - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 Segment	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets [Line Items]
Number of operating segments \| Segment			2
Number of reporting segments \| Segment		1	2	1
Amortization of intangible assets			$ 7,845	$ 6,497	$ 1,708
Pre-tax impairment loss	$ 0		$ 120,234
Laboratory Services
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			25.00%
Percentage Residual Revenue Growth Rate			2.50%
Pre-tax impairment loss			$ 120,234
Laboratory Services \| Weighted average cost of capital
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			13.00%
Laboratory Services \| Market approach
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			50.00%
Laboratory Services \| Income approach
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			50.00%
Therapeutic Development
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			15.00%
Therapeutic Development \| IPR&D
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			11.00%
Therapeutic Development \| Weighted average cost of capital
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			36.00%
Therapeutic Development \| Income approach
Goodwill And Intangible Assets [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			100.00%
Therapeutic Development \| Fair value
Goodwill And Intangible Assets [Line Items]
Reporting Unit			$ 74,200
Therapeutic Development \| Fair value \| IPR&D
Goodwill And Intangible Assets [Line Items]
Reporting Unit			71,500
Therapeutic Development \| Carrying value
Goodwill And Intangible Assets [Line Items]
Reporting Unit			64,300
Therapeutic Development \| Carrying value \| IPR&D
Goodwill And Intangible Assets [Line Items]
Reporting Unit			$ 64,600

Income (Loss) per Share

12 Months Ended

Dec. 31, 2023

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,
	2023			2022		2021
	(in thousands, except per share data)
Net (loss) income attributable to common shareholders	$	(167,825	)	$	143,403	$	507,364

Weighted-average common shares - outstanding, basic		29,784			30,097		29,408
Weighted-average effect of dilutive securities:
Stock options		—			199		230
Restricted stock units		—			613		1,338
Contingently issuable shares		—			55		—
Weighted-average common shares - outstanding, diluted		29,784			30,964		30,976

(Loss) earnings per share:
Basic	$	(5.63	)	$	4.76	$	17.25
Diluted	$	(5.63	)	$	4.63	$	16.38

The following securities have been excluded from the calculation of diluted income per share because their effect would have been anti-dilutive:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Stock Options		224		10		5
Restricted Stock Units		2,210		728		182
Contingently Issuable Shares		186		—		—

The anti-dilutive shares described above were calculated using the treasury stock method. In the year ended December 31, 2023, the Company had outstanding stock options, restricted stock units, and contingently issuable shares for held back related shares to the business combination of Fulgent Pharma that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions.

Related Party

12 Months Ended

Dec. 31, 2023

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 $125,000, $1.5 million and $3.4 million in revenue in the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $13,000 and $93,000, respectively, 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.

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 years ended December 31, 2023, 2022, and 2021 the Company incurred zero, $235,000 and $142,000, respectively, in expenses for flights between California and Texas to transport employees and supplies. As of December 31, 2023 and 2022, no amount was owed to PTJ by the Company.

Ming Hsieh is also on the board of directors and an approximately 20% owner of ANP Technologies, Inc., or ANP, from which the Company purchased COVID-19 antigen rapid test kits and entered into certain drug-related licensing and development service agreements. The President and Chief Scientific Officer of Fulgent Pharma, Ray Yin, is the Founder, President, and Chief Technology Officer of ANP. The Company incurred $2.4 million and $1.2 million, in 2023 and 2022, respectively, related to the licensing and development services and purchase of equipment. No costs were incurred in the year ended December 31, 2021. As of December 31, 2023 and 2022, zero and $607,000, respectively, were owed to ANP by the Company in connection with these relationships. The Company also entered into an employee service agreement with ANP in April 2023, $115,000 was recognized in 2023, and $29,000 was owed by ANP in connection with the employee service agreement as of December 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Income Taxes - Summary of Income (Loss) Before Income Taxes and and Gain on Equity-Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. (loss) income before income taxes and gain on equity-method investments	$ (147,464)	$ 189,406	$ 681,403
Foreign loss before income taxes and gain on equity-method investments	(26,621)	(5,381)	(4,103)
(Loss) income before income taxes and gain on equity-method investments	$ (174,085)	$ 184,025	$ 677,300

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income (Loss) per Share - Reconciliation of Basic and Diluted Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Basic And Diluted [Line Items]
Net (loss) income attributable to common shareholders	$ (167,825)	$ 143,403	$ 507,364
Weighted-average common shares - outstanding, basic	29,784	30,097	29,408
Weighted-average effect of dilutive securities:
Contingently issuable shares		55
Weighted-average common shares - outstanding, diluted	29,784	30,964	30,976
(Loss)/earnings per share, basic	$ (5.63)	$ 4.76	$ 17.25
(Loss)/earnings per share, diluted	$ (5.63)	$ 4.63	$ 16.38
Stock Options
Weighted-average effect of dilutive securities:
Share-based payment arrangements		199	230
Restricted Stock Units
Weighted-average effect of dilutive securities:
Share-based payment arrangements		613	1,338

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 289,213	$ 618,968	$ 992,584
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	289,213	618,968	992,584
Accounting Standards Update 2014-09 \| Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	151,946	377,873	555,762
Accounting Standards Update 2014-09 \| Clinical Institutional Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	134,191	239,961	435,688
Accounting Standards Update 2014-09 \| Clinical Patient Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 3,076	$ 1,134	$ 1,134

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

Principles of Consolidation

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

Cash and Cash Equivalents

Marketable Securities

Trade Accounts Receivable and Allowance for Credit Losses

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


	December 31,
	2023			2022			2021
	(in thousands)
Allowance for credit losses at beginning of year	$	41,205		$	11,217		$	1,898
Impact of ASU 2016-13 adoption		—		—				887
Current period (gain) provision		(880	)		32,596			8,931
Write-downs		(15,099	)		(2,608	)		(499	)
Allowance for credit losses at end of year	$	25,226		$	41,205		$	11,217

Redeemable Preferred Stock Investment

Business Combinations

Fixed Assets

Finite-Lived Intangible assets

Impairment of Long-Lived Assets

Goodwill and Indefinite-lived Intangibles

Reagents and Supplies

Fair Value of Financial Instruments

Concentrations of Credit Risk, Customers and Suppliers

Equity Method Investments

Leases

Software for Internal Use

Reportable Segment and Geographic Information

Revenue Recognition

Performance Obligations

Institutional and Patient Direct Pay

Insurance

Significant Judgments and Contract Estimates

Contract Liabilities

Customer Deposit

Overhead Expenses

Cost of Revenue

Research and Development Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Restructuring Costs

Income Taxes

Equity-Based Compensation

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Income (Loss)

Basic and Diluted Net Income or Loss per Share

Disaggregation of Revenue


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Testing Services by payor
Insurance	$	151,946	$	377,873	$	555,762
Institutional		134,191		239,961		435,688
Patient		3,076		1,134		1,134
Total Revenue	$	289,213	$	618,968	$	992,584

Contract Balances

Transaction Price Allocated to Future Performance Obligations

Recent Accounting Pronouncements

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

Other Significant Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued legal liabilities	$ 7,026	$ 1,276
Accrued bonus and commission	6,255	5,558
Payroll liabilities	5,741	6,667
Other accrued liabilities	4,215	2,134
Operating lease liabilities - short term	3,957	6,132
Vacation accrual	3,543	3,214
Total	$ 30,737	$ 24,981

Reportable Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Information Regarding Operations and Assets for Operating Segments

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


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Revenue from services:
Laboratory services:
Precision diagnostics	$	131,990	$	93,685	$	82,565
Anatomic pathology		104,655		74,799		—
COVID-19		27,152		437,507		899,699
BioPharma services		25,416		12,977		10,320
Total laboratory services		289,213		618,968		992,584
Therapeutic development		—		—		—
Total	$	289,213	$	618,968	$	992,584


	Year Ended December 31,
	2023			2022			2021
	(in thousands)
Operating (loss) income:
Laboratory services	$	(180,585	)	$	179,343		$	675,953
Therapeutic development		(14,944	)		(816	)		—
Total	$	(195,529	)	$	178,527		$	675,953


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Depreciation and amortization:
Laboratory services	$	25,453	$	32,557	$	11,004
Therapeutic development		690		105		—
Total	$	26,143	$	32,662	$	11,004


	December 31,
	2023		2022
	(in thousands)
Assets:
Laboratory services	$	1,146,192	$	1,292,821
Therapeutic development		89,136		93,232
Total	$	1,235,328	$	1,386,053

Summary of Revenue by Geographic Distribution

Geographic distribution of revenue:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Revenue:
United States	$	268,977	$	603,148	$	978,978
Foreign		20,236		15,820		13,606
Total	$	289,213	$	618,968	$	992,584

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

Geographic distribution of property, plant and equipment, net:


	December 31,
	2023		2022
	(in thousands)
Fixed assets:
Unites States	$	77,938	$	72,617
Foreign		5,526		8,736
Total	$	83,464	$	81,353

Leases - Schedule of Operating and Finance Lease Right-of-Use Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease ROU asset, net	$ 10,838	$ 14,784
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating lease liabilities, short term	$ 3,957	$ 6,132
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities, long term	$ 7,147	$ 8,795
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease ROU asset, net	$ 1,316	$ 2,784
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance lease liabilities, short term	$ 544	$ 943
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance lease liabilities, long term	$ 760	$ 1,818
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Stock Repurchase Program - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount			$ 250,000,000
Number of shares repurchased	953,000	1,800,000
Aggregate cost of shares repurchased	$ 25,060,000	$ 74,337,000
Stock repurchase program, remaining authorized amount	$ 150,700,000

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

Provision for income taxes consists of United States 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 and gain on equity-method investments:


	Year Ended December 31,
	2023			2022			2021
	(in thousands)
U.S. (loss) income before income taxes and gain on equity-method investments	$	(147,464	)	$	189,406		$	681,403
Foreign loss before income taxes and gain on equity-method investments		(26,621	)		(5,381	)		(4,103	)
(Loss) income before income taxes and gain on equity-method investments	$	(174,085	)	$	184,025		$	677,300

Income tax expense consisted of the following:


	Year Ended December 31,
	2023			2022			2021
	(in thousands)
Current:
Federal	$	(5,590	)	$	31,140		$	131,907
State		(4,722	)		19,242			51,076
Total Current		(10,312	)		50,382			182,983
Deferred:
Federal		(12,771	)		(3,763	)		(7,471	)
State		4,100			(4,517	)		(717	)
Foreign		(188	)		224			669
Change in valuation allowance		20,325			(224	)		(669	)
Total Deferred		11,466			(8,280	)		(8,188	)
Total income tax expense	$	1,154		$	42,102		$	174,795

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


	Year Ended December 31,
	2023			2022			2021
Tax provision at federal statutory rate		21.00	%	21.00%			21.00%
State taxes		0.22	%		9.03	%		6.13	%
Uncertain tax positions		0.18	%	0.92%			0.05%
Stock based compensation		-1.65	%		-1.12	%		-1.96	%
Nondeductible compensation - 162(m)		-0.55	%		0.00	%		0.00	%
Goodwill impairment		-10.62	%		0.00	%		0.00	%
Federal return to provision		-0.21	%		-3.92	%		-0.17	%
State return to provision		3.41	%		-2.02	%		-0.14	%
Other permanent differences		-1.15	%	1.33%			1.09%
Research & development credit		3.19	%		-2.98	%		-0.33	%
Foreign tax rate differential		-2.42	%		0.00	%		0.00	%
Other		0.11	%	0.34%			0.19%
Change in valuation allowance		-12.20	%	0.12%				-0.10	%
Effective tax rate		-0.69	%	22.70%			25.76%

The following table summarizes the elements of the deferred tax assets (liabilities). Net deferred tax assets are included in other long-term assets in the Consolidated Balance Sheets.


	As of December 31,
	2023			2022
	(in thousands)
Deferred tax assets
Accrued vacation and other accrued expenses	$	807		$	1,488
Provision for credit losses		818			10,255
Net operating losses		17,496			16,345
Stock based compensation		906			2,550
State income taxes		211			4,892
Excess tax basis in FF Gene Biotech net assets		2,256			2,032
Lease liability		2,345			4,086
Unrealized gain/loss on available-for-sale debt securities		406			7,664
Research and development credits		1,258			—
Section 174 research & experimental expenditures		18,606			6,573
Equity loss in investment		503			503
Other		107			199
Gross deferred tax assets		45,719			56,587
Less: Valuation allowance		(15,900	)		(2,832	)
Net deferred tax assets		29,819			53,755
Deferred tax liabilities
Intangible assets		30,558			39,199
Depreciation		3,901			5,500
Right of use asset		2,299			4,056
Other		1,023			1,496
Total deferred tax liabilities		37,781			50,251
Net deferred tax assets	$	(7,962	)	$	3,504

As of December 31, 2023, the Company has $63.0 million estimated federal net operating loss, or NOL, carryforwards and estimated state NOL carryforwards of $63.0 million. The Company’s state NOLs are scheduled to begin expiring in 2024. The Company also has foreign NOL carryforwards of $13.6 million which are scheduled to expire from 2024 through 2028.

ASC 740-10-30-5 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 and, accordingly, has established a full valuation allowance of $15.9 million on its deferred tax assets as of December 31, 2023. The Company maintained a valuation allowance of $2.8 million on certain deferred tax assets related to equity losses in joint ventures and

foreign net operating loss carryforwards as of December 31, 2022. The increase in the valuation allowance of $13.1 million for the year ended December 31, 2023 was primarily due to the establishment of a full valuation allowance on the Company’s deferred tax assets.

The Organization for Economic Cooperation and Development, or OECD, has enacted model rules for a new global minimum tax framework, or BEPS Pillar II. Various jurisdictions have enacted, or are in the process of enacting, legislation on these rules. We are closely monitoring developments and are currently evaluating the potential impact in each jurisdiction in which we operate

Uncertain Tax Positions

The Company is subject to income taxation by the U.S. 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. The Company’s tax returns are subject to statutes of limitations that vary by jurisdiction. As of December 31, 2023, the Company remains subject to income tax examinations in the United States, and various states for tax years 2019 through 2023; certain other states remain subject to examination for tax years 2018 through 2023. 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.

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

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


	Year Ended December 31,
	2023			2022		2021
	(in thousands)
Balance at beginning of year	$	9,742		$	710	$	377
Increases to prior year positions		(3,845	)		2,843		—
Increases for current year positions		(64	)		6,189		333
Balance at end of year	$	5,833		$	9,742	$	710

As of December 31, 2023, the Company has $5.8 million of gross unrecognized tax benefits, of which, $2.3 million of unrecognized tax benefits would affect the effective tax rate if recognized. The Company has accrued $145,000 and $94,000 for interest at December 31, 2023 and 2022, respectively, and has recognized interest expense of $145,000 and $94,000 for the years ended December 31, 2023 and 2022, respectively. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Other Significant Balance Sheet Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Prepaid income taxes	$	12,675	$	15,434
Prepaid expenses		7,744		6,814
Reagents and supplies		5,827		4,280
Marketable securities interest receivable		4,994		2,525
Other receivable		1,319		19,836
Total	$	32,559	$	48,889

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Accrued legal liabilities	$	7,026	$	1,276
Accrued bonus and commission		6,255		5,558
Payroll liabilities		5,741		6,667
Other accrued liabilities		4,215		2,134
Operating lease liabilities - short term		3,957		6,132
Vacation accrual		3,543		3,214
Total	$	30,737	$	24,981

Accrued legal liabilities included $6.9 million in connection with the Company’s voluntary disclosure process as described in Note 8, Debt, Commitments and Contingencies.

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Operating lease liabilities, long term	$	7,147	$	8,795
Other long-term liabilities		4,973		6,068
Notes payable, long term		2,964		3,372
Total	$	15,084	$	18,235