Balance Sheets Components

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Accounts receivable, gross	$	26,916	$	38,259
Allowance for credit losses	(50)		(50)
Accounts receivable, net	$	26,866	$	38,209

Inventories

Inventories consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Raw materials	$	15,206	$	14,995
Work in progress	42,882		47,300
Finished goods	26,038		14,446
Total inventories	$	84,126	$	76,741

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Prepaid expenses	$	3,967	$	4,305
Other current assets	7,276		5,971
Total prepaid expenses and other current assets	$	11,243	$	10,276

Property and Equipment, net

Property and equipment, net consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Lab and manufacturing equipment	$	149,828	$	119,964
Computer equipment	3,988		3,833
Furniture and fixtures	1,177		1,167
Construction in progress	7,667		9,538
Leasehold improvements	8,283		7,818
	170,943		142,320
Accumulated depreciation	(71,082)		(59,845)
Total property and equipment, net	$	99,861	$	82,475

Depreciation expense related to property and equipment was $5.9 million and $3.8 million for the three months ended June 30, 2025 and 2024, respectively, and $11.0 million and 7.4 million for the six months ended June 30, 2025 and 2024, respectively.

Intangible Assets, net

Intangible assets, net consisted of the following:

	As of
	June 30, 2025						December 31, 2024
	(in thousands)
	Gross Assets		Accumulated Amortization		Net Assets		Gross Assets		Accumulated Amortization		Net Assets
Developed technology	$	96,700	$	(16,982)	$	79,718	$	96,700	$	(10,575)	$	86,125
Contract based royalty asset	5,900		(2,335)		3,565		5,900		(1,598)		4,302
Internal use software	—		—		—		9,434		(9,434)		—
Purchased software	15,739		(12,578)		3,161		15,551		(11,920)		3,631
Total amortizable intangible assets	$	118,339	$	(31,895)	$	86,444	$	127,585	$	(33,527)	$	94,058
In-process research and development	69,500		—		69,500		69,500		—		69,500
Total intangible assets	$	187,839	$	(31,895)	$	155,944	$	197,085	$	(33,527)	$	163,558

Amortization expense for intangible assets was $3.9 million and $4.1 million for the three months ended June 30, 2025 and 2024, respectively, and $7.8 million and 6.1 million for the six months ended June 30, 2025 and 2024, respectively.

The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2025 is summarized as below:

	(in thousands)
2025 (remainder)	$	7,685
2026	15,110
2027	14,738
2028	12,977
2029	11,123
2030 and beyond	24,811
	$	86,444

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Accrued payroll and related benefits	$	7,867	$	12,381
Revenue reserves	4,867		3,673
Sales-based earnout liability, current	34,817		23,953
Acquisition consideration payable, current	38,400		37,760
Short term lease liability	2,836		2,744
Other accrued expenses	5,692		5,044
Total accrued expenses and other current liabilities	$	94,479	$	85,555

Other Non-current Liabilities

Other non-current liabilities consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Sales-based earnout liability, non-current	$	58,489	$	73,303
Long term lease liability	2,409		3,488
Other non-current liabilities	15		—
Total other non-current liabilities	$	60,913	$	76,791