10X GENOMICS, INC., 10-K filed on 2/13/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39035    
Entity Registrant Name 10x Genomics, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 45-5614458    
Entity Address, Address Line One 6230 Stoneridge Mall Road    
Entity Address, City or Town Pleasanton    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94588    
City Area Code (925)    
Local Phone Number 401-7300    
Title of 12(b) Security Class A common stock, par value $0.00001 per share    
Trading Symbol TXG    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1.8
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement relating to the registrant’s 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001770787    
Common Class A      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   108,245,008  
Common Class B      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   14,056,833  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 344,067 $ 359,284
Marketable securities 49,335 29,411
Accounts receivable, net 87,862 114,832
Inventory 83,107 73,706
Prepaid expenses and other current assets 20,016 18,789
Total current assets 584,387 596,022
Property and equipment, net 252,648 279,571
Operating lease right-of-use assets 57,290 65,361
Goodwill 4,511 4,511
Intangible assets, net 15,671 16,616
Other noncurrent assets 4,129 3,062
Total assets 918,636 965,143
Current liabilities:    
Accounts payable 12,909 15,738
Accrued compensation and related benefits 33,615 30,105
Accrued expenses and other current liabilities 41,165 56,648
Deferred revenue 20,658 13,150
Operating lease liabilities 9,286 11,521
Total current liabilities 117,633 127,162
Operating lease liabilities, noncurrent 73,327 83,849
Deferred revenue, noncurrent 12,513 8,814
Other noncurrent liabilities 5,029 4,275
Total liabilities 208,502 224,100
Commitments and contingencies (Note 7)
Stockholders' equity:    
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of December 31, 2024 and 2023 0 0
Common stock, $0.00001 par value; 1,100,000,000 shares authorized (Class A 1,000,000,000, Class B 100,000,000); 122,291,837 (Class A 108,235,004, Class B 14,056,833) and 119,095,362 (Class A 105,038,529, Class B 14,056,833) shares issued and outstanding as of December 31, 2024 and 2023, respectively 2 2
Additional paid-in capital 2,177,672 2,025,890
Accumulated deficit (1,467,047) (1,284,420)
Accumulated other comprehensive loss (493) (429)
Total stockholders’ equity 710,134 741,043
Total liabilities and stockholders’ equity $ 918,636 $ 965,143
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Preferred Stock, Par Value (in dollars per share) $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Preferred Stock, Shares Issued (in shares) 0 0
Preferred Stock, Shares Outstanding (in shares) 0 0
Common Stock, Par Value (in dollars per share) $ 0.00001 $ 0.00001
Common Stock, Shares Authorized (in shares) 1,100,000,000 1,100,000,000
Common Stock, Shares Issued (in shares) 122,291,837 119,095,362
Common Stock, Shares Outstanding (in shares) 122,291,837 119,095,362
Common Class A    
Common Stock, Par Value (in dollars per share) $ 0.00001  
Common Stock, Shares Authorized (in shares) 1,000,000,000 1,000,000,000
Common Stock, Shares Issued (in shares) 108,235,004 105,038,529
Common Stock, Shares Outstanding (in shares) 108,235,004 105,038,529
Common Class B    
Common Stock, Par Value (in dollars per share) $ 0.00001  
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares Issued (in shares) 14,056,833 14,056,833
Common Stock, Shares Outstanding (in shares) 14,056,833 14,056,833
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 610,785 $ 618,727 $ 516,409
Cost of revenue 196,303 209,414 120,386
Gross profit 414,482 409,313 396,023
Operating expenses:      
Research and development 264,698 270,332 265,667
In-process research and development 0 60,980 0
Selling, general and administrative 344,343 343,330 298,300
Total operating expenses 609,041 674,642 563,967
Loss from operations (194,559) (265,329) (167,944)
Other income (expense):      
Interest income 18,448 16,906 6,647
Interest expense (4) (33) (476)
Other expense, net (1,585) (307) (198)
Total other income 16,859 16,566 5,973
Loss before provision for income taxes (177,700) (248,763) (161,971)
Provision for income taxes 4,927 6,336 4,029
Net loss $ (182,627) $ (255,099) $ (166,000)
Net loss per share, basic (in dollars per share) $ (1.52) $ (2.18) $ (1.46)
Net loss per share, diluted (in dollars per share) $ (1.52) $ (2.18) $ (1.46)
Weighted-average shares used to compute net loss per share, basic (in shares) 120,451,550 117,165,036 113,858,684
Weighted-average shares used to compute net loss per share, diluted (in shares) 120,451,550 117,165,036 113,858,684
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Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net loss $ (182,627) $ (255,099) $ (166,000)
Other comprehensive income (loss), net of tax:      
Unrealized gains (losses) on available-for-sale marketable securities 206 2,210 (4,116)
Realized loss on available-for-sale marketable securities reclassified into net loss 3 1,718 0
Foreign currency translation adjustment (273) (22) (241)
Other comprehensive income (loss), net of tax (64) 3,906 (4,357)
Comprehensive loss $ (182,691) $ (251,193) $ (170,357)
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Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Common Class A
Common Class A
Common Stock
Common Class A
Additional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2021   112,514,977            
Beginning balance at Dec. 31, 2021 $ 817,568 $ 2 $ 1,680,865 $ (863,321) $ 22      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A common stock related to equity awards (in shares)             2,680,032  
Issuance of Class A common stock related to equity awards           $ 21,226   $ 21,226
Vesting of shares subject to repurchase, including early exercised options 96   96          
Stock-based compensation 137,210   137,210          
Net loss (166,000)     (166,000)        
Other comprehensive income (loss) (4,357)       (4,357)      
Ending balance (in shares) at Dec. 31, 2022   115,195,009            
Ending balance at Dec. 31, 2022 805,743 $ 2 1,839,397 (1,029,321) (4,335)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A common stock related to equity awards (in shares)             3,900,353  
Issuance of Class A common stock related to equity awards           19,483   19,483
Stock-based compensation 167,010   167,010          
Net loss (255,099)     (255,099)        
Other comprehensive income (loss) 3,906       3,906      
Ending balance (in shares) at Dec. 31, 2023   119,095,362            
Ending balance at Dec. 31, 2023 741,043 $ 2 2,025,890 (1,284,420) (429)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A common stock related to equity awards (in shares)             3,196,475  
Issuance of Class A common stock related to equity awards           $ 10,914   $ 10,914
Stock-based compensation 140,868   140,868          
Net loss (182,627)     (182,627)        
Other comprehensive income (loss) (64)       (64)      
Ending balance (in shares) at Dec. 31, 2024   122,291,837            
Ending balance at Dec. 31, 2024 $ 710,134 $ 2 $ 2,177,672 $ (1,467,047) $ (493)      
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (182,627) $ (255,099) $ (166,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Stock-based compensation expense 140,749 166,950 136,848
Depreciation and amortization 35,879 35,512 25,368
Lease and asset impairment charges 3,054 9,845 0
Amortization of right-of-use assets 7,829 8,107 7,638
Realized loss on marketable securities 3 1,718 0
Other 523 427 1,957
Changes in operating assets and liabilities:      
Accounts receivable 26,951 (10,613) (18,948)
Inventory (9,777) 7,871 (21,192)
Prepaid expenses and other current assets (1,901) (2,429) (4,495)
Other noncurrent assets (1,084) (678) 925
Accounts payable (3,354) (6,017) 5,858
Accrued compensation and other related benefits 3,654 (2,637) 1,114
Deferred revenue 11,209 10,932 3,350
Accrued expenses and other current liabilities (12,736) 28,301 3,336
Operating lease liability (12,484) (8,671) (6,423)
Other noncurrent liabilities 776 1,284 (2,942)
Net cash provided by (used in) operating activities 6,664 (15,197) (33,606)
Investing activities:      
Proceeds from sales of marketable securities 3,856 100,191 49,117
Proceeds from maturities of marketable securities 25,782 82,825 18,528
Purchases of property and equipment (12,393) (48,601) (131,661)
Purchase of intangible assets (1,000) (923) 0
Acquisition of business, net of cash acquired 0 0 (4,000)
Purchase of marketable securities (48,876) 0 (282,871)
Net cash (used in) provided by investing activities (32,631) 133,492 (350,887)
Financing activities:      
Payments on technology license financing arrangement 0 (5,814) (5,409)
Issuance of common stock from exercise of stock options and employee stock purchase plan purchases 10,914 19,483 21,226
Net cash provided by financing activities 10,914 13,669 15,817
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (164) (33) (44)
Net (decrease) increase in cash, cash equivalents, and restricted cash (15,217) 131,931 (368,720)
Cash, cash equivalents, and restricted cash at beginning of year 359,284 227,353 596,073
Cash, cash equivalents, and restricted cash at end of year 344,067 359,284 227,353
Supplemental disclosures of cash flow information:      
Cash paid for interest 0 436 841
Cash paid for taxes 5,641 4,927 3,925
Noncash investing and financing activities      
Purchases of property and equipment included in accounts payable, accrued expenses and other current liabilities 1,351 3,324 26,750
Right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ 6,518 $ 16,562
v3.25.0.1
Description of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Organization and Description of Business
10x Genomics, Inc. (the “Company”) is a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biological systems at resolution and scale that matches the complexity of biology. The Company’s integrated solutions include the Company’s Chromium instruments and the Company's Visium CytAssist and Xenium Analyzer, which the Company refers to as “Spatial instruments,” and the Company’s proprietary microfluidic chips, slides, reagents and other consumables for the Company’s Chromium, Visium and Xenium solutions, which the Company refers to as “consumables.” The Company bundles its software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. The Company was incorporated in the state of Delaware in July 2012 and began commercial and manufacturing operations and selling its instruments and consumables in 2015. The Company is headquartered in Pleasanton, California and has wholly-owned subsidiaries in Asia, Europe, Oceania and North America.
Basis of Presentation
The consolidated financial statements, which include the Company’s accounts and the accounts of its wholly-owned subsidiaries, are prepared in accordance with U.S. generally accepted accounting principles (or “GAAP”). All intercompany transactions and balances have been eliminated.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent liabilities, and the reported amounts of revenue and expense. These judgments, estimates and assumptions are used for, but not limited to, revenue recognition, inventory valuation and write-downs, accounting for asset and business acquisitions and the valuation of stock-based compensation awards. The Company bases its estimates on various factors and information, which may include, but are not limited to, history and prior experience, the Company’s forecasts and future plans, current economic conditions and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future consolidated results of operation may be affected.
Segment Information
The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance. The measures of profitability and significant segment expenses reviewed by the CODM are consistent with the presentation and disclosure in these consolidated financial statements.
Cash and Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and are stated at fair value.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands):
Year Ended December 31,
202420232022
Cash and cash equivalents$344,067 $359,284 $219,746 
Restricted cash— — 7,607 
Total cash, cash equivalents and restricted cash$344,067 $359,284 $227,353 
Marketable Securities
The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable securities, within current assets on the balance sheet. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax. Realized gains (losses) on the sale of marketable securities are determined using the specific-identification method and recorded in “Other expense, net,” in the Consolidated Statements of Operations.
The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and unrealized losses not related to credit losses are recognized in “Accumulated other comprehensive loss.” There are no allowances for credit losses for the periods presented.
Fair Value of Financial Instruments
Cash equivalents are comprised of money market funds which are classified as Level 1 in the fair value hierarchy. Assets recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and
Level 3 - Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
The Company’s financial instruments consist of Level 1 and Level 2 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Money market funds are classified as Level 1. Level 2 assets include corporate bonds, asset-backed securities, commercial paper, U.S. Government Treasury and agency securities, and debt securities in government-sponsored entities based upon quoted market prices for similar movements in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third party-data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and reference data.
Accounts Receivable, Net
Accounts receivable consist of amounts due from customers for the sales of products and services. The Company reviews its accounts receivable and provides allowances of specific amounts if collectability is no longer reasonably assured based on historical experience and specific customer collection issues. The allowance for doubtful accounts was $0.1 million and $0.1 million as of December 31, 2024 and 2023, respectively.
Business Concentrations
The Company’s instruments are mostly assembled and tested by third party contract manufacturers in Asia and the United States. The Company’s agreement with the contract manufacturers contains purchase commitments. In addition, the Company is reliant on several suppliers for key components for its reagent kits. A significant disruption in the operations of the contract manufacturers or suppliers may impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on its business, financial condition and results of operations.
Concentrations
Financial instruments that potentially subject the Company to credit risk consist of cash equivalents, marketable securities (as described in this footnote under the header “Marketable Securities” above) and accounts receivable. The Company’s cash and cash equivalents held with large financial institutions in the United States and deposits exceed the Federal Deposit Insurance Corporation’s insurance limit. The Company performs periodic evaluations of the risks associated with its investments and the relative credit standing of these financial institutions.
The Company performs ongoing credit evaluations of its customers’ financial condition. The Company does not require collateral from its customers but may require upfront payments from certain customers. The Company has not experienced material credit losses to date. For the years ended December 31, 2024, 2023, and 2022, no single customer represented more than 10% of revenue. No customer or distributor represented more than 10% of the Company’s outstanding accounts receivable as of December 31, 2024 or 2023.
Substantially all the Company’s long-lived assets are located in the United States.
Inventory
Inventory is recorded at the lower of cost, determined on a first-in, first-out basis, or net realizable value. The Company uses judgment to analyze and determine if the composition of its inventory is obsolete, slow-moving, unsalable or otherwise carried above the net realizable value and frequently reviews such determinations. The Company writes down specifically identified unusable, obsolete, slow-moving or known unsalable inventory and inventory otherwise carried above the net realizable value in the period that it is first recognized by using a number of factors including product expiration dates, open and unfulfilled orders and sales forecasts. Net realizable value is determined using the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Any write-down of its inventory to net realizable value establishes a new cost basis and will be maintained even if certain circumstances suggest that the inventory is recoverable in subsequent periods. Costs associated with the write-down of inventory are recorded to cost of revenue on the Company’s consolidated statements of operations.
Leases
The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.
The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease and total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. Lease costs for the Company’s operating leases are recognized on a straight-line basis within operating expenses and costs of goods sold over the reasonably assured lease term.
The Company evaluates ROU assets related to leases for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an ROU asset may not be recoverable. When a decision has been made to sublease that space, the Company evaluates the asset for impairment and recognize the associated impact to the ROU asset and related expense, if applicable. The evaluation is performed at the lowest level of identifiable cash flows for an asset group. Undiscounted cash flows expected to be generated by the related ROU assets are estimated over the ROU assets’ useful lives. If the evaluation indicates that the carrying amount of the ROU assets may not be recoverable, any potential impairment is measured based upon the fair value of the related ROU asset or asset group as determined by appropriate valuation techniques. Refer to Note 7, Commitments and Contingencies - Lease Agreements, to the Notes to Consolidated Financial Statements for further details.
The Company has elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for any lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less.
Property and Equipment, Net
Property and equipment is stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the following assets:
Useful Life (Years)
Building10-40
Laboratory equipment and machinery 3-5
Computer equipment2-5
Furniture and fixtures3
Leasehold improvements1-10
Impairment of Long-Lived Assets
The Company evaluates long-lived assets, such as property and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The Company recorded impairment charges of $3.1 million and $9.8 million primarily relating to computer equipment, software, right-of-use assets, and intangible assets during the years ended December 31, 2024 and 2023, respectively. There were no impairment losses recorded for the year ended December 31, 2022. Refer to Note 5, Other Financial Statement Information, for further details.
Product Warranties
The Company generally provides a one-year warranty on its instruments. The Company reviews its exposure to estimated warranty obligations associated with instrument sales and establishes an accrual based on historical product failure rates and actual warranty costs incurred. This expense is recorded as a component of cost of revenue in the consolidated statements of operations.
Deferred Revenue
Deferred revenue consists of payments received in advance of revenue recognition primarily related to instrument service agreements, also referred to as extended warranties. Revenue under these agreements is recognized over the related service period. Deferred revenue expected to be recognized during the 12 months following the balance sheet date is recorded as current portion of deferred revenue and the remaining portion is recorded as long-term.
Revenue Recognition
The Company generates revenue from sales of products and services, and its products consist of instruments and consumables. Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. Instrument service agreements, which relate to extended warranties, are typically entered into for one-year terms, following the expiration of the standard one-year warranty period. Revenue for extended warranties is recognized ratably over the term of the extended warranty period as a stand ready performance obligation. Revenue is recorded net of discounts, distributor commissions and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component.
The Company regularly enters into contracts that include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.
Cost of Revenue
Cost of revenue primarily consists of manufacturing costs incurred in the production process, including personnel and related costs, component materials, labor and overhead, packaging and delivery costs and allocated costs including facilities and information technology. In addition, cost of product revenue includes royalty costs for licensed technologies included in the Company’s products, warranty costs and provisions for slow-moving and obsolete inventory.
Shipping and Handling Costs
Shipping and handling charged to customers are recorded as revenue. Shipping and handling costs are included in the Company’s cost of revenue.
Research and Development
Research and development costs are expensed in the period incurred. Research and development expense consists of personnel and related costs, independent contractor costs, laboratory supplies, equipment maintenance, prototype and materials expenses, amortization of developed technology and intangibles and allocated costs including facilities and information technology.
See Note 4 for discussion of in-process research and development included in the consolidated statements of operations.
Advertising Costs
Advertising costs are expensed as incurred. The Company incurred advertising costs of $3.9 million, $3.3 million and $3.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Stock-Based Compensation
The Company’s stock-based compensation expense relates to stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock awards ("PSAs") including performance stock options and performance RSUs granted pursuant to equity incentive plans and stock purchase rights under an Employee Stock Purchase Plan (“ESPP”). Stock-based compensation expense for its stock-based awards is based on their grant date fair value. The Company determines the fair value of RSUs based on the closing price of its stock, which is listed on the Nasdaq Global Select Market, at the date of the grant (or on the most recent trading day prior to grant, if the date of grant is not a trading day). The Company estimates the fair value of stock option awards under an equity incentive plan and stock purchase rights under an ESPP on the grant date using the Black-Scholes option-pricing model. The fair values of stock-based awards excluding PSUs and PSAs are recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur.
The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and the expected stock price volatility over the expected term. The Company calculated the expected term using the simplified method, which is the mid-point between the vesting and contractual term. Due to the short
trading period of the Company's stock, the Company has estimated volatility by reference to the historical volatilities of the Company and that of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the equity-settled award.
For PSAs, the Company derives the valuation of the award and the requisite service period for each separately vesting portion of the award using a Monte Carlo simulation model and the related compensation expense is recognized over the derived service period using the accelerated attribution method commencing on the grant date. The derived service period is the median duration of the successful stock price paths to meet the respective escalating stock price thresholds as simulated in the Monte Carlo valuation model which uses assumptions such as volatility, risk-free interest rate, cost of equity and dividend estimated for the performance period of the PSAs. If the related market condition is achieved earlier than its estimated derived service period, the stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met.
For PSUs, management reassesses the probability of vesting at each reporting period, and any changes in estimates are recognized on a cumulative catch-up basis for the stock-based compensation expense.
Foreign Currency
For foreign subsidiaries where the functional currency is the local currency, assets and liabilities are translated to the U.S. dollar using month-end exchange rates, and revenue and expenses using average exchange rates. The adjustments resulting from these foreign currency translations are recorded in “Accumulated other comprehensive loss.”
For entities where the functional currency is the U.S. dollar, monetary assets and liabilities are remeasured using exchange rates in effect at the balance sheet dates and non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses are remeasured at the average exchange rates for the period. Gains or losses from foreign currency remeasurement are included in “Other expense, net” in the consolidated statements of operations. The Company recognized foreign currency transaction losses of $2.1 million for the year ended December 31, 2024. The Company recognized foreign currency transaction gains of $1.2 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively.
Income Taxes
The Company uses the asset and liability method of accounting for income taxes, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to the 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 the enacted tax rates expected to apply in the years in which those tax assets and liabilities are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.
The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not (greater than 50% likely) to be realized upon settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in its tax provision.
The Company calculates the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed income tax returns are recorded when identified. The amount of income tax paid is subject to examination by U.S. and foreign tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of the relevant risks, facts and circumstances existing at that time. To the extent the assessment of such tax position changes, the change in estimate is recorded in the period in which the determination is made.
Net Loss Per Share
Net loss per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase.
For the calculation of diluted net loss per share, basic net loss per share is adjusted by the effect of dilutive securities including awards under the Company’s equity compensation plans. Diluted net loss per share is computed by dividing net loss by the weighted-average number of dilutive shares of common stock outstanding. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive.
Recently Issued Accounting Pronouncement and Disclosure Rules
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which prescribes standardized categories and disaggregation of information in the reconciliation of provision for income taxes, requires disclosure of disaggregated income taxes paid, and modifies other income tax-related disclosure requirements. The updated standard is effective beginning with the Company’s fiscal year 2025 annual reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its related disclosures and will not early adopt this accounting standard.
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
On December 7, 2023, the Company committed to a restructuring plan related to the closure of one of its research and development facilities resulting in restructuring charges of $2.5 million associated with this plan, comprised primarily of long-lived assets impairment costs and one-time employee termination benefits which were recorded during the year ended December 31, 2023. Restructuring costs of $2.5 million were recorded in research and development and general and administrative expenses during the year ended December 31, 2023 in the Company's consolidated statements of operations. The restructuring activities were completed as of December 31, 2024.
On August 3, 2022, the Company implemented a reduction in force plan in order to decrease costs and maintain a streamlined organization to support the business. Restructuring charges of $4.2 million associated with this plan, comprised primarily of severance-related costs, were recorded during the year ended December 31, 2022. Restructuring costs of $0.3 million, $1.4 million and $2.5 million were recorded in cost of revenue, research and development expense, and selling, general and administrative expense, respectively, during the year ended December 31, 2022 in the Company's consolidated statements of operations. The restructuring activities were completed as of December 31, 2022.
The following table is a summary of restructuring costs related to the Company’s restructuring activities as of December 31, 2024 (in thousands):
Termination Benefits CostsLong-lived Assets Impairment ExpensesTotal
Balance at January 1, 2022$— $— $— 
Restructuring charge4,216 — 4,216 
Cash payments made(3,385)— (3,385)
Non-cash charge(616)(616)
Balance at December 31, 2022215 — 215 
Restructuring charge310 2,171 2,481 
Cash payments made(215)— (215)
Non-cash charge— (2,171)(2,171)
Balance at December 31, 2023310 — 310 
Restructuring Charge
259 — 259 
Cash payments made
(569)— (569)
Balance at December 31, 2024
$— $— $— 
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
2023 Acquisition
On January 28, 2023, the Company signed an agreement to acquire certain intangible and other assets from Centrillion Technologies, Inc. and Centrillion Technology Holdings Corp. for an upfront cash payment of $10.0 million relating to an intellectual property license. Upon the close of the transaction on July 14, 2023, the Company paid additional cash consideration of $10.0 million upon acquiring the assets. Under the agreement, the Company is obligated to provide additional cash consideration if certain technology development milestones are met. As of December 31, 2023, the Company had paid $21.3 million relating to the completion of development milestones. The Company paid an additional $20.0 million in January 2024 in relation to a development milestone which was accrued in the Company's consolidated financial statements as of December 31, 2023. Up to $15.0 million of cash consideration is due if an additional technology development milestone is met. Furthermore, the Company expects to pay cash consideration tied to future sales milestones if such milestones are met.
The transaction was accounted for as an asset acquisition. In connection with this acquisition and milestone payments, the Company acquired an in-process research and development intangible asset of $61.0 million during the year ended December 31, 2023 which did not have alternative future use and therefore was recognized as an expense and included as a component of “In-process research and development” in the condensed consolidated statements of operations. The Company also acquired an intangible asset of $0.2 million related to assembled workforce which is included in “Intangible assets, net” in the consolidated balance sheets.
The following table summarizes the value of assets acquired and liabilities assumed (in thousands):
Assets Acquired and Liabilities Assumed
In-process research and development$60,980 
Intangible assets - acquired workforce200 
Property and equipment671 
Operating lease liabilities(1,496)
Other assets and liabilities, net758 
Total net assets acquired$61,113 
v3.25.0.1
Other Financial Statement Information
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Statement Information Other Financial Statement Information
Available-for-sale Securities
Available-for-sale securities at December 31, 2024 consisted of the following (in thousands):
December 31, 2024December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$322,012 $— $— $322,012 $348,539 $— $— $348,539 Level 1
Marketable securities:
Corporate debt securities— — — — 10,022 — (51)9,971 Level 2
Government debt securities49,317 18 — 49,335 18,152 — (125)18,027 Level 2
Asset-backed securities— — — — 1,425 — (12)1,413 Level 2
Total available-for-sale securities$371,329 $18 $— $371,347 $378,138 $— $(188)$377,950 
The contractual maturities of marketable securities as of December 31, 2024 were all less than one year.
The company incurred gross realized losses of $3.0 thousand and $1.7 million, from the sale of available-for-sales debt securities during the years ended December 31, 2024 and 2023, respectively. The Company incurred no material gross realized
gains or losses from available-for-sales debt securities for the years ended December 31, 2022. Realized gains (losses) on the sale of marketable securities are recorded in “Other expense, net” in the condensed consolidated statements of operations.
The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and unrealized losses not related to credit losses are recognized in “Accumulated other comprehensive loss.” There are no allowances for credit losses for the periods presented.
Inventory
Inventory was comprised of the following (in thousands):
December 31,
20242023
Purchased materials$38,930 $34,484 
Work in progress27,441 21,975 
Finished goods16,736 17,247 
Inventory$83,107 $73,706 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
20242023
Land$36,765 $36,765 
Building147,094 146,044 
Laboratory equipment and machinery72,498 69,238 
Computer equipment and software14,953 16,379 
Furniture and fixtures9,586 10,979 
Leasehold improvements89,567 96,405 
Construction in progress5,152 7,252 
Total property and equipment375,615 383,062 
Less: accumulated depreciation and amortization(122,967)(103,491)
Property and equipment, net$252,648 $279,571 
Depreciation expense was $33.9 million, $32.9 million and $22.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.
During the year ended December 31, 2024, the Company recorded impairment charges of $2.1 million related to computer equipment and software of which $0.3 million, $0.7 million and $1.1 million was classified in cost of revenue, research and development, and selling, general and administrative expenses, respectively, in the consolidated statement of operations. The impairment charge was triggered by a decision to discontinue a productivity engineering project.
Intangible Assets, Net
Intangible assets, net consisted of the following (dollars in thousands):
December 31, 2024December 31, 2023
Remaining Useful Life in YearsGross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net
Technology licenses9.8$22,504 $(8,016)$14,488 $22,504 $(6,546)$15,958 
Developed technology5.71,000 (92)908 — — — 
Customer relationships0.9945 (918)27 945 (789)156 
Assembled workforce1.11,328 (1,080)248 1,328 (826)502 
Intangible assets, net$25,777 $(10,106)$15,671 $24,777 $(8,161)$16,616 
During the year ended December 31, 2023, the Company recorded impairment charges of $4.6 million related to its developed technology and assembled workforce. No impairment losses were recognized for intangible assets during the years ended December 31, 2024 and December 31, 2022.
The estimated annual amortization of intangible assets for the next five years is shown below (in thousands):
Estimated
Annual
Amortization
2025$1,862 
20261,667 
20271,631 
20281,631 
20291,631 
Thereafter7,249 
Total$15,671 
Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures and asset impairments, among other factors.
Accrued Compensation and Related Benefits
Accrued compensation and related benefits were comprised of the following (in thousands):
December 31,
20242023
Accrued payroll and related costs$2,970 $2,262 
Accrued bonus21,859 18,254 
Accrued commissions5,938 6,410 
Other2,848 3,179 
Accrued compensation and related benefits$33,615 $30,105 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following (in thousands):
December 31,
20242023
Accrued purchase consideration$— $20,000 
Accrued legal and related costs6,100 3,839 
Accrued royalties for licensed technologies7,042 5,455 
Accrued property and equipment644 3,199 
Accrued professional services5,315 6,577 
Product warranties8,615 8,116 
Taxes payable4,936 5,049 
Other8,513 4,413 
Accrued expenses and other current liabilities$41,165 $56,648 
Product Warranties
Changes in the reserve for product warranties were as follows (in thousands):
Year Ended December 31,
20242023
Beginning of period$8,116 $3,023 
Amounts charged to cost of revenue13,325 10,701 
Repairs and replacements(12,826)(5,608)
End of period$8,615 $8,116 
Revenue and Deferred Revenue
As of December 31, 2024, the aggregate amount of remaining performance obligations related to separately sold extended warranty service agreements, or allocated amounts for extended warranty service agreements bundled with sales of instruments, was $33.2 million, of which approximately $20.7 million is expected to be recognized to revenue in the next 12 months, with the remainder thereafter. The contract liabilities of $33.2 million and $22.0 million as of December 31, 2024 and 2023, respectively, consisted of deferred revenue related to extended warranty service agreements.
Year Ended December 31,
20242023
Beginning of period$21,964 $11,032 
Revenue recognized that was included in the contract liability at the beginning of the year(11,407)(6,588)
Revenue deferred excluding amounts recognized as revenue during the period22,614 17,520 
End of period$33,171 $21,964 
The following table represents revenue by source for the periods indicated (in thousands). Spatial products include the Company’s Visium and Xenium products:
Year Ended December 31,
202420232022
Instruments
Chromium$35,212 $47,866 $58,552 
Spatial57,503 75,605 13,844 
Total instruments revenue92,715 123,471 72,396 
Consumables
Chromium372,308 420,316 400,433 
Spatial121,124 59,237 35,155 
Total consumables revenue493,432 479,553 435,588 
Services24,638 15,703 8,425 
Total revenue$610,785 $618,727 $516,409 
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Year Ended December 31,
202420232022
Americas
United States$334,318 $360,091 $284,987 
Americas (excluding United States)13,447 13,101 8,791 
Total Americas347,765 373,192 293,778 
Europe, Middle East and Africa159,762 142,276 117,068 
Asia-Pacific
China57,300 50,965 64,356 
Asia-Pacific (excluding China)45,958 52,294 41,207 
Total Asia-Pacific103,258 103,259 105,563 
Total revenue$610,785 $618,727 $516,409 
v3.25.0.1
Income Tax
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
Income (loss) before provision for income taxes were as follows (in thousands):
Year Ended December 31,
202420232022
United States$(187,720)$(263,292)$(172,038)
International10,020 14,529 10,067 
Total$(177,700)$(248,763)$(161,971)
The provision for income taxes consisted of the following (in thousands):
Year Ended December 31,
202420232022
Current provision:
Federal$396 $351 $— 
State314 180 533 
Foreign3,508 6,252 3,360 
Total current provision for income taxes4,218 6,783 3,893 
Deferred provision:
Federal— — — 
State— — — 
Foreign709 (447)136 
Total deferred provision for income taxes709 (447)136 
Provision for income taxes$4,927 $6,336 $4,029 
A reconciliation of the federal statutory income tax provision to the effective income tax provision is as follows (in thousands):
Year Ended December 31,
202420232022
Income tax provision at federal statutory rate$(37,317)$(52,240)$(34,014)
State taxes, net of federal benefit(11,938)(14,831)(11,782)
Tax credits(8,895)(14,551)(9,028)
Foreign taxes2,148 3,888 1,522 
Stock-based compensation15,978 2,422 5,812 
Change in valuation allowance36,378 79,551 50,077 
Acquisition related expenses— 2,296 — 
Waived deductions under Section 59A8,190 — — 
Other383 (199)1,442 
Total provision for income taxes$4,927 $6,336 $4,029 
Deferred income taxes reflect the net tax effect of temporary differences between amounts recorded for financial reporting purposes and amounts used for tax purposes. The major components of deferred tax assets and liabilities are as follows (in thousands):
Year Ended December 31,
20242023
Deferred tax assets
Net operating loss carryforwards$161,681 $166,607 
Research and development tax credits103,555 89,521 
Accruals and reserves12,302 10,610 
Operating lease liability19,628 22,000 
Intangibles35,966 39,117 
Stock-based compensation26,772 24,342 
Capitalized research and development
136,267 108,255 
Total deferred tax assets496,171 460,452 
Valuation allowance(479,452)(443,074)
Net deferred tax assets$16,719 $17,378 
Deferred tax liabilities
Property and equipment(4,124)(2,609)
Operating right-of-use assets$(13,510)$(14,975)
Total deferred tax liabilities$(17,634)$(17,584)
Net deferred tax liabilities$(915)$(206)
As of December 31, 2024 and 2023, the Company maintained a full valuation allowance on its U.S. net deferred tax assets. The U.S. deferred tax assets predominantly relate to operating losses, tax credits and capitalized R&D intangibles. The U.S. valuation allowance was estimated based on an assessment of both positive and negative evidence to determine whether it is more likely than not that deferred tax assets are recoverable. Such assessment is required on a jurisdiction-by-jurisdiction basis. The Company’s history of cumulative losses, along with expected future U.S. losses, required that a full valuation allowance be recorded against all U.S. net deferred tax assets. The Company intends to maintain a full valuation allowance on U.S. net deferred tax assets until sufficient positive evidence exists to support a reversal of the valuation allowance. The valuation allowance increased by $36.4 million and by $78.8 million for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024, the Company had federal net operating loss (NOL) carryforwards of $638.7 million and federal tax credit carryforwards of $88.5 million. The federal NOL carryforwards generated after December 31, 2017 totaling $632.9 million are carried forward indefinitely, while all others, along with the federal tax credit carryforwards, expire in years beginning in 2033. As of December 31, 2024, the Company had state NOL carryforwards of $424.5 million, which begin to expire primarily in 2033. In addition, the Company had state tax credit carryforwards of $68.3 million, which do not expire.
Utilization of the net operating loss and tax credit carryforwards may be subject to an annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. Any annual limitation may result in the expiration of net operating losses and credits before utilization. If an ownership change occurred, utilization of the net operating loss and tax credit carryforwards could be significantly reduced.
The total balance of unrecognized gross tax benefits, resulting primarily from research and development tax credits claimed on the Company’s annual tax returns, were as follows (in thousands):
20242023
Unrecognized tax benefits at beginning of year$45,713 $31,755 
Reduction related to settlements with tax authorities(285)— 
Reductions based on prior year tax provisions(1,617)— 
Additions based on prior year tax provisions467 3,511 
Additions based on current year tax provisions5,744 10,447 
Unrecognized tax benefits at end of year$50,022 $45,713 
The total amount of unrecognized gross tax benefits was $50.0 million and $45.7 million as of December 31, 2024 and 2023, respectively, of which $2.9 million and $2.7 million, if recognized, would affect our effective tax rate, respectively.
The Company is subject to the examination of its income tax returns by the U.S. Internal Revenue Service and other domestic and foreign tax authorities. The United States, California, and Sweden are considered as major jurisdictions. The Company has not been audited in such jurisdictions. Tax examinations are expected to focus primarily on research and development tax credits and intercompany transfer pricing practices. Due to NOLs and tax credit carryforwards, as of December 31, 2024, federal and California income tax returns for the years ended 2012 through the current period are open to examination. Significant foreign income tax returns for the years 2019 through the current period are open to examination. Due to the number of years remaining that are subject to examination, the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.
It is reasonably possible that the Company's unrecognized tax benefits will change significantly over the next 12 months, likely due to increases related to research and development tax credits. For U.S. uncertain tax positions, due to a full valuation allowance, such liabilities have been netted against deferred tax attribute carryovers. As a result, if recognized, the unrecognized tax benefits would not materially impact income tax expense.
The Company includes interest and penalties related to income tax matters within the provision for income taxes. The total amount of gross interest and penalties accrued was $1.6 million and $0.9 million for the years ended December 31, 2024 and 2023, respectively. The Company recognized interest and penalty expenses of $0.7 million, $0.5 million and $0.2 million in 2024, 2023, and 2022, respectively.
The Company maintained undistributed earnings overseas as of December 31, 2024, and the Company believed the funds held by all non-U.S. subsidiaries will be permanently reinvested outside of the U.S. However, if these funds were repatriated to the U.S. or used for U.S. operations, the Company may be subject to withholding taxes in the foreign countries. The Company’s unrepatriated earnings are not subject to federal income tax in the U.S. when distributed.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Indemnification
From time to time, the Company has entered into indemnification provisions under certain agreements in the ordinary course of business, typically with business partners, customers and suppliers. Pursuant to these agreements, the Company may indemnify, hold harmless and agree to reimburse the indemnified parties on a case-by-case basis for losses suffered or incurred by the indemnified parties in connection with any patent or other intellectual property infringement claim by any third party with respect to the Company’s products. The Company maintains product liability insurance coverage that would generally enable it to recover a portion of the amounts paid. The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by them in any action or proceeding to which any of them are, or are threatened to be, made a party by reason of their service as a director or officer (see “—Litigation” below). The Company also may be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions.
Non-cancelable Purchase Commitments
The Company’s contract manufacturers make advance purchases of components based on the instrument unit forecasts and purchase orders placed by the Company. To the extent these components are purchased by a contract manufacturer on the
Company’s behalf and cannot be used by their other customers, the Company is obligated to purchase these components. In addition, certain supplier agreements require the Company to make minimum annual purchases under the agreements. As of December 31, 2024, the Company has commitments to make a total of $13.2 million in purchases over the next one year. To date, the Company has met the minimum purchase commitments.
As of December 31, 2024, the Company has entered into non-cancelable arrangements for subscription software services to make payments aggregating to $19.6 million over the next five years.
Intellectual Property Licensing
In July 2021, the Company entered into a global settlement and patent cross license agreement with Bio-Rad Laboratories, Inc. pursuant to which both parties granted each other a non-exclusive, worldwide, royalty-bearing license to develop products and services related to single cell analysis. Each company shall pay to the other royalties from licensed products and licensed services through 2030.
The minimum commitments related to the Company's license arrangements aggregate to $14.6 million as of December 31, 2024 to be paid over the next 14 years.
Lease Agreements
The Company leases office, laboratory, manufacturing, distribution and server space with lease terms up to 10 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities.
On November 6, 2020, the Company entered into a Master Lease Agreement ("MLA") to lease additional office building space near the Company's Pleasanton, California headquarters. All of the components of the MLA have commenced and are expected to terminate on June 30, 2033.
For the years ended December 31, 2024, 2023 and 2022, the Company incurred $12.6 million, $13.6 million and $13.1 million, respectively, of operating lease costs and $0.5 million, $0.2 million and $0.4 million, respectively, of variable lease costs. The variable lease cost is comprised primarily of the Company’s proportionate share of operating expenses, property taxes and insurance and is classified as lease cost due to the Company’s election to not separate lease and non-lease components. The sublease income for the years ended December 31, 2024 and 2023 were $1.2 million and $0.5 million, respectively.
Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2024, 2023 and 2022 were $17.8 million, $15.2 million and $12.1 million, respectively, and were included in net cash used in operating activities in the Company’s consolidated statements of cash flows.
The payments due under of the Company’s operating lease liabilities as of December 31, 2024 are as follows (in thousands):
Operating Leases
2025$13,883 
202615,357 
202715,569 
202815,737 
202914,310 
Thereafter26,331 
Total lease payments$101,187 
Less: imputed interest(18,574)
Present value of operating lease liabilities$82,613 
Operating lease liabilities, current$9,286 
Operating lease liabilities, noncurrent73,327 
Total operating lease liabilities$82,613 
For the year ended December 31, 2024, the Company incurred approximately $1.0 million costs associated with exit activities related to the lease expirations.
The following table summarizes additional information related to operating leases as of December 31, 2024:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases6.8 years7.5 years
Weighted-average discount rate:
Operating leases5.8 %5.9 %
Litigation
The Company is regularly subject to lawsuits, claims, arbitration proceedings, administrative actions and other legal and regulatory proceedings involving intellectual property disputes, commercial disputes, competition and other matters, and the Company may become subject to additional types of lawsuits, claims, arbitration proceedings, administrative actions, government investigations and legal and regulatory proceedings in the future. As of December 31, 2024, the Company has concluded that a loss is not probable and a contingent liability has not been recorded.
NanoString
On May 6, 2021, the Company filed suit against NanoString Technologies, Inc. (“NanoString”) in the U.S. District Court for the District of Delaware alleging that NanoString’s GeoMx Digital Spatial Profiler and associated instruments and reagents infringe U.S. Patent Nos. 10,472,669, 10,662,467, 10,961,566, 10,983,113 and 10,996,219 (the “GeoMx Action”). On May 19, 2021, the Company filed an amended complaint additionally alleging that the GeoMx products infringe U.S. Patent Nos. 11,001,878 and 11,008,607. On May 4, 2022, the Company filed an amended complaint in the GeoMx Action additionally alleging that the GeoMx products infringe U.S. Patent No. 11,293,917 and withdrawing the Company’s claims of infringement of U.S. Patent No. 10,662,467. The Company is seeking, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to NanoString’s making, using, selling, offering to sell, exporting and/or importing in the United States the GeoMx Digital Spatial Profiler and associated instruments and reagents. NanoString filed its answer to the GeoMx Action on May 18, 2022. A Markman hearing was held on February 17, 2023 and the Court issued its claim construction order on February 28, 2023. On September 7, 2023, the Court issued an order granting the Company’s motion for summary judgment that the asserted patents are not invalid for indefiniteness and denying NanoString’s motion for summary judgment that the asserted patents are invalid for indefiniteness and lack of written description. On November 17, 2023, a jury found that NanoString willfully infringed the asserted patents and that the asserted patents are valid. The jury awarded the Company more than $31 million in damages, consisting of approximately $25 million in lost profits and approximately $6 million in royalties. Post-trial motions, including the Company’s motions for a permanent injunction, ongoing royalties, enhanced damages, attorneys’ fees and pre- and post-judgment interest, are pending. NanoString filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the U.S. bankruptcy court in Delaware on February 4, 2024, and the Court’s consideration of these post-trial motions was stayed due to the bankruptcy filing. In May 2024, Bruker Corporation (“Bruker”) acquired certain assets and assumed certain liabilities of NanoString, including the litigation between 10x and NanoString, and the NanoString product lines at issue. Post-trial briefing is complete following supplementation by the parties. On December 23, 2024, the Court issued an opinion denying NanoString’s motion for judgement as a matter of law on invalidity, non-infringement and damages, and denied its request for a new trial. In that opinion, the Court granted the Company’s motion for permanent injunction, supplemental damages, and pre-judgment and post-judgment interest. Briefing with regard to the scope of the permanent injunction, supplemental damages, and pre- and post-judgment interest is ongoing. Due to the uncertainties in collecting the jury award, the Company has not recorded a receivable from NanoString as of December 31, 2024.

On February 28, 2022, the Company filed a second suit against NanoString in the U.S. District Court for the District of Delaware alleging that NanoString’s CosMx Spatial Molecular Imager and associated instruments, reagents and services infringe U.S. Patent Nos. 10,227,639 and 11,021,737 (the “CosMx Action”). On May 12, 2022, the Company filed an amended complaint in the CosMx Action additionally alleging that the CosMx products additionally infringe U.S. Patent Nos. 11,293,051, 11,293,052 and 11,293,054. NanoString filed its answer to the CosMx Action on May 26, 2022. On March 1, 2023, the Company filed a second amended complaint additionally alleging that the CosMx products infringe U.S. Patent No. 11,542,554. The Company is seeking, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to NanoString’s making, using, selling, offering to sell, exporting and/or importing in the United States the CosMx Spatial Molecular Imager and associated instruments, reagents and services. NanoString filed its answer to the second amended complaint on March 22, 2023.
Discovery is in progress. A Markman hearing was held on January 10, 2024, and the Court issued its claim construction order on February 1, 2024.
On May 1, 2023, NanoString filed a motion in the CosMx Action to add antitrust, unfair competition, tort and contract counterclaims. NanoString seeks, among other relief, injunction relief (including that the Company grant NanoString a license to the patents that the Company asserted against NanoString in the CosMx Action) and unspecified damages (including attorneys’ fees). On July 10, 2023, the Court denied NanoString’s motion for leave to add a contract counterclaim but otherwise granted the motion for leave to amend. On May 24, 2023, NanoString filed a motion to bifurcate its amended counterclaims and a motion for expedited discovery. On June 6, 2023, the Court denied NanoString’s motion to bifurcate and granted its motion for expedited discovery. The Company believes NanoString’s claims are meritless and intends to vigorously defend itself. Trial is scheduled for May 2025.
On August 16, 2022, NanoString filed a counterclaim in the CosMx Action alleging that the Company’s Visium products infringe U.S. Patent No. 11,377,689 (the “689 patent”). The Company filed its answer to NanoString’s counterclaim in the CosMx Action on August 30, 2022. On November 23, 2022, the Company moved to sever claims relating to NanoString’s assertion of the 689 patent and consolidate those claims with the patent case NanoString filed against the Company on October 20, 2022 (discussed below). On January 24, 2023, the Court granted the Company’s motion.
On October 20, 2022, NanoString filed suit against the Company in the U.S. District Court for the District of Delaware alleging that the Company’s Visium products infringe U.S. Patent No. 11,473,142 (the “142 patent”), a continuation of the 689 patent (the “NanoString Action”). NanoString seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States Visium products and associated instruments, reagents and services. On January 24, 2023, the Court severed NanoString’s claims with respect to the 689 patent from the CosMx Action and consolidated those claims with this action. NanoString filed an amended complaint on January 27, 2023. The Company filed an answer to the NanoString Action on February 10, 2023. Discovery is in progress. A Markman hearing was held on January 10, 2024, and the Court issued its claim construction order on February 1, 2024. Trial is scheduled for November 2024. The Company believes NanoString’s claims in the NanoString Action are meritless and intends to vigorously defend itself.
On August 16 and September 25, 2023, the Company filed petitions for inter partes review (“IPR”) of the 689 patent and the 142 patent, respectively. On February 1, 2024, IPR was instituted for the 689 patent. On September 5, 2024, trial was instituted for the 142 patent.
On January 30, 2024, NanoString filed a petition for IPR of U.S. Patent No. 11,542,554, which is asserted by the Company against NanoString in the CosMx Action. On August 23, 2024, IPR was instituted for the 554 patent.
On March 9, 2022, the Company filed suit in the Munich Regional Court in Germany alleging that NanoString’s CosMx Spatial Molecular Imager and associated instruments, reagents and services infringe EP Patent No. 2794928B1 (the “EP928 patent”) (the “Germany CosMx Action”). A hearing on infringement was held on March 23, 2023. On May 17, 2023, the Munich Regional Court found that the CosMx products infringe the EP928 patent and issued a permanent injunction requiring NanoString to stop selling and supplying CosMx instruments and reagents for RNA detection in Germany. The injunction took effect on June 1, 2023. On May 25, 2023, NanoString filed an appeal of the Germany CosMx Action in the Munich Higher Regional Court. A hearing date has not yet been set for this appeal. On October 30, 2023, NanoString requested that the Higher Regional Court temporarily stay enforcement of the injunction pending the appeal. On December 20, 2023, the Higher Regional Court granted NanoString’s request conditioned upon NanoString posting a 2.3 million Euro security deposit.
On July 29, 2022, NanoString filed a nullity action with the German Federal Patent Court challenging the validity of the EP 928 patent. On February 10, 2023, the Federal Patent Court issued a preliminary opinion upholding the validity of certain claims of the EP 928 patent directed to in situ analysis. On May 7, 2024, the German Federal Patent Court revoked the German part of the EP 928 patent. The Company strongly disagrees with this decision and will appeal the decision.
On June 1, 2023, the Company filed requests for preliminary injunctions in the Munich Local Division of the Unified Patent Court (“UPC”) alleging that NanoString’s CosMx Spatial Molecular Imager and associated instruments, reagents and services for RNA detection infringe the EP928 patent and EP Patent No. 4108782 (the “EP782 patent”). Hearings were held for the EP 782 and EP 928 patents on September 5 and September 19, respectively. On September 19, 2023, the UPC granted the Company’s request for the EP782 patent and issued a preliminary injunction requiring NanoString to stop selling and supplying CosMx instruments and reagents for RNA detection in all 17 UPC member states. On October 10, 2023, the UPC denied the Company’s preliminary injunction request for the EP928 patent. On October 2, 2023, NanoString filed an appeal of the preliminary injunction for the EP782 patent in the UPC Court of Appeals. A hearing was held before the UPC Court of Appeals on December 18, 2023. The UPC Court of Appeals overturned the preliminary injunction on February 26, 2024.
On August 31 and September 18, 2023 we filed main requests in the Munich Local Division of the UPC alleging that NanoString's CosMx Spatial Molecular Imager and associated instruments, reagents and services for RNA detection infringe the EP 782 and EP 928 patents, respectively. A hearing on the main request for EP 782 is scheduled for September 2025. No hearing has yet been set for the main request with regard to EP 928.
On July 18, 2023, NanoString filed an opposition in the European Patent Office challenging the validity of the EP782 patent. A hearing is scheduled for March 2025. On July 27, 2023, NanoString filed a revocation action in the Munich Central Division of the UPC challenging the validity of the EP928 patent. A hearing in the revocation action took place on September 18, 2024. Following the hearing, the UPC revoked EP928. The Company strongly disagrees with this decision and has appealed.
Vizgen
On May 3, 2022, the Company filed suit against Vizgen, Inc. (“Vizgen”) in the U.S. District Court for the District of Delaware alleging that Vizgen’s MERSCOPE Platform and workflow and/or Vizgen’s Lab Services program, including associated instruments and reagents, infringe U.S. Patent Nos. 11,021,737, 11,293,051, 11,293,052, 11,293,054 and 11,299,767. The Company seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to Vizgen’s making, using, selling, offering to sell, exporting and/or importing in the United States the MERSCOPE Platform and workflow and/or Vizgen’s Lab Services program, including associated instruments and reagents. On July 25, 2022, Vizgen filed a motion to dismiss the Company’s claims for willful and indirect infringement, which the Court denied on September 19, 2022. Discovery is in progress. A Markman hearing was held on January 10, 2024, and the Court issued its claim construction order on February 1, 2024.
On August 30, 2022, Vizgen filed its answer and counterclaims alleging that the Company’s Xenium product infringes U.S. Patent No. 11,098,303 (the “303 patent”). Vizgen seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States Xenium products, including associated instruments and reagents. Vizgen also filed counterclaims alleging that the Company tortiously interfered with Vizgen’s contractual and business relationship with Harvard and that the Company engaged in unfair practices under Massachusetts state law. On October 27, 2022, the Company filed a partial answer and motion to dismiss the infringement counterclaim and the tort counterclaims. On February 2, 2023, the Company’s motion to dismiss was denied. The Company believes Vizgen’s claims are meritless and intends to vigorously defend itself.
On March 15, 2023, the Company filed an amended complaint additionally alleging that the MERSCOPE Platform and workflow and Vizgen’s Lab Services program infringe U.S. Patent No. 11,549,136 and withdrawing its claim of infringement of U.S. Patent No. 11,293,054. On April 17, 2023, Vizgen filed its answer adding amended counterclaims including antitrust, unfair competition, tort and contract counterclaims. Vizgen seeks, among other relief, injunctive relief (including that the Company grant Vizgen a license to the patents that the Company asserted against Vizgen) and unspecified damages (including attorneys’ fees). On May 18, 2023, the Company filed a motion to dismiss Vizgen’s amended counterclaims. On July 10, 2023, the Court granted the Company’s motion to dismiss Vizgen’s contract counterclaim but otherwise denied the Company’s motion to dismiss. On November 5, 2024, the parties filed cross-motions for summary judgment. The Company filed a motion for summary judgment on Vizgen’s antitrust, unfair competition, and tort counterclaims. Vizgen filed a motion for summary judgment to limit the availability of damages and to invalidate the 737, 051, 052, and 136 patents. Vizgen also moved to exclude two of the Company’s expert witnesses. On January 3, 2025, the Court granted the Company’s motion for summary judgment regarding Vizgen’s antitrust, unfair competition, and tort counterclaims with the exception of a limited counterclaim of tortious interference. The Court denied Vizgen’s motion for summary judgment and motion to exclude the Company’s expert witnesses. The Company believes Vizgen’s remaining tortious interference claim is meritless and intends to vigorously defend itself.
Trial on the Company’s claims and on Vizgen’s non-patent counterclaims began on February 3, 2025. On February 5, 2025, the parties signed a binding term sheet resolving the worldwide litigation between 10x, Vizgen and Harvard.
Parse
On August 24, 2022, the Company filed suit against Parse Biosciences, Inc. (“Parse”) in the U.S. District Court for the District of Delaware alleging that Parse’s Evercode Whole Transcriptomics products and ATAC-seq products infringe U.S. Patent Nos. 10,155,981 (the “981 patent”), 10,697,013 (the “013 patent”), 10,240,197 (the “197 patent”), 10,150,995, 10,619,207 and 10,738,357. The Company seeks, among other relief, injunction relief and unspecified damages (including attorneys’ fees) in relation to Parse’s making, using, selling, offering to sell, exporting and/or importing in the United States Parse’s Evercode Whole Transcriptomics products and ATAC-seq products. On October 17, 2022, Parse filed a motion to dismiss alleging that the asserted claims are directed to patent ineligible subject matter. The Court held a hearing on the motion to dismiss on November 22, 2022, and supplemental briefing was submitted on December 15, 2022. On September 14, 2023, the Court denied the motion. Parse
filed its answer on October 6, 2023. Discovery is in progress. A Markman hearing was held on February 21, 2024, and the Court issued its claim construction order on May 3, 2024. Trial is scheduled for March 2025.
Between April 20 and June 21, 2023, Parse filed petitions for IPR of all of the patents asserted. On October 13, 2023, IPR was instituted on the 981 patent. The PTAB denied institution of Parse’s petitions for IPR on the other five asserted patents. On January 2 and 5, 2024, Parse filed rehearing requests with the PTAB for the 197 and 013 patents, respectively. On February 5, 2024, the PTAB instituted IPRs for the 197 and 013 patents on Parse’s requests for rehearing. On September 17, 2024, the PTAB found the challenged claims of the 981 patent unpatentable. The Company strongly disagrees with this decision and has appealed. The final written decisions for the 197 and 013 patents are expected in February 2025.
On November 6, 2023, Parse filed a motion to stay the Delaware action pending the IPRs. On December 21, 2023, the court denied Parse’s motion to stay. On February 8, 2024, Parse filed a renewed motion to stay. On February 20, 2024, the court denied Parse’s renewed motion to stay.
Curio
On December 1, 2023, the Company filed suit against Curio Bioscience, Inc. (“Curio”) in the U.S. District Court for the District of Delaware alleging that the Curio Seeker Spatial Mapping Kit and associated products and services infringe U.S. Patent Nos. 10,480,022, 10,662,468, 11,001,879, 11,549,138, and 11,761,030. On February 1, 2024, Curio filed a motion to dismiss alleging that the asserted claims are directed to patent ineligible subject matter. The Court denied that motion on May 9, 2024. On May 31 and June 20, 2024, Curio answered the Complaint and filed antitrust and unfair competition counterclaims. The Company filed a motion to dismiss Curio’s unfair competition and antitrust counterclaims on July 5, 2024. The Company believes Curio’s counterclaims are meritless and intends to vigorously defend itself. Trial is scheduled for May 2026.
On December 4, 2023, the Company filed a request for a preliminary injunction in the Dusseldorf Local Division of the UPC alleging that the Curio Seeker Spatial Mapping Kit and associated products and services infringe EP Patent No. 2697391 (the “EP 391 patent”). A hearing was held on March 26, 2024. On April 30, 2024, the UPC granted the Company’s request and issued a preliminary injunction requiring Curio to stop offering, marketing, using or possessing these Curio Seeker products and services in Germany, France and Sweden. Curio did not appeal the preliminary injunction. On March 25, 2024, the Company filed a main request in the Dusseldorf Local Division of the UPC alleging that the Curio Seeker Spatial Mapping Kit and associated products and services infringe the EP 391 patent. A hearing in the main action is expected in May 2025.
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Capital Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Capital Stock Capital Stock
The Company’s Amended and Restated Certificate of Incorporation authorizes it to issue 1,200,000,000 shares of capital stock consisting of 1,000,000,000 shares of Class A common stock, 100,000,000 shares of Class B common stock, and 100,000,000 shares of preferred stock.
Common Stock
The following table represents the number of shares of Class B common stock converted to shares of Class A common stock upon the election of the holders of such shares during the years:
Year Ended December 31,
202420232022
Class B common stock converted to Class A common stock— 4,610,422 979,210 
The Company’s Class A common stock and Class B common stock have a par value of $0.00001 per share. Each share of Class B common stock has the right to ten votes and each share of Class A common stock has the right to one vote per share. All other rights and privileges of Class A and Class B common stock are equivalent. Class B common shares are convertible to Class A common shares at any time upon written notification and all Class B common shares will convert upon the date specified by vote or written consent of the holders of a majority of the then outstanding Class B common stock, voting together as a single class. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends.
v3.25.0.1
Equity Incentive Plans
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Amended and Restated 2012 Stock Plan
Following the adoption of the 2019 Omnibus Incentive Plan in September 2019, any awards outstanding under the Amended and Restated 2012 Stock Plan continue to be governed by their existing terms but no further awards may be granted under the Amended and Restated 2012 Stock Plan. As of December 31, 2024, the number of shares of Class A common stock issuable under the Amended and Restated 2012 Stock Plan which includes shares issuable upon the exercise of outstanding awards was 1,842,338.
2019 Omnibus Incentive Plan
The Omnibus Incentive Plan allows for the issuance of incentive stock options (“ISOs”), non-statutory stock options (“NSOs”) or restricted shares. ISOs may be granted only to the Company’s employees (including officers and directors who are also considered employees). NSOs and restricted shares may be granted to the Company’s employees and service providers. As of December 31, 2024, the number of shares of Class A common stock available for issuance under the 2019 Omnibus Incentive Plan was 9,245,631 shares issuable in connection with outstanding awards and 19,637,882 shares reserved for issuance in connection with grants of future awards.
The number of shares of Class A common stock reserved for issuance under the 2019 Omnibus Incentive Plan at the time the 2019 Omnibus Incentive Plan was adopted in 2019 was 11,000,000. The Omnibus Incentive Plan provides that the total number of shares of the Company’s Class A common stock that may be issued under the Omnibus Incentive Plan, including options authorized and options outstanding, is 11,000,000 (such share limit as increased from time to time, the “Absolute Share Limit”). However, the Absolute Share Limit shall be increased on the first day of each calendar year commencing on January 1, 2021 and ending on January 1, 2029 in an amount equal to the lesser of (i) 5% of the total number of shares of common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such number of shares of the Company’s Class A common stock as determined by the Company’s board of directors. However, if on January 1 of a calendar year, the Company’s board of directors has not either confirmed the 5% increase described in clause (i) or approved a lesser number of shares of the Company’s Class A common stock for such calendar year, then the Company’s board of directors will be deemed to have waived the automatic increase, and no such increase will occur for such calendar year. Of the Absolute Share Limit, no more than 11,000,000 shares of Class A common stock may be issued in the aggregate pursuant to the exercise of incentive stock options granted under the Omnibus Incentive Plan.
Options under the Omnibus Incentive Plan have a contractual term of 10 years. The exercise price of an ISO and NSO shall not be less than 100% of the fair market value of the shares on the date of grant.
Stock Options
A summary of the Company’s stock option activity under the Plans is as follows:
Outstanding
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Term
(Years)
Aggregate
Intrinsic Value
Balance as of December 31, 20235,946,786 $42.17 6.3$144,350,070 
Exercised(717,982)5.91 
Forfeited(634,222)60.04 
Balance as of December 31, 20244,594,582 $45.37 5.4$13,834,082 
Vested and exercisable as of December 31, 20243,876,752 $44.07 4.9$13,834,082 
The Company did not grant stock options during the year ended December 31, 2024. The weighted-average grant date fair value of options granted during the years ended December 31, 2023 and 2022 was $33.67, and $32.95 per share, respectively. The total intrinsic value of stock options exercised was $12.3 million, $78.0 million and $89.5 million during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, the total unrecognized stock-based compensation related to stock options was $19.5 million, which will be recognized over a weighted-average period of approximately two years.
The fair value of each employee option grant was estimated on the date of grant using the Black-Scholes option pricing model and the following assumptions for the periods indicated:
Year Ended December 31,
20232022
Expected volatility
70% – 71%
65% – 71%
Risk-free interest rate
3.7% – 4.6%
1.6% – 4.1%
Expected term
5.3 – 6.1 years
5.3 – 6.1 years
Expected dividend—%—%
Restricted Stock Units
Restricted stock units (“RSUs”) activity for the year ended December 31, 2024 is as follows:
Restricted Stock
Units		Weighted-Average
Grant Date Fair Value
(per share)
Balance as of December 31, 20235,334,134 $48.26 
Granted4,294,529 29.71 
Vested(2,092,526)53.10 
Forfeited(1,042,750)41.32 
Outstanding as of December 31, 20246,493,387 $35.55 
As of December 31, 2024, the total unrecognized stock-based compensation related to RSUs was $194.4 million, which will be recognized over a weighted-average period of approximately three years.
Performance Stock Awards
In March 2024, the Company granted 219,168 performance stock units (“PSUs”) under the 2019 Plan to certain members of management which are subject to the achievement of certain performance conditions established by the Company’s Compensation Committee of the Board of Directors as described below:

i.50% of target PSUs earned will be based on the Company’s compound annual growth rate (CAGR) of the Company’s Revenue over a two-year performance period from January 1, 2024 to December 31, 2025. Holders may earn from 0% to 175% of the target amount of shares and earned PSUs will then be subject to service-based vesting; and

ii.50% of target PSUs earned will be based on the relative Total Shareholder Return (TSR) of the Company’s common stock as compared to the TSR of the members of the Russell 3000 Medical Equipment and Services Sector Index over a three-year performance period from January 1, 2024 to December 31, 2026. Depending on the results relative to the TSR market condition, the holders may earn from 0% to 200% of the target amount of shares which will vest at the end of the performance period.

The PSUs will be forfeited if the performance conditions are not achieved at the end of the relative performance periods as described above. The vesting of the PSUs can also be triggered upon certain change in control events or in the event of death or disability.
The weighted-average grant date fair values of the PSUs relating to CAGR and TSR components were $37.43 and $44.80 per share respectively. Stock-based compensation expense recognized for the PSUs relating to TSR components were approximately $1.3 million for the year ended December 31, 2024. The PSUs relating to CAGR components were not deemed probable of vesting as of December 31, 2024, and no expenses were recognized for 2024.
The Company estimated the fair values of shares granted under the market-based TSR PSUs using a Monte Carlo
simulation model with the following assumptions:
Year Ended December 31, 2024
Expected volatility 66%
Risk-free interest rate4.5%
Expected dividend yield—%
In March 2023, the Company granted 172,842 performance restricted stock unit awards (“PSAs”) under the 2019 Plan to certain members of management, which are subject to the achievement of certain escalating stock price thresholds established by the Company's Compensation Committee of the Board of Directors.
The PSAs each vest in equal installments upon the achievement of escalating stock price thresholds of $72.14, $96.19 and $120.24 respectively, calculated based on the volume-weighted average price per share of the Company’s Class A common stock over the immediately trailing 20 trading day period for each respective threshold. The escalating stock price thresholds can be met any time prior to the fifth anniversary of the date of grant. The vesting of the PSAs can also be triggered upon certain change in control events and achievement of certain change in control price thresholds, or in the event of death or disability. The weighted-average grant date fair value of the PSAs was $43.13. Stock-based compensation expense recognized for these market-based awards was approximately $1.7 million and $5.1 million for the years ended December 31, 2024 and 2023, respectively.
The Company estimates the fair values of shares granted under the PSAs using a Monte Carlo simulation model with the following assumptions:
Year Ended December 31,
2023
Expected volatility71%
Risk-free interest rate3.7%
Expected dividend—%
In September 2022, the Company granted 709,025 PSAs including RSUs and a performance stock option under the 2019 Plan to certain members of management, which are subject to the achievement of certain stock price thresholds established by the Company’s Compensation Committee of the Board of Directors.
The PSAs consist of three separate tranches and the vesting of each tranche is subject to the Class A common stock closing price being maintained at or above the predetermined share price goals of $60, $80 and $105 for each tranche, respectively, for a period of 20 consecutive trading days. The share price goals can be met any time prior to the fourth anniversary of the date of grant. The vesting of the PSAs can also be triggered upon certain change in control events and achievement of certain change in control price goals, or in the event of death or disability. The weighted-average grant date fair value of the PSAs was $22.55. Stock-based compensation expense recognized for these market-based awards was approximately $2.4 million, $10.0 million and $3.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company estimated the fair values of shares under the Performance stock options using a Monte Carlo simulation model with the following assumptions:
Year Ended December 31,
2022
Expected volatility68%
Risk-free interest rate3.4%
Expected dividend—%
As of December 31, 2024, the performance criteria for the stock awards was not met and therefore no shares vested or become exercisable.
2019 Employee Stock Purchase Plan
In July 2019, the Company’s board of directors adopted the 10x Genomics, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”), which was subsequently approved by the Company’s stockholders. The ESPP went into effect on September 11, 2019. Subject to any limitations contained therein, the ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. The ESPP generally provides for consecutive 6-month offering periods.
During the years ended December 31, 2024, 2023 and 2022, 385,967, 217,537, and 151,028 shares of Class A common stock, respectively, were issued under the ESPP. The ESPP provides that the maximum number of shares of the Company’s Class A common stock made available for sale thereunder will be 3,686,671, which number will be automatically increased on the first day of each calendar year commencing on January 1, 2021 and ending on January 1, 2029 in an amount equal to the lesser of (i) 1% of the total number of shares of common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such number of shares of the Company’s Class A common stock as determined by the Company’s board of directors. However, if on January 1 of a calendar year the Company’s board of directors has not either confirmed the 1% described in clause (i) or approved a lesser number of shares of the Company’s Class A common stock for such calendar year, the Company’s board of directors will be deemed to have waived the automatic increase and no such increase will occur for such calendar year. The maximum number of shares available under the ESPP (and any share limitations thereunder, as applicable) will automatically be adjusted upon certain changes to the Company’s capital structure. As of December 31, 2024, there were 2,705,096 shares available for issuance under the ESPP.
For the years ended December 31, 2024, 2023, and 2022 the weighted average grant date fair values of options granted under the ESPP, using the Black-Scholes option pricing model, were $6.42, $16.91, and $33.74 respectively.
The following assumptions were used in estimating the fair values of shares under the ESPP:
Year Ended December 31,
202420232022
Expected volatility
49% – 80%
49% – 58%
81% – 92%
Risk-free interest rate
4.44% – 5.40%
5.24% – 5.41%
1.54% – 4.54%
Expected term (in years)
0.5
0.5
0.50
Expected dividend—%—%—%
As of December 31, 2024, the total unrecognized stock-based compensation related to the ESPP was $1.5 million, which will be recognized over a weighted-average period of approximately 0.4 years.
Stock-based Compensation
The Company recorded stock-based compensation expense in the consolidated statement of operations for the periods presented as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$8,348 $7,068 $5,259 
Research and development66,315 72,804 59,211 
Selling, general and administrative66,086 87,078 72,378 
Total stock-based compensation expense$140,749 $166,950 $136,848 
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company has made available to all full-time United States employees a 401(k) retirement savings plan. Under this plan, employee and employer contributions and accumulated plan earnings qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code. The Company matches 100% of the first 3% of the employee's eligible compensation, up to a maximum of two thousand dollars annually per employee. The Company contributed $1.9 million, $1.8 million, and $2.0 million for the years ended December 31, 2024, 2023, and 2022 respectively.
v3.25.0.1
Net Loss Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:
Year Ended December 31,
202420232022
Stock options to purchase common stock4,594,582 5,946,786 7,964,557 
Restricted stock units6,493,387 5,334,134 5,836,192 
Shares committed under ESPP124,652 48,302 46,548 
Total11,212,621 11,329,222 13,847,297 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net loss $ (182,627) $ (255,099) $ (166,000)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on the Center For Internet Security (“CIS”) Controls. While this does not imply that we meet any particular technical standards, specifications or requirements, we use the CIS Controls framework as a guide to help us identify, assess and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall risk management program which includes insurance coverage for cybersecurity incidents and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational and financial risk areas.
Key elements of our cybersecurity risk management program include, but are not limited to, the following:
•risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;
•cybersecurity awareness training of our employees, including incident response personnel and senior management;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition.
For more information, see the section titled “Risk Factor—Risks related to our intellectual property, information technology and data security—If we or our critical third-party providers experience a significant disruption in our information technology systems or breaches of data security, our business could be adversely affected.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We design and assess our program based on the Center For Internet Security (“CIS”) Controls. While this does not imply that we meet any particular technical standards, specifications or requirements, we use the CIS Controls framework as a guide to help us identify, assess and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall risk management program which includes insurance coverage for cybersecurity incidents and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
The Audit Committee receives periodic reports from management on our cybersecurity risks, including written reports. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity.
Our management team, including our Chief Legal Officer, President, Chief Financial Officer and Vice President of Data Analytics and Information Security is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants. Our management team’s cumulative experience includes decades of experience managing cybersecurity risks including serving in similar roles leading and overseeing cybersecurity programs at other companies. Our Vice President of Data Analytics and Information Security has served in various roles in information technology and information security for more than 10 years. He holds an undergraduate degree in engineering science from Harvard University and postgraduate degrees in computer science from Massachusetts Institute of Technology. Our Chief Legal Officer has over 25 years of experience managing risks, including risks arising from cybersecurity threats, at several large publicly-traded technology companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies.
Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee receives periodic reports from management on our cybersecurity risks, including written reports. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including our Chief Legal Officer, President, Chief Financial Officer and Vice President of Data Analytics and Information Security is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants. Our management team’s cumulative experience includes decades of experience managing cybersecurity risks including serving in similar roles leading and overseeing cybersecurity programs at other companies. Our Vice President of Data Analytics and Information Security has served in various roles in information technology and information security for more than 10 years. He holds an undergraduate degree in engineering science from Harvard University and postgraduate degrees in computer science from Massachusetts Institute of Technology. Our Chief Legal Officer has over 25 years of experience managing risks, including risks arising from cybersecurity threats, at several large publicly-traded technology companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies.
Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management team’s cumulative experience includes decades of experience managing cybersecurity risks including serving in similar roles leading and overseeing cybersecurity programs at other companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our management team, including our Chief Legal Officer, President, Chief Financial Officer and Vice President of Data Analytics and Information Security is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants. Our management team’s cumulative experience includes decades of experience managing cybersecurity risks including serving in similar roles leading and overseeing cybersecurity programs at other companies. Our Vice President of Data Analytics and Information Security has served in various roles in information technology and information security for more than 10 years. He holds an undergraduate degree in engineering science from Harvard University and postgraduate degrees in computer science from Massachusetts Institute of Technology. Our Chief Legal Officer has over 25 years of experience managing risks, including risks arising from cybersecurity threats, at several large publicly-traded technology companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies.
Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The consolidated financial statements, which include the Company’s accounts and the accounts of its wholly-owned subsidiaries, are prepared in accordance with U.S. generally accepted accounting principles (or “GAAP”). All intercompany transactions and balances have been eliminated.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent liabilities, and the reported amounts of revenue and expense. These judgments, estimates and assumptions are used for, but not limited to, revenue recognition, inventory valuation and write-downs, accounting for asset and business acquisitions and the valuation of stock-based compensation awards. The Company bases its estimates on various factors and information, which may include, but are not limited to, history and prior experience, the Company’s forecasts and future plans, current economic conditions and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future consolidated results of operation may be affected.
Segment Information
Segment Information
The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance. The measures of profitability and significant segment expenses reviewed by the CODM are consistent with the presentation and disclosure in these consolidated financial statements.
Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and are stated at fair value.
Marketable Securities
Marketable Securities
The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable securities, within current assets on the balance sheet. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax. Realized gains (losses) on the sale of marketable securities are determined using the specific-identification method and recorded in “Other expense, net,” in the Consolidated Statements of Operations.
The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in “Other expense, net,” and unrealized losses not related to credit losses are recognized in “Accumulated other comprehensive loss.” There are no allowances for credit losses for the periods presented.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Cash equivalents are comprised of money market funds which are classified as Level 1 in the fair value hierarchy. Assets recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and
Level 3 - Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
The Company’s financial instruments consist of Level 1 and Level 2 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Money market funds are classified as Level 1. Level 2 assets include corporate bonds, asset-backed securities, commercial paper, U.S. Government Treasury and agency securities, and debt securities in government-sponsored entities based upon quoted market prices for similar movements in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third party-data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and reference data.
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable consist of amounts due from customers for the sales of products and services. The Company reviews its accounts receivable and provides allowances of specific amounts if collectability is no longer reasonably assured based on historical experience and specific customer collection issues.
Business Concentrations
Business Concentrations
The Company’s instruments are mostly assembled and tested by third party contract manufacturers in Asia and the United States. The Company’s agreement with the contract manufacturers contains purchase commitments. In addition, the Company is reliant on several suppliers for key components for its reagent kits. A significant disruption in the operations of the contract manufacturers or suppliers may impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on its business, financial condition and results of operations.
Concentrations
Concentrations
Financial instruments that potentially subject the Company to credit risk consist of cash equivalents, marketable securities (as described in this footnote under the header “Marketable Securities” above) and accounts receivable. The Company’s cash and cash equivalents held with large financial institutions in the United States and deposits exceed the Federal Deposit Insurance Corporation’s insurance limit. The Company performs periodic evaluations of the risks associated with its investments and the relative credit standing of these financial institutions.
The Company performs ongoing credit evaluations of its customers’ financial condition. The Company does not require collateral from its customers but may require upfront payments from certain customers. The Company has not experienced material credit losses to date.
Substantially all the Company’s long-lived assets are located in the United States.
Inventory
Inventory
Inventory is recorded at the lower of cost, determined on a first-in, first-out basis, or net realizable value. The Company uses judgment to analyze and determine if the composition of its inventory is obsolete, slow-moving, unsalable or otherwise carried above the net realizable value and frequently reviews such determinations. The Company writes down specifically identified unusable, obsolete, slow-moving or known unsalable inventory and inventory otherwise carried above the net realizable value in the period that it is first recognized by using a number of factors including product expiration dates, open and unfulfilled orders and sales forecasts. Net realizable value is determined using the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Any write-down of its inventory to net realizable value establishes a new cost basis and will be maintained even if certain circumstances suggest that the inventory is recoverable in subsequent periods. Costs associated with the write-down of inventory are recorded to cost of revenue on the Company’s consolidated statements of operations.
Leases
Leases
The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.
The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease and total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. Lease costs for the Company’s operating leases are recognized on a straight-line basis within operating expenses and costs of goods sold over the reasonably assured lease term.
The Company evaluates ROU assets related to leases for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an ROU asset may not be recoverable. When a decision has been made to sublease that space, the Company evaluates the asset for impairment and recognize the associated impact to the ROU asset and related expense, if applicable. The evaluation is performed at the lowest level of identifiable cash flows for an asset group. Undiscounted cash flows expected to be generated by the related ROU assets are estimated over the ROU assets’ useful lives. If the evaluation indicates that the carrying amount of the ROU assets may not be recoverable, any potential impairment is measured based upon the fair value of the related ROU asset or asset group as determined by appropriate valuation techniques. Refer to Note 7, Commitments and Contingencies - Lease Agreements, to the Notes to Consolidated Financial Statements for further details.
The Company has elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for any lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment is stated at cost, net of accumulated depreciation.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company evaluates long-lived assets, such as property and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values.
Product Warranties
Product Warranties
The Company generally provides a one-year warranty on its instruments. The Company reviews its exposure to estimated warranty obligations associated with instrument sales and establishes an accrual based on historical product failure rates and actual warranty costs incurred. This expense is recorded as a component of cost of revenue in the consolidated statements of operations.
Deferred Revenue
Deferred Revenue
Deferred revenue consists of payments received in advance of revenue recognition primarily related to instrument service agreements, also referred to as extended warranties. Revenue under these agreements is recognized over the related service period. Deferred revenue expected to be recognized during the 12 months following the balance sheet date is recorded as current portion of deferred revenue and the remaining portion is recorded as long-term.
Revenue Recognition
Revenue Recognition
The Company generates revenue from sales of products and services, and its products consist of instruments and consumables. Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. Instrument service agreements, which relate to extended warranties, are typically entered into for one-year terms, following the expiration of the standard one-year warranty period. Revenue for extended warranties is recognized ratably over the term of the extended warranty period as a stand ready performance obligation. Revenue is recorded net of discounts, distributor commissions and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component.
The Company regularly enters into contracts that include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.
Cost of Revenue
Cost of Revenue
Cost of revenue primarily consists of manufacturing costs incurred in the production process, including personnel and related costs, component materials, labor and overhead, packaging and delivery costs and allocated costs including facilities and information technology. In addition, cost of product revenue includes royalty costs for licensed technologies included in the Company’s products, warranty costs and provisions for slow-moving and obsolete inventory.
Shipping and Handling Costs
Shipping and Handling Costs
Shipping and handling charged to customers are recorded as revenue. Shipping and handling costs are included in the Company’s cost of revenue.
Research and Development
Research and Development
Research and development costs are expensed in the period incurred. Research and development expense consists of personnel and related costs, independent contractor costs, laboratory supplies, equipment maintenance, prototype and materials expenses, amortization of developed technology and intangibles and allocated costs including facilities and information technology.
See Note 4 for discussion of in-process research and development included in the consolidated statements of operations.
Advertising Costs
Advertising Costs
Advertising costs are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company’s stock-based compensation expense relates to stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock awards ("PSAs") including performance stock options and performance RSUs granted pursuant to equity incentive plans and stock purchase rights under an Employee Stock Purchase Plan (“ESPP”). Stock-based compensation expense for its stock-based awards is based on their grant date fair value. The Company determines the fair value of RSUs based on the closing price of its stock, which is listed on the Nasdaq Global Select Market, at the date of the grant (or on the most recent trading day prior to grant, if the date of grant is not a trading day). The Company estimates the fair value of stock option awards under an equity incentive plan and stock purchase rights under an ESPP on the grant date using the Black-Scholes option-pricing model. The fair values of stock-based awards excluding PSUs and PSAs are recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur.
The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and the expected stock price volatility over the expected term. The Company calculated the expected term using the simplified method, which is the mid-point between the vesting and contractual term. Due to the short
trading period of the Company's stock, the Company has estimated volatility by reference to the historical volatilities of the Company and that of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the equity-settled award.
For PSAs, the Company derives the valuation of the award and the requisite service period for each separately vesting portion of the award using a Monte Carlo simulation model and the related compensation expense is recognized over the derived service period using the accelerated attribution method commencing on the grant date. The derived service period is the median duration of the successful stock price paths to meet the respective escalating stock price thresholds as simulated in the Monte Carlo valuation model which uses assumptions such as volatility, risk-free interest rate, cost of equity and dividend estimated for the performance period of the PSAs. If the related market condition is achieved earlier than its estimated derived service period, the stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met.
For PSUs, management reassesses the probability of vesting at each reporting period, and any changes in estimates are recognized on a cumulative catch-up basis for the stock-based compensation expense.
Foreign Currency
Foreign Currency
For foreign subsidiaries where the functional currency is the local currency, assets and liabilities are translated to the U.S. dollar using month-end exchange rates, and revenue and expenses using average exchange rates. The adjustments resulting from these foreign currency translations are recorded in “Accumulated other comprehensive loss.”
For entities where the functional currency is the U.S. dollar, monetary assets and liabilities are remeasured using exchange rates in effect at the balance sheet dates and non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses are remeasured at the average exchange rates for the period. Gains or losses from foreign currency remeasurement are included in “Other expense, net” in the consolidated statements of operations.
Income Taxes
Income Taxes
The Company uses the asset and liability method of accounting for income taxes, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to the 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 the enacted tax rates expected to apply in the years in which those tax assets and liabilities are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.
The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not (greater than 50% likely) to be realized upon settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in its tax provision.
The Company calculates the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed income tax returns are recorded when identified. The amount of income tax paid is subject to examination by U.S. and foreign tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of the relevant risks, facts and circumstances existing at that time. To the extent the assessment of such tax position changes, the change in estimate is recorded in the period in which the determination is made.
Net Loss Per Share
Net Loss Per Share
Net loss per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase.
For the calculation of diluted net loss per share, basic net loss per share is adjusted by the effect of dilutive securities including awards under the Company’s equity compensation plans. Diluted net loss per share is computed by dividing net loss by the weighted-average number of dilutive shares of common stock outstanding. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive.
Recently Issued Accounting Pronouncement and Disclosure Rules
Recently Issued Accounting Pronouncement and Disclosure Rules
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which prescribes standardized categories and disaggregation of information in the reconciliation of provision for income taxes, requires disclosure of disaggregated income taxes paid, and modifies other income tax-related disclosure requirements. The updated standard is effective beginning with the Company’s fiscal year 2025 annual reporting period. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its related disclosures and will not early adopt this accounting standard.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands):
Year Ended December 31,
202420232022
Cash and cash equivalents$344,067 $359,284 $219,746 
Restricted cash— — 7,607 
Total cash, cash equivalents and restricted cash$344,067 $359,284 $227,353 
Schedule of Property Equipment Depreciation is computed using the straight-line method based on the estimated useful lives of the following assets:
Useful Life (Years)
Building10-40
Laboratory equipment and machinery 3-5
Computer equipment2-5
Furniture and fixtures3
Leasehold improvements1-10
Property and equipment, net consisted of the following (in thousands):
December 31,
20242023
Land$36,765 $36,765 
Building147,094 146,044 
Laboratory equipment and machinery72,498 69,238 
Computer equipment and software14,953 16,379 
Furniture and fixtures9,586 10,979 
Leasehold improvements89,567 96,405 
Construction in progress5,152 7,252 
Total property and equipment375,615 383,062 
Less: accumulated depreciation and amortization(122,967)(103,491)
Property and equipment, net$252,648 $279,571 
v3.25.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs Related to Restructuring
The following table is a summary of restructuring costs related to the Company’s restructuring activities as of December 31, 2024 (in thousands):
Termination Benefits CostsLong-lived Assets Impairment ExpensesTotal
Balance at January 1, 2022$— $— $— 
Restructuring charge4,216 — 4,216 
Cash payments made(3,385)— (3,385)
Non-cash charge(616)(616)
Balance at December 31, 2022215 — 215 
Restructuring charge310 2,171 2,481 
Cash payments made(215)— (215)
Non-cash charge— (2,171)(2,171)
Balance at December 31, 2023310 — 310 
Restructuring Charge
259 — 259 
Cash payments made
(569)— (569)
Balance at December 31, 2024
$— $— $— 
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed
The following table summarizes the value of assets acquired and liabilities assumed (in thousands):
Assets Acquired and Liabilities Assumed
In-process research and development$60,980 
Intangible assets - acquired workforce200 
Property and equipment671 
Operating lease liabilities(1,496)
Other assets and liabilities, net758 
Total net assets acquired$61,113 
v3.25.0.1
Other Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Marketable Securities
Available-for-sale securities at December 31, 2024 consisted of the following (in thousands):
December 31, 2024December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$322,012 $— $— $322,012 $348,539 $— $— $348,539 Level 1
Marketable securities:
Corporate debt securities— — — — 10,022 — (51)9,971 Level 2
Government debt securities49,317 18 — 49,335 18,152 — (125)18,027 Level 2
Asset-backed securities— — — — 1,425 — (12)1,413 Level 2
Total available-for-sale securities$371,329 $18 $— $371,347 $378,138 $— $(188)$377,950 
Schedule of Inventory
Inventory was comprised of the following (in thousands):
December 31,
20242023
Purchased materials$38,930 $34,484 
Work in progress27,441 21,975 
Finished goods16,736 17,247 
Inventory$83,107 $73,706 
Schedule of Property Equipment Depreciation is computed using the straight-line method based on the estimated useful lives of the following assets:
Useful Life (Years)
Building10-40
Laboratory equipment and machinery 3-5
Computer equipment2-5
Furniture and fixtures3
Leasehold improvements1-10
Property and equipment, net consisted of the following (in thousands):
December 31,
20242023
Land$36,765 $36,765 
Building147,094 146,044 
Laboratory equipment and machinery72,498 69,238 
Computer equipment and software14,953 16,379 
Furniture and fixtures9,586 10,979 
Leasehold improvements89,567 96,405 
Construction in progress5,152 7,252 
Total property and equipment375,615 383,062 
Less: accumulated depreciation and amortization(122,967)(103,491)
Property and equipment, net$252,648 $279,571 
Schedule of Intangible Assets Net
Intangible assets, net consisted of the following (dollars in thousands):
December 31, 2024December 31, 2023
Remaining Useful Life in YearsGross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Intangibles,
Net
Technology licenses9.8$22,504 $(8,016)$14,488 $22,504 $(6,546)$15,958 
Developed technology5.71,000 (92)908 — — — 
Customer relationships0.9945 (918)27 945 (789)156 
Assembled workforce1.11,328 (1,080)248 1,328 (826)502 
Intangible assets, net$25,777 $(10,106)$15,671 $24,777 $(8,161)$16,616 
Schedule of Annual Amortization of Intangible Assets
The estimated annual amortization of intangible assets for the next five years is shown below (in thousands):
Estimated
Annual
Amortization
2025$1,862 
20261,667 
20271,631 
20281,631 
20291,631 
Thereafter7,249 
Total$15,671 
Schedule of Accrued Compensation and Related Benefits
Accrued compensation and related benefits were comprised of the following (in thousands):
December 31,
20242023
Accrued payroll and related costs$2,970 $2,262 
Accrued bonus21,859 18,254 
Accrued commissions5,938 6,410 
Other2,848 3,179 
Accrued compensation and related benefits$33,615 $30,105 
Schedule of Accrued Expense and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following (in thousands):
December 31,
20242023
Accrued purchase consideration$— $20,000 
Accrued legal and related costs6,100 3,839 
Accrued royalties for licensed technologies7,042 5,455 
Accrued property and equipment644 3,199 
Accrued professional services5,315 6,577 
Product warranties8,615 8,116 
Taxes payable4,936 5,049 
Other8,513 4,413 
Accrued expenses and other current liabilities$41,165 $56,648 
Schedule of Changes in the Reserve for Product Warranties
Changes in the reserve for product warranties were as follows (in thousands):
Year Ended December 31,
20242023
Beginning of period$8,116 $3,023 
Amounts charged to cost of revenue13,325 10,701 
Repairs and replacements(12,826)(5,608)
End of period$8,615 $8,116 
Schedule of Revenue of Recognized in Contract Liabilities
Year Ended December 31,
20242023
Beginning of period$21,964 $11,032 
Revenue recognized that was included in the contract liability at the beginning of the year(11,407)(6,588)
Revenue deferred excluding amounts recognized as revenue during the period22,614 17,520 
End of period$33,171 $21,964 
Schedule of Revenue by Source
The following table represents revenue by source for the periods indicated (in thousands). Spatial products include the Company’s Visium and Xenium products:
Year Ended December 31,
202420232022
Instruments
Chromium$35,212 $47,866 $58,552 
Spatial57,503 75,605 13,844 
Total instruments revenue92,715 123,471 72,396 
Consumables
Chromium372,308 420,316 400,433 
Spatial121,124 59,237 35,155 
Total consumables revenue493,432 479,553 435,588 
Services24,638 15,703 8,425 
Total revenue$610,785 $618,727 $516,409 
Schedule of Revenue by Geography
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Year Ended December 31,
202420232022
Americas
United States$334,318 $360,091 $284,987 
Americas (excluding United States)13,447 13,101 8,791 
Total Americas347,765 373,192 293,778 
Europe, Middle East and Africa159,762 142,276 117,068 
Asia-Pacific
China57,300 50,965 64,356 
Asia-Pacific (excluding China)45,958 52,294 41,207 
Total Asia-Pacific103,258 103,259 105,563 
Total revenue$610,785 $618,727 $516,409 
v3.25.0.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Tax, Domestic and Foreign
Income (loss) before provision for income taxes were as follows (in thousands):
Year Ended December 31,
202420232022
United States$(187,720)$(263,292)$(172,038)
International10,020 14,529 10,067 
Total$(177,700)$(248,763)$(161,971)
Schedule of Provision for Income Taxes
The provision for income taxes consisted of the following (in thousands):
Year Ended December 31,
202420232022
Current provision:
Federal$396 $351 $— 
State314 180 533 
Foreign3,508 6,252 3,360 
Total current provision for income taxes4,218 6,783 3,893 
Deferred provision:
Federal— — — 
State— — — 
Foreign709 (447)136 
Total deferred provision for income taxes709 (447)136 
Provision for income taxes$4,927 $6,336 $4,029 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax provision to the effective income tax provision is as follows (in thousands):
Year Ended December 31,
202420232022
Income tax provision at federal statutory rate$(37,317)$(52,240)$(34,014)
State taxes, net of federal benefit(11,938)(14,831)(11,782)
Tax credits(8,895)(14,551)(9,028)
Foreign taxes2,148 3,888 1,522 
Stock-based compensation15,978 2,422 5,812 
Change in valuation allowance36,378 79,551 50,077 
Acquisition related expenses— 2,296 — 
Waived deductions under Section 59A8,190 — — 
Other383 (199)1,442 
Total provision for income taxes$4,927 $6,336 $4,029 
Schedule of Deferred Tax Assets and Liabilities The major components of deferred tax assets and liabilities are as follows (in thousands):
Year Ended December 31,
20242023
Deferred tax assets
Net operating loss carryforwards$161,681 $166,607 
Research and development tax credits103,555 89,521 
Accruals and reserves12,302 10,610 
Operating lease liability19,628 22,000 
Intangibles35,966 39,117 
Stock-based compensation26,772 24,342 
Capitalized research and development
136,267 108,255 
Total deferred tax assets496,171 460,452 
Valuation allowance(479,452)(443,074)
Net deferred tax assets$16,719 $17,378 
Deferred tax liabilities
Property and equipment(4,124)(2,609)
Operating right-of-use assets$(13,510)$(14,975)
Total deferred tax liabilities$(17,634)$(17,584)
Net deferred tax liabilities$(915)$(206)
Schedule of Unrecognized Tax Benefits Roll Forward
The total balance of unrecognized gross tax benefits, resulting primarily from research and development tax credits claimed on the Company’s annual tax returns, were as follows (in thousands):
20242023
Unrecognized tax benefits at beginning of year$45,713 $31,755 
Reduction related to settlements with tax authorities(285)— 
Reductions based on prior year tax provisions(1,617)— 
Additions based on prior year tax provisions467 3,511 
Additions based on current year tax provisions5,744 10,447 
Unrecognized tax benefits at end of year$50,022 $45,713 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Company's Operating Lease Liabilities
The payments due under of the Company’s operating lease liabilities as of December 31, 2024 are as follows (in thousands):
Operating Leases
2025$13,883 
202615,357 
202715,569 
202815,737 
202914,310 
Thereafter26,331 
Total lease payments$101,187 
Less: imputed interest(18,574)
Present value of operating lease liabilities$82,613 
Operating lease liabilities, current$9,286 
Operating lease liabilities, noncurrent73,327 
Total operating lease liabilities$82,613 
Schedule of Additional Information Related to Operating Leases
The following table summarizes additional information related to operating leases as of December 31, 2024:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases6.8 years7.5 years
Weighted-average discount rate:
Operating leases5.8 %5.9 %
v3.25.0.1
Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Common Stock Issued and Outstanding
The following table represents the number of shares of Class B common stock converted to shares of Class A common stock upon the election of the holders of such shares during the years:
Year Ended December 31,
202420232022
Class B common stock converted to Class A common stock— 4,610,422 979,210 
v3.25.0.1
Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of the Company's Stock Option Activity
A summary of the Company’s stock option activity under the Plans is as follows:
Outstanding
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Term
(Years)
Aggregate
Intrinsic Value
Balance as of December 31, 20235,946,786 $42.17 6.3$144,350,070 
Exercised(717,982)5.91 
Forfeited(634,222)60.04 
Balance as of December 31, 20244,594,582 $45.37 5.4$13,834,082 
Vested and exercisable as of December 31, 20243,876,752 $44.07 4.9$13,834,082 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of each employee option grant was estimated on the date of grant using the Black-Scholes option pricing model and the following assumptions for the periods indicated:
Year Ended December 31,
20232022
Expected volatility
70% – 71%
65% – 71%
Risk-free interest rate
3.7% – 4.6%
1.6% – 4.1%
Expected term
5.3 – 6.1 years
5.3 – 6.1 years
Expected dividend—%—%
The Company estimated the fair values of shares granted under the market-based TSR PSUs using a Monte Carlo
simulation model with the following assumptions:
Year Ended December 31, 2024
Expected volatility 66%
Risk-free interest rate4.5%
Expected dividend yield—%
The Company estimates the fair values of shares granted under the PSAs using a Monte Carlo simulation model with the following assumptions:
Year Ended December 31,
2023
Expected volatility71%
Risk-free interest rate3.7%
Expected dividend—%
The Company estimated the fair values of shares under the Performance stock options using a Monte Carlo simulation model with the following assumptions:
Year Ended December 31,
2022
Expected volatility68%
Risk-free interest rate3.4%
Expected dividend—%
Schedule of RSU Activity
Restricted stock units (“RSUs”) activity for the year ended December 31, 2024 is as follows:
Restricted Stock
Units		Weighted-Average
Grant Date Fair Value
(per share)
Balance as of December 31, 20235,334,134 $48.26 
Granted4,294,529 29.71 
Vested(2,092,526)53.10 
Forfeited(1,042,750)41.32 
Outstanding as of December 31, 20246,493,387 $35.55 
Schedule of Fair value of the Employee Stock Purchase Plan
The following assumptions were used in estimating the fair values of shares under the ESPP:
Year Ended December 31,
202420232022
Expected volatility
49% – 80%
49% – 58%
81% – 92%
Risk-free interest rate
4.44% – 5.40%
5.24% – 5.41%
1.54% – 4.54%
Expected term (in years)
0.5
0.5
0.50
Expected dividend—%—%—%
Schedule of Recorded Stock-based Compensation Expense in the Condensed Consolidated Statement of Operations
The Company recorded stock-based compensation expense in the consolidated statement of operations for the periods presented as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$8,348 $7,068 $5,259 
Research and development66,315 72,804 59,211 
Selling, general and administrative66,086 87,078 72,378 
Total stock-based compensation expense$140,749 $166,950 $136,848 
v3.25.0.1
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share
The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:
Year Ended December 31,
202420232022
Stock options to purchase common stock4,594,582 5,946,786 7,964,557 
Restricted stock units6,493,387 5,334,134 5,836,192 
Shares committed under ESPP124,652 48,302 46,548 
Total11,212,621 11,329,222 13,847,297 
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounting Policies [Abstract]      
Number of operating segment | segment 1    
Allowance for doubtful accounts $ 0.1 $ 0.1  
Impairment long lived asset held for use statement of income or comprehensive income extensible enumeration not disclosed flag   impairment charges  
Impairment of long lived assets $ 3.1 $ 9.8 $ 0.0
Product warranty term 1 year    
Advertising costs $ 3.9 3.3 3.7
Foreign currency transaction gains $ 2.1 $ 1.2 $ 0.2
v3.25.0.1
Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 344,067 $ 359,284 $ 219,746  
Restricted cash 0 0 7,607  
Total cash, cash equivalents and restricted cash $ 344,067 $ 359,284 $ 227,353 $ 596,073
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Company Property and Equipment (Details)
Dec. 31, 2024
Building | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 10 years
Building | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 40 years
Laboratory equipment and machinery | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 3 years
Laboratory equipment and machinery | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 5 years
Computer equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 2 years
Computer equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 5 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 3 years
Leasehold improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 1 year
Leasehold improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 10 years
v3.25.0.1
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 2.5 $ 4.2
Research and development    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 2.5 1.4
Cost of revenue    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs   0.3
Selling, general and administrative    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 2.5 $ 2.5
v3.25.0.1
Restructuring - Restructuring Costs Related to Restructuring (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]      
Restructuring reserve, beginning balance $ 310 $ 215 $ 0
Restructuring charge 259 2,481 4,216
Cash payments made (569) (215) (3,385)
Non-cash charge   (2,171) (616)
Restructuring reserve, ending balance 0 310 $ 215
Restructuring incurred cost statement of income or comprehensive income extensible enumeration not disclosed flag     Restructuring charge
Termination Benefits Costs      
Restructuring Reserve [Roll Forward]      
Restructuring reserve, beginning balance 310 215 $ 0
Restructuring charge 259 310 4,216
Cash payments made (569) (215) (3,385)
Non-cash charge   0 (616)
Restructuring reserve, ending balance 0 310 215
Long-lived Assets Impairment Expenses      
Restructuring Reserve [Roll Forward]      
Restructuring reserve, beginning balance 0 0 0
Restructuring charge 0 2,171 0
Cash payments made 0 0 0
Non-cash charge   (2,171)
Restructuring reserve, ending balance $ 0 $ 0 $ 0
v3.25.0.1
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended 12 Months Ended
Jul. 14, 2023
Jan. 28, 2023
Jan. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]              
Asset acquisition, upfront payment         $ 1,000 $ 923 $ 0
2023 Acquisition              
Business Acquisition [Line Items]              
Asset acquisition, upfront payment   $ 10,000          
Asset acquisition, consideration transferred $ 10,000            
Asset acquisition, milestone payment     $ 20,000 $ 21,300      
Cash consideration       $ 15,000   15,000  
In-process research and development 60,980         61,000  
Intangible assets - acquired workforce $ 200         $ 200  
v3.25.0.1
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Detail) - 2023 Acquisition - USD ($)
$ in Thousands
 12 Months Ended
Jul. 14, 2023
Dec. 31, 2023
Business Acquisition [Line Items]    
In-process research and development $ 60,980 $ 61,000
Intangible assets - acquired workforce 200 $ 200
Property and equipment 671  
Operating lease liabilities (1,496)  
Other assets and liabilities, net 758  
Total net assets acquired $ 61,113  
v3.25.0.1
Other Financial Statement Information - Available-for-Sale Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Marketable Securities [Line Items]    
Gross Unrealized Gains $ 18 $ 0
Gross Unrealized Losses 0 (188)
Total available-for-sale securities 371,329 378,138
Total available-for-sale securities, fair value 371,347 377,950
Money market funds | Level 1    
Marketable Securities [Line Items]    
Money market funds 322,012 348,539
Corporate debt securities | Level 2    
Marketable Securities [Line Items]    
Total marketable securities 0 10,022
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (51)
Marketable securities, fair value 0 9,971
Government debt securities | Level 2    
Marketable Securities [Line Items]    
Total marketable securities 49,317 18,152
Gross Unrealized Gains 18 0
Gross Unrealized Losses 0 (125)
Marketable securities, fair value 49,335 18,027
Asset-backed securities | Level 2    
Marketable Securities [Line Items]    
Total marketable securities 0 1,425
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (12)
Marketable securities, fair value $ 0 $ 1,413
v3.25.0.1
Other Financial Statement Information - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Debt securities, available-for-sale, realized loss $ 3,000 $ 1,700,000  
Debt securities, available-for-sale, realized gain (loss)     $ 0
Depreciation expense 33,900,000 32,900,000 22,800,000
Impairment of long lived assets 3,100,000 9,800,000 0
Transaction price allocated to remaining performance obligations 33,200,000    
Contract with customer, liability, current 20,658,000 13,150,000  
Contract liability 33,171,000 21,964,000 $ 11,032,000
Developed technology      
Defined Benefit Plan Disclosure [Line Items]      
Impairment of long lived assets   $ 4,600,000  
Computer equipment      
Defined Benefit Plan Disclosure [Line Items]      
Impairment of long lived assets 2,100,000    
Cost of revenue      
Defined Benefit Plan Disclosure [Line Items]      
Impairment of long lived assets 300,000    
Research and development      
Defined Benefit Plan Disclosure [Line Items]      
Impairment of long lived assets 700,000    
Selling, general and administrative      
Defined Benefit Plan Disclosure [Line Items]      
Impairment of long lived assets 1,100,000    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01      
Defined Benefit Plan Disclosure [Line Items]      
Contract with customer, liability, current $ 20,700,000    
Expected period of revenue recognition 12 months    
v3.25.0.1
Other Financial Statement Information - Schedule of Inventory (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Purchased materials $ 38,930 $ 34,484
Work in progress 27,441 21,975
Finished goods 16,736 17,247
Inventory $ 83,107 $ 73,706
v3.25.0.1
Other Financial Statement Information - Schedule of Property and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 375,615 $ 383,062
Less: accumulated depreciation and amortization (122,967) (103,491)
Property and equipment, net 252,648 279,571
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment 36,765 36,765
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 147,094 146,044
Laboratory equipment and machinery    
Property, Plant and Equipment [Line Items]    
Total property and equipment 72,498 69,238
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 14,953 16,379
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment 9,586 10,979
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 89,567 96,405
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 5,152 $ 7,252
v3.25.0.1
Other Financial Statement Information - Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 25,777 $ 24,777
Accumulated Amortization (10,106) (8,161)
Intangibles, Net $ 15,671 16,616
Technology licenses    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life in Years 9 years 9 months 18 days  
Gross Carrying Amount $ 22,504 22,504
Accumulated Amortization (8,016) (6,546)
Intangibles, Net $ 14,488 15,958
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life in Years 5 years 8 months 12 days  
Gross Carrying Amount $ 1,000 0
Accumulated Amortization (92) 0
Intangibles, Net $ 908 0
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life in Years 10 months 24 days  
Gross Carrying Amount $ 945 945
Accumulated Amortization (918) (789)
Intangibles, Net $ 27 156
Assembled workforce    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life in Years 1 year 1 month 6 days  
Gross Carrying Amount $ 1,328 1,328
Accumulated Amortization (1,080) (826)
Intangibles, Net $ 248 $ 502
v3.25.0.1
Other Financial Statement Information - Annual Amortization of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Estimated Annual Amortization    
2025 $ 1,862  
2026 1,667  
2027 1,631  
2028 1,631  
2029 1,631  
Thereafter 7,249  
Intangibles, Net $ 15,671 $ 16,616
v3.25.0.1
Other Financial Statement Information - Schedule of Accrued Compensation and Related Benefits (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued payroll and related costs $ 2,970 $ 2,262
Accrued bonus 21,859 18,254
Accrued commissions 5,938 6,410
Other 2,848 3,179
Accrued compensation and related benefits $ 33,615 $ 30,105
v3.25.0.1
Other Financial Statement Information - Schedule of Accrued Expense and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued purchase consideration $ 0 $ 20,000
Accrued legal and related costs 6,100 3,839
Accrued royalties for licensed technologies 7,042 5,455
Accrued property and equipment 644 3,199
Accrued professional services 5,315 6,577
Product warranties 8,615 8,116
Taxes payable 4,936 5,049
Other 8,513 4,413
Accrued expenses and other current liabilities $ 41,165 $ 56,648
v3.25.0.1
Other Financial Statement Information - Schedule of Changes in the Reserve for Product Warranties (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]    
Beginning of period $ 8,116 $ 3,023
Amounts charged to cost of revenue 13,325 10,701
Repairs and replacements (12,826) (5,608)
End of period $ 8,615 $ 8,116
v3.25.0.1
Other Financial Statement Information - Summary of the Change in Contract Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract with Customer, Liability [Roll Forward]    
Contract liability, beginning balance $ 21,964 $ 11,032
Revenue recognized that was included in the contract liability at the beginning of the year (11,407) (6,588)
Revenue deferred excluding amounts recognized as revenue during the period 22,614 17,520
Contract liability, ending balance $ 33,171 $ 21,964
v3.25.0.1
Other Financial Statement Information - Schedule of Revenue by Source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Total revenue $ 610,785 $ 618,727 $ 516,409
Instruments      
Revenue from External Customer [Line Items]      
Total revenue 92,715 123,471 72,396
Chromium      
Revenue from External Customer [Line Items]      
Total revenue 35,212 47,866 58,552
Spatial      
Revenue from External Customer [Line Items]      
Total revenue 57,503 75,605 13,844
Consumables      
Revenue from External Customer [Line Items]      
Total revenue 493,432 479,553 435,588
Chromium      
Revenue from External Customer [Line Items]      
Total revenue 372,308 420,316 400,433
Spatial      
Revenue from External Customer [Line Items]      
Total revenue 121,124 59,237 35,155
Services      
Revenue from External Customer [Line Items]      
Total revenue $ 24,638 $ 15,703 $ 8,425
v3.25.0.1
Other Financial Statement Information - Schedule of Revenue by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 610,785 $ 618,727 $ 516,409
Americas      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 347,765 373,192 293,778
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 334,318 360,091 284,987
Americas (excluding United States)      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 13,447 13,101 8,791
Europe, Middle East and Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 159,762 142,276 117,068
Asia-Pacific      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 103,258 103,259 105,563
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 57,300 50,965 64,356
Asia-Pacific (excluding China)      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 45,958 $ 52,294 $ 41,207
v3.25.0.1
Income Tax - Schedule of Income (Loss) Before Provision for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]      
Income (loss) before provision for income taxes $ (177,700) $ (248,763) $ (161,971)
United States      
Income Tax Contingency [Line Items]      
Income (loss) before provision for income taxes (187,720) (263,292) (172,038)
International      
Income Tax Contingency [Line Items]      
Income (loss) before provision for income taxes $ 10,020 $ 14,529 $ 10,067
v3.25.0.1
Income Tax - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current provision:      
Federal $ 396 $ 351 $ 0
State 314 180 533
Foreign 3,508 6,252 3,360
Total current provision for income taxes 4,218 6,783 3,893
Deferred provision:      
Federal 0 0 0
State 0 0 0
Foreign 709 (447) 136
Total deferred provision for income taxes 709 (447) 136
Total provision for income taxes $ 4,927 $ 6,336 $ 4,029
v3.25.0.1
Income Tax - Schedule of Reconciliation of the Federal Statutory Income Tax Provision (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income tax provision at federal statutory rate $ (37,317) $ (52,240) $ (34,014)
State taxes, net of federal benefit (11,938) (14,831) (11,782)
Tax credits (8,895) (14,551) (9,028)
Foreign taxes 2,148 3,888 1,522
Stock-based compensation 15,978 2,422 5,812
Change in valuation allowance 36,378 79,551 50,077
Acquisition related expenses 0 2,296 0
Waived deductions under Section 59A 8,190 0 0
Other 383 (199) 1,442
Total provision for income taxes $ 4,927 $ 6,336 $ 4,029
v3.25.0.1
Income Tax - Schedule of Major Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Net operating loss carryforwards $ 161,681 $ 166,607
Research and development tax credits 103,555 89,521
Accruals and reserves 12,302 10,610
Operating lease liability 19,628 22,000
Intangibles 35,966 39,117
Stock-based compensation 26,772 24,342
Capitalized research and development 136,267 108,255
Total deferred tax assets 496,171 460,452
Valuation allowance (479,452) (443,074)
Net deferred tax assets 16,719 17,378
Deferred tax liabilities    
Property and equipment (4,124) (2,609)
Operating right-of-use assets (13,510) (14,975)
Total deferred tax liabilities (17,634) (17,584)
Net deferred tax liabilities $ (915) $ (206)
v3.25.0.1
Income Tax - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Change in valuation allowance $ 36,400 $ 78,800  
Unrecognized gross tax benefits 50,022 45,713 $ 31,755
Unrecognized gross tax benefit that would affect effective tax rate if recognized 2,900 2,700  
Interest and penalties accrued 1,600 900  
Interest and penalties expense 700 $ 500 $ 200
Domestic Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 638,700    
Tax credit carryforward 88,500    
Domestic Tax Jurisdiction | Operating Loss Carryforwards, Indefinitely Carried Forward      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 632,900    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 424,500    
Tax credit carryforward $ 68,300    
v3.25.0.1
Income Tax - Schedule Of Unrecognized Gross Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Unrecognized tax benefits at beginning of year $ 45,713 $ 31,755
Reduction related to settlements with tax authorities (285) 0
Reductions based on prior year tax provisions (1,617) 0
Additions based on prior year tax provisions 467 3,511
Additions based on current year tax provisions 5,744 10,447
Unrecognized tax benefits at end of year $ 50,022 $ 45,713
v3.25.0.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 17, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 20, 2023
Loss Contingencies [Line Items]          
Minimum purchase commitment   $ 13.2      
Minimum purchase commitment term   1 year      
Operating lease cost   $ 12.6 $ 13.6 $ 13.1  
Variable lease cost   0.5 0.2 0.4  
Sublease Income   1.2 0.5    
Operating lease payments   17.8 $ 15.2 $ 12.1  
Costs associated with exit activities related to the lease expirations   $ 1.0      
Contingency, damages sought, value $ 31.0        
Amount of lost profits 25.0        
Payments for royalties $ 6.0        
Security deposit         $ 2.3
Maximum          
Loss Contingencies [Line Items]          
Operating lease term   10 years      
Intellectual Property          
Loss Contingencies [Line Items]          
Contractual obligation   $ 14.6      
Contractual obligation term   14 years      
Software Development          
Loss Contingencies [Line Items]          
Contractual obligation   $ 19.6      
Contractual obligation term   5 years      
v3.25.0.1
Commitments and Contingencies - Schedule of Company's Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
2025 $ 13,883  
2026 15,357  
2027 15,569  
2028 15,737  
2029 14,310  
Thereafter 26,331  
Total lease payments 101,187  
Less: imputed interest (18,574)  
Present value of operating lease liabilities 82,613  
Operating lease liabilities, current 9,286 $ 11,521
Operating lease liabilities, noncurrent 73,327 $ 83,849
Total operating lease liabilities $ 82,613  
v3.25.0.1
Commitments and Contingencies - Schedule of Additional Information Related to Operating Leases (Details)
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Weighted-average remaining lease term, operating leases 6 years 9 months 18 days 7 years 6 months
Weighted-average discount rate, operating leases 5.80% 5.90%
v3.25.0.1
Capital Stock - Additional Information (Detail)
Dec. 31, 2024
vote
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Class of Stock [Line Items]    
Shares of capital stock authorized (in shares) 1,200,000,000  
Common stock authorized (in shares) 1,100,000,000 1,100,000,000
Preferred stock authorized (in shares) 100,000,000 100,000,000
Common stock par value (in dollars per share) | $ / shares $ 0.00001 $ 0.00001
Common Class A    
Class of Stock [Line Items]    
Common stock authorized (in shares) 1,000,000,000 1,000,000,000
Common stock par value (in dollars per share) | $ / shares $ 0.00001  
Number of votes per share | vote 1  
Common Class B    
Class of Stock [Line Items]    
Common stock authorized (in shares) 100,000,000 100,000,000
Common stock par value (in dollars per share) | $ / shares $ 0.00001  
Number of votes per share | vote 10  
Convertible Preferred Stock    
Class of Stock [Line Items]    
Preferred stock authorized (in shares) 100,000,000  
v3.25.0.1
Capital Stock - Schedule of Common Stock Issued and Outstanding (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class B common stock converted to Class A common stock      
Class of Stock [Line Items]      
Common stock shares converted (in shares) 0 4,610,422 979,210
v3.25.0.1
Equity Incentive Plans - Additional Information (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2024
shares
Mar. 31, 2023
shares
Sep. 30, 2022
shares
Dec. 31, 2024
USD ($)
d
$ / shares
shares
Dec. 31, 2023
USD ($)
d
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Restricted stock units, granted (in shares) | shares       4,294,529    
Weighted-average grant date fair value, granted (in dollars per share)       $ 29.71    
Restricted Stock Units (RSUs)            
Unrecognized stock-based compensation | $       $ 194.4    
Weighted-average period of recognition for stock options       3 years    
Compound Annual Growth Rate            
PSA target percentage       50.00%    
Performance period       2 years    
Total Shareholder Return            
PSA target percentage       50.00%    
Performance period       3 years    
Minimum | Compound Annual Growth Rate            
PSA target amount of shares percentage       0.00%    
Minimum | Total Shareholder Return            
PSA target amount of shares percentage       0.00%    
Maximum | Compound Annual Growth Rate            
PSA target amount of shares percentage       175.00%    
Maximum | Total Shareholder Return            
PSA target amount of shares percentage       200.00%    
2019 Omnibus Incentive Plan            
Percentage increase in shares on stock outstanding       5.00%    
Contractual term       10 years    
Stock options grant date fair value (in dollars per share)         $ 33.67 $ 32.95
Intrinsic value of stock options exercised | $       $ 12.3 $ 78.0 $ 89.5
Unrecognized stock-based compensation | $       $ 19.5    
Weighted-average period of recognition for stock options       2 years    
2019 Omnibus Incentive Plan | Minimum            
Exercise price percentage on fair market value       100.00%    
2019 Plan | Performance Stock Units            
Restricted stock units, granted (in shares) | shares 219,168          
2019 Plan | Performance Stock Options and Restricted Stock Units            
Restricted stock units, granted (in shares) | shares   172,842 709,025      
Market-based Performance Awards            
Employee benefits and share-based compensation | $       $ 1.3    
Market-based Performance Awards | Compound Annual Growth Rate            
Weighted-average grant date fair value, granted (in dollars per share)       $ 37.43    
Market-based Performance Awards | Total Shareholder Return            
Weighted-average grant date fair value, granted (in dollars per share)       44.80    
March 2023 Market-based Performance Awards            
Weighted-average grant date fair value, granted (in dollars per share)       $ 43.13    
Employee benefits and share-based compensation | $       $ 1.7 5.1  
Threshold consecutive day | d       20    
March 2023 Market-based Performance Awards | Tranche One            
Proceeds from issuance of stock (in dollars per share)       $ 72.14    
March 2023 Market-based Performance Awards | Tranche Two            
Proceeds from issuance of stock (in dollars per share)       96.19    
March 2023 Market-based Performance Awards | Tranche Three            
Proceeds from issuance of stock (in dollars per share)       120.24    
September 2022 Market-based Performance Awards            
Weighted-average grant date fair value, granted (in dollars per share)       $ 22.55    
Employee benefits and share-based compensation | $       $ 2.4 $ 10.0 $ 3.3
Threshold consecutive day | d         20  
September 2022 Market-based Performance Awards | Tranche One            
Proceeds from issuance of stock (in dollars per share)         $ 60  
September 2022 Market-based Performance Awards | Tranche Two            
Proceeds from issuance of stock (in dollars per share)         80  
September 2022 Market-based Performance Awards | Tranche Three            
Proceeds from issuance of stock (in dollars per share)         105  
2019 Employee Stock Purchase Plan            
Percentage increase in shares on stock outstanding       1.00%    
Stock options grant date fair value (in dollars per share)       $ 6.42 $ 16.91 $ 33.74
Unrecognized stock-based compensation | $       $ 1.5    
Weighted-average period of recognition for stock options       4 months 24 days    
Employee contribution percentage       15.00%    
Offering period       6 months    
2019 Employee Stock Purchase Plan | Employee Stock            
Common stock reserved for issuance (in shares) | shares       2,705,096    
Common Class A | 10x Genomics, Inc. 2012 Stock Plan            
Common stock issuable upon the exercise of stock options (in shares) | shares       1,842,338    
Common Class A | 2019 Omnibus Incentive Plan            
Common stock issuable upon the exercise of stock options (in shares) | shares       19,637,882    
Shares issuable in connection with outstanding awards (in shares) | shares       9,245,631    
Common stock reserved for issuance (in shares) | shares       11,000,000    
Share-based payment award, number of shares authorized (in shares) | shares       11,000,000    
Common Class A | 2019 Employee Stock Purchase Plan            
Common stock reserved for issuance (in shares) | shares       3,686,671    
Common Class A | 2019 Employee Stock Purchase Plan | Employee Stock            
Shares issued in period for previously outstanding awards (in shares) | shares       385,967 217,537 151,028
v3.25.0.1
Equity Incentive Plans - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Detail) - 2019 Omnibus Incentive Plan - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Outstanding Options    
Outstanding options, Beginning balance (in shares) 5,946,786  
Outstanding Options, Exercised (in shares) (717,982)  
Cancelled and forfeited (in shares) (634,222)  
Outstanding options, Ending balance (in shares) 4,594,582 5,946,786
Weighted- Average Exercise Price    
Weighted-Average Exercise Price, Beginning balance (in dollars per share) $ 42.17  
Weighted-Average Exercise Price, Exercised (in dollars per share) 5.91  
Weighted-Average Exercise Price, Cancelled and forfeited (in dollars per share) 60.04  
Weighted-Average Exercise Price, Ending balance (in dollars per share) $ 45.37 $ 42.17
Options Outstanding, Weighted-Average Remaining Term (Years) 5 years 4 months 24 days 6 years 3 months 18 days
Options Outstanding, Aggregate Intrinsic Value $ 13,834,082 $ 144,350,070
Weighted-Average Remaining Terms and Aggregate Intrinsic Value    
Outstanding Options, Vested and exercisable (in shares) 3,876,752  
Weighted-Average Exercise Price, Vested and exercisable (in dollars per share) $ 44.07  
Options Outstanding, Weighted-Average Remaining Term, Vested and exercisable 4 years 10 months 24 days  
Options Outstanding, Aggregate Intrinsic Value, Vested and exercisable $ 13,834,082  
v3.25.0.1
Equity Incentive Plans - Schedule of Stock Option Valuation Assumptions (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected dividend 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility 70.00% 65.00%
Risk-free interest rate 3.70% 1.60%
Expected term (in years) 5 years 3 months 18 days 5 years 3 months 18 days
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility 71.00% 71.00%
Risk-free interest rate 4.60% 4.10%
Expected term (in years) 6 years 1 month 6 days 6 years 1 month 6 days
v3.25.0.1
Equity Incentive Plans - Schedule of RSU Activity (Detail)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Restricted Stock Units  
Restricted Stock Units, Beginning balance (in shares) | shares 5,334,134
Restricted Stock Units, Granted (in shares) | shares 4,294,529
Restricted Stock Units, Vested (in shares) | shares (2,092,526)
Restricted Stock Units, Forfeited (in shares) | shares (1,042,750)
Restricted Stock Units, Ending balance (in shares) | shares 6,493,387
Weighted-Average Grant Date Fair Value (per share)  
Weighted-Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares $ 48.26
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares 29.71
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares 53.10
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares 41.32
Weighted-Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares $ 35.55
v3.25.0.1
Equity Incentive Plans - Fair Values of Shares Under the Performance Stock Options (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend   0.00% 0.00%
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 66.00%    
Risk-free interest rate 4.50%    
Expected dividend 0.00%    
v3.25.0.1
Equity Incentive Plans - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected dividend 0.00% 0.00%
Performance Stock Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility 71.00% 68.00%
Risk-free interest rate 3.70% 3.40%
Expected dividend 0.00% 0.00%
v3.25.0.1
Equity Incentive Plans - Schedule of Fair value of the Employee Stock Purchase Plan (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend   0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility   70.00% 65.00%
Risk-free interest rate   3.70% 1.60%
Expected term (in years)   5 years 3 months 18 days 5 years 3 months 18 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility   71.00% 71.00%
Risk-free interest rate   4.60% 4.10%
Expected term (in years)   6 years 1 month 6 days 6 years 1 month 6 days
2019 Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 6 months    
Expected dividend 0.00% 0.00% 0.00%
2019 Employee Stock Purchase Plan | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 49.00% 49.00% 81.00%
Risk-free interest rate 4.44% 5.24% 1.54%
Expected term (in years)   6 months 6 months
2019 Employee Stock Purchase Plan | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 80.00% 58.00% 92.00%
Risk-free interest rate 5.40% 5.41% 4.54%
v3.25.0.1
Equity Incentive Plans - Schedule of Recorded Stock-Based Compensation Expense in the Condensed Consolidated Statement of Operations (Details)) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed [Line Items]      
Stock-based compensation expense $ 140,749 $ 166,950 $ 136,848
Cost of revenue      
Share-based Payment Arrangement, Expensed [Line Items]      
Stock-based compensation expense 8,348 7,068 5,259
Research and development      
Share-based Payment Arrangement, Expensed [Line Items]      
Stock-based compensation expense 66,315 72,804 59,211
Selling, general and administrative      
Share-based Payment Arrangement, Expensed [Line Items]      
Stock-based compensation expense $ 66,086 $ 87,078 $ 72,378
v3.25.0.1
Employee Benefit Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, employers matching contribution, percentage 100.00%    
Defined contribution plan, employer matching contribution, first percentage 3.00%    
Defined benefit plan, plan assets, contributions by employer $ 1,900 $ 1,800 $ 2,000
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, contributions by employer $ 2    
v3.25.0.1
Net Loss Per Share (Detail) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 11,212,621 11,329,222 13,847,297
Stock options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 4,594,582 5,946,786 7,964,557
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 6,493,387 5,334,134 5,836,192
Shares committed under ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 124,652 48,302 46,548