| Balance Sheet Components |
4.BALANCE SHEET COMPONENTS Property and Equipment, Net The following summarizes property and equipment, net as of December 31, 2024 and 2023 (in thousands):
|
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|
|
|
|
|
|
|
|
|
December 31,
2024 |
|
|
December 31,
2023 |
|
Equipment |
|
$ |
110,011 |
|
|
$ |
91,656 |
|
Leasehold improvements |
|
|
46,809 |
|
|
|
42,433 |
|
Furniture and fixtures |
|
|
6,633 |
|
|
|
6,633 |
|
Total property and equipment, gross |
|
|
163,453 |
|
|
|
140,722 |
|
Less: accumulated depreciation |
|
|
(105,397 |
) |
|
|
(79,041 |
) |
Property and equipment, net |
|
$ |
58,056 |
|
|
$ |
61,681 |
|
Depreciation expense on property and equipment is classified as follows in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 (in thousands):
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Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Cost of revenue, genomics |
|
$ |
13,966 |
|
|
$ |
12,961 |
|
|
$ |
8,190 |
|
Cost of revenue, data and services |
|
|
172 |
|
|
|
— |
|
|
|
— |
|
Research and development |
|
|
— |
|
|
|
— |
|
|
|
1,371 |
|
Selling, general and administrative costs |
|
|
12,218 |
|
|
|
8,318 |
|
|
|
7,133 |
|
Total depreciation |
|
$ |
26,356 |
|
|
$ |
21,279 |
|
|
$ |
16,694 |
|
Accrued Expenses Accrued expenses as of December 31, 2024 and 2023, consist of the following (in thousands):
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December 31,
2024 |
|
|
December 31,
2023 |
|
Accrued compensation and employee benefits |
|
$ |
24,767 |
|
|
$ |
21,950 |
|
Accrued expenses |
|
|
51,147 |
|
|
|
37,783 |
|
Accrued employer payroll tax related to stock-based compensation |
|
|
24,439 |
|
|
|
— |
|
Accrued cloud storage costs |
|
|
21,394 |
|
|
|
13,921 |
|
Interest payable |
|
|
8,660 |
|
|
|
8,863 |
|
Total accrued expenses |
|
$ |
130,407 |
|
|
$ |
82,517 |
|
|