Balance Sheet Details (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Balance Sheet Related Disclosures [Abstract] |
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| Summary of Cash and Cash Equivalents |
Cash, cash equivalents and restricted cash consist of the following:
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
| Cash and cash equivalents |
|
$ |
108,618 |
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$ |
118,575 |
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| Short-term restricted cash |
|
— |
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|
1,003 |
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| Long-term restricted cash |
|
1,635 |
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|
25 |
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| Total cash, cash equivalents and restricted cash |
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$ |
110,253 |
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$ |
119,603 |
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| Summary of Restriction Cash |
Cash, cash equivalents and restricted cash consist of the following:
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June 30, 2025 |
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December 31, 2024 |
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|
(in thousands) |
| Cash and cash equivalents |
|
$ |
108,618 |
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|
$ |
118,575 |
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| Short-term restricted cash |
|
— |
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|
1,003 |
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| Long-term restricted cash |
|
1,635 |
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|
25 |
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| Total cash, cash equivalents and restricted cash |
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$ |
110,253 |
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$ |
119,603 |
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| Summary of Inventory |
Inventory consists of the following:
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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| Work-in-process |
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$ |
54,110 |
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$ |
53,979 |
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| Finished goods |
|
31,921 |
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|
36,364 |
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$ |
86,031 |
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$ |
90,343 |
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| Summary of Property and Equipment |
Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
4,072 |
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$ |
3,937 |
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| Machinery and equipment |
3-5 |
|
86,348 |
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|
80,804 |
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| Masks and production equipment |
5 |
|
61,989 |
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|
63,803 |
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| Software |
3 |
|
11,433 |
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|
11,178 |
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| Leasehold improvements |
1-5 |
|
36,786 |
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|
34,981 |
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| Construction in progress |
N/A |
|
842 |
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|
898 |
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|
|
201,470 |
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|
195,601 |
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| Less: accumulated depreciation and amortization |
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|
(150,345) |
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|
(136,301) |
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$ |
51,125 |
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$ |
59,300 |
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| Summary of Price Protection Liability |
The following table sets forth activity related to the accrued price protection liability:
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Six Months Ended June 30, |
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2025 |
|
2024 |
|
(in thousands) |
| Beginning balance |
$ |
43,401 |
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$ |
71,684 |
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| Charged as a reduction of revenue |
14,353 |
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|
24,949 |
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| Revisions to accrued rebates |
(12,170) |
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|
(1,107) |
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| Payments |
(6,064) |
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|
(33,896) |
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| Ending balance |
$ |
39,520 |
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$ |
61,630 |
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| Summary of Accrued Expenses |
Accrued expenses and other current liabilities consist of the following:
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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| Accrued technology license payments |
$ |
3,627 |
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$ |
4,336 |
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| Accrued professional fees |
12,855 |
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|
7,103 |
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| Accrued engineering and production costs |
2,766 |
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|
3,080 |
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| Accrued restructuring |
13,062 |
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|
11,022 |
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| Accrued royalty |
505 |
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|
438 |
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| Short-term lease liabilities |
9,966 |
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|
9,413 |
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| Accrued customer credits |
1,693 |
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|
1,011 |
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| Income tax liability |
1,010 |
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|
745 |
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| Customer contract liabilities |
14 |
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|
114 |
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| Accrued obligations to customers for price adjustments |
67,439 |
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|
42,954 |
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| Accrued obligations to customers for stock rotation rights |
312 |
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|
252 |
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| Contingent consideration - current portion |
2,600 |
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|
2,600 |
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| Other |
4,161 |
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|
4,340 |
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$ |
120,010 |
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$ |
87,408 |
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| Summary of Accumulated Other Comprehensive Income (Loss) by Component |
The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:
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Cumulative Translation Adjustments |
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Pension and Other Defined Benefit Plan Obligation |
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Total |
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(in thousands) |
| Balance at December 31, 2024 |
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|
$ |
(8,089) |
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$ |
1,266 |
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$ |
(6,823) |
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| Other comprehensive loss before reclassifications, net of tax |
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|
7,157 |
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— |
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|
7,157 |
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| Balance at June 30, 2025 |
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$ |
(932) |
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$ |
1,266 |
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$ |
334 |
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