Balance Sheet Details (Tables)
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9 Months Ended |
Sep. 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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September 30, 2025 |
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December 31, 2024 |
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(in thousands) |
| Cash and cash equivalents |
|
$ |
111,859 |
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|
$ |
118,575 |
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| Short-term restricted cash |
|
1,380 |
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|
1,003 |
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| Long-term restricted cash |
|
24 |
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|
25 |
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| Total cash, cash equivalents and restricted cash |
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$ |
113,263 |
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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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September 30, 2025 |
|
December 31, 2024 |
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|
(in thousands) |
| Cash and cash equivalents |
|
$ |
111,859 |
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|
$ |
118,575 |
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| Short-term restricted cash |
|
1,380 |
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|
1,003 |
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| Long-term restricted cash |
|
24 |
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|
25 |
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| Total cash, cash equivalents and restricted cash |
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$ |
113,263 |
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$ |
119,603 |
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| Summary of Inventory |
Inventory consists of the following:
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September 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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$ |
57,602 |
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$ |
53,979 |
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| Finished goods |
|
28,727 |
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|
36,364 |
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$ |
86,329 |
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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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September 30, 2025 |
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December 31, 2024 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
3,960 |
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$ |
3,937 |
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| Machinery and equipment |
3-5 |
|
86,693 |
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|
80,804 |
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| Masks and production equipment |
5 |
|
64,531 |
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|
63,803 |
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| Software |
3 |
|
11,453 |
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|
11,178 |
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| Leasehold improvements |
1-5 |
|
35,298 |
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|
34,981 |
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| Construction in progress |
N/A |
|
3,278 |
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|
898 |
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|
205,213 |
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|
195,601 |
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| Less: accumulated depreciation and amortization |
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(154,348) |
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|
(136,301) |
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$ |
50,865 |
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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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Nine Months Ended September 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 |
21,506 |
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|
42,042 |
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| Revisions to accrued rebates |
(22,289) |
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|
(15,272) |
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| Payments |
(8,779) |
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|
(53,982) |
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| Ending balance |
$ |
33,839 |
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$ |
44,472 |
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| Summary of Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities consist of the following:
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September 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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| Accrued technology license payments |
$ |
5,571 |
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$ |
4,336 |
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| Accrued professional fees |
10,409 |
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|
7,103 |
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| Accrued engineering and production costs |
9,111 |
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|
3,080 |
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| Accrued restructuring |
16,760 |
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|
11,022 |
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| Accrued royalty |
664 |
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|
438 |
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| Short-term lease liabilities |
9,568 |
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|
9,413 |
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| Accrued customer credits |
3,646 |
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|
1,011 |
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| Income tax liability |
613 |
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|
745 |
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| Customer contract liabilities |
76 |
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|
114 |
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| Accrued obligations to customers for price adjustments |
13,253 |
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|
42,954 |
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| Accrued obligations to customers for stock rotation rights |
265 |
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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 |
4,266 |
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|
4,340 |
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$ |
76,802 |
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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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|
6,983 |
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— |
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6,983 |
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| Balance at September 30, 2025 |
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$ |
(1,106) |
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$ |
1,266 |
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$ |
160 |
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