Company: PACB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001299130-25-000102
Chunk: 213

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 213
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 after one year through five years 72,478 Total$300,158 Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.Investment income included in other income, net on the condensed consolidated statements of operations and comprehensive loss was $3.9 million for the three months ended March 31, 2025 and $7.2 million for the three months ended March 31, 2024.

Q1 Fiscal 2025 Form 10-Q12

NOTE 3.  BALANCE SHEET COMPONENTS Inventory, NetOur inventory, net, consisted of the following components:(In thousands)March 31,2025December 31,2024Purchased materials$44,479 $45,270 Work in process24,914 22,172 Finished goods13,429 14,081 Inventory, gross82,822 81,523 Inventory reserve(28,815)(22,768)Inventory, net$54,007 $58,755 Goodwill and Intangible AssetsGoodwillGoodwill is reviewed for impairment at least annually during the second quarter, or more frequently if an event occurs indicating the potential for impairment. We performed our annual assessment for goodwill impairment in the second quarter of 2024, as of the beginning of April 2024, noting no impairment. We recognized a $93.2 million and $51.3 million impairment charge in the second and fourth quarter of 2024, respectively, as a result of quantitative interim impairment tests.Based primarily on the decline in our stock price and overall market capitalization during the first quarter of 2025, driven in part by macroeconomic uncertainties, as well as our updated strategic plans and restructuring initiatives that prioritize accelerating adoption of HiFi sequencing and ceasing development of our high-throughput short-read platform, we concluded that changes to the timing and amount of expected future cash flows, among other factors, indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, requiring an interim goodwill impairment assessment. As a result of the quantitative interim impairment test performed as of March 31, 2025, we concluded that there was no impairment, as the estimated fair value of the entity-level reporting unit exceeded the carrying value.To determine the fair value of the entity-level reporting unit as of March 31, 2025, we performed our impairment test using a